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Become A Profitable Forex Trader In 5 Easy Steps


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I always emphasize on this fact that making money through Forex trading is not as hard and complicated as what novice traders think. Almost all of those who start trading Forex, have a mentality and mindset from their past experiences. They “believe” that making money is too hard, because most of them had a hard time making money and covering their expenses. They “believe” they have to work long hours every day to make some money through Forex trading, because they really have been working for several hours to make money, day in day out, no matter what kind of business or job they had. They “believe” it is impossible to become wealthy, because either they never worked toward becoming wealthy, or if they did, they have never been in the right track, and they walked toward it while they believed they could not make it.

What happens when you start a new business with such a mentality? It will not work, and you will not succeed.

Henry Ford:

“Whether you think you can, or you think you cannot, you are right.”

Read the above sentence very carefully for few times, and think what Henry Ford was trying to say. He doesn’t say anything about what you want to do, or the kind of business you want to start. He just says, if you think you can, then you can. If you think you cannot, then you cannot.

According to Henry Ford, the first and most important obstacle resides in your own head, not outside, no matter what you want to do, either you want to start a business, or learn something new. The outside conditions are almost the same for anybody. If someone can, and someone else cannot, it is because of what they have in their minds, not because of the outside conditions. The conditions are almost the same for both. The difference is that the first person “believes” that he can, and the second person “believes” that he cannot.

Change your mindset, and you will see that everything changes around you:

  1. I “believe” making money can sometimes be too hard in some kinds of businesses and jobs, but it doesn’t necessarily mean that it is the same in all businesses and jobs. Forex trading is a kind of business that makes money without having to work too hard.
  2. I “believe” I don’t have to work long hours every day to make money through Forex trading. In this business, I have to be wise, precise and disciplined, not workaholic.
  3. I “believe” I have everything to become a wealthy forex trader, because those who have become wealthy, didn’t have anything more than me. Same markets, charts, platforms, and… . I just need to plan, set my goals and start moving toward it. A wealthy person is not someone who works too much. It is someone who takes his steps correctly.

Review and revise your mindset now, and read the rest of this article when you done.

What Is the Closest Way to Become a Profitable Forex Trader?

Here is what you have to do to become a profitable forex trader. I don’t know how long does it take you to take all these steps. It can be different from person to person. But what I do know is that if you focus on the below steps, and you don’t waste your time looking for the other things (like Holy Grail), you will reach the last step very soon. 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.

1. Learn the Basics

If you are too new to forex trading and you don’t know what forex or currency trading is about, and how a trader decides to buy and sell currencies against each other, then read the below articles and watch the videos carefully. I don’t think it will take you more than a few or few days to do it. 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:

  1. Forex Trading Explained in Simple Words
  2. What Is Forex and How to Make Money with It?
  3. Understanding the Currency Pairs in Forex Trading
  4. Candlestick Signals and Patterns
  5. Chart Analysis – Part One
  6. Chart Analysis – Part Two
  7. Chart Analysis – Part Three
  8. Support and Resistance Breakout
  9. Install MetaTrader 4 or MT4 on PC, Mac, iPhone, Smartphones and Tablet PCs
  10. What Is Metatrader and How It Works?

The above articles and videos teach you the basics. Complete your knowledge by following the below videos and articles:

  1. Candlestick Trading – The Language of Japanese Candlesticks
  2. How to Trade Using Doji Candlestick and Bollinger Bands®
  3. High Wave Candlesticks and Their Reversing Power
  4. The Importance of the Confirmation Candlestick
  5. Daily Candlesticks and Bollinger Middle Band®
  6. What Do the Candlesticks Shadows Tell You?
  7. How to Trade the Continuation Chart Patterns with Candlesticks and Bollinger Bands
  8. What Are the Strongest Candlestick Patterns?
  9. Trending and Sideways Markets
  10. More About Butterfly and Bat Patterns
  1. Leverage, Margin, Balance, Equity, Free Margin, Margin Call And Stop Out Level In Forex Trading
  2. What Is the Proper Risk and Reward Ratio in Forex Trading?
  3. A Forex Trading Plan
  4. Money Management in Forex
  1. How To Become a Successful Forex Trader
  2. Forex Trading As a Full Time Job
  3. My Stop Loss Was Triggered! What Next?
  4. Let’s Learn from the Others’ Mistakes
  5. The Role of Emotions (Fear and Greed) in Forex Trading
  6. When Gamblers and Card Players Become Forex Traders
  7. 4 Signs You Are Taking a Bad Position

2. Learn a Trading System

You have already passed this step (above). Candlestick patterns, Bollinger Bands® and some technical analysis is the trading system we use to analyze the markets and locate the trade setups. 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 1980s, is a great complement for candlestick patterns. You have already learned about them by following the above articles and videos. 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:

  1. Strong Trade Setups Gauge
  2. Learn to Gauge the Trade Setups
  3. Forex Trading Couldn’t Be Easier
  4. How to Choose a Strong Trade Setup
  5. Candlestick Patterns and Signals that Make Money
  6. Reversal or Trend Continuation Signals: Which One Is More Preferred?
  7. When a Butterfly Pattern Supports a Candlestick Pattern
  8. To Trade or Not to Trade, That Is the Question
  9. Make Your First $100,000 Trading Forex
  10. Strong Doji on a Strong Bull Market
  11. Typical and Atypical Trade Setups
  12. Candlestick’s Shadow versus Candlestick’s Body
  13. How Chart and Candlestick Patterns Support Each Other
  14. When a Trade Setup Confirms Another Trade Setup
  15. What Have You Learned So Far?
  16. A Reversal Signal that Is The Beginning of a Continuation
  17. The Trade Setups that Have to be Ignored
  18. Our Trading System Checklist
  19. How Long Is A Strong Trade Setup Valid?
  20. How To Maximize Your Profit As A Novice Trader
  21. Features of a Strong Dark Cloud Cover Candlestick Pattern
  22. Features of a Strong Bearish Engulfing Candlestick Pattern
  23. Analysis Of Strong Piercing Line And Bullish Engulfing Candlestick Patterns
  24. Forex Market Trend Strength and Exhaustion and Forex Trend Indicators
  25. Trading the Monthly Chart Is Lovely

Complementary articles:

  1. What Is Your Main Job As a Forex Trader?
  2. Candlesticks Lower Shadows on an Uptrend
  3. Monthly Time Frame Is the King
  4. The Power of the Strong Trade Setups
  5. Are We Overconfident About Our Trading System?
  6. A Reversal Signal that Is The Beginning of a Continuation
  7. Have You Failed Enough to Succeed?
  8. Wait Sufficiently Trade Efficiently
  9. Choose The Strongest Trade Setups And Enter The Market On Time
  10. How To Trade Forex Stress Free
  11. Forex Trading Is A Different Business
  12. In Trading Nothing Is More Important Than Experience
  13. Why Most Traders Like To Go Against The Trend?
  14. What Is The Best Currency Pair To Trade?
  15. What If You Give Up On Forex Trading?
  16. How To Make Your Trading As Simple As Possible
  17. Traders Who Follow Their Emotions Are Doomed
  18. Are You Ready For Live Trading?
  19. The First Day Of Forex Trading
  20. I Can Manage Your Funds And Accounts
  21. Hard Work Vs Smart Work
  22. How To Maximize Your Profit As A Novice Trader
  23. Are You Aware Of Forex Trading Risks?
  24. When Quit Your Job As A Forex Trader?
  25. Is It Worth To Become a Forex Trader?
  26. How To Lower Forex Trading Risks
  27. How Many Monitors Do You Need For Forex Trading?
  28. What Are Forex Trading Risks And How To Limit Them?
  29. Forex Risk Management And Position Size Calculation
  30. How Would Albert Einstein Trade Forex?
  31. What Types of Forex Trading Accounts Fit You?
  32. When A Too Strong Trade Setup Fails
  33. Let’s Check The Forex Market Every Day
  34. Is It Possible To Make Money Through Forex Trading?
  35. Trading Psychology Basics For Forex Traders
  36. The Importance of Discipline in Forex Trading
  37. Why Do You Get Emotional While Trading Forex?
  38. Consistency Is The Biggest Key To Success In Everything Including Forex Trading
  39. The Mentality Behind Forex Trading: Do You Trade Forex to Make Money or It Has Another Reason?
  40. How to Control Your Mind Talk and Transform Negative Thoughts to Positive While Trading Forex
  41. As a Forex Trader, You Have to Change Your Mind on Your Losses and Mistakes
  42. How to Deal with Stress and Pressure Moments As a Forex Trader
  43. Can You Really Become a Millionaire from Forex Trading?
  44. Ways of Overcoming Your Fear in Forex Trading
  45. Whom Do You Blame When You Lose Money?
  46. A Forex Trader Has to Be Patient
  47. Develop the Right Trading Psychology As a Forex Trader: You Trade the Way You Think, and You Are the Way You Trade
  48. Self-Sabotage Behaviour In Forex Trading
  49. How to Control Harmful Emotions While Forex Trading
  50. Forex Traders Have to Keep Their Ego Out

Read more:

  1. Daily Forex News: Should We Care?
  2. 2 Successful Forex Trading Secrets that You Know But You Ignore
  3. What If You Don’t Have Money to Open a Reasonable Forex Live Account?
  4. What Do You Have to Know to Become a Successful Forex Trader?
  5. As a Forex Trader, at Least You Can Take Home Some Profit Every Month
  6. A Profitable Forex Trading Strategy for Novice Forex Traders
  7. “Mind Full” Trading or “Mindful” Trading?
  8. Forex Trading and the Power of Compound Interest
  9. Forex Trading Big Drawdowns and the Solutions
  10. Before You Learn to Win, You Must Learn to Lose

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:

  1. Double Bollinger Bands Strategy To Trade Forex
  2. How To Trade The Double Bollinger Bands And Our Regular Candlestick Strategy At The Same Time?
  3. DBB Trading System Rules For Long And Short Trade Setups
  4. More About Double Bollinger Bands Trading Strategy
  5. How to Increase Double Bollinger Bands Trading System Success Rate

Another mechanical trading system is the 50-day moving average:

  1. Follow the Trends with 50-Day Moving Average and Locate the Strong Trade Setups
  2. Forming 50-Day SMA Trade Setups

Are you done reading the above article? Have you practised enough to learn how to locate and gauge the strong trade setups?

You are all set if the answer is yes. Now you can go to the next step.

3. Demo Trading

Have you learned how your trading system works? If yes, then it is time to open a demo account and start demo trading to MASTER your trading system. Follow the below articles and videos to know what you should do in demo trading exactly. Don’t underestimate this step. It is very important:

  1. How To Become a Successful Forex Trader
  2. The Importance of Demo Trading and Your Demo Account
  3. Do You Already Have a Live Account?
  4. How Long Do You Have to Demo Trade Before Live Trading?

4. Live Trading

Have you been able to repeat your success with your demo account for 3-6 consecutive months at least, the way it is explained in the above articles?

If I were you, I would not rush to start live trading, and I would keep on demo trading for three more months. You must build your confidence through demo trading. Repeating your success for few consecutive months tells you that…

  1. You have mastered your system, and you are able to see and take the strong trade setups on time.
  2. You know how to set the stop loss and target orders, and you do this precisely, strictly and religiously.
  3. Your losses are small and controlled, and your gains are big, so that when your stop loss is triggered, your loss can be recovered by the next winning trade easily. This can be seen in all positions you take, not just in some of them.
  4. You don’t feel sad or stressful when your stop loss is triggered. You know that it is just a small loss that can be easily recovered by the next winning trade.
  5. You are disciplined enough to take the strong trade setups, and ignore the weak ones.
  6. You enter only when you are 100% confident about the strength and accuracy of the trade setup, and you easily skip the “questionable” and “doubtful” trade setups that don’t look perfect.

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. Don’t try to make a living through your live account as soon as you start live trading for the first time. First, you have to repeat your success with your live account for few consecutive months, the way you did with your demo account. Build your confidence in live trading, and trade it 100% emotion free, as if you are still trading a 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. For example if you have $100,000 in your savings account, just open a $2000 to $5000 live 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. Don’t think that it doesn’t matter if you lose it, because it is just the profit you have made, not your capital. Never think like this even about a demo account. You can not afford to wipe out even 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.

Keep on trading with your profit and raise it. Turn it into a huge capital.

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. Forex trading can make your dreams come true. Don’t turn such an opportunity to a disaster through making the mistakes that can be easily avoided. Let forex trading be the best event in your life, not a nightmare that you don’t dare to remember.

Read the below articles carefully before you open a live account:

  1. How to Become Multi Millionaire Trading Forex
  2. Double or Even Triple Your Forex Trading Account Risking 2-5% Only
  3. Grow Your Small Forex Account Slowly But Surely
  4. How To Trade Forex Risk Free

5. Enjoy!

If you start your forex trading journey properly, and follow the right track that was showed you above, you can achieve the living you have always been dreaming of. 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. If you are serious to become a professional and profitable trader as soon as possible, I showed you the closest way above. It is up to you if you follow that way, or waste your time trying to find better or closer ways.

Read this if you like to know how it feels to be a professional full time trader: How Does It Feel to Be a Professional Full Time Forex Trader?

Good luck 🙂

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"Whether you think you can, or you think you cannot, you are right." - Henry Ford

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155 thoughts on “Become A Profitable Forex Trader In 5 Easy Steps
  1. dragan says:

    great article Chriss, i’ll go from begining…

    lpd

    • LuckScout LuckScout says:

      Happy trading and good luck 🙂

    • Jovita Mbah Jovita Mbah says:

      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.

