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Anyone tried their hand at Forex Trading?

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I'm finding it harder to find a strategy that works for me, at least compared to stocks. Not that FX is harder than stocks, just different instrument.
 
I have spent so much time on Forex trying all sorts of short-term, medium-term and long term strategies. Sorry to say guys, after years of trying I have not found 1 strategy that has worked consistently enough for me to stick to Fx. I am open to ideas if anyone is killing it in Forex, but from my experience I totally agree with @tech/a , it's a tough game and highly manipulated by the big banks, reserve banks and Governments etc.

You really got to be on the inside of the reserve bank board to place your longs before interest rate hike announcements and place shorts like no tomorrow before interest rate cuts

Now I just trade asx stocks with a medium term horizon and document all my trades here at ASF at:
Speculative Stock Portfolio

Also I have a few long term holdings at:
Medium/Longer Term Stock Portfolio
 


'If your a practicing high level economist you could be well versed.
Worth listening to Shwaggers interviews with some of the market Wizards
who are Forex Legends. You'll soon get the picture.
On Audible.
 
I spent 3 years of my life trying to make it work, other IT members of my circle spent years trying to create an auto trading robot.

Other people tried trend following methods, all eventually failed, even after a successful run in some cases

The big differences are that the news spikes can be enormous and can blow all of the obvious stop points away, trigger the stops and then bounce back the other way

Another problem is that unless you use leverage a currency pair often moves quite slowly.

In the event that you were successful and built up to leverage a full contract you are then exposed to a 911 type event or a revaluation like Japan did

You can get a bill for a lot of money if you are on the wrong side of that pair when it happens
 
the auto trading part is relatively easy, tbh. mt4/5 have a lot of inbuilt functions. pretty sure you can prevent trading around news (you can restrict the bot to only certain hours of the day easily).
 
I've read a fair few books written by forex traders and never attempted trading.

I decided It was a full-time job and even if one is skilled enough to have a bot one is playing with multinationals, institutions, hedge funds and governments with better bots.

Forex looks intuitive in the short term until a takeover is on between jurisdictions e.g. , and a company needs billions of currency changed or an interest rate changes unexpectedly, or Trump decides to top himself. No way to chart your way or watch Bloomberg out of one of those scenarios.

gg
 
Take a look at the Trading Made Simple thread by eelfranz on forex factory site. Has some merit and starts off well, then 5550 pages of subsequent bollocks.
Warning, some self control required, you could squander a lifetime on that site.
 
Joe90 said:
Take a look at the Trading Made Simple thread by eelfranz on forex factory site. Has some merit and starts off well, then 5550 pages of subsequent bollocks.
Warning, some self control required, you could squander a lifetime on that site.
Click to expand...

thanks mate. i'll give that a look. but will be weary, procrastination is bad enough.
 
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