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Quick Start Guide For New Forex Traders: The Fastest And No Risk Way To Become A Consistently Profitable Forex Trader


Note: If you haven’t joined the LuckScout Millionaires Club member yet, then you are losing a lot of time and money. It is impossible to become a rich trader without knowing some important facts. Click Here to learn what LuckScout Millionaires Club is.

So you have decided to become a Forex trader. That is a good idea, because it makes money, and it has a lot of advantages that the other businesses don’t. Below, I am listing some of these advantages. But, please make sure not to start trading before reading this article completely.

Competition Is Not A Problem In Forex Trading.

1. In Forex trading you don’t have to compete with anybody. There is no competition in this business. The currencies prices go up or down and if you learn how to enter the markets at right place right time, you will make money, no matter what the other traders are doing and whether the other retail traders are trading or not. No matter how many new traders start trading every day. That doesn’t make any difference for you. Retail traders who can be known as your competitors, have almost no role in this market, because the price moves by the markets major participants, not retail traders. So you have no competitor in this business.

In the other businesses, you have to be worried about a lot of things. Competition is one of the most important one. You always have to work as much as you can and do your best to be ahead of your competitors, otherwise you will lose your income. Sometimes, although you are fully prepared and you are doing your best, just a big new competitor comes and kicks you out of the game. That is how so many businesses get bankrupt every day.

Learning Forex Is Easy.

2. The learning process in Forex trading is very short compared to the other businesses. If you start from the right place and follow the right track, you can become a consistently profitable Forex trader within a short time.

In USA, one has to study over 20 years to become a dentist and have an average of $123,000 per year. But you can become a consistently profitable Forex trader within one or two years maximum. Then you can grow your small trading account, increase your income and have an unlimited amount of monthly income.

3. You can become a consistently profitable Forex trader for free. You don’t have to spend a dime to learn Forex. You only need to spend some time and energy. After learning, you can start with a small live account. You can grow your small account slowly, and then withdraw the principal after doubling your account. Then you can keep on trading with your profit without risking your hard earned money and your savings. It costs you nothing to setup a Forex trading business, whereas in other businesses, setup can cost you an arm and a leg.

In the other businesses, first you have to spend a lot of time and money to learn, and then a lot more money to setup the business. For example, it costs you a lot to run a car dealership. You need to have a lot of money to setup the business. If you can do that, still there is no guarantee that it works and makes the money you expect. Sometimes you will have to spend several years to promote the business and get it off of the ground and chances are you cannot survive and you give up at the middle of the way.

Of course, by following the right business plans you will have a much higher success rate: Following a Proven Business Plan Is the Success Key

It Can Be Too Hard And Expensive To Run And Promote A Business.

4. After learning and then running the business that can be hard and challenging, growing and even maintaining it at the same level, can be a non-stop Marathon.

If you succeed to learn and setup a business, and even if it works and makes money the way you expect, the income is limited to a special level and cannot be increased easily and without spending any more time and money. A restaurant with 20 tables cannot make more than a special amount of money every month even if it becomes a too busy restaurant. To make more money, you have to move to a bigger place. This means spending and risking a lot more money and having no income for a while, until the business settles at the new place and with the new setup.

In Forex trading, you can easily grow a too small account and take bigger positions and have more income month after month without having to spend any more time and risking any more money from your pocket. You just grow your account with the profit you make. You don’t have to move to a new place 🙂

A Good Business Is The One That Allows You To Cut The Risk Whenever You Want.

5. In Forex trading, you can easily control the risk you take. You don’t lose more than the money you put in your account, and so, you can start with a small amount of money. You can control the amount of the risk you take in each trade. You can cut your risks and get out of the market whenever you want. Even if you cannot, you will not lose more than the money you have in your account. Everything is under your control.

What about the other businesses? You cannot run a coffee shop with $5000 or even $10,000. It needs a lot more money. You have to rent a place under a 5 years contract in most cases. You have to pay the rent from the first day no matter when the business starts making profit. If it doesn’t work, still you have to pay the rent, unless you find another tenant, otherwise you are the one who has to pay the rent for 5 years. You will have to spend a lot of money for decorations, equipment, furniture, electrical and plumbing requirements, and…

What if it doesn’t work after risking so much money?

6. After you learn how to trade currencies, you can make a living through Forex trading by spending 30 minutes to one hour of your time every day or even every week. I don’t care if some traders spend several hours at the computer every day. I believe they are wrong and I have never seen any of those so called day traders and scalpers to make profit consistently.

In Forex trading, you don’t have to spend more time at the computer if you want to make more money. Trading 10,000 or 10,000,000 unit of a currency is the same and is the matter of one click. You can grow your $5000 account to $100,000 spending 30 minutes per day. And then your $100,000 account can turn into $1,000,000 the same way. No extra time is needed. Besides, the more professional and experienced you become, the less time you will spend and the more money you will make: How Does It Feel to Be a Professional Full Time Forex Trader?

Is it the same in the other businesses? Definitely not.

A freelance writer and editor who makes $200,000 per year by spending 8 hours at the computer every day, will have to spend 12 hours if he wants to make $300,000 per year.

Be Your Own Boss!

7. As a Forex trader, you are your own boss. You can stop working for a few weeks or months if you want. I know some traders who trade only 6 months per year, and enjoy the rest of the year. You can never do this in the other businesses, even if you are self-employed and you have your own business, because the business expenses don’t allow you to do that. You will have a lot of monthly expenses that you have to cover. But, your Forex trading business has no expenses at all. You can leave your account and stop trading as long as you want without having to pay any fees. You can withdraw your money, close your account, and stop trading for a while, and then open a new account when you want to resume.

8. Forex trading is the easiest online business. You can trade Forex from anywhere. You just need a computer and an Internet connection which can be found almost anywhere nowadays. As a professional Forex trader, your million dollar business is portable and can be taken anywhere you want.

Are the other businesses like that also? Even doctors are not allowed to practice anywhere they want. To practice in a different country, first they have to take the legal permissions and certificates which can take several years sometimes.

These are only some of the advantages of Forex trading that came to my mind. Forex trading is an exceptional home based business that gives you a lot of freedom that financial freedom is only one of them.

The question is…

  • How is that possible to make money through Forex trading?
  • Is it as easy or hard as some people say?
  • Is there a way to start making money through Forex trading within the shortest possible time?
  • Is there any quick start guide to become a consistently profitable Forex trader without spending any money?
  • Is it possible to be a good Forex trader for free?
  • Is there an easy to follow road map toward becoming a professional Forex trader?

Before You Start Learning Forex

There are some important facts you have to know about Forex trading, before you start learning and trying it.

1. Forex is not a get-rich-quick scheme.

You can become rich through Forex trading, but it is not a get-rich-quick program. To make money through Forex trading, you have to learn and master it and this needs spending some time and energy. It cannot be done overnight.

2. Forex trading can be risky.

Forex trading can be risky if you don’t know how to limit and control your risk.

