Nial Fuller's 9 Secrets to Profitable Forex Trading » Learn To Trade

I know myself as a good and successful Forex trader, because I have been able to repeat my success every month for several years. I know many traders who started learning forex almost when I did, but they are still learning, testing different systems, and losing money. Why did I started making money after few months of learning and practicing, but these people are still learning? What is the secret of my success? We already have everything we need to trade and make money.

All of the tools we need are accessible for free. Why should we make our lives too complicated? I learned the technical analysis and candlestick signals and patterns.

This is what I did as soon as I started learning how to trade Forex. After a while, I almost mastered the technical analysis and candlesticks. I have explained it here. So I kept everything simple from the first day, and I started getting good results very soon. I did not try different indicators , because I did know that if I wanted to do it, I would have to spend the rest of my life on it. There are zillions of indicators, trading systems , and…. But there are some simple and easy to use tools that have been already tried by thousands of traders, from Japan to USA, and it is proven that they work.

So I used those tools and forgot about the others. I simply use what I have learned and the tools I have.

I am not looking for anything else. I do not let any emotions interfere and make me decide wrongly. I check the charts and I place the orders if I see a strong signal.

It is as simple as that. There is nothing complicated about trading. Everybody can do it. Checking the daily time frame of the currency pairs and stocks that you follow, is what you have to do every day. If there is any trade setup, you can see it instantly because a strong trade setup yells on you to take it. You should also check the weekly time frames every weekend and the monthly frames once the new monthly candlestick opens. These are the strongest time frames and the trade setups they form can be so profitable.

If you are spending more time on analyzing the charts, then I can say that you are not a profitable trader yet. If you are trying to convince yourself that a strong trade setup is formed while you know that it is not a strong, then you still need more time to learn and become a disciplined trader. Some weak trade setups form on the charts every day. Those setups are for the traders who want to lose money. They are not for the professional and experienced traders.

So I leave those setups for the others. I wait for the best and strong setups, and fortunately they always form. They form not as frequently as the weak setups. But they are enough to make some profit every now and then.

It is a long time that I am used to it. We are not supposed to have strong trade setups every day. Stop loss is one of the most important things in trading. You can easily wipe out a million dollar account with just one position, if you do not set a proper stop loss.

I have seen someone who wiped out a 7 million dollar account, because he foolishly did not set any stop loss and a proper risk management , and emphasized that his positions were correct and the market would finally turn around to follow his favorite direction. The market did turn around, but when his account was already blown up. Your trading system should tell you about the best and most optimum place to set the stop loss, otherwise you should look for another trading system.

For each of the positions you take, you should set a proper and reasonable stop loss which is not too tight or wide. You should not widen your stop loss when the price goes against you and is about to hit the stop loss. Also, please note that a too wide stop loss is like having no stop loss.

And a too tight stop loss causes you to lose money even when your position is correct. Checking the charts when you have open positions can trigger the negative and harmful emotions that cause you to make mistakes.

real forex trading secret

When you see your position is losing, you get emotional and you close your position not to lose more, or you will widen your stop loss because you are afraid of losing too early and you want to give your position more time. I take the positions, set the stop loss and target and then I come back the next day.

Therefore, when they take a position and it goes against them, they take more positions probably to hit the market turning point finally. However, in most cases the forex market keeps on following the same direction and these traders will lose all they have in their accounts. This is not trading. A good trader is not someone who doubles his account every month. You can double or triple your account by averaging down if the market turns around finally and you close all your positions with profit.

However, you will wipe out your account the next time that you repeat this method because the market is not supposed to turn around every day. Strong trends can be continued even for years. A good trader is someone who properly follows the markets strong movements and trends. That is the key secret. Over-trading is another syndrome I see among novice Forex traders.

Over-trading does not help you make more money. It causes you to lose your money faster. It is possible that you double your account within a short time through over-trading, but you will wipe out your account the next day, because you are not going to be lucky every day.

If you trade based on luck, one day you win, and the other day you lose all you have already made. I am not greedy at all. I do not try to become multi millionaire and make millions of dollars every month.

It is possible to make millions on the paper and with the demo account , but live trading is different. I never open a big account to make my broker greedy. I trade with a small amount of money, raise it into some reasonable amount, and then withdraw most part of it and leave a small amount in my account again.

I always do this. I enjoy growing a small account. This is too hard when you trade through retail brokers. This is much safer, and besides, it eliminates the harmful emotions, specially fear.

You can save your profit and turn it into a huge capital after a while. Then you trade through a bank account. This is what professional traders do. You have to be happy with a small account and small profit while you have to trade through the retail brokers.

Any trader looks at the market from a different angle, so traders can not compete with each other. I know myself as a good trader, and I do not try to compete with a friend who trades more than me and makes more money. We are both good, but just our trading style is different. Trading style has a direct relationship with personality. Trading is an investment opportunity to grow your wealth, not a good way to make a living. He is one of the LuckScout Millionaires Club instructors.

Hi, I have been reading your articles on bollinger bands and candlesticks including the doji articles. I completely understand how to set stop loss and where to enter but I am unsure as to what my profit should be in terms of where I set it.

