Pivot Points MT4 Indicator Forex MT4 Indicators

If you practice strict money management rules, then you will become the casino. The house always wins because the casinos know how to control their losses.

Most people have to learn the hard way.. or don't learn from their losses at all due to emotions getting in the way. Don't be fooled by people who use big lot sizes and make big wins on social media. They suffer big losses too and if they don't control their risk management then they will not last long. The problem is that far too many people want to get rich quickly, but nobody wants to get rich slowly. Some of you, if not most, know what I'm talking about.

Take this scenario for perspective. Let's say we have a contest based on these two constants.

• You: Your entries are 2x better than mine.
• Me: My money management is 2x better than yours.

Who is going to come out on top? Undoubtedly, me. Why?
Because at the end of the day, money management is the only thing that will be in charge of making your account go up or down.

So how do you exactly make sure that you are using proper risk management? I would suggest either downloading a position sizing indicator and throwing that on your MT4. This will do all the math for you, saving you countless hours over time. You can find a good one on Google. If you are serious and thinking about becoming a professional forex trader for years to come then you can spend 30 minutes searching for an indicator.
The second part is to stick to your trading system. This will require some backtesting. Save your money and take the time to backtest your system. A system is needed to properly trade forex. Why? Because a system is quantifiable.

A system is basically a series of "if, then" statements.
Example: If price is below my moving average, then do not enter a long position.

You need a string of rules, or constants, to create your system. Again, if you take trading seriously, then you will take all the time you need to play with all sorts of indicators in order to find your own system until you find what works for you. This step is crucial. This is why you can never rely on another person's analysis because it is not consistent and is out of your control.

When it comes to me and my money, I want to eliminate as many things as possible that are out of my control.

With this being said, this should be a clear explanation on why price action trading is nearly impossible to consistently make profits and win in forex. There's way too much guess-work involved. Don't believe me? Have you ever found yourself asking any of these questions below? If you do, then welcome to the majority of traders who lose money.

• "How do I know which support or resistance line is going to hold?"
• "What trend is this pair in? ..because according to this timeframe it says up while this other timeframe says down..?"
• "How do I know which combinations of tools will work for this particular trade? (i.e. trend lines, fibs, pivot points)

With this said, ladies and gentlemen.. as much as you want to believe you are some kind of magician, we cannot predict the markets.. especially if you're trading with pure price action.. at least not consistently. Predicting the markets is basically the same thing as trading blindly and it's a sucker's game IMHO.

The purpose of a system is to give you an edge over the markets.

To sum up this lengthy post, here are three takeaways:

1. Create a quantifiable trading system.
2. Practice proper risk management.
3. Find what works for you.

Edit: Things to study.
Baby Pips
Trading in the Zone
No Nonsense Forex

I started a sourcing company that focuses on helping e-commerce sellers get products manufactured. Selling on Amazon is a popular topic these days, but I want to focus on the growth of my business and how we got where we are today.
I love reading about the growth of companies, both small and large. So here is me giving back.
Ask whatever questions you want, I’ll try to be as open as possible.
TL;DR My progress in building a company where I can act as an operator and not a micromanager
The Beginning
22 months ago I updated /entrepreneur of my minor progress in quitting my job at a product development company where I set out to help businesses get products manufactured from China.
You can read about it here: 14 Days in, and what started as an idea, is becoming a global business.
After starting the company and hiring a small Chinese staff working out of my apartment, in Shenzhen, China, we began getting a lot of clients by word of mouth and basic networking. The business model was simple, we act as the eyes, ears and boots on the ground in China for our customers. Our customers ranged from medium and large scale Amazon/eBay sellers, to brands that you can find in Wal Mart, Bed Bath & Beyond, Tesco and Target.
Our profit margins were pretty good, because we were acting as the middle man and paying factories with our clients money, our revenue was much higher than our profit. But our risk was minimal as we were never holding inventory. It wasn’t before long before where we had multiple millions of dollars in sales, which looked nice, but our profit margins only ranged from about 1% - 10% per order.
I realized we needed to scale, as my goal was to create a company, bring in talented operators and oversee operations without having to micromanage.
Trying to Scale Attempt 1:
Traditionally, Chinese companies scale via internal growth. The more employees you have, the bigger and more profitable you are. Our competitors have teams of 100+ people working in single offices. I don’t like this idea. Too much management, too messy and the overhead is too high. I tried to switch my clients over to a recurring revenue model. Nobody was biting. We tried to increase our profit, but the market was too competitive. The only possible option I saw to grow was to add a sales team and add more sourcing agents. - Again, an idea I did not love.
Trying to Scale Attempt 2:
China works based on scale. The higher the order quantity, the better it is for everyone. Because of this, we would often get weekly requests from small quantity e-commerce sellers who we’d constantly turn away because their order sizes were too small, and the work wasn’t worth the reward. I never liked turning people away. I had a client come back to me and tell me that there are no services out there who understand the business model of an e-commerce seller.
I decided I was going to find a way to help these types of e-commerce sellers.
A serious gap in this industry was identified. The only services out there for e-commerce sellers were training courses teaching new sellers how to make millions on Amazon. These were just courses, nothing different from the affiliate marketing, forex trading, work from home courses that new age entrepreneurs are seen creating as a way to earn a quick buck. Sure, some of this stuff was helpful, but there are still a ton of people out there who were actively selling online, they’ve surpassed the beginner mark and they are struggling to grow their business and deal with China at the same time. Having identified that group, our target customer was created.
The Problem:
We know that manufacturing works based on scale. So the larger the order, the lower the price, the greater the profit. Accepting to work with small sized importers was too dangerous in the existing model of sourcing suppliers, offering product quotations and hoping the client bites. There is way too much work involved just to offer a quotation, and hope the client was serious enough to place the order.
The Pivot:
We created a new service, outside of our existing website where the goal was to guide importers through the entire process of working with China. We’d act as the project manager, offering our purchasing office and resources in China in an outsourced model where we’d become a part of our clients company. We built an a la carte menu and offered our existing services to anyone who wanted them in a buy it now, productized fashion. They could purchase a sourcing service where we’d provide them with a list of qualified suppliers for a product they wanted to manufacture. They could purchase our negotiation service where we would negotiate for 8 days on their behalf. Clients could even have multiple samples shipped to our office in China, and we document them and ship them all together to them, saving them hundreds of dollars in shipping fees.
This service took off! We got tons of orders as a lot of people began talking about us on various forums and groups. But apparently this was not good enough. Everyone said, can you guys just do everything for us?
At this point, I had hired some marketing consultants and had close friends following what I was doing. Almost everyone was telling me to just create a full package and offer everything. I was reluctant at first, I told them all it would never work, there were too many unknown variables.
Eventually I caved it. I stayed up for 48 straight hours planning the restructuring of the entire business model. Previously, we were using Chinese sourcing agent who we’d train and have them work from home to source suppliers for these e-commerce clients. This process was great, as the overhead was much smaller, but it was not super reliable.
I stuck with the idea and built a service where clients could come to us with their product idea, we’d give them an idea of its feasibility, cost, etc. and then we’d get moving acting as their purchasing office. Total transparency. The client would know who the factory is, something most sourcing companies keep as a close secret. The goal was, for the client would be in the loop with everything, but would rely on a single representative at our company to handle all aspects in China for them.
The Marketing:
We built a list of 300 email subscribers we found via three Facebook groups. These 300 people were going to be our beta testers. We started a drip series email campaign that would educate them about the pitfalls when dealing with China, scare them of the risks, and sell them on our service. The day to launch was near. We were hoping for a 3% conversion rate from this list. That would have been enough for us to validate the new service and let us know whether or not to continue down the road of offering a service to this type of importer.
Five days after the launch our conversion rate from the drip campaign was roughly 30%. We were not equipped to handle that amount of sales. Frantic, I shut down the site, emailed all customers and informed them our site is down so we can focus on their orders.
In the weeks to come, I transitioned from half of our sourcing staff working from home, to a full staff in our office. Then we began interviewing and hiring like crazy. Brought three new sourcing agents on, left our small office and rented a new office which provided us more room to grow.
Rebuilding:
Once the shock wore off, reality began setting in. This idea was not only validated, the problem was not demand, it was supply. The past couple of months we’ve been building training programs, adding a management team and structuring our company to fit the mold of my original goal, operating and not micro managing.
Now, I have two strong managers. One manages the sourcing team and the other manages the account reps. We were able to build team leaders who are responsible for solving day to day problems, leaving me to focus on growth. All work is based on metrics, each employee is graded on their work, and the bonus structure is set up according to the monthly performance metrics.
We have a lot planned in the near future. It is definitely exciting to be paving the way in an age old industry with a modern approach. We are starting to see competition, and as an MVP in an arena of this size, that is to be expected. Our main focus is on continuing to strengthen our core, come out with new services and make sure all of our early clients are heard and their problems get solved. We’ve been approached by some pretty large companies both in our industry and outside interested in investing in us. I am still the sole owner and we’ve yet to take a single investment. That time may come, but I am going to be picky with who we choose.
It is an exciting time for us, we’re not perfect by any means, I 100% work by the philosophy where you need to be ashamed of your initial launches and attempts, anything you’re not ashamed of, you took too long to release.
I purposely left out our company name as I’d love to focus on the business growth, and I’m not interested in plugging anything at this time.
Some things we’re working on now:

• Better content management - we don’t have a great blog or content schedule. This is probably killing us in sales.
  
• We’re working on rebranding our name. Multiple marketers said our name sucks, and we need something to captures our ultimate goal more precisely.
  
• I’m slowly allowing myself to trust the management I’ve put in place and focus on the big picture as they are doing a good job with the day to day. - This took a lot of hesitation before I could give up a lot of power, now, I couldn’t be happier.
  

Let's entertain some speculative theory.
Other than Da Hongfei being an advisor (let's face it, advisors do nothing), I wonder if Loopring is somehow working with Neo.
https://twitter.com/loopringorg/status/905347065005326337
The original Loopring roadmap described one of LRC's primary features acting as an adapter between ETH and NEO-- which makes sense because their primary goal is to make a "decentralized exchange".
But with ICOs for NEO gone for now, and this tweet seemingly implying there is an imminent announcement, I wonder what the relationship is.
The code seems to just be initial commit on registering tokens (they made that obvious), but don't know what it's actually for. The Github repo, like NEO, is still pretty scarce-- though Loopring has the excuse of just starting out.
You all have probably read this: http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR117
What this looks like to me is the PBoC policy funneling crypto operations into HK. As a first-step, the "ban" was placed to verify coins with a viable use-case and a team ready to implement this use-case. Obviously, HK is its own state, but it is also now part of PBoC-- there is no doubt that HK is influenced by PBoC.
They could possibly (officially) turn Hong Kong into the Chinese Silicon Valley of Cryptocurrency. Of course, registration to be a licensed security can be issued throughout China as well (making HK THE Chinese crypto state similarly to how it's already the Chinese Forex state).
Old article on foreign exchanges in China: https://www.babypips.com/news/ni-hao-china-opens-up-to-forex-brokers
Yes, I'm making a reasonable parallel between fiat and foreign exchanges with cryptocurrency. In the short-term, at least, HK could be where these crypto groups, companies, tokens flock for their operations. Though it doesn't seem like there's a strict need to have the operations IN HK. You just have to apply for the license.
So, as a data point, I'd be watching the SFC for approved cryptocurrency entities.
Anyway, what could that possibly mean for Loopring and Neo? It could be that merging into a crypto corporation as a utility token that manages transactions makes sense. Have no clue. Just found it interesting their relationship extends to more than just Da being an advisor.
Keep in mind that it takes 15 weeks to apply as a single corporation-- so you know others might join the NEO Mafia on this.
If Neo plans to keep operating in China, HK and scoring PBoC approval + SFC licensing is probably the best bet short-term. If it turns out that mainland China doesn't offer licensing, HK would be the go-to, obviously. So Neo would be 15 weeks ahead at least.
Now, if you look at Loopring's use-case basically as a transaction platform, you can play with the speculation even more:

• LRC could be used as your gateway into CN crypto markets through its relationship with the Neo Mafia (who is registered). Depending on how the CN ban and compliance pans out, this might even mean full restoration of the NEO's ICO functionality as an implementation for extending NEO's license to other securities.
  
• An exchange (assuming Binance is in the mafia) is already ready to integrate with LRC's functionality.
  
• NEO whitepaper describes a governance spec which distributes power to owners of the security.
  
• Loopring aims to be a decentralized exchange; but more importantly, can provide an transform adapter into other ICO-creating crypto. ETH ICO can become a NEO ICO.
  
• NEO Mafia is all Chinese, OnChain + Binance (?) + Loopring + NEO = you have some functionality and a lot of promise for an actual securities entity that can manage this interaction.
  

What I'm imagining is, if they pull this off, ICOs would basically need to buy NEO to create a mirror security in China that is compliant and licensed under that Neo Mafia Corp and therefore immediately protected. Of course Neo Mafia Corp would vet the ICOs coming in or the government would come after them. NEO would basically become insurance for cryptos in China.
But I'm overthinking it and it's probably super easy to get an SFC license. I've lived in China and TBH, all the Forex brokers are scummy as hell. There are also "holding" companies everywhere. I never did quite figure out what exactly what they were "holding", either.
However, the plan I describe, if it is somewhat how NEO is pivoting, focuses the importance less in the actual tech and more on the lawyebusiness stuff that aren't transparent. This would be positive for NEO because the devs are obviously not doing much right now.
I'd still look at the SFC for cryptos being approved just to see.

Chart for reference:
http://i.imgur.com/qL413v3.png
This week has been particularly good for market maker manipulation, with two ultimately inconsequential, but high profile speeches from Yellen and Draghi. For new players who are not familiar with this tactic, market makers will often use these speeches to drive price in a certain direction at least expense to themselves, and low volume mark-ups are typically indicative that the next "trend" play is in the other direction.
This week, they used the Yellen speech to drive the USDJPY up on very little volume, thanks to the highly fortunate coincidence of thin liquidity and the speech itself. Could it be they're actually priming for a "pump and dump" (where market makers inflate the price so they can sell at a profit, and then in forex, short at much better level) and continue the down trend of the USDJPY?
The obvious target for a "pump and dump" is the very well respected down trendline that has been used to contain any up move in the USDJPY. You can see how past contacts with the downtrend line result in forceful down moves with strong engulfs.
So what happened with the downtrend line contact just recently? Well, for those not watching, the USDJPY was pushed up over the down trendline on the back Draghi's speech. Whilst USDJPY movements on ECB policy aren't necessarily abnormal, it's still noteworthy to see a significant trendline and level (the daily pivot point) attacked on a Draghi speech in the current risk climate.
What's even more noteworthy is that they chose not to maintain price above that level, instead letting it sink back down, and thus creating the impression the trendline is holding.
This leads to two possible interpretations, but I'm undecided as to which is true.
1) There will be false break of the trendline and then an aggressive mark-down, likely timed to Trump's speech. Market makers want a deeper retrace of the USDJPY, and recent manipulation was oriented at generating a consensus amongst major participants.
2) The low volume associated with the Yellen speech mark-up is simply coincidental, and it represents pre-positioning to commence marking the USDJPY up, breaking the trendline and resuming the uptrend.
Either way, I'm anticipating the mark-up/mark-down will occur on the back of the inauguration speech.
What's your Wykoff/VSA interpretation?