It is like driving. Driving is not risky by itself. The way that some people drive, is risky. Similarly, Forex trading is not risky by itself. The way some people trade Forex, is risky.

Some people start trading with real money while they don’t even know the basics. Most traders open a live account and start trading with real money, when they have not been able to have any success in demo trading. Unfortunately, many of them trade with the money they cannot afford to lose. The money that you cannot afford to lose is the money that you will be in trouble if you lose it. While a trader can risk and lose $10,000 without any problems, another trader will be in trouble if he loses $200.

Forex trading can be the best event of your life. But be careful not to change it to a disaster because of your own mistakes.

3. Your income stops if you stop trading.

Even if you can achieve to become a consistently profitable trader, which is a really big achievement, your income stops if you stop trading. It means forex trading cannot create any backup or residual income for you.

4. There are a lot of things that are not under your control.

As a forex trader, your account size, the risk you take in each position and sometimes your entry and exit prices are all you can control. The rest is not under your control.

For example, the price can start moving like crazy and you cannot get out of the market because of the broker’s sever overload and too fast price movements. Then, you can be left with an account negative balance which is your responsibility to be paid to the broker, otherwise they can prosecute you. There is no guarantee that you can always enter and exit the market at the price you want and you see on the trading platform you install on your computer: The Swiss Franc Tsunami

5. It is not clear when you will become a consistently profitable trader.

Although it looks easy to make money through forex or currency trading when you look at the price charts, it is difficult in reality and most traders cannot become consistently profitable even after several years of learning and practicing.

Making money through trading has a very low success rate and only a very low percentage of traders will become profitable and will consistently make money through trading as their full time job.

Read the below articles and see the starts:

6. Don’t open a big live account.

It is a big mistake to open a big live account.

As I explained above, some traders open a live account even before they learn the basics. Some others do it after a while of learning and practicing with a demo account. They get excited after having some good trades with their demo accounts. Once they see the profits, they start daydreaming about the money they can make and the life that is waiting for them. So, they rush to open a big live account to become a millionaire as soon as possible. But in most or all cases, it is disappointment and regret which is waiting for them. They lose all the money. I have seen this so many times.

Even if you learn everything you need to know about Forex trading, and even if you succeed to repeat your success with a demo account for several consecutive months, still it is a big mistake to start live trading with a big live account, because trading with real money for the first time, triggers some emotions that a novice trader has never experienced before. You will experience a lot more fear and greed when you start trading with real money. This prevents you from thinking and deciding properly. You will make big mistakes and you get your family and yourself into big troubles.

If you already have a live account, please don’t trade with it before reading the rest of this article.

And, if you have for example $100,000 in your bank account and you want to open a live account, don’t put the whole money in your trading account just because you think a $100,000 account makes more money compared to a $5000 account. That is true theoretically, but is a big mistake practically and actually.

7. Know the brokers.

Before you open a trading account with a broker, make sure you know how brokers work and how they can cheat their clients: Some Forex Trading Facts and Myths You Must Know

Where To Start And What To Learn

Some people say it is impossible to make money through Forex trading, but this is not true. They’d better to say it is impossible to make money through any business, including Forex trading, if you don’t know where to start, how to learn and how to master the job. 95% of traders lose, but this is not something strange, because it is proven that 95% of all businesses are doomed also. This is normal and Forex trading is not an exception when it comes to learning and practicing and gaining the experience one needs to have to become a “consistently profitable” trader. The biggest enemy of a Forex trader is himself.

There are also some others who say it is dead easy to become a good Forex trader. I don’t say it is hard. It is easy if you know how to start, what to learn and how to master the job. But it is impossible if you don’t start properly and don’t follow the right track, even if you practice for 20 years.

You can waste a lot of time in this business and don’t get anywhere finally. There are a lot of things that can keep you busy for a long time while you think you are learning and advancing toward becoming a professional Forex trader. But the reality is that most of things you find over the Internet are nothing but wasting of time. I don’t say they don’t work and make no money. Many of them do, but the problem is that novice traders try something new every other day. They learn too many things and establish a good knowledge base, but that is not all they need to make money through trading. In addition to knowledge, trading needs patience, discipline, experience, peace of mind and…

Is It Possible To Have A Quick Start?

Yes, it is. Forex trading is not rocket science. The theoretical things you have to know can be learned within a few to few days. Then you learn a trading system or strategy. That can be learned within a few hours. After that, you have to spend some time to master your trading system and build the patience and discipline a professional and full time Forex trader needs. That is all.

So, here is a quick start:

1. Learn The Basics

If you know what Forex trading is all about in general, what a trading platform is, and what the price chart means, you can skip this stage. However, if you are too new to online Forex trading, you can follow the below posts and videos:

  1. Forex Trading Explained in Simple Words
  2. Understanding the Currency Pairs in Forex Trading
  3. What Is MetaTrader and How It Works?

That is all you need to know about the basics. Spending more time on learning the basics can be good, but doesn’t support your Forex trading business.

2. Learn A Trading System

A trading system is a set of rules or dos and don’ts that tell you when and where to enter and exit the markets.

On any markets, including the Forex or currency market, the price goes up or down based on the market participants actions. When they buy, the price goes up. When they sell, the price goes down. A good trading system is the one that helps you to have a close connection with the markets participants. When the markets participants decide to buy, and so the price starts going up, your trading system should show you a signal to inform you about the markets participants’ decision. It is the same when the market participants decide to sell.

Although all trading systems are designed and developed to do this, many of them are not strong and effective enough to send a clear message to traders and inform them about the markets participants’ decision. But the trading systems that are based on the price action can easily help you to enter and exit the markets on time. Candlestick charts are great tools for this purpose. So, if you like to learn a trading system, candlesticks are the best and most reliable. Above all, they are very easy to learn and understand. Just the below 20 minutes video teaches you all need to know about candlesticks: Candlestick Signals and Patterns

When you are done with learning the general candlestick signals and patterns, you can learn what candlestick patterns and signals we are used to follow and take. We have chosen a few of the strongest candlestick patterns to follow. We ignore the rest because they have a lower success rate and a higher risk: Candlestick Patterns and Signals that Make Money

Now you are done with learning a good trading system. I don’t think you have spent more than one or a few days so far. So, you really had a quick start. Besides, you have not spent and risked a single cent so far.

Mechanical Trading Systems:

Candlestick patterns are known as analytical trading systems. It means they need analysis and interpretation. Learning an analytical trading system is what I recommend. And among all analytical systems, candlesticks are the best and most reliable. However, there are some other trading systems that are mechanical. It means they don’t need any analysis. They are easier for novice traders to follow, but are not as strong and professional as analytical systems.

