A forex robot aka "expert advisor" is software that trades a forex system for you. The template is color coded with all the indicators you need!! Now, you would probably ask what Forex brokers think about it , because if a scalper constantly wins, the broker would obviously sustain some losses.
Your Forex Trading Attitude
Besides, on the Internet there are countless sellers who offer their strategies and systems for traders ready to pay Free or paid — the choice is for traders to make. Our choice is a free collection. We are also going to update our collection each time we discover a new good Forex strategy! We welcome You today to explore Forex trading strategies and systems with us and hope You find some useful information for yourself that will eventually improve your trading!
Ready to share your ideas with other traders? Post your trading strategy at our forum — join us in our mission to help Forex traders become better traders! Arena is the software for those who have a good understanding of investing and how to build a strategy, but don't want to code or use programs that give you code that must be tested, re-coded and then tested again. We have all been there, you have worked in finance for years now and you have brilliant ideas of putting a strategy together but you are going to either pay a programmer an arm and a leg to code one strategy for you or your going to build it in something that is slow and clunky.
It writes out the code for you; you copy and paste it into MT4, it doesn't hit the target in just the right place you go back and adjust etc, etc, etc. Hassam Forex trading can be fun if you can master the skill of risk management.
In my opinion, the most important thing in any trade is risk management. Winning 5 trades means making pips and losing 5 trades means you lose pips so you make a total of pips. Every trade setup has a probability of failure. When you enter into a trade, you are taking the risk.
With a small risk you ensure that if the trade setup fails you will not lose much. The trick lies in entering small and testing the waters. When the trade moves in your favor and you become pretty sure that you have caught a good move, you should open more positions. This will ensure that you multiply your profits manifolds. The important question is how we do it. I use candlesticks a lot in my trading. H4 candle and H1 candle are very important and they can give you very important clues where the price is going and where you should place the stop loss.
I only open a trade at the close of M30, H1 or H4 candle. All indicators are lagging and unreliable. The most reliable indicator as said above is price action. Moving averages work as strong support and resistance levels. I use moving averages as support and resistance levels. He shows the truth about forex and brokers. To contact him, fill in the contact form at the FXTradingRevolution. Undoubtedly, every trader has already been thinking about how to make their first million by trading on FOREX.
They tried a dozen various systems, strategies or indicators that are guaranteed to work, and yet the success dreamt of hasn't arrived yet. Have you really tried everything? Now I would like to show you a bit of a different perspective on how to save your first million with live trading. This is the tenth year I've been investing in capital markets. Together with my business partners we work as portfolio managers for institutional clients.
Not even mentioning the importance of choosing a top class broker in normal automatic or even high-frequency trading. Let me first clarify what costs every realized deal entails in reality. In the following illustrative example from real trading you will see how significant the difference in total costs could be with various brokers. We need a minimum of 2 LH swings for downtrend and a minimum of 2 HL swings for uptrend.
These are the words of Myron when the trendline strategy was presented, not mine. So, when the third time the price intersect our line we are looking for buy if we have uptrend line and for sell if we have downtrend line.
There are many forex binary options strategies available in the market. Trading forex binary options is much simpler as compared to forex. There is no stop loss or take profit. You just need to get the market direction correctly. Now this is a very simple forex binary options strategy that uses a few candlestick pattern in combination with MACD. MACD is a very powerful momentum indicator. Main Concepts Beginners must attain sufficient trading expertise and skill in order to be capable of selecting excellent stop-losses and profit targets for all the trades that they execute.
These are crucial actions to perfect primarily because Forex has such an erratic and unpredictable character that it can quickly stop-out positions safeguarded by only small stop-losses, e. But, if you keep on fooling around, and trying different kinds of systems, indicators, robots, and…, you will have to spend several years of your life without getting any positive result. The grass is not greener at the other side.
Even if you are not too new to forex trading, but you have not become profitable yet, I recommend you to read the below articles and watch the videos just once:. The above articles and videos teach you the basics. Complete your knowledge by following the below videos and articles:. You have already passed this step above. This trading system was not invented by us. We just learned and mastered it. Candlesticks have been used for several decades by professional traders and investors on any markets you can imagine, from rice and wheat to gold and oil.
And Bollinger Bands that was invented by John Bollinger in the s, is a great complement for candlestick patterns. It is up to you if you like to follow a different trading system, but keep in mind that our trading system and the way we use it, is the best and simplest in the long run.
Follow the below articles, to complete your trading system and tune up your mind to use it properly:. We have also introduced a different approach in using the candlesticks and Bollinger Bands to trade.