Hey guys! I found a super cool list of everything a new forex trader would need to get started! Originally made by to nate1357. Link to original thread http://redd.it/328cjr
Free Resources
Education:
www.babypips.com/school
www.informedtrades.com/f7
www.forex4noobs.com/forex-education
www.en.tradimo.com/learn/forex-trading
www.youtube.com/useTheTradeitsimple
www.traderscalm.com
www.orderflowtrading.com/LearnOrderFlow.aspx
www.profitube.com
Calendars:
www.forexfactory.com/calendar.php
www.dailyfx.com/calendar
www.fxstreet.com/economic-calendar
www.forexlive.com/EconomicCalendar
www.myfxbook.com/forex-economic-calendar
www.investing.com/economic-calendar
Free News Websites:
www.forexlive.com - Daily live news, analysis and resources
www.financemagnates.com - FX industry news and updates
www.fxstreet.com - Daily news, analysis and resources
www.forextell.com
www.forexcup.com/news
www.bloomberg.com/markets
Forums:
www.reddit.com/forex
www.forums.babypips.com/
www.forexfactory.com/forum.php
www.elitetrader.com/et/index.php
www.forex-tsd.com/
www.fxgears.com/forum/index.php
www.trade2win.com/boards
Margin / pip / position size calculators
www.myfxbook.com/forex-calculators
Brokerages:
There are many factors to consider when choosing a brokerage. Regulations typically force US traders to only trade at US brokerages, while international traders have more choice. After considering location you need to consider how much capital you will start trading with as many have minimum deposit levels. Once you’ve narrowed that down you can compared spreads and execution. ECN brokers execute your orders straight through to their liquidity providers, while market maker brokers may pair up your trades with other clients. Market maker brokers typically will partially hedge your positions on the interbank market. Many consider this to be a conflict of interest and prefer to trade at an ECN broker who would have an active motive to see you succeed. Lastly, brokers run inherently risky business models so it is important to consider the risk of bankruptcy.
www.forexpeacearmy.com - Aggregates broker reviews. Be warned though that people only seem to make bad reviews.
www.myfxbook.com/forex-broker-spreads - Live comparison of executable spreads
United States & International-
-Interactive Brokers

• ECN. Used most by professional traders. Difficult platform for beginners
• Tight spreads
• Minimum deposit $10000 (or $3,000 if under 25yo) * Well diversified -Oanda
• Market maker. Second largest retail FX brokerage in the US. Easy platform for beginners.
• Fair spreads
• No minimum deposit
• Not well diversified, but well capitalized -Gain Capital (whitelabel forex.com) *Market Maker *Fair spreads *Minimum deposit $250 *Well diversified -FXCM Inc
• ECN. Largest retail FX brokerage in the US
• Tight spreads
• Minimum deposit $2000
• Not well diversified. CAUTION: FXCM nearly went bankrupt in Jan-2015 due to a lack of diversification and low capitalisation. As a result FXCM LLC was bailed out with a large loan which may prove difficult to pay back. Be warned that their business may not be sustainable in the long term. -MBTrading
• ECN. Mid-sized retail FX brokerage
• Fair spreads
• Minimum deposit $400
• Well diversified.

International Only-
-LMAX (whitelabel DarwinEx)
*DMA broker based in the UK. Note that as a DMA broker LMAX eliminates the ability for LPs to last-look transactions. This may result in reduced liquidity during volatile times as liquidity providers would be likely not to risk posting liquidity to LMAX's pool. *Tight spreads *Minimum deposit $10,000 *Fairly well diversified
-Dukascopy
*ECN based in Switzerland, but available elsewhere depending on local regulations.
*Tight spreads *Minimum deposit $100 *Fairly well diversified
-IC Markets *ECN based in Australia *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Fairly well diversified
-Pepperstone
*ECN broker based in Australia. *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Not well diversified
Software / Apps:
Desktop/mobile

• Apps are typically broker dependent. Some brokers have their own proprietary software, while others lease common software like Metatrader or NinjaTrader. Some software has a large development community for indicators and EAs.
  