“Double Bollinger Bands” or DBB is one of the mechanical trading systems we have introduced on this site, just to make the work easier for novice traders who don’t like to do chart analysis. You can use that system too:

  1. Double Bollinger Bands Strategy To Trade Forex
  2. More About Double Bollinger Bands Trading Strategy
  3. How to Increase Double Bollinger Bands Trading System Success Rate

Additionally, we have introduced a semi-mechanical trading system too. It is such a strong and effective system, especially when it is used on the weekly and monthly time frames: Stochastic Oscillator: A Mechanical Indicator for Forex Trading

You can use the candlestick system on a daily basis to trade the daily and longer time frames. At the same time, you can use the DBB and Stochastic Oscillator system, because the first one doesn’t take more than a few minutes to see the trade setups on the daily charts every day. With the second one, if used on the weekly and monthly time frames which is what I strongly recommend, you don’t have to spend more than 30 minutes per week to locate the trading signals on the weekly and monthly time frames.

Professional traders only follow one trading system, because after a long time of learning and experiencing, they come to this conclusion that a good and strong trading system is enough to make enough profit, and following several trading systems is nothing but more headache and confusion. So, try to learn one good and strong trading system.

I personally trade using the candlestick charts. I also use a little bit of technical analysis sometimes under some special conditions and on the long time frames like weekly and monthly charts.

3. Master Your Trading System

a) Demo Trading

After learning the trading system basics, you have to demo trade for a while to master your trading system. This is the most important part of your learning journey. Learning a trading system and having a few winning trades doesn’t mean that you are ready to open a live account and trade with real money.

You have to demo trade for six months at least. If you can repeat your success for 6 consecutive months, then you can think about trading with real money (I will explain it below).

What do I mean by repeating your success for 6 consecutive months? What does success mean?

By “success” I don’t mean that you double or triple your demo account every month. Success doesn’t even mean a high success rate.

Success is consistency and consonance in your positions, profits and losses. It means your losses have to be small and your gains have to be big, at least x2 or x3 bigger than your losses. Your discipline and confidence have to be obvious in your account statement. It should be clear from your trades list that you have a precise and strict risk and money management strategy which is applied in all the positions you take.

If you can complete this stage in the way I explained, you will be known as a consistently profitable demo trader.

These articles can be helpful:

  1. How To Become a Successful Forex Trader
  2. The Importance of Demo Trading and Your Demo Account

b) Live Trading

After completing the 6 months demo trading stage successfully, you can start trading with real money, but not with a full size professional live account. You should open a too small live account with the money that you can afford to lose. Then, you should be able to repeat the same “success” with this live account for 6 consecutive months at least. Indeed, this live trading is the second part of your demo trading.

If you complete this stage successfully, you will be known as a junior profitable Forex trader.

What Next?

If you ask me, I say don’t add any more money to your live account. Keep on growing the same amount of money. It not only helps you to master your trading system better, but also helps you to build your confidence and discipline more. It helps you to become a consistently profitable Forex trader with the minimum possible risk.

If you think this is a long way to become a professional Forex trader, then you are free to try the other ways. But I am 100% sure that you will be back to this page after wasting a lot of time and money, of course if you wake up before you give up on Forex trading. I have seen so many traders who are still trying, learning and losing after 25 years, whereas if they had followed what I explained above, they would be making profit since 24 years ago at least.

The below articles show you how you can turn a small account to a big wealth without any risks:

  1. Grow Your Small Forex Account Slowly But Surely
  2. What If You Don’t Have Money to Open a Reasonable Forex Live Account?
  3. Forex Trading and the Power of Compound Interest

Some Important Tips

No matter what trading system you follow, you have to complete the above stages to master it, before you start trading with real money. Once again, I have to emphasize on this important point that you should not trade with a professional live account as long as you have not passed the above stages, otherwise you will get nothing but loss and regret. It doesn’t matter if it takes you more months to pass the above stages. You are always free to start from the scratch. For example, if you finished the 6 months demo trading and you are not happy with the result, you can repeat it at least for 3 more months. You have to do this until you see the real meaning of “success” in your demo trading statement and track record the way I explained above. This is how it works.

If you couldn’t get a good result in demo trading, you will never act better in live trading. Therefore, don’t start trading with real money before having an acceptable level of success in demo trading. How a trader who has not been able to make profit with demo money, can make profit with real money?

Only your harmful emotions can push you to go to the next step when a step is not completed yet. Your biggest enemies in this business are in your own mind. Everybody loves to start making money as soon as possible. But that is impossible to do before passing the above critical and important stages. They are much easier than what you think. I have seen so many who has been able to do it very easily. Don’t think about the money you are going to make. Think about completing the above stages first. The money will come by itself.

Once you complete the above stages, you will become a consistently profitable Forex trader who is professionally disciplined. Then, making thousands of dollars per month will be just the matter of spending 30 minutes per day or even per week. It can look too good to be true, but this is how professional traders make money and live. As a “professional Forex trader”, you will have a completely unique and special life style.

Enjoy! 🙂

Why Was This Article Written?

The “Become A Profitable Forex Trader In 5 Easy Steps” article was written long time ago. I have always added the newly written articles to it, but I thought I was making it too crowded and complicated. Now it has become a long list of articles which is what I hate. Of course, all the articles that are listed in that article are good for novice traders and some of them are necessary. But, it is still possible to have a quicker start. We should always keep everything as simple as possible.

Therefore, I decided to write another article to show the novice traders a shorter way to become a consistently profitable Forex trader, within the shortest possible time, without spending any money, and with the minimum possible risk. So, the above article was written.

In this article, I have listed few articles and videos that are enough for a zero kilometer trader to start trading and to become a consistently profitable and professional trader. Although this site is mainly focused on Forex or currency trading, the above program can be used by those who want to become professional stock traders too, because the trading systems I have introduced above can be used in trading any kinds of markets, including currency and stock.

Good luck 🙂

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146 thoughts on “Quick Start Guide For New Forex Traders: The Fastest And No Risk Way To Become A Consistently Profitable Forex Trader
  1. Welcome zero kilometer traders! Listen to Chris, you will thank him later!!

  2. Thank you Chris. I remain highly indebted. I intend to be a consistent profitable forex trader, and the journey begins now. Once again, thank you.

  3. Carl V Carl V says:

    Very nice article Chris.
    This reassures why I want to trade forex.
    I will continue to strive to learn every day.

  4. Devi Ram Devi Ram says:

    Hi Chris,

    An instructive and yet so clear and simple written article.
    Thank you Chris.

  5. Luigi B Luigi B says:

    Big Chris.
    Thank you because you make everything simple and effective in your” Commandments”.
    At the end it will be a “Bible” for framing.
    Thanks from all zero kilometer trader who start trading to become a consistently profitable and professional trader.

  6. thanks a lot Chris
    every time i say this is the best aritcle i’ve read to you,i became wrong,i like this one so much because it makes me go over’n’over every stage of this learing journey, stop and spend more time to understand it well .
    i’m so happy to read this article and realy what makes more happy is that ,U said we can apply this strategy on all market like stock.but would u except my thanks and regards

  7. Ray Lovett Ray Lovett says:

    Chris,

    This is perfect! I have been getting lost in this site, every time I click a link I go on another adventure.