It is more mechanical and less technical, and you can use it as a second trading system:. Are you done reading the above article? Have you practised enough to learn how to locate and gauge the strong trade setups? Have you learned how your trading system works?
Follow the below articles and videos to know what you should do in demo trading exactly. It is very important: If I were you, I would not rush to start live trading, and I would keep on demo trading for three more months. Repeating your success for few consecutive months tells you that…. If you have really reached this level, you can start live trading.
Open a small live account, and treat it exactly like you treated your demo account. First, you have to repeat your success with your live account for few consecutive months, the way you did with your demo account.
Do not open a big live account at the beginning. Open a small live account, keep on trading with it, and raise it, no matter if you have hundreds of thousands of dollars in your bank account. Trade with your live account until you double it, no matter how long does it take you to do that.
Then withdraw the initial capital and leave the profit in your account, and keep on trading with your profit the way you have been trading with your initial capital. Never think like this even about a demo account. When it comes to serious trading there is no difference between a live and a demo account, and a small or big live account. You should have exactly the same discipline for all of them.
This helps you maintain and improve your discipline, and keeps you from developing bad trading habits. It is possible to turn a small account into a reasonable balance that a professional trader needs.
But if you risk a big money at the beginning and you lose it, chances are you never become able to recover the loss, both emotionally and technically. It is very easy if you take it serious and follow the right track carefully and precisely.
It is literally impossible, if you follow your emotions and mindset, and try to invent new ways. Read this if you like to know how it feels to be a professional full time trader: The 5 steps to become a consistently profitable trader is simple and straightforward that many people will likely not take it serious as they can easily see so many website teaching strategies that are complicated.
After wasting some time and money as the case with me,they will come to realize that what they read in luckscout is all they need to become consistently profitable trader. I will therefore advice that if you are lucky enough to find luckscout early in your trading career, do your self a massive favour and put what is written in this article and shorten your learning curve.
Your articles are like daily food for me. He asked me to not use any indicators and just trade one currency pair. So he wanted me to program it. But my common sense tells me that if there were a perfect EA making money then people might already found it. I might be wrong but EA is too risky for me. Then I started with 5min,15 min charts. Candlesticks and BB are way to go.
Hopefully I will be successful soon, I guess it take lot of persistence and I have still lot of thing to learn. You are so lucky. The future is indeed really bright for anyone who is ready and willing to learn from you. I always want to say thanks to you chris.. The wày you trade and the way you teach us are great and easy to follow. This is a very great summary about the steps we have to do.
We just have to be patient and never give up. And finally we will be there. I am at the beginning of the demo trading phase. Not too profitable yet, at least not enough. I want to be satisfied with my result to go live. I take it very serious, perhaps too serious… Thank you very much! Can you make and provide an e-book comprising all the link articles on this very particular article Become a Profitable Trader in 5 Easy Steps it will be very easy to read and study even without the internet connection if it will be in e-book and save to any ipad or laptop.
I thank you and appreciate your sharing of your knowledge and wisdom on trading. Thank you for your comment. It will be offered for free definitely. You must be very successful investor. You must have already made millions in trading. Then why do you still write articles for us and give us free? I totally applaud your efforts and I never read same quality material anywhere, but wondering what is your motivation behind it?
Writing is the only thing I am doing now. First I just wanted to kill some time through writing. Then I felt I like it. That is why I am still writing. Of course, dealing with this site has made me learn something new about computer and the Internet every day.
I was too dummy in these, but now I am learning a lot. You deserve every success that you have. Yes, most info is available and for free but to actually share with people what you use and how you actually do it is a completely different thing.
I applaud and salute you Chris. And to think that you are not trying to scam anyone because l cant seem to think of any catch here for you besides what you explained in your response is just fantastic and amazing. Thank you for sharing your knowledge and wisdom! You have saved me and many others years of trial and error. How much does that cost really come to think of it l cannot thank you enough!
That is true Ted. Take an example of what I found following on one of most visited site on internet. Internet is full of wrong information.
Like Chris said, many people who write article about trading are not even trader themselves. So their information is wrong and dangerous for novice who tend to believe them easily. I am so sorry Chris, I feel sad, I know that I already asked you this question, but this was after your answer here, now I can understand why you did not answered to me.
It was already answered, my bad. I am reading more and more everyday and I learn in your articles but also with the answers and advice that you give to the members. You already know how I am grateful. The link above takes me to stop loss article, instead of target. Regarding your question about time frame, that article was an old article written by someone else because some others were used to write on LuckScout before I start writing.
I deleted the article completely and so your comment that was attached to it got deleted too. By the way, hank you for informing me about that article. It was really a misleading article which was against what we are teaching on LuckScout now. Yes, we only follow the daily, weekly and monthly time frames.
