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Let the Retail Traders Make Money

BBDREAM Posted 2 June in #Trader Contest #Forex Trading #Psychology Of Trading #Experience For Trading

14/26

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Many people say retail traders lose money. Actually the reason is because retail traders do not have the time to practice as they are busy working or doing other things or no proper environment to trade. But they cannot quit their jobs. Otherwise, they will have to worry about income. Institutional traders are different, they are able to focus and practicing throughout the day in an equipped environment. There is also guidance in the trading office. Most retail traders do not have a good mentor. However, there is a solution for trading problems and ways to make money in Forex trading is to keep practicing and back testing your strategy until you become very seasoned before opening a live account and this will take a few years.
Retail traders want to succeed fast but trading requires a lot of relevant experience. For example, searching some proven and suitable strategy, understanding the trade rules, analysing the charts from left to right and managing the emotions etc. If we do not have a good mentor, we have to be resilient and solve the problems ourselves. The charts will provide the answers.
Besides demo trading on current charts, our daily homework is to practice on the past…

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Magic Candles

AngleRMS Posted 23 Apr. in #Analysis #Forex Trading #Winning #Candlesticks

10/31

Ranking

Hi pip makers, we all know there are three type of analysis in trading. I know you guys well aware of these three things but I have to go through once again so please bear with me till the point of my new and sweet points.

Technical analysis
Fundamental analysis
Sentimental analysis

Technical analysis is studying statistics and patterns generated by market activity in the past prices and volume.
Fundamental analysis is studying everything from the overall economy and industry conditions to the financial condition and management of companies (Assume one country as one company).
Sentiment analysis is a type of forex analysis that focuses on identifying and measuring the overall psychological state of all participants in the market.
Nowadays we combine all then to do trading. But the trading community didn't accept technical analysis as a viable tool for making money until the late 1970s or early 1980s. But according to me I can trade and make good profit with the help of technical analysis without analyzing fundamental and sentimental because technical will show the effect of fundamental in the means of price movement and volume but we need to closely look in to it to identity t…

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Forex Trading an Art or Skill?

Avnish26 Posted 24 Nov. in #Art #Forex Trading #Profession #Skill

18/34

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Hello Friends,
I have decided to open a discussion about forex trading whether it is an art which you have in your DNA.or skill which can be acquired by sheer practice.
This month I have completed one year on Dukascopy Community and it has been a good year for me. As per my experience I think forex trading is an art as well as it can be learned by some intense practice. This month I have participated in trader contest also and my equity is at 194000. I am participating in trader contest for more practice and to gain confidence. From the experience I come to know sometimes you cannot rely only on knowledge and you will need to act quickly as you get opportunity. Sometimes for the sake of fear you cannot open a trade as you have got stop losses triggered in a row. This affects psychology and for many days you remains in fear till the winning streak starts. Because of fear you close a position early when it is profit and you miss a large profit. Some people remain unaffected by the circumstances whatever happens for them trading is an art. But for some requires an intense practice to gain skills and to gain confidence.
Why trading cannot be a profession?
Trading does not guarantee a …

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Concept of Trend!

md1fk1 Posted 22 Oct. in #Strategy #Trend #Support #Resistance #Forex Trading #Habits #Trend Direction

8/28

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Introduction

One of the reason, I love to write articles in dukascopy contest, is to instill deep rooted habit by way of seemingly right knowledge passionately. So that even in my deep sleep I click right buttons. In that effort today’s article is about Trends in Forex market. I myself am a scalper and now I am trying to develop into trend following scalper. In that sense I am trying how to identify and when to enter. Broadly this article will help people who are doing Trend trading. So let’s begin.
What is trend

The trend is simply the general direction of market.
Markets don’t generally move in a straight line but are characterized by series of Zig-Zags.
It is direction of those peaks and troughs that constitutes the market trend.

Trend Direction

An uptrend is a series of successively higher peaks and troughs.
A downtrend is just the opposite, a series of declining peaks and troughs.