    Don’t get me wrong I am learning so much more here than anything I have paid for. I can’t thank you enough for the massive amount of time and effort you have put into this! It is my sincere hope that you are getting as much out of this as we are.

    Thanks again,
    Ray

  8. Jordi George Jordi George says:

    Dear Chris,

    it’s always a pleasure to read you!

    Thank you for reminding us the reality of trading and that it can be possible and not that hard if we start the right way in the right place, which is without doubt in LuckScout!

    I think that the MAIN PROBLEM for novice traders is that we want to MAKE easy MONEY IMMEDIATELY. We are in a hurry!

    When we start learning Forex, we shouldn’t think about money, instead, we should focus on mastering your teachings and being consistent in our trading.

    For me, knowledge, patience, discipline, experience, peace of mind are the keys to succeed.

    The chance to become a professional Forex trader is there. We ourselves are the biggest enemy in this business.

    If I become a professional Forex trader it will be thanks to your teachings!

    Thank you so much Chris for all what you are doing for us!!

  9. PREM KUMAR PREM KUMAR says:

    Sir,
    This article reassures me with confidence to trade forex.
    Thank you

  10. thank you for giving us the best and shortest way for forex

    thank you for the shading the light for us dear Chris

  11. Nadi Brh Nadi Brh says:

    THank you Chris.

    Although We have learned a lot from you, I still feel inexperienced and want to learn more from you.

    I am novice to my bone 🙂

  12. Mehdi Fallah Mehdi Fallah says:

    hi chris
    thank you very much for this easy understand article.
    as you know i am in the stock market for more than 15 years. i was profitable but not consistently. a question came to mind that, should i withdrew my money from the market and start based on this stages as a novice trader or there is another way for me and the others like me that could continue in a different ways. i strongly need you help and advise
    thanks a gain.

    • LuckScout LuckScout says:

      Mehdi,

      You can stop trading for a while and follow the above stages if you want. The markets are always there waiting for you and your money. You can resume live trading when you are confident enough that you are ready.

  13. Hello Chris, I really like the lay out of this article.
    It’s much better than the other one you have on getting started. While there are a lot of links in this one they are not jammed together like the other one. This will be much easier to follow and stick to while learning how to get started. Thanks for Keeping it simple as you always say. Love ya!
    Rufus.

  14. Anders . Anders . says:

    Another perfect article.I do not know who wrote it, but I became your fan. Thank you very much!

    • Diego Guirao Diego Guirao says:

      Anders at the end of the article it is specifically stated Chris wrote the article. Why doubting man? It is for your prosperity.
      Diego (i dont know chris and dont have any interests) hope you believe me on this pal.

  15. Ben Lowe Ben Lowe says:

    This article: ‘Quick Start Guide For New Forex Traders: The Fastest And No Risk Way To Become A Consistently Profitable Forex Trader’, is very well written and simple English used to digest every sentence and in each paragraph, designed for anyone reading it to take it on board the seriousness of making your trades profitable. Of course, there are days when the markets tumble or go against the direction it is suppose according to Indicator’s pointing. And no matter what indicators you use as a guide. But the fact, at any one time, changes to a country’s economy, with employment rate, non farm employment change, interest rate, retail sale etcetera, the whole perspective of market movement is always unpredictable Though there are websites to give warnings of impending changes, it does mean it will happen. Changes can happen any time of day or night without the regular information release by the government of a country, to move the market, long or short. Well, I’ve said my piece, whether it is correct – who knows.

    • LuckScout LuckScout says:

      Ben,

      > …movement is always unpredictable…

      We don’t have to predict anything:
      https://www.luckscout.com/we-are-traders-not-fortune-tellers/

      > Changes can happen any time of day or night without the regular information…

      That is fine. We follow the long time frames and changes always follow these time frames. This is what we want.

      By the way, are you a trader already, or you want to become a trader?

      What I understand from your words is that you don’t rely on trading and you think it doesn’t work. If this is true, then may I ask why you follow LuckScout?

      Thank you.

      • Ben Lowe Ben Lowe says:

        Hi Chris,
        Thank you for your response and I expected it as a matter of course. Of course, anything to do with money for gains and losses are defined, – unpredictable. If any trader who states in any advertisement or in YouTube for it being easy to make money and predict movements and make a profit are just taking the proverbial, ‘5 (-) 17’! Pardon the pun.
        I have been a trader for several years now. But only as a matter of pitching the market to predict movements. Of course, that does not mean, I do not pay attention to changes or advice. I have yet, over the years to make a profit in all the live accounts I traded forex, currency pairs. I have used demos every time before and then after I lose all money in my live account, to assess my behaviour. I have lost tens of thousands of GBP and then back to square one with demos and reading about money management, S and L including maximum % stake of a deposited account or what remains a balance in the account, to open a trade. For the moment, I am certainly one of the ‘born losers’ of the 95% that do not make any money trading the market online. However, it does not mean I am giving up hope. I see my lashes as a learning curve until I stay found my way to consistently remain in profit. The main problem with me is, I look at the numbers in my account as only numbers – full stop! I guess, I never understood the value of money being brought up without any, until I started to work hard for my money working full time and running two businesses at the same time with permission from my employer.
        I could never follow any purported ‘gurus’ advertising their wares with amazing contentious profitability using their methods. Scammers seem to be the ‘order of the day’ with their advertising features of profits, in every trade. Now, that said, there are those with softwares of, robot, etc. to use on the platform to trade for profitability. If that is so and you win all the time, why have not, Tony Stark (aka Ironman) goes to annihilate IS in the Iraq and Syria with his software. Do traders know using any such robots or any software on a live platform will have their accounts closed for manipulating the trading platform? Anyway, that’s my thoughts.
        The reason I am following your LuckScout?
        I find you have an educated knowledge on ‘how to trade’ to make a decent living or an income on market’s long trend. Hence, your advice to study the monthly, weekly and daily trends to open a position on a currency pair. I have never, before May this year, looked at cfd instruments. I have been trading DAX and in less than a month lost several thousands. I decided to look closer at DAX points of times for its daily movements. Volatility and timing was not the order of the day for my behaviour to understand them. But, I studied the daily movements and timings and used a demo. I now understand the times and movements, but that does not mean, I do not fall from grace when the trend goes against me. Now I realise, I had to use S and L at certain times and trade at certain times using a demo platform. Also to terminate my position when I felt it is time. A change in the wrong direction could instantly put my position in loss. I have stopped live trading until I know more what I need to do to control my emotions while trading.
        I do believe you may produce what I am looking for. But if there exists a gene to indicate as a whole, I am the 95% of the ‘born losers’, then I guess, there is no point in me chasing a rainbow that exists for the 5% winner among the 100%.
        Anyway, thought I’d send you today’s dealings on DAX on three trades this morning, just to let you understand my predicament using a demo against a live account. Based on 2% of a deposited £20K to open a trade. I chose to close the trade before it turns against me. Of course, with DAX the vitality with pips, going Short or Long is immeasurable.
        Spread Betting
        Transaction Date/Time
        Ticket ID Order Type Buy/Sell Amount
        Instrument Price
        Order#
        Commission, GBP Profit/Loss, GBP*