Please confirm if my understanding is correct for daily charts. After 5pm, Sydney opens. So during this session that you spend 30 minutes analysing the daily charts, and enter pending orders. For as long as it is filled before 5pm the next day. Do you care whether it is Friday, weekend, public holiday in the US?
Which article talks about focusing the Asian session? If it is the below one, then it emphasizes at the end of the article that following the short time frames is not a good idea: I am following your system of trading and I find it is definitely most reliable one. I have learnt so many things reading your article that I would never have found anywhere.
You are a unique person who shares his knowledge and helps others learn without expecting anything in return. I think we are very fortunate to have you to learn trading from.
May God bless you. Hi Chris thanks for the information. Can you please or anyone here tell me of any reliable brokers in New Zealand or for those who want to trade from NZ. Hoping to get into it.. Unfortunately we cannot recommend any broker for some important reasons. Hope you will excuse us. Thank you for all the information you are sharing with us. Since I read casually your first article surfing on the web I am getting better results in my live account. My question is if I have to close this account and follow your lessons opening a Demo account for the next three months or I can keep working with my current live account.
I feel more comfortable with a live account because I deal with my emotions, something that I have learned during this last year. I have been working following Price Action and LuckScout signals but I lost my money because I was starving of getting my money back.
Now, following your daily articles I feel more comfortable and I am not expending all the day in front of my computer. Thank you very much again. You are one of the best person I have ever met! Keep sharing with us your knowledge, someone from Spain is waiting your comments every day. Do I have to open a Demo Account or do I have to keep my live account open?.
My goal, by now, is to recover my money with patient and then follow with my system. I am afraid your strong desire to recover your losses can make you follow your emotions. You are taking a bigger risk when you trade like this. You will always have time to recover your losses when you become confident enough in your trading.
So, if you ask me whether you should open a demo or keep on trading with your live account, I suggest you to open a demo to build your confidence, then you can trade with your live account.
Your question tells me that you are not confident enough yet. Happy and successful year. I wish you long life and healthy. Josef Thank you Chris for all. Great success for you and may good always bless you chris. Happy New Years Chris, I must thank you as you have contributed a lot into helping me as I learn to become a full time trader.
Does it work that way? Today is my 6th day regarding learning. I just finish my meditation and seeking for a true mentor who can help me wholeheartedly how to learn. I guess, I found the right one, Chris. Your prudence and self-business awareness are quite amazing I read 3 posts but I can figure it out. You have not only discussed about but also trading from a psychological point of view.
I am quite sure you have achieved most of your financial goals except the biggest one creating a legacy. I am so lucky I found your blog so early of my learning and once again wholeheartedly thanks to you and your team for such an amazing altruist effort.
I will be writing regularly….. Hi Chris, I am glad to know LuckScout. I think you teach us what we need to know to be profitable traders. I think is the best way to make a living and pay for my travels. But I know I need a lot of time and hard work in order to begin to earn. Can you tell me how much time do you think it take to begin making a living?
Sorry for potential mistakes. English is not my first language. Thanks for answering me. Yeah, I get it. I heard of binary options. What do you think about that? Do you think I should start with binary options, or is it better? I am talking in general. It is what I thought. Really thanks for your work. Hopefully, I will begin trading soon. However, here is the ebook you can download: Thanks again for your help.
Hopefully, I will start trading soon. You follow each article from this page by clicking on the articles title link. You can download the e-book from here too: And sorry for posting the same message twice. I thought I had failed sending the first message. Please do yourself a huge favor and do not open a live account yet. If you start with a live account without much experience, your dream may turn into a nightmare.
That was before i discovered LuckScout. This is what Chris tells us again and again. It takes patience, but it can save you so much trouble. By the way, the ebook is a sort of summary of the articles here on the site. I still think it is better to learn by reading the articles use this article as a starting point and to use the book as a handy guide if you forgot something and want to look it up quickly.
Your site is not very famous among traders, but it is much better then most popular sites. So, according with your experience, do you think it is possibile to make 5 or 10 percent of the entire capital daily? If it so, how many positions do I have to take to reach this goal, without risking more than 5 percent of my capital in a day?
I just would like if you could help me to clear my confuse ideas. Indeed, it is not good to set a daily monetary or pip goal. We just wait for the too strong setups on the daily, weekly and monthly time frames. The profit is what the market has to give us.