I want to ensure that I hit my profit wherein I do not set my profit too high that I make a loss before I make a profit. How would I go about this? If the trade setup is strong, then your target can be even x3 of the stop loss.

I do enjoy all your article, every bit of it has always been motivating and inspiring me to learn better. Thanks for helping me as a trader. May God bless you.

EURUSD, GBPUSD, USDCHF, USDJPY, GBPJPY, EURJPY, USDCAD, AUDUSD, NZDUSD, EURGBP, GBPAUD, GBPCAD, GBPCHF, EURAUD, EURCAD, CHFJPY, AUDJPY, CADJPY, AUDCAD, Gold.

Dear sir , Kamel has really got the point what i was looking for. What is a healthy number of trades to place for an experienced trader after analysing 20 currency pair?

It is impossible to give an exact answer to this question. On some days I take no positions. Sometimes I take a few.

I mean 1 to 3 positions. The best time for the daily candle close is 5pm EST. You should use the platforms that their daily candle closes at 5pm EST. The reason is that at that time all the markets, specially New York and London market are closed and the formed candle reflects both of these markets movements. For example, when you see an engulfing pattern you enter just after the daily close or you place a pending order?

Stop-loss is a shit thing. In my experience, as every one knows history repeats itself, at least by not setting a SL you can wait for market retracement and can make your loss minimum as market reverses itself. But putting a SL, a definite thing that you can going to loose money. Warren Buffet and other famous traders never used any Stop Loss in their entire career. So they should be loss all of their money,but they are billionaire………………. I heard this in a video by a so called forex millionaire: Are you sure that if you set no stop loss the price will turn around and you can get out with no loss?

Those who wipe out their accounts think like this? Can they trade like Warren Buffet? Do they know what Warren Buffet and his financial and investment consultants know? If you want to experience how trading without a stop loss can wipe out your account, then open a demo account and take positions without stop loss. If you like to see how history repeats itself, then open another demo account and trade without stop loss, after your first demo account got wiped out.

I agree with you Chris Sir, I did not said that history does not repeat itself. Personally I think that there is a criteria for SL. I did not said that you cant have any loss by putting no SL. I said that you can minimize your loss, but SL is a definite thing that you have to loss. In one of your blog you say that you hate technical indicators you do not have a valid point that where to set support or resistance or tp or sl… I am totally agreed with you on this.

No profit because your SL is hit and your oder is close. I will very thankful to you Sir. Finding your site has been a Miracle! Hi Chris Thanks for the continued support and repeat instruction. But under some market conditions it is possible that more trade setups can appear suddenly on one day after many days of no setups. I do not think that as a novice I could manage that many BTW.

Sorry if I am unclear here. If we really follow our trading system and wait for too strong setups, we cannot overtrade. Overtrding happens when traders take weak setups and misuse their account leverage.

When our trading system forms several strong positions at the same time, we can simply pick a couple of setups that look stronger.

We can easily choose a proper position size, not to risk too much. In the above discussion, it is mentioned that for a single trade setup 2 positions can be taken. For a single trade setup, I believed only 1 position can be taken either long or short depending on the trade setup.

How is it possible to take 2 positions for a single trade setup? You mean either 2 long or 2 short positions? It is not a must to take two positions. However, you can do that to maximize your profit. I have some explanations here: Hello Chris, i was wondering how many cca trades per month you open with candlestick pattern and Bollinger band strategy Sorry for my bad english. There is no exact or precise number for the number of setup. It can be from a few to few to 10 or sometimes 15 positions.

It depends how many trade setups the markets form. Hi Nejc I suggest you backtest yourself — this will give you trust in that the the system works. I really enjoy your trading articles. I love the LuckScout web site. I know a lot of people ask you to post more articles about your method. I dont want to bother, but I hope you choose to go into depth about your method.

Chris has provided so much information. So so many gems. I love what he has given to us.

I would love to hear more about what you look for on a day to day basis. God bless all of you. I am so thankful for all of the knowledge you have shared! Very inspiring Kamel, this sounds like a prayer to my ears. I will put all those good words on my wall in order to make sure to remember when time comes, It will be in my daily routine to go through it. I feel privileged to have found, LuckScout. Many, many thanks to share your experience and your wisdom with us.

I run my MT4 on an Apple computer and those instructions work for P. Can anyone in the LuckScout community have any tips on how to do this on Apple?

Unfortunately I am not good with Apple machines.

Hope one of the LuckScout members help you with that. I suggest you to post your question to MT4 forum. You will get the answer much faster: I understand the importance of discipline as a trader, especially starting with a small account, but do you have a different trading system when big events approaching?

What is the best way to profit when the market reacts drastically to the news? Should we still set a Stop Loss or follow the market live? We can still wait for the candlesticks to form the signals based on the big event and on the long time frames. Such events usually make spikes that we can easily trade and make a lot of profit from them while the dust is already settled and there is no risk.

Chris has explained this clearly here: Thanks for great articles Chris So many traders using EA indicators.. Long time a go before this web change its name to luckscout I found EA DBB indicator pattern that made by your team who was a programmer do you remember?? Did the EA still existing? I can not find it In your new web. Leave a Reply Cancel reply:.

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