…

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Fundamental Analysis Approach for Forex Trading!

md1fk1 Posted 7 Aug. in #Trading #Inflation #Gdp #Indicators #Economiccalendar #Fundamental Analysis #Interest Rate #Forex Trading #Economic Growth #Economic Data

9/40

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Definition and Economic forecasting

Fundamental analysis can be defined as the study of country’s economic and financial performance in order to determine the fair market value and future direction of its currency.
Fundamentals focus on factors that determine exchange rates, such as countries’ economic health, political stability and environmental events.
A popular way to gauge the health of countries’ economy is through looking at its economic indicators and data releases, which is why every trader should be familiar with them and how they influence the value of a currency.
If the European economy is doing better/worse than American economy then we expect EURUSD price to go up/down.
Our target is to evaluate how well the economies in question are doing, and find which currency will appreciate/depreciate.

Macroeconomic Indicators

Interest Rates
Inflation
Gross Domestic Product – GDP
Unemployment
Trade Balance

Pic 1 - Major Indicators which can move the currency pairs

Interest Rates

[list][/list]…

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The Eight Things that Spoil Investors

prectical Posted 5 June in #Forex #Strategy #Article Contest #Forex Traders #Forex Trading #Currency Market #Ducascopy #Steps

27/44

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Many smart and successful people make some critical mistakes when it comes to the stock market. These errors have a significant impact on their chances of good, long-term market performance, said John Reese These mistakes, however, can be avoided, as the first step is to understand their essence. Then we can make improvements to our investment strategy and put a barrier for common investor mistakes.
1. Falling profitability
Investors are pursuing hot, profitable shares, funds, and strategies to find that they often enter the top when the growth has already been accumulated. If you see a share or strategy that has provided great profits, try to find out what has been done and whether this is a single case or a mere chance. You have to ask yourself whether the management, the strategy or the system is unique and will continue to produce similar results?
2. Forecasting short-term price movements (when you can’t hit 75%)
Trying to define short-term market movements and entering and leaving positions is almost impossible. You need to be accurate about 75% of the time to get a better score than someone just was on the market. Remember, leaving the market is only half of the battle - yo…

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Priceless Benefits of Forex Trading

neoGe Posted 4 June in #Technical analysis #Fundamental Analysis #Forex Trading #Neuroplasticity #Neuro Chemicals #Dukascopy Community Contests #Neuro Pathways

26/44

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5As we all know, most of the forex traders begin their arduous journey by dreaming about an amazing future which will endow them with the precious freedom of money, time and locality. Money is a renewable resource but other two in this group are really precious. However, in this article we are going to discuss about a much more valuable gift than these three benefits of our business. And by the end of this scenario, the reader is sure to love his trading with a different way of looking at it. Moreover, those traders who have been considered themselves as losers will find a rejuvenated vigor to fight on and succeed. So come along.The holy grail I am going to reveal here is not going to come from any external agent or broker but from within each and every one of us. It is nothing less than an active and pulsating brain and a fit and healthy physic for you to live longer in every meaningful sense of life.
THE WHOLE WEALTH OF BRAIN:-
The world has not yet seen or heard of an amazing miracle like human life and much more miraculous is the vagaries of our little brain which leads, controls and contorts this life. But the most refreshing thing about this super computer is that it can be u…

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How to Create Your Own Forex Trading System

loriana Posted 15 May in #Trading System #Dukascopy Community #Forex Trading #Psychology Of Trading

18/54

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Introduction
The Dukascopy community has drawn people from diverse backgrounds, pursuing different passions. Therefore whether one is a model, writer or poker player in on order to crystallize the winning prize the rules dictate that a minimum trading turnover be achieved among other conditions as shown in Fig 1.
Fig 1: Prize and awarding Rules for the Fundamental Analysis Contest.
Therefore, regardless of one’s passion and interest, ultimately to be successful one has to be a god trader. Being a good trader starts with creating a working trading system.
A trading system can be defined as a set of specific rules, or parameters, that determine entry and exit points for a given Forex pair. Further to that a trading system is a comprehensive strategy that takes into account six very important factors.
In this article, we will cover the general approach to creating a rule-based trading system.

