I have done well day trading stocks but have no
knowledge of forex. Do some individual traders
do well consistantly

Yes but not using forex brokers themselves.They are setup under a business model of keeping peoples deposits.They are not compensated purely from pip spreads as you would beleive.Think about a broker such as InterbankFX.They have offices staff payrolls overheads.There is no way they could turn over enough profit to sustain that from just pip spreads.Like an introducing broker.Forex is off exchange meaning unregulated.It means its a private loan agreement essentially they could just keep your money.Futures commodities and stocks are ok because they are heavily regulated.But only way to trade forex properly is through a bank sending bank wires purchasing and selling converting currencies.And for this you would need at least $20k to trade one pair such as AUD/USD.$10k of each currency.And you would need a company LLC in the USA because foreigners cant have bank accounts.Corporate is ok.AU they can have them.And of course if you lived in AU you would need netbanking with enough pay anyone international access as you wouldnt be able to go into a USA bank physically.And the same if you lived in USA you would need pay anyone international access to your AU company account to send and recieve wires etc.This can be done but why bother when there is futures stocks and commodities.Cuurency futures are fully regulated no risk of scams.

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I am stuck between using a 5 or 10 pip stop trading the m5 charts, please help! My stratgey is based on break of support/resistance, therefore I believe a tighter stop could be used because if price is going to breakout it should not be turning back 10 pips. However I need someone experiencd to help?

On the 5 min - I’m guessing you’re trading one of the major pairs like the EUR/USD. The answer really depends on what swings you’re playing

My advice would be to

control risk/reward - don’t have your stop at 10 pips if you only expect to make 5. It should be at the very, very least 10 and preferably much more.

Watch the markets and try to define where the best "point" to place the stop - this is the price at which if it is hit your target will likely not be hit. For trades similar to yours I put them around the 80% retracement of the prior swing (I think there is a fib like .782 which I used but haven’t traded since the summer).

Really, just watch the market, watch the market, watch the market, be creative, be smart, and protect your money.

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I just had a thought that I believe could work in theory. I once monitored a few days of trading currency pairs and what I found was that within each day of trading forex, I could have potentially started with £1,000 and doubled it every day for 10 days and become a millionaire or 20 days and become a billionaire. Could this plan work in theory for some legendary trader with no feelings and a skill of forex trading art?

Your math is correct if you were lucky or fortunate enough to be able to double your investment everyday for 10 days. I wouldn’t however give a trader with no feelings the nod over an emotional but studious investor. Intuition plays it’s part in many experienced investors decisions. Nothing is certain to happen therefore all decisions have an element of chance. The only advantage a trader with no feelings or emotional attachments has over the rest of us is when he loses his money it doesn’t bother him as bad.

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i am looking for a proven Forex trading system (day trading) that is never loss, i ‘ve heard there are some… please share!

Karl Dittmann’s Forex Never Lose Trade" I am very happy with results
copy the system here:

http://www.ZeroForex.com

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It seems easy to trade with a mobile phone,But if the charge is more than you earn what is the point of day trading?

Good question!

A broker charges a commission called ‘the spread’ on every trade you make. This can be something like 3 pips (the smallest possible value of a pair). So if your trade only gained you 2 pips then you still lose.

That’s certainly something to keep in mind. Check out the brokers here: http://forextradingwinners.com/category/forex-broker-reviews. They are cheap and reliable.

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i want to be able to day-trade freely with an account balance of less than $25K. can i do this through a brokerage that’s not a FINRA member firm? also, is the pattern day trader rule applicable to forex trading the same as it is to trading stocks and options?

thanks!

Let’s see…the question is a little misleading since US based non-FINRA members cannot clear trades for you. There are reporting rules, anti-money laundering, Patriot’s Act, and more rules rules rules for FINRA members. If you wanted to trade equities with a balance of less than 25K, you’ll have to make less than 4 day trades in any 5 consecutive trading days. So if you do 3 round trips a day, it’s ok. Or 4 or more trades in one day but not for 5 consecutive days, it’s ok. Thus, if you ‘day-trade’ M-Th but take every Friday off, it is ok by FINRA rules.

The minimum to start trading FX is much lower. FX is also not governed by the FINRA SRO. You can make whatever trades you want as long as you maintain the minimum balance for the particular FX broker/clearing house of choice.

If for some reason you’re able to find a non-FINRA broker, please let me know (I don’t know of any but it’s possible that there are overseas sites that’ll side step US policy). If you do find one of these, just be careful. You may not be dealing with US business laws any more. Your account may not have the same protection as it would with a FINRA member. So you’ll have to weigh the pros and cons yourself.

GL. And don’t churn tickets!

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The past couple of days I have thought about Forex robot trading to make some extra money online. Do you reccomend forex robot trading? Is forex robot trading too risky? Or can you really make money forex robot trading. Please reccomend a forex robot I can use If forex robot trading truly works. thankyou

Yes, Forex robot trading is highly recommended for anybody who wants to make an extra source of income online. Forex robots are setup on a Metatrader4 account where they can grab trades all day and night 24/7. If you are looking for a good forex robot than use the fap turbo bot from http://forexautoprofitbot.com Its the highest rated forex robot and it works so good that banks and large companies use it to invest with. I have used the fap turbo forex robot for about a month and it turned an investment of $200 into a total of $486 already. They claim it is capable of doubling your money every month which is true. If you are looking for more inf on forex robot trading than visit http://forexrobottrader.org

let me know how it goes

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I have learned and I’m currently learning more and more about currency speculatrion, and I’ve set up a practice account. I know that the foreign exchange markets (Forex), creates more money in profits everyday than the entire stock market in 1 year which is a collosal daily intake of $3.8 trillion per day, about $1.5 quadrillion in 1 year. I also know that there are only 5% of currency traders that succeed because they expand their education and practice before they do the real thing. The other 95% of traders either have a mentality and think its a get rich business, or don’t invest time to educate themselves and don’t set up practice account to get the hang of it, or a mixture of all three. What I’d like to know is, is it true that a new millionaire is made every day trading Forex?

I could not find any statistics to support that claim but with Forex being such a volatile market it is possible to double or even triple the money you invest so with well over a trillion being invested every day it is very possible that a millionaire is also created every day.

Did you know that many of those 5% of people who succeed use artificial intelligence to pick the trades and do the buying and selling for them? It’s true, I found this website: http://forex-lifestyle.com which tests (not just reviews) the 10 most popular automated Forex software available by starting with a small investment of $100 in each program and letting it do its business on autopilot. Some of the programs made money while others lost the entire $100 deposit. The site is updated regularly.

I personally have just started using a program called FAP Turbo and it has made me a small profit in just a few days.

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