  2. Singh says:

    Your articles are like daily food for me. I discovered forex trading in July this year(2014) through my friend and I didn`t like in beginning. He asked me to not use any indicators and just trade one currency pair. He came to me because I was s/w programmer and according to his belief, EA is the only way to go. 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. But when I start reading LuckScout I realized how wrong I was. Now I just fell in love with weekly, monthly and daily charts, I don`t look shorter timeframes at all. 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. But again, if it weren`t LuckScout then I would have given up on forex.

  3. orion says:

    Thanks so much master Chris, i will follow as you advise.

  4. steve says:

    hi chris… thanks for a superb article! The future is indeed really bright for anyone who is ready and willing to learn from you. you are a great mentor.

  5. agyusant says:

    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.

    May God bless you..!!

  6. Otto says:

    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!

  7. Cris says:

    Hi Sir,

    Can you make and provide an e-book comprising all the link articles on this very particular article (Become a Profitable Forex 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. It’s very much appreciated if it will be given free or no charge but I’m willing to pay for a reasonable amount (us$5.00) and it will be very great if all or some of the proceed will go to non-profit organization helping the poorest of the poor or the needy, like world food program.

    I thank you and appreciate your sharing of your knowledge and wisdom on forex trading. I’m trading for about 3 or more years but on and off due to office work and time, I have already blown 2 or 3 live account (total lost of more of less us$ 1K, it is small to some but still money can buy something for my self and family, still I believe forex trading as you said can bring me or us to our financial dream with proper knowledge, attitude and believes.

    Again thank you

    • LuckScout LuckScout says:

      Hi Cris,

      Thank you for your comment. The e-book you requested is added to our “to do list”. It will be offered for free definitely.

      Thank you again, and happy trading.

      • singh says:

        Hi Chris,

        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?

        • LuckScout LuckScout says:

          Hi Singh. Writing is the only thing I am doing now. I am retired and don’t have anything to do. Trading doesn’t take me more than 15min per day. First I just wanted to kill some time through writing. Then I felt I like it. That is why I am still writing. I don’t have any other purpose. 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.

          • singh says:

            Thank you Chris. You are doing amazing job. God bless u

          • LuckScout LuckScout says:

            Thank you too Singh.

          • Ted says:

            SINGH.. Very good question!

            And Chris, your answer brought tears to my eyes!

            l cannot believe that there are still people as generous as you Chris! You deserve every success that you have. Yes, most forex 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! My interest in the market was renewed around September after reading newspaper forex “scam”. I started reading as much as l could (there’s just too much information out there) but you have made my journey half easy already as l know what to focus on. With the little knowledge that l have, l believe that your trading system works (My demo account agrees so far even though l’m still very new) and l will try my very best to master it. 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!

            Sorry about the lengthy post.

            May God continue to bless and prosper you Chris.

          • LuckScout LuckScout says:

            Thank you so much Ted. I am glad to hear that I am helping and you like what I do here.

          • singh says:

            That is true Ted. Take an example of what I found following on one of most visited site on internet.

            https://drive.google.com/file/d/0ByXdZtKd6FhacjJVbE82LVhzbUU/view?usp=sharing

            This is very stupid but as a novice I would have believed it if I weren`t reading LuckScout. 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

          • TJ ' TJ ' says:

            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. Thank you sir. You already know how I am grateful.

  8. Vladimir says:

    Amazing!

  9. Paul says:

    Thanks

  10. Angus says:

    Chris,

    Just wondering if you have an article that discusses how to set up “profit target”? The link above takes me to stop loss article, instead of target.

    Thanks

      • Angus says:

        Thanks Chris. I will look it up shortly.

        Your articles have been very helpful. Keep up the good work 🙂

        • LuckScout LuckScout says:

          Hi Angus,

          You are welcome.

          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.

          • Angus says:

            Thanks Chris,

            So just going back to my question about the the time/process to analyse and raise orders…. Please confirm if my understanding is correct for daily charts.

            1. End of day is 5pm EST (New York), when previous day candle completes.
            2. After 5pm, Sydney opens. So during this session that you spend 30 minutes analysing the daily charts, and enter pending orders.
            3. You don’t care which session (NY, Australia/Asia, London) your order is filled? For as long as it is filled before 5pm the next day.
            4. Do you care whether it is Friday, weekend, public holiday in the US?
            5. What about news? as the other article talks about concentrating in Asian session because no news are likely released in this session.

            Thanks

          • LuckScout LuckScout says:

            You’re welcome.

            1. Yes.
            2. Yes.
            3. Yes.
            4. No, I don’t care.
            5. I don’t care about the news too. 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:
            https://www.luckscout.com/what-are-the-best-forex-market-hours-to-trade/

          • Rajiv says:

            Hi Chris,

            I read your articles daily even though I don’t comment. 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 forex trading from. May God bless you.