        Jul 3, 2015 8:09:40 AM 45059857 MKT B 20 CR .DE30 11,102.5 541295696 0.00 CR 0.00 CR
        Jul 3, 2015 8:19:43 AM MKT S 20 DB .DE30 11,112.8 541295783 0.00 CR 206.00 CR
        Jul 3, 2015 8:20:22 AM 45060208 MKT S 20 DB .DE30 11,111.8 541295788 0.00 CR 0.00 CR
        Jul 3, 2015 8:23:56 AM MKT B 20 CR .DE30 11,096.8 541295828 0.00 CR 300.00 CR
        Jul 3, 2015 8:39:29 AM 45060642 MKT B 20 CR .DE30 11,085.8 541295958 0.00 CR 0.00 CR
        Jul 3, 2015 10:57:57 AM MKT S 20 DB .DE30 11,096.0 541293316 0.00 CR 204.00 CR
        Net, GBP 0.00 CR 710.00 CR
        Jul 3, 2015 12:21:18 AM STP B 1 CR AUD/USD 0.76444 541189963 0.00 CR 40.00 DB
        Net, GBP 0.00 CR 40.00 DB
        Net, GBP 0.00 CR 670.00 CR
        * Profit/Loss may fluctuate prior to settlement due to currency conversion
        By the way, with pairs I do not make profits —- so far. So I hope your advice will make the change to my trading currency pairs.

  16. It is brilliant idea. In the forex trading , I have not come across any like you helping others particularly those who are struggling and new comers.

    Don’t know how to thank you. God bless you.

    Thanks a lot.

  17. Marek Herde Marek Herde says:

    Great! Absolutely great article. Thank you very much. I can’t stress enough, how valuable that article will be for novice traders who come to this site for the first time. That will really give a hope to them to become an independent financially in this amazing way which is Forex, stock market trading. Fab!

  18. Thanks Chris for your article , as always it comes good and strong
    We are all waiting for your risk free system, when that would be out?

    • LuckScout LuckScout says:

      You are welcome Bijan.

      We are still working on it. We were about to launch it, but got faced with some problems that had to be resolved. Hopefully it will be launched before the middle of this month or even sooner, if we don’t get faced with some other problems. We are almost there.

  19. Awesome articles written by you Chris. Thnx a lot from my mind

  20. Jeff Park Jeff Park says:

    Great summary Chris

    Jeff

  21. Chris,

    Great article, definitely this one will inspire all new comers.

    Few corrections. If I am wrong please ignore.

    1) “It is such a strong and effective system, specially when it is used on the weekly and monthly time frames”

    specially ==> especially.

    2) “They are much much easier than what you think.”

    Word “much” duplicated

    3) “This articles can be helpful”

    These articles can be helpful.

    4) “participants decision” ==> participants’ decision

    thanks,
    Prakash.R

  22. Chris Long Chris Long says:

    Thank you so much Chris.
    Great article getting us to focus on your simple but effective trading system that you have followed and past onto many others.
    Thanks for your unselfish giving to those of us willing to learn from your experience.

  23. Casey Ram Casey Ram says:

    Every new trader should read this Post first before delving into the site. Probably this should appear on the Home page.

    Thanks Chris for such a wonderfully thought out article.

  24. Eric Sarayar Eric Sarayar says:

    Great article Chris. Thanks.

  25. Jeng Jeng says:

    Chris I am deeply amazed and thankful for your sincere and unselfish devotion to us and for the diligent shepherding of your Followers! It is truly an uncommon and unique characteristic found only among the Great. We are privileged to be here.

    Blessings to you Sir.

  26. we found everything about forex .

  27. Thank you very much for what you are offering ! That you for writing this article.

  28. Frank Grof Frank Grof says:

    After 7 years of forex”trading” I am still on zero kilometer… Its pity that I did not know Chris and this fantastic fx keys earlier…

  29. Tan Truong Tan Truong says:

    Thanks Chris, for another fantastic article.

    Cheers.

    Tan.

  30. B. Hairro B. Hairro says:

    Another great article.

    Guess what? I’m doing better with my second demo account compared to the previous one. Success rate is higher. No more over-trade. I’ve also finished reading both books; Bollinger Band by John Bollinger and the Japanese Candlestick Charting Techniques by Steve Nison to have a deeper understandings about the system we use here in LuckScout.

    It is all because of these lessons here in LuckScout. Thank you so much Chris and your team. 🙂

  31. Chris,

    This is a great article. A reminder of step stone to succeed in this business safely.

    I always gain a new knowledge from every article you published. If one day I succeed in this business, (my results are on the track right now), it’s mostly because of your teachings.

    Can’t thanks enough Chris!

    Regards.

  32. Hi Chris,
    Although I have read most of your previous articles, regarding ways and means of how to become a consistently profitable forex trader, I think this article sums it up perfectly and in very simple understandable words and sentences.

    Just felt to say thank you again for all the tireless and selfless efforts you put in as a teacher that requires no compensation from his followers, which as far as I know is very rare in this world.
    I wish you all the best in health and happiness.

  33. This is a wonderful article. You make everything so easy to understand. We shall forever remain indebted for the education and guidance we have received on this site. The biggest break is stumbling upon LuckScout while you are lost and discouraged from many losses.And suddenly there is hope. Thanks so much Chris for creating this site.

    Christine

  34. Dany M Dany M says:

    Great article, this keeps me on the track. Thank you Chris

  35. Shaun C Shaun C says:

    Thanks Chris

  36. Steve K Steve K says:

    Thank you Chris…very inspiring.
    Happy Trading!

  37. Amar Thalip Amar Thalip says:

    This is great article ….. I love it

  38. Pete Krahn Pete Krahn says:

    Wow. I like the whole 9 yards in one post. This is a great Summary for Starters!
    Love it!
    Thanks Chris

  39. Hi Chris
    this article just for me, i am at a stag of trading daily chart for six mounts with trading journal, I like to know how many pairs do i have to fallow ?

    thank you

  40. I like all of your articles and this one also the same that I read carefully and try to follow. Thank you Chris.

  41. Jeng Jeng says:

    Prakash,

    Good tutoring Prakash. You might consider modifying “Great article, definitely this one will inspire all new comers” so as to read “Great article, this one will definitely inspire all new comers”.

    Regards.

    • Jeng,

      I don’t think so.
      Comments and chats can be written as it is, even it can have typos and grammar errors nothing wrong in it. Just make sure the opposite person understands it or not.

      But an article should be clean. Definitely, this article is going to hit millions of people, I want it to be free from typos.

      If you find any typos, errors in Chris’s articles please inform him not on other’s chats.

      Thanks,
      Prakash.R

  42. Serge ET Serge ET says:

    Fantastic summary that is short and sweet, perfect for beginners to start exploring the website!

    Thank you Chris.