Examine your Mindset

Know yourself: The first port of call will be choosing the right contest that matches your style, passion and competences among the various contest on offer in the Dukascopy Community. This will ensure that you enjoy whatever you will be doing and eventually open up th…

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I Am a Great Loser in Forex Trading

forexf Posted 24 Apr. in #Leverage #Forex Trading #Forex Education #Lot Size #Greed In Forex #Forex Loser

48/65

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I am a great loser in forex trading because I don’t know much about the world of forex trading and still I entered into live trading with real money and I don’t want to get educated in forex and I only know to dream of getting profits faster and become rich through forex trading but not interested in getting the right knowledge though knowledge is power and knowing alone can help me avoid taking of wrong decisions but I always underestimate the power of knowledge of forex currency pairs and their correlations, strengths, value of economy of the countries and its effect on forex market and also I don’t know how to select the broker for trading forex because I don’t have any knowledge about regulation and all.
I am a great loser in forex trading because I don’t know the most important part of forex i.e., slippage which occurs during news releases and that can blow my account in seconds, though knowing details of slippage and being prepared for the same can save me from a disaster but I am not interested in all these and just love to gamble.
I am a great loser in forex trading because I don’t have patience as I want instant profits and get rich as soon as possible though consistently …

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Attributes of a Good Trader

loriana Posted 8 Dec. in #Trading #Article Contest #Forex Trading #Trading Tips #Behavioural Finance #Forex Education #Loss Aversion

23/69

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Introduction

“Some are born great, some achieve greatness, and some have greatness thrust upon them.” is a famous quote from William Shakespeare. With research firmly suggesting that more than 90% of day traders lose money in the long run, the Forex market surely is not for the fainthearted. What is apparent is that the 10% that thrive in Forex market do not depend on sheer luck or mere coincidence but possess superior skill and superb character. This article endeavors to educate traders and aspiring traders on the traits of a good trader.
The key fundamental traits of a good trader

Extremely disciplined.

Going through High school one of the lessons that I learnt from my teachers is that discipline constitutes half of a person’s education and if that half is missing then the other half is not there. The same with Forex trading, discipline is everything. Discipline needs to be exercised at all times and not sometimes only. No matter what strategy a trader pursues they should be disciplined enough to follow through their chosen strategy.
As Jim Rohn right says, ”Discipline is the bridge between goals and accomplishment.”
[list][/list]…

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How to Rescue a Losing Position

priceaction113 Posted 22 Nov. in #Forex Trading #Losing Position #Rescue Losing Position #Forex Trading Position #Money Management In Forex

19/65

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Abstract
The most important aspect of Forex trading is not a taking, profit but How to rescue a losing position. we read the lot about profitable trading systems , strategies, technique and formulas. The material about rescuing the position is relatively less available, though there is some good work is available on this part of Forex trading too.
The very time when the trader enters into the trade position all initiative is the shift to market. After trade entry trade has only one choice that is the time of closing the position, either he put some stop loss/take profit order or manage the position manually. It depends upon one's trading plan. we will discuss what we will do if after all homework and trading plan a position is going against our expected direction.
Timing
There are two main reasons for losing position i.e wrongly timed entry or entry against the trend. It is important to understand the trend of the currency pair for the time frame which you are trading for, A simple rule of thumb is traded with the major trend direction. There is the high risk of more loss during the rescue of wrong trend direction entries so it is batter to take the initial loss on that type of e…

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Fair Warning

foysm Posted 2 Oct. in #Article Contest #Forex Trading #Money And Risk Management

37/56

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FAIR WARNING Forex isn't it just the greatest opportunity that you have come across to the world of wealth. Don't you dream if you winning big amounts of money,and here is the opportunity of gathering some starter capital for your trading career , the prizes offered by Dukascopy I bet you dream of winning every contest and getting every prize, wouldn't it be just awesome if that happened .with the right amount of starting capital ,good strategy and good money management'' I would be a millionaire in no time''you might think.i just know.i know not because I was there ,no, I am there.But let's be rational along with being ambitious.let's be careful along with being optimistic. only then we really can be millionaires and achieve our good goals.
Here is what I think we should do . I advice you and my self not to let your behavior in trader contest affect your behavior when trading live your own money.in the contest you will have to leverage up your positions 1:30 or even more and if it worked out for you, by mere luck, you might be tempted to try this kind of extremely high position sizes on your own money and if you did that you may pretty well blow up your account.further more if yo…