            Thanks,
            Rajiv

  11. Moku says:

    Hi Chris thanks for the information. Can you please or anyone here tell me of any reliable forex brokers in New Zealand or for those who want to trade from NZ. Hoping to get into it.. just don’t wanna fall into some sort of scam like some people I’ve heard. cheers for the articles.

  12. Juan says:

    Hi Chris,

    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.

    I opened one year ago a live account with $2,000 and during this last year I lost almost the totally of my money, leaving only $40.
    Since I am following you in this last month I have been able to grow up this amount to close to $200.

    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.

    Sorry for my English. It is not my native language.

    • LuckScout LuckScout says:

      Hi Juan,

      Thank you.

      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.

  13. Josef says:

    Happy and successful 2015 year.
    I wish you long life and healthy.
    Josef
    Thank you Chris for all.

  14. agyusant says:

    Happy new year 2015, Chris.

    I’ve been following LuckScout for about 7 months. Now.. i feel confident enough to trade better than the years before. Great success for you and may good always bless you chris.

    Thank you.

  15. Moku says:

    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. A little bit off subject, but I just have one question I couldn’t find any answers to if you could kindly confirm if this is true… Let’s say if the number of candlesticks on a 5 minute charts is 12 per hour and lets say in a certain hour 7 of the already shown candlesticks are bullish with the remaining 5 to come. Does that (7/12) automatically confirm that the next candlestick on the hour chart will be bullish? Does it work that way? Thanks Chris

    • LuckScout LuckScout says:

      That doesn’t make sense on forex market, because trend are too strong on this market and still so many other bullish candlesticks can form.

  16. laeffect says:

    Today is my 6th day regarding learning forex. I just finish my meditation and seeking for a true mentor who can help me wholeheartedly how to learn Forex. 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 forex 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…..

    laeffect
    Stockholm, Sweden

  17. nonsmoker says:

    awesome site look forward to learning thanks Chris kamel and rest

  18. Al says:

    Hi Chris, I am glad to know LuckScout. I think you teach us what we need to know to be profitable traders.

    Thank you so much.

  19. Angel Sato says:

    Thanks!! gracias!

  20. Abayomi says:

    Hello Chris, my question is which of the brokers do you recommend? Thanks.

  21. Elisa says:

    I’m a young girl and my big dream is travelling the world. I think forex 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 in advance for your kind reply.

    • LuckScout LuckScout says:

      Welcome to LuckScout.

      It can be different from trader to trader. No two traders are the same.

      • Elisa says:

        Thanks for answering me. Yeah, I get it. It’s very personal and there is no real answer for that question. I heard of binary options. Some people think they’re better for total beginners like myself than forex, cause they’re easier. What do you think about that? Do you think I should start with binary options, or is it better forex?

    • Michael . Michael . says:

      Hi Elisa,

      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. I lost $50000 because i started trading without knowing what i was doing. Most of it was borrowed money as well, so now i’m in debt and i pay interest every month. That was before i discovered LuckScout. Now i have a demo forex account and i’m learning the main “LuckScout system”. I will not open a live account until i have mastered the system and i’m profitable with my demo account for at least six months. This is what Chris tells us again and again. It takes patience, but it can save you so much trouble. One other important rule of course is that you should not have more money in your account than you’re prepared to lose (another rule i broke).

      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.

  22. Lucas says:

    I’ve just stumbled upon your site and I’m amazed by the quality of your work. Your site is not very famous among traders, but it is much better then most popular forex sites. Although I don’t know you at all, I feel I trust you more than the many self-proclaimed experts around the web. 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’m a complete newbie, so it is possible that I’m just saying a load of nonsense. I just would like if you could help me to clear my confuse ideas

  23. Lucas says:

    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? Thanks again for your help.

  24. Elisa says:

    We can’t know how much trade setups we will have in a day or in a month, but how about the trade duration? Is there a minimum duration per single trade you can recommend?

  25. Giuseppe says:

    This site is absolutely brilliant! I have never seen something so detailed and clear before. Just “thank you” wouldn’t be enough, god bless you!

  26. Raimo says:

    Hello LuckScout team, thanks a lot for this massive content of relevant information about forex trading. I hope you don’t mind to be a bit critical. For me as a beginner the page is overwhelming. What do I mean, I tried to start with step one “Learn the Basics” but through all the sublinks with its content and also sublinks, I can not keep track where to go next. 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. I’ll remain modest and keep my mouth shut for now.
    Thanks
    Raimo

    • LuckScout LuckScout says:

      Hi Raimo,

      Welcome to LuckScout.

      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.