  43. Ted Mahachi Ted Mahachi says:

    Great article and a very good reminder that this can be done. Thank you Chris!

  44. Di White Di White says:

    I’ll read this article every day:) !

  45. Alaa Mahmood Alaa Mahmood says:

    hi chriss you trade only 18 pairs what about others if theres stron setup thank you

    • LuckScout LuckScout says:

      Alaa,

      Now I have 27 pairs on my platform plus gold and silver because some of the pairs that I didn’t follow were used to be followed and asked by LuckScout followers.

      So I report if I see the strong setups on them.

  46. Great article again ,thank you..
    These articles makes me feel better

  47. Jean M Jean M says:

    Hey Chris..another great article as usual.

    I think you nailed it when you mentioned that novice traders want to become millionaires FAST.

    This is unfortunately the world we live in today as everything seems to get faster and faster and people are used to get what they want YESTERDAY.

    They are not prepared to do the leg work and that is why they become perfect targets for “bogus gurus” selling get rich quick systems.

    I have personally been there and done that and I think many of us on LuckScout have been too and the main thing I have learnt from being here is PATIENCE.

    How I found LuckScout, I don’t know really..I am just glad I did. Is this a fool proof system? Nope…but the fog is finally starting to clear.

    Thanks so much for the time and expertise you and your crew freely give to us. That is something that cannot be measured and I will be forever grateful.

    GOD Bless

  48. Jean M Jean M says:

    BTW happy 4th of July to all our American FRIENDS…Enjoy guy and gals…:)

    • Ray Lovett Ray Lovett says:

      Thanks Jean I’ll shoot off some rockets for you. Also Happy Ramadan to those who celebrate it.

      The most amazing thing about this site is we all get together as one for a common purpose.

      I love it

  49. I found LuckScout in April 2015 and ever since I started to follow the articles posted here, I am able to realize why I failed at fx, greed.

    Great article Chris, by taking the time to master my own emotions I can become a better trader without suffering further losses.

  50. Great Article and also easy to understand
    thanks chirs sir, every day i am reaching on the the next step f forex journy ( The Train driven by Chris Sir ) lol

    Thanks Chris sir, long live and GOD bless you

  51. Jae Task Jae Task says:

    Amazing article as always Chris! I wanted to ask, I have been working on a method to increase the chances of hitting TPx5 by using better entry points and I wanted to document it in an article. If I write it, how do I submit i to the site?

  52. Thank you Chris once again for your powerful article – “article of reminder”. We cannot appreciate you enough. In the article you said “Do not open a big live account”. For instance $1000 account may be a small or big account depending the dollar exchange rate of traders’ country currency. Like Nigeria where I am One thousand Dollar is over Two Hundred thousand naira(Nigeria Currency).That might not be good for a beginner. Would you recommend opening a small live account of $500 with leverage of 1:200? Am concerned about the leverage here. Its been two months now since I started my demo trading with $1000 account with leverage of 1:100 and the account has been up and down between $840++ and $1555++. Am contemplating opening $500 demo also with leverage of 1:200 to see the outcome of the two accounts. I thank you for your anticipated answers. God bless you.

    • LuckScout LuckScout says:

      Boniface,

      If you find a reliable market maker, yes you can do that. After growing your account, you can move to a better broker.

  53. Chris,

    You can add one more advantage #8 like, Forex can be done anywhere in the world. Just we need an internet connection and a computer/mobile.

    thanks,
    Prakash.R

  54. Abbas Babs Abbas Babs says:

    Great one there,
    I might just have to go back to the drawing board

  55. Alaa Mahmood Alaa Mahmood says:

    Hi chriss very thankful for your answer and yes you follow more than 27 pairs why you do not trade all of them only 18 thank you

  56. Dragan M Dragan M says:

    Hi Chris,

    This is excellent article. Thank you 🙂

  57. Thank you chris for you rely/answer.

  58. L Seru L Seru says:

    Another awesome article.

  59. Thank you Chris for another great article

  60. I want to say a BIG thanks to you for providing a comprehensive forex trading information especially for a newbies like me in the forex. I think I have finally hooked up with a place to learn forex from start to finish. I subscribed to your mailing list some days ago, and I have received my first email. I have been reading your post, I don’t want to rush myself because I want to read, understand and digest every single word in it. I want to say that you are a problems solver. With all your advice in this post, I see myself doing well with forex in future. Thanks and God bless you.

  61. Paul P Paul P says:

    Good article, very motivational. Sooner or later I will be the best trader in the world, and thank you for that Chris 🙂

  62. Hi Chris,

    This is excellent article. Thank you for your precious time
    stay bless

  63. B. Hairro B. Hairro says:

    Hi Chris,

    I’ve read an article saying that the best way to plot a strong resistance/support line is to plot it on the highs/lows (if there’s any) of strong reversal signals. Usually drawn by connecting the highs/lows of candlesticks that broke above/below the Bollinger Bands. Is that true?

    Thanks.
    Hairro.

    • LuckScout LuckScout says:

      B. Hairro,

      Highs and lows are better to plot the lines and levels, but we should also consider the close price, because the market reacts to it strongly sometimes.

  64. Imene D Imene D says:

    Great article chris, Thank you

  65. Jermaine S Jermaine S says:

    Great article! It is definitely a lot easier to follow then “Become A Profitable Forex Trader In 5 Easy Steps” haha

  66. Hi Chris, thanks for repeating us the important things. It’s easy to forget them, especially when we start to become serious about trading.

    I noticed you didn’t add the last trading technique about trading the shorter timeframes based on the weaker signals of the longer timeframes: https://www.luckscout.com/best-forex-trading-system-to-have-small-losses-and-big-gains/

    I tried it, and I wanted to ask you something. If I take two positions with this system, the first with a stop loss and a take a profit, and the second one with the stop loss only, how can I know when I have to close the second position? Do I have to look at the longer timeframes signals, to know when it is better to close the shorter timeframes positions? Thanks.

    • LuckScout LuckScout says:

      titanium,

      You are welcome.

      I have always mentioned that closing the second position and maximizing the profit is a complicated discussion. There are some options in brief:

      1. You close the second position when the price reaches a strong level.
      2. You close the second position when a strong reversal signal forms by candlesticks.

  67. Matteo Gizzi Matteo Gizzi says:

    hi Chris, hi guys and thanks for your time!
    Very good article…it made me think again about some stupid questions that cannot leave my mind free!!

    I don’t know if this is the right thread to post these questions, but I think that here we’re talking about becoming a profitable forex trader from “0” so maybe I’m right!