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Mindfulness Meditation for Trading Performance

md1fk1 Posted 22 Sep. in #Psychology #Forex Trading #Performance #Meditation

31/58

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I strongly believe in psychology and optimum mindset for trading success. It is way above technical indicators and perfect trade up. I have had very good setup and I did prematurely booked profits so as to not lose small profit or fear that trade will turn into loss. It is all mind game. Mind tricks us. Also we have to have big heart to accept profits. But generally traders accept small profits and big losses. Imagine these scenarios

You see breakout from range and then take the right trade. But after some time you close the trade in little loss because you thought this is false break

Doubled down on a losing trade

You see one trade which you thought of but did not took only to see it in direction of profit and then you jump in to fear of missing out only to lose.

Now I will touch base a little on Mindfulness with a recent example. Mindfulness technique of meditation is helpful to stay aware in present and it can be used in Micro or Macro level events. As you know trading is very dynamic and every minute trading base rate changes. Reacting to events being aware of micro and macro level reality is the key to be successful in trading. And it is better to be aware of our own interna…

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Custom Period Selection in Jforex Platform

priceaction113 Posted 5 Sep. in #Charting #Jforex #Platform #Forex Trading #Custom Period

5/58

Ranking

Introduction
This article is about to use the belt in ‘tool’ in JForex which will allow changing custom period selection on time base period and price base period. It is our (traders) normal tendency to use the default values of any platform. This practice limit us to use only common values/seating of the platform, although platform has many other options available that may be used for to test some new strategies and implanting new idea. Jforex is powerful forex trading platform that can give us a very flexible trading environment, with many other features it also provides a comprehensive selection of customized period selection.
Types of Chart Periods
There are two basic types of charts Period.

Time based chart
Price based chart

Time based chart
Time-based chart draws a new bar after a set number of Time intervals, for example after every 5 minutes. All bar, line, and candlestick charts are time base charts.
Price based period
Price based chart draw a new bar after a set number of trades, for example after every 50 trades. All Renko,
Line Break, point and Figure and Tick bars charts are The examples of price base period charts.
Default charts values of J forex
By def…

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I Get Catch in the Monkey Trap what I Do

priceaction113 Posted 9 Aug. in #Forex Trading #Money Management #Einstellung Effect #Monkey Trap

18/57

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Introduction
This article is about Einstellung effect on trader behavior in losing trade condition and suggestion to overcome its effects.
Monkey trap

Petr Karel Ontl describes in an article [1] how monkeys are often sold as pets in India, and describes how they are commonly trapped:
The trapper fastens a piece of cord to a tree-stump. To the other end, he attaches a pot with a narrow neck. Into this pot, he drops several nuts and scatters a few more on the ground nearby. He then waits out of sight. Soon a band of monkeys descends to feed. Before long, one of them discovers the contents of the pot. He puts his hand in easily enough, but, having grasped the enticing snack, he cannot pull his clenched fist out through the narrow opening no matter how hard he struggles. The monkey’s fate, for all his cleverness, is sealed. He becomes trapped.
We have three possible conditions whenever we enter the market.

Market move pip by pip as per over plan.

[/1]…

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Article Library

Let the Retail Traders Make Money

Magic Candles

Forex Trading an Art or Skill?

Concept of Trend!

Fundamental Analysis Approach for Forex Trading!

The Eight Things that Spoil Investors

Priceless Benefits of Forex Trading

How to Create Your Own Forex Trading System

I Am a Great Loser in Forex Trading

Attributes of a Good Trader

How to Rescue a Losing Position

Fair Warning

Mindfulness Meditation for Trading Performance

Custom Period Selection in Jforex Platform

I Get Catch in the Monkey Trap what I Do

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