      Please let me know if I have not been able to answer your question. Will be glad to help.

      Good luck 🙂

    • Michael . Michael . says:

      Hi Raimo,

      I don’t know if maybe you’re making the same mistake as i did. 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: “complicated”, “make money” and “job”. They are meant to be optional, so you can safely skip them if you’re just starting. 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.

      If you only read the numbered links in this article, that’s still a lot. 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.

      For example, the second link in the “learn the basics” section of this article is called “What Is Forex and How to Make Money with It?”. In that linked article, the first three numbered links you don’t have to click, because they are also in this main article here. The same goes for a lot of other links. You can click them of course, but it’s less confusing if you just stick with the order in this main article.

      Hope this helps 🙂

  27. muzna khan says:

    i like your articles…do u manage accounts as well..plz tell..thanks

  28. Kenneth Pang says:

    Hi Chris,

    When you say you trade on Daily, Weekly & Monthly timeframes, so how do you reconcile the 3 timeframes and decide on which timeframe trades to take ?

    Warm Regards & Thank you !!
    Kenneth Pang

  29. I have just registered and hopefully till Chris lives I will not leave him haha . Great website.

  30. Ben Lee Ben Lee says:

    Hi Chris:

    I want to thank you for all the efforts you have made.

    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.

    Thanks

    BL

    • LuckScout LuckScout says:

      Hi Ben,

      Thank you for your offer.

      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.

      I respect you and your offer. Please don’t take it personal.

      Thanks 🙂

  31. Ben Lee Ben Lee says:

    Sure, fully understood.

    Thanks 🙂

  32. i hope the Swiss tsunami will not happen again if the stop loss does not work at that time.
    Am 2months old in forex trading am happy to have met Chris as my forex mentor. i wiped out two small account in march due to lack of stop loss and risk management. After going through every link in https://www.luckscout.com/become-a-profitable-forex-trader-in-5-easy-steps/ am now able to get profits in my demo account. I have been able to turn $47 to $139.91 in 3 days using what i have learned and acquired in all the articles in above links. 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.i will open an new live account after i have mastered my strategy and have made $953 profits (2027% account growth) in demo no matter how long it takes now. May the Lord bless you more

  33. Hi Chris,

    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. Can I e-mail you first so you can see what’s on it.

    Thank You

    • LuckScout LuckScout says:

      Hi Tafadzwa,

      Thank you so much.

      Please contact us at https://www.luckscout.com/contact/ and wait for our reply. 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.

  34. Hi Chris,

    I amso happy to be back on your list. I don’t know what happened but I was not longer a member, as ofa few weeks ago. 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.
    Miguel

  35. Ahmad Sobeih Ahmad Sobeih says:

    wow, i’m making good progress on this scheme 🙂

  36. I am almost ready to open a small live account. This time around, I’ve been preparing my self emotionally and have dedicated myself to learning your system inside and out..:)

    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…!!

  37. Jack Hudson Jack Hudson says:

    Hi Chris,

    Thank You and God bless you for the work your doing here.

    The challenge for me is to not jump around and stay on task as I take each lesson step by step.I’m already familiar with forex and therein lies the danger. I’ve noticed a tendency in me to want to jump around the links, and then I end up with 5 windows open and have gone nowhere! LOL

    Here I will learn the foundations of what it takes to learn this business correctly and once again, I thank you for the path you’ve laid out.

    • LuckScout LuckScout says:

      Dear Jack,
      Hi

      Thank you for your kind words, and welcome to LuckScout.

      This is really great that you have a background about Forex 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. You don’t need anything else. I published an article about these patterns yesterday:
      https://www.luckscout.com/candlestick-patterns-and-signals-that-make-money/

      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:
      https://www.luckscout.com/grow-your-small-forex-account-slowly-but-surely/

      I am always here to answer your questions.

      • 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. Lets see 🙂

  38. Thanks Chris. I traded for a long time. But Now i understand what is forex? So many great article here are enough for forex trader to be professional.
    Thanks again.

  39. Jeffrey Sim Jeffrey Sim says:

    Hi Chris,
    Thanks for all that you have done. I came across your site two weeks back and haven’t look at another FX site as much as here now.

    I have been day-trading options and index futures for many many years but without much success. Spent a lot of money on trading products (most don’t work) and lost a lot of money too.

    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 FXCM server :FXCM-USDDemo01-Forex Capital Markets,LLC

    Many thanks and may you continue to be abundantly blessed in all areas of your life.

    shalom

    Jeff
    Singapore

  40. 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. BRO JOBBAT! Chris with your team.

  41. Nadi Brh Nadi Brh says:

    Chris

    Till now I have read most of the articles about our regular trading system.