I thought it is what right to have a certain percentual to achieve daily. How can I know how many trades I need to do dayly? And how can I recognize the strong setups? Start from here and advance step by step: Well, if you say so, I will. But, at least, can I know the best duration for a single trade, or it depens on the circumstations? You said, short timeframes are not good. How long do you usually leave your positions open? It depends on the conditions.
It is impossible to say how many trade setups we will have every day or every month. Is there a minimum duration per single trade you can recommend? We hold the positions till they either hit the stop loss or target.
It is not clear to us how long it takes. This site is absolutely brilliant! I have never seen something so detailed and clear before. Hello LuckScout team, thanks a lot for this massive content of relevant information about trading. For me as a beginner the page is overwhelming. As I said it is a criticism but please it is only well meant! I appreciate your work and if you may have time to consider it, it would make me happy.
Sorry to hear that this page looks confusing to you. One way I can figure out is that you leave this page open and then right click on each of the articles titles from the beginning and open them on a new tab. You can highlight the titles, so that you know which one you have opened and read.
Just please start from the beginning of this page. There are certain words and phrases in each article, that are automatically turned into links. Take this article for example, in the first paragraph, those phrases are: I did not understand this at first and read a lot of them and like you, became overwhelmed because this site contains hundreds of articles.
And indeed there are some more numbered links in the linked articles. But if you look closely, most of them the links inside the links are also in one of the lists of this main article. The same goes for a lot of other links. No, we look for the individual trade setup that form on any of the daily, weekly or monthly time frames.
You are an excellent mentor and very grounded person.. Not sure if you allow me to translation this great article into Chinese and some others maybe in the future? The copy right will be your for sure. You might have different concerns, such as the quality of the translation so it is understandable if you want to keep it in English version only.
I think it is better to have the articles in English. Any translation can hurt the real meaning of what I was trying to say. Am 2months old in trading am happy to have met Chris as my mentor. After going through every link in https: Am using daily and Ihr times frames to follow the market. Thanks alot chris and all LuckScout contributors for such priceless information you offer for free. May the Lord bless you more. Am now at least confortable now with candlesticks and DBB strategy.
I owe YOU my successs because you have saved me and many others who were struggling to make it after blowing two live account and you increased my ambition to learn.
I have done a powerpoint photo album from photos with motivational statements on trading I got from Wise Fx Traders Network. I wanted to find out if I can share it here on LuckScout. Please contact us at https: Then you will be able to send your file. We will be more than happy to share it on LuckScout.
In addition to this, you can open a topic on our forums and share your file from there too. What I am worried about is that whether those people allow us to share their photos on the site. I think we have to ask for their permission before doing it. Thank you so much for your response.
I amso happy to be back on your list. I was getting your daily Emails but could not make any comments. Well I tried emailing you to tell you, but I kept getting messages that the emails were undeliveraable to your addresses. I bring this up because it might have happened to others. In addition to that, I would like to register for your new program which is coming up, and you discussed a few weeks ago.
Thanks and glad to be back. I am almost ready to open a small live account. I realize that I need to stop pressing the button every time I find a so so trade setup. I need to trade like a predator and not be the prey…I need to be patient, control my emotions and wait for the too strong setups!
Profits will come if I do these things…!! The challenge for me is to not jump around and stay on task as I take each lesson step by step. This is really great that you have a background about and trading. You are several steps ahead of others. I suggest you to learn the strong and profitable candlestick patterns that I follow, and you are done. I published an article about these patterns yesterday: So, there is only a few or few articles that you have to read to start trading.
After that, please master these candlestick patterns through demo trading and make sure to repeat your success for six consecutive months at least. Then you can start with a too small live account: I have always the same problem but Now I am trying to focus. Sometimes when I dont understand things I get so frustated but I dont let it be a permanent depression rather I study more.
I traded for a long time. But Now i understand what is? So many great article here are enough for trader to be professional. Hi Chris, Thanks for all that you have done. I have been day-trading options and index futures for many many years but without much success.
Trading is a tough business. Thanks for showing us the right way. Abundance is indeed available to all who are ready to work and receive it. I will contribute as much as I can back to this wonderful community as I learn the 5 Steps all over again. Just a quick question: How do I determine what time in EST does a daily close as different broker uses different server time? I am currently on the CM server: As a first time visitor to your site, I find it very simple and informative.
I will use as a source of information to develop my trading skill in the future. Chris with your team. I hope I could be able to make my account grow slowly and steadily. I took a position at 1. I entered at 1. It was a 0. Can you please tell me how can I calculate my pips number? Thanks a lot, sir. Now the works is much easier for you. Just wait for the strong candlestick patterns and trade the long time frames: I felt funny that this site is so addictive.
Not here on this site, but from the e-Book you guys provided us with.