• https://www.tradingview.com/ - Great for HTML5 browser based charting and alerts
  

Terminology/Acronyms:
www.forexlive.com/ForexJargon - Common terms and acronyms
FAQ:
I need to exchange money, how do I do it?
This isn’t what this sub is for. Your best bet is using your bank or an online exchange service. Be prepared to pay a hefty fee.
I have money in one currency and need to exchange it into another sometime in the future, should I wait?
Don’t ask us this. We speculate intraday in FX and shouldn’t be relied on to tell you what’s best for you. Exchange the money when you need it.
I have an FX account, should I start trading demo or live?
This is highly debatable. You should definitely demo trade until you have mastered how to use the trading platform on desktop and mobile. After that it’s up to you. Many think that the psychology of trading live vs demo trading is massively different. So it may pay to learn to trade live. Just be warned that most FX traders lose almost their entire first account so start with a low affordable balance.
What’s money management?
Money management is a form of risk management and is arguably the most important aspect of your trading when it comes to long term survival. You should always enter trades with a stop loss - the distance of the stop allows you to calculate how large of a percent of your account balance will be lost if your trade stops out. You can run a monte carlo simulation to figure out the risk of having a number of trades go against you in a row to drain your account. The general rule is that you should only risk losing 1-4% of your account per trade entered.
More on this here: www.investopedia.com/articles/forex/06/fxmoneymgmt.asp[35]
www.swing-trade-stocks.com/money-management.html[36]
What about automated trading?
Retail FX traders have been known to program “Expert Advisors” (EAs) to automate trading. It’s generally advisable to stay away from that until you’re very experienced. Never buy an EA from a developer because the vast majority of them are scams.
What indicators are best?
That’s up to you to test and find out. Many in this forum dislike oscillating indicators since they fail to capture the essence of what moves price. With experience you will discover what works best for you. In my experience indicators that are most popular with professional traders are those that provide trading “levels” such as pivot points, fibonacci, moving averages, trendlines, etc.
What timeframe should I trade?
Price action can vary in different timeframes. In longer term timeframes the price action and fundamentals are much more clear. Unfortunately it would take a very long time to figure out whether or not what you’re doing is successful on longer timeframes. In shorter timeframes you can often tell very quickly if what you’re doing is profitable. Unfortunately there’s a lot more “noise” on these levels which can prove deceptive for those trying to learn. Therefore the best bet is to use a multi-timeframe analysis, working from top-down to come up with trades.
Should I trade using fundamental analysis (FA) of technical analysis (TA)?
This is a long standing argument in these forums and elsewhere. I’ll settle it here - you should have an understanding of both. Yes there are traders who blindly ignore one of the other but a truly well rounded trader should understand and implement both into the analysis. The market is driven in the longer term through FA. But TA is necessary to give traders a place to enter and exit trades from a psychological risk/reward standpoint.
I’ve heard trading Binary Options is an easy way to make money?
The general advice is to stay away from binaries. The structure of binary options is so that when you lose the broker wins. This incentive has created a very scammy industry where there are few legitimate binary options brokers. In addition in order to be profitable in binaries you have to win 55-65% of the time. That’s a much higher premium over spot FX.
Am I actually exchanging currencies?
Yes and no. Your broker handles spot FX is currency pairs. Although they make an exchange at the settlement date they treat your position in your account as a virtual currency pair. Think of it like a contract where you can only buy or sell it as a pair. In this sense you are always long one currency while short another. You are merely speculating that one currency will appreciate or depreciate vs another.
Why didn't my order fill?
Even if price appears to cross over a line on your chart it does not guarantee a fill. Different charting platforms chart different prices - some chart the bid price, some the ask price and some the midpoint price. To fill a limit order price needs to cross your limit's price plus the spread at the time that it is crossing. If it does not equal or exceed the spread then it will not fill. Be wary that in general spreads are not fixed. So what may fill at one time may not at another.