    Tonight I’m going to start the 3-4 months of demo trading to see if I can adapt myself to what I’ve learnt.

    I’m not in a hurry to become wealthy. I’m in a hurry to leave the job I never wanted to become mentally eased. I hope I could be able to make my account grow slowly and steadily.

    Thanks for everything

  42. Hi, Chris. I don’t get something about my platform. When I take a new position, two lines appear on my chart, indicating my sl and tp positions, but these data don’t match my calculations. I took a position at 1.24164, and I’ve put my stop at 1.24635, which is which means 54 pips, but the chart line tells me my stop loss is 400 pips. Or maybe it isn’t about my positions values? Thank you.

  43. Unfortunately, the position I had opened, it’s already closed. I made a profit of 87 bucks, but I don’t know how to count my pips. I entered at 1.24164, and my short position take profit was at 1.23093. It was a 0.1 lots, this would mean 1 dollar per pip, but it doensn’t seem I made 87 pips. Can you please tell me how can I calculate my pips number? Thanks a lot, sir. It’s very important to me.

  44. B. Hairro B. Hairro says:

    *deep breath*

    Finally, I finished reading all these articles and it’s “inside articles” mentioned above. After 4 weeks of 4 hours almost everyday reading and analyzing, trying to locate the setups, reading every comments, quiz and…although there’s still lots of article I haven’t read yet which is not mentioned above, finally I can start opening my 2nd demo account with less emotions and hopefully more profitable this time. I guess after three months of training, I’ll finish reading this entire website along the way. This site is really addictive 🙂 🙂

    Wish me luck guys 🙂 lol

  45. B. Hairro B. Hairro says:

    I felt funny that this site is so addictive. I’ve read some of the articles above more than 5 times just to read the comments and refer back to the articles.

    So here is what I do so far from what I’ve learnt on “this page”;

    I check the 50SMA everyday.

    If the price is too far from the 50SMA, exhausted or ranging, I wait for a too strong trade setup or a resistance/support breakout.

    If it is a healthy trend, I wait for DBB (BB1) breakout.

    If the market is too noisy, I’ll just forget it.

    🙂

  46. B. Hairro B. Hairro says:

    Hi Chris,

    Today I was finished reading and “re-learn” the trading system. Not here on this site, but from the e-Book you guys provided us with. It comes to this conclusion that is was actually an “all-in-one” book which summarize the contents of all of the articles above. Much simpler and much easier to refer in case if I forgot something.

    One question in my mind, I noticed that the e-Book was entitled “LuckScout Trading system & Examples V4.3”.
    Sir, is the “V4.3” means it is just an improvement of the book’s content or there are other versions of the book? Am I missing something here? 🙂

    Thank you.

  47. I am a new to the LuckScout but I find it very informative and simple to fx trade. Great work Chris and your team.

  48. Angel Sato Angel Sato says:

    Desde Buenos Aires Argentina, thank u, gran informacion!

  49. Hi chris,
    I not asking u to do a favor but some ECN brokers provide $100 accounts is it ok

  50. Kuhle Zatu Kuhle Zatu says:

    Hey Chris

    I was wondering, wouldn’t it be a good feature for the website if it saved your progress through the five steps similar to how babypips.com does it for its members? this way one never forgets where and how far they are.

    Thank you

  51. N A N A says:

    Your site is WONDERFULL

    Thank you!!

  52. Mahesh Vadde Mahesh Vadde says:

    Hi,
    what is difference between forex and binaryoption trading?

  53. Hey Chris…!!! I couldnot download your ebook Please w8tn eagerly for u r ebook that would be the Holy book for me

  54. N A N A says:

    Dear Chriss, I finally manage to have demo account but I don’t know how to (give) put my orders in my demo account.I mean where is the window to put the target profit, the stop loss, if I choose that the price goes down or up, etc.. simple practical things. I traded with Binary Options which you have to choose the movement of the price, up or down and the time.
    Do you have any videos about this or article?

    Thank you a lot
    N. A.

  55. hi dear chris
    i’m so happy be familiar your site.
    my trading life is 5 month and i m novic trader .
    after 2 month search in net pickup your site and reading articles and follwing strategy DBB+ with few modifing and after 2 month work with DBB in two acconut 50 usd in demo now result:
    1 + balance 50 usd = and now is 94 usd just 2 or 3 position 0.01 lot !