    Following Chris system we look for:

    1) a too strong setup… (let’s say 4 – dark cloud – piercing line – bearish eng pat – bullish eng pat.
    2) a strong BB breakout
    3) an exhausted market

    But…guys, thinking it’s the first time you open mt4 and wanna to start demo trading after studying this system so much:
    which one is the first ? let me explain…

    first question:
    should we start checking all the currency pairs looking first of all for exhausted markets ? or strong patterns ?
    I guess exhausted markets come first…am I right or wrong?

    second question:
    Is it correct to start checking monthly tf first, plotting S/R, than weekly, than daily?

    third question:
    is it correct to check monthly tf looking for signals of exhausting market, than checking the same thing on weekly and than daily ? i mean…is it correct that the market must be exhausted IN ALL TF ? no exceptions ?

    fourth question:
    after being sure that market is exhausted IN 3 TF we can check if there is one of the four already mentioned patterns and if this pattern is STRONGLY out of BB ? what does it exactly means STRONGLY ? what percentage of the two candles forming the pattern must be out of the bands ? I studied all the articles about that but (probably it’s my fault) I cannot understand it very well!

    i really have to make you my excuses for this long and maybe stupid post, but, as you must be arguing, i’m learning and studying and i’d really really apreciate your help, ’cause you’re one step ahead 🙂

    thank you very very much guys !|

    • LuckScout LuckScout says:

      Matteo,

      The first thing we look for in our daily analysis is the strong candlestick signals like Bearish or Bullish Engulfing patterns. If there is any of these patterns formed on the charts, then we check the other things which is the BB breakout and the trend situation.

      We check the monthly time frame at the end of the month and the weekly at the end of the week and the daily every day.

      When a too strong trade setup forms on the daily, we don’t care about the other time frames. Each time frame is followed separately to look for the too strong setups.

      • Matteo Gizzi Matteo Gizzi says:

        That’s great Chris! I finally understood! 🙂

        By the way…checking monthly and weekly tf is just for trading on monthly and weekly? Right?

        Is it correct to plot strong S and R lines on monthly and weekly and consider them when trading on daily? Or is it useless? Thanks again for your time and patience!

        • LuckScout LuckScout says:

          1) Yes. In 99% of the cases we check the weekly and monthly because we want to trade those time frames.

          2) As I explained in my previous comment, when there is a too strong setup on a time frame like daily, we take it without caring about the other time frames. A too strong 100 score trade setup on the daily is enough for us to enter the market. We’d better to keep the work as simple as possible.

          • Matteo Gizzi Matteo Gizzi says:

            Great!! Tnx again! You’re very kind… So I hope you can answer to my last two questions 🙂

            Is mt4 a valid platform ? I mean…I have a demo and a small real account on Xm.com and I use mt4. Do you think there are better software than mt4?

            Last thing: how can I manage the different closing time of the candles? I’m in Italy gmt +1. The candles close at 11pm. Do the candles close at same time all over the world? I mean… In NY gmt -5 candles close 6 hours before? You have a closed candle at 5pm? I know it sounds stupid but it is important to check your analysis!

            By the way thank II again very much and if you’ll ever come to Rome you’ll be my guest 🙂

          • LuckScout LuckScout says:

            Matteo,

            You are welcome.

            1. MT4 is a great platform specially for novice traders, because it is so simple and user-friendly but strong and equipped. It has some small problems that I hope they become resolved in future.

            2. You cannot do that. It is a broker side setting. If you download and install a broker platform, then the daily candlestick close time will be the same, no matter in what country you live.

          • Matteo Gizzi Matteo Gizzi says:

            Thanks chris! Invasa wondering about a copule of things:
            I went long yesterday on cadjpy and gbpjpy. I saw a strong harami pattern on both pairs. I was concerned about the downtrend, it has been very slope for days and I thought harami couldn’t be as strong as I expected. Was it correct? Risky positions or correct positions? I saw bb breakouts and a pattern and I entered. But… Today is Friday, and on Sunday there’s the last meeting about grexit and I thought it was better to exit the market with profits instead waiting for the news to come and the market to open on Monday in total uncertain expectations. How is it possible to manage a positions for several days when on every Monday it is possible to see markets opening very far from the Friday close price? Is always better to exit on Friday? Or not?
            As always thank you very much for helping us!

          • Matteo Gizzi Matteo Gizzi says:

            “I WAS wondering”… T9 took the control!

          • LuckScout LuckScout says:

            You went long when bears where too strong. This is risky.

          • Matteo Gizzi Matteo Gizzi says:

            Ok… Lesson learned!
            What about closing positions on Friday or leaving them open even with strong news to come ?

          • LuckScout LuckScout says:

            When you trade based on the long time frames, you have to hold your positions for several days, weeks or even months.

  68. Lee D Lee D says:

    Thanks for this article Chris, I started reading the original article on becoming a forex trader which felt like a lifetime of reading! But this article feels much more achievable.

  69. Jeng Jeng says:

    Nice work Chris, in writing this “refreshing” article. Thank you!

  70. Excellent article written once again. Thanks Chris. You made us grateful.

  71. Forexbuddy Forexbuddy says:

    Hi Chris, I’m having some problems with my broker and would be grateful if you could help me.

    I noticed that, after the weekend break, the market often open with a big gap. For example, the friday candle closes at 84.702 and the sunday candle opens at 83.828. Do you think that’s normal and can happen? Thanks in advance.

  72. Matteo Gizzi Matteo Gizzi says:

    Hi Chris, hi guys!
    Trading lesson number one: avoid mistakes!
    Now the hardest part is understanding the mistakes.
    I went short today at the candle’s opening on EURCAD. I saw an engulfing pattern out of UBB and the market was not uptrending this much… I also saw two long upper shadows that made me think that bears were fighting to take control and with the bearish candle yesterday they finally did it. Now it seems I was wrong. By why? What was my mistake?
    I’d love Chris and the wiser members here on LuckScout to help me, ’cause I think I’m not the only one… 🙂
    Thank you very much!

  73. Matteo Gizzi Matteo Gizzi says:

    Forgot one thing… Same situation on EURAUD..,

  74. A U A U says:

    Hi Matteo!

    Visit this link for answer to your queries. https://www.luckscout.com/follow-up-with-a-100-score-trade-setup/

    Regards

    • LuckScout LuckScout says:

      Matteo,

      Obviously you are the only one who is confused. If you like to learn how to trade, you can use the above article. All the other stuff you see on the site is to satisfy those who are interested in those stuff.

      Good luck!

      • Matteo Gizzi Matteo Gizzi says:

        Ok Chris…let’s start over again 🙂
        I’ll try to focus on the main aspects!
        Thank you again for your time… You’re a really kind person!

  75. Angus Tank Angus Tank says:

    Thanks Chris for an updated post. Well written.

    If we find an article/post that we like, can we put it on a favourite list? How do we do that?

    Thanks

  76. Hello Chris, I’d like one of your smart advices? What currency should I have on my account? I was thinking about GBP, because the exchange rate EUR/GBP in favor of the GBP should make me earn more money (for example, if I won 3000 GBP and covert them to EURO, I’d have over 4000 euro) Plus, since GBP is probabily the stronger currency, the stop loss should be smaller comparing to an account in EURO or USD. Do you think I’m right?

    • LuckScout LuckScout says:

      Titanium,

      In general, it is better to have your account in your local currency, so that you don’t have to lose money because of the exchange rates. Banks spread is too high (sometimes over 300 pips) and you lose a lot on it when you want to receive your money.