    2th : balance 50 = and now is 128 usd just 5 postion with 0.01 lot.
    i want to retry it for 3 other month and become masster it.
    Thank Dear Chris
    if can one day see you i hug you and kiss and kiss you

  56. Beo Pham Beo Pham says:

    I can see there are many videos about Technical Analysis here. But I also see the article about Strong Trade setup, and not taking too much analysis in the chart to get confused posted by Kamel. I want to ask that what I should follow Chris, do I have to come over all those videos about Chart analysis here??? Thanks, Chris. I’m a newbie in this forum and also Forex so I really need help to choose the right track that I can be sure I’ll success with enough effort. My email is …, if you can please send me your Skype ID so that I can talk to you. I always want to have a friend who is a professional trader. Thanks

  57. James Wong James Wong says:

    hi,Chris:

    I’m from China and I’ve subscribed to your rss feed. But I didn’t receive any e-book download link. Could you please tell me how to download your ebook? Thank you very much.

  58. You know Chris, I am following as it is whatever you recommend here though I am a continuous trader since 2010. Now, I can understand how fool I was! My previous trading set up was all wrong though sometimes I could achieve some but average, I became failure. You know Chris, when I got this site, for some minutes I was just thinking that how lovely and helpful buddy, Chris you are who sincerely, honestly and frankly share his knowledge by teaching on Fx which is very very important for every types of trader. Only for you and your creative team, we are save now in this challenging market. You save us from not only our account balance become wiping out but also save us from this challenging market being removed for forever. Now, I feel I deserve success because I got EXCELLENCE:”You and Your Trading System”. I firmly believe;following you, just only following your method I must be succeed, indeed. Not only I simply believe it, I feel it too strongly.

    Long live my dear Chris.

  59. Elahe Ordoni Elahe Ordoni says:

    Hi Chris,

    Im in middle of the second step (I mean Learn a Trading System). Can I start demo account? or I should finish all these articles in learn a trading system before that? even Complementary articles? Can I start a demo account and read complementary articles as parallel? I think I have learned all articles that I have read before.

    Thanks for your answer…

  60. Imre K. Imre K. says:

    Dear Chris!
    I am so very happy to have found your site and thank you so much for your teaching and your time for putting all your knowledge together. I like your site very much, It’s actually great to read and your clear explanations are very easy to understand also for us non-native english speakers. I consider myself very lucky to have become one of your students. I’m so confident now with your guidance,one day I will be a professional forex trader and hope I can stay under your wing for the future. I am really thankful for all your efforts to give us such comprehensive teaching for free. I am so happy to be part of your community.Please do keep up the fantastic work! God Bless! Your new FX student,imre

  61. Glenn Oxford Glenn Oxford says:

    Hi Chris,

    Genuine Newbie so be gentle lol. My aim is to spend the next 1 – 2 years or however long it takes to make FX trading take me into and beyond my retirement, which is looming ever closer. Is this system for me? I am not a “rush in and throw money at it” kind of guy. From the comments on here I get the feeling that slow and steady wins the race.

    Regards

    Glenn

  62. Finally I have found an article that I can say is the table of contents. I see from the list the articles I have covered are all grayed out. Now I am starting from the top and read every article, I will not repeat the ones I have read because they were so clear such that I remember everything.

    This is a happy Easter for me, in fact I started reading here a few days ago, with each article I read I am left with lasting knowledge on the topic discussed. Thank you for being the great writer that you are. Every topic I have covered, was so easy to understand that I did not even need extra supporting information.

    You make Forex trading so easy. I can safely say my technical analysis and the basic understanding of Forex will boom when I am done with you.

    Thank you, thank you, thank you. Happy Easter.

    Maybe you don’t need this. I wish you and your team all the success you desire. What you have shared here is more than enough to almost guarantee me success, it is how I use it that will determine everything.

    Thank you.

  63. Thomas Kamto Thomas Kamto says:

    Hai chris. Im newbie here. And such a good article all about forex here. I learned some candle language. Do you provide any training in person ? I wish to learn more. Thanxs chris

  64. i always loved your articles chris youre a really really great guy

  65. Hello Chris from few days we could not find articles category wise… like when we used to go to trading section there we could find different sub categories like money management, candlesticks etc but now we could not find them

  66. Hey Chris,
    I absolutely do not know how to thank you for everything you have taught us! Uditha directed me to your forum and that changed everything! Even though I have not earned much yet we know that we are on the right path thanks to you. What you are doing is something invaluable. You make us what we wanna be. I feel like I owe you so much Chris. Best thing I can do to repay you is guiding fellow traders for nothing in return. Which Uditha and I have done recently. Sharing your wisdom enlightens people chris. Bless you and your co. I’m indebted to you.
    Cheers!

  67. Julian V Julian V says:

    Hi Chris,

    The link to download the e-book is broken, opening https://www.luckscout.com/the-LuckScout-trading-systems-and-methods/ just goes to a “404 — Fancy meeting you here!” page.

    Thanks,
    Julian.


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