  77. I didn’t know about the high banks spread. I thought spread were low (or maybe it is just the major banks spread that is low). The spread should be the commission banks takes to convert your money, right? But shouldn’t it be done automatically by the broker, without commissions? Sorry, I’m a complete novice and bit confused. Can you, please, explain me in plain words?

    • LuckScout LuckScout says:

      When you open a GBP account with the broker you have to withdraw GBP. The broker wires GBP to your bank account. That is the most common way to withdraw money from your account. In your bank account, if you already have a GBP account, you can send the money to it. If not, when bank receives GBP from the broker, it coverts it to your account currency with its own rate which is usually too unfair to customers. It is where you lose a lot.

  78. Thank you, Chris. So banks have all different rates, does it depends on how big they are? But shouldn’t be there an international rates based on the biggest liquidity providers that move the market?

    • LuckScout LuckScout says:

      They are almost the same with retail customers, no matter how big or small they are. They work for money and they do their best to make it as much as possible. What they offer as liquidity providing service is a different story.

  79. Ok, I understand that, but there’s a limit on how much they can increase the rate, right? I mean, if a currency like GBP is officially stronger than the EURO, they cannot make it weaker. They can add some pips in favor of the EURO (so that they can earn more money), but the EURO will remain weaker comparing to GBP and I will always have more money if I convert GBP in EURO. Am I right?

  80. Hi Chris , I wanna ask you something…You said we must open relatively small accounts and grow it bigger by time because opening big amounts BAD EMOTIONS take control and we have not clear mind so lead us to mistakes and bad loses.I AGRRE with you but this stands for analytical systems as this here on Forexkeys( strong cs patterns +strong bb breakout+exchausted market condition).I WONDER on mechanical systems like DBB system or Stochastic system you introduced to us (applying them on Weekly and Monthly TF only) where things are about black or white and the only we have to consider is our position size ( 2% ) why can’t control bigger amounts of money the same way ? what can we do wrong ? Thank you beforehand ..

    • LuckScout LuckScout says:

      George,

      If you don’t over-trade and take only 2% risk in each trade setup, then you can have a bigger account. However, it is not only the matter of taking 2% risk in your positions. There are other risks in having a big account. For example a too strong market movement like the 15th Jan CHF movement. Although it doesn’t happen even once every 10 years, losing a big account because of such a movement is a disaster for a novice trader, and chances are he never recovers emotionally.

      Starting with a small account and growing it is a much better idea. You trade with peace of mind, and you can always start from the scratch even if you lose the whole account. Keep in mind that you risk the money you put in a trading account, no matter who your broker is and how experienced you are. So be careful.

  81. Great article Chris you are a gifted teacher and your passion for helping people and the forex market shines through in all your efforts. I’ve never had a father figure or mentor and I feel blessed to have met your acquaintance. Thank you for your kindness.

  82. Chris as you always mention candlesticks and bollinger bands are enough if one understands them well.The hardest part is the discipline and the patience that we must be able to reach.Your articles about strong trade setups and distinguishing them from weaker ones,and not going against the trends are crystal clear.
    I really think we should find the problem in ourselves and in our brains,if the things don’t go right.Now i purely understand why you were saying 99% of the trading is psychological.Thanks for your great and fabulous help and support.

  83. Hello Chris,
    Another best site ever I found “LuckScout”. I am really so much happy to find it. It is so much useful and important for every fx traders, indeed. Now, it is my foremost part in my life as I am a fx trader too. I never succeed any more in this field but now I believe, 100%, will success after studying all articles here. Really they are the best of all. Thanks a lot Chris for sharing with us. Thanks a lottttt……

    Long live Chris

  84. Nadi Brh Nadi Brh says:

    Oh!! Great every time I read it.

    Every weekend I re-read this and a few other articles to refresh my mindset about the journey I have started and no to push my self.

    Market will be here for many years and I can make money through it sooner or later so I just follow the way Chris has shown.

    Thank you for thousand times

  85. Hi Chris,

    You are super cool and nice guy.. it’s hard to find person like you.. Thank you for this awesome blog… I learned a lot from your blog..

    I have one doubt. I am just new to Forex and learned forex for nearly 10-15 days only. So i started to trade using demo accounts and make some good profits. so tomorrow on-wards i am going to use live account.

    I am just following indicators and some tools to decide when to enter and exit.

    Is it possible to earn money?(put aside Psychological barriers)

    How much money can a professional trader can make per day?

    Is it possible to earn 1M/per day for professional traders??

    Thanks for your answers…. and sorry for my poor english

    • Mauer C Mauer C says:

      Hi Prabakaran, I hope you don’t open a live account yet. As you said you know forex for a few days, you should demo trade for a about 6 months and then if profitable you can trade live. Of course you should only trade the too strong setups. There are plenty of articles here about this. Good luck!

  86. Hi Chris,

    The below line is 100% true 😉

    But I am 100% sure that you will be back to this page after wasting a lot of time and money, of course if you wake up before you give up on Forex trading

  87. Rey Martin Rey Martin says:

    The first time I read this article, I know I found the Forex mentor I am looking for.

    I owe you everything I know about Forex.
    Thanks a lot Chris.

  88. Mauer C Mauer C says:

    Hi Chris

    I am not trying to be rude but maybe this line is wrong?
    ‘You don’t lose more than the money you put in your account’

    I mean in most cases the trader won’t lose more than what he has in the account but if it happens a big tsunami movement like swiss franc in january 2015 or a spike from news release and price moves to wrong direction the trader could have a negative balance and be owing to broker?

    • LuckScout LuckScout says:

      Mauer,

      You’re right. I didn’t consider the negative balance. Of course it usually doesn’t happen that often, but we have to be ware of it too. Thank you for reminding me.

  89. Hi, Can you also write an article about “money management” and “risk/reward ratio” and include it in this article..

    And I thank you for all your work !!

    Thanks,
    Prashant Jain

  90. Eric Aroh Eric Aroh says:

    Chris, thanks for the wonderful articles (and free lessons) on forex. I was at the last stages in the development of my Trading Plan when I came across your site. Inasmuch as I had included the correct signals (as indicated in previous write ups), I was using ONLY horizontal R & S generated from the 1M timeframe, as my major point of reference in trading reversals (majorly).
    Your lessons will improve my trade plan by incorporating BB AND taking only 100 pts setups.
    Can I incorporate BB with the LT S&R?
    I am still demo trading but plan to go live in Jan2017. Can I start with $10k, as starting small, and growing slowly but surely makes all the sense in the world.
    Grateful I get a reply. Thanks

    • LuckScout LuckScout says:

      Hi Eric,

      Thank you too.

      > Can I incorporate BB with the LT S&R?

      Yes, you can.

      > Can I start with $10k, as…

      Yes, you can but take a 1% at the beginning until you repeat your success for 6 consecutive months. Then you can take 2-3% following the same style and strategy.


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