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Hue
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IT Engineer and Freelance Trader.
Developer of Technical Indicators, Expert Advisors
Developer of Technical Indicators, Expert Advisors
Quoc Cuong Tran
Sure! Here’s the translation of the previous response into English:
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Making money from Forex (foreign exchange market) can yield high profits, but it also comes with significant risks. Here are some methods you can consider to earn money from Forex:
1. **Master the basics**:
- Learn about the Forex market, how it operates, and basic terminology such as pip, lot, leverage, and spread.
- Understand the factors that influence exchange rates, such as monetary policy, economic, and political situations.
2. **Develop a trading strategy**:
- Choose a trading strategy that suits your style, such as trend trading, reversal trading, or day trading.
- Test the strategy on a demo account before applying it to a real account.
3. **Use technical analysis**:
- Learn to read price charts and use technical indicators to identify buy and sell signals.
- Common tools include moving averages (MA), Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Fibonacci retracement.
4. **Follow news and economic events**:
- Economic news can significantly impact the Forex market. Monitor the economic calendar to be aware of major events that may cause price volatility.
5. **Effectively manage risk**:
- Establish risk management rules to protect your capital. A common principle is to never risk more than 1-2% of your capital on a single trade.
- Use tools like stop-loss and take-profit to automatically manage your trades.
6. **Trading psychology**:
- Control your emotions when trading; avoid letting greed or fear affect your decisions.
- Plan your trades and stick to your plan.
7. **Continuous practice**:
- Trade regularly and analyze the results. Learn from both successful and unsuccessful trades to improve your skills.
8. **Invest in education**:
- Join courses, workshops, or learn through books and videos from successful traders to expand your knowledge and skills.
9. **Choose a reputable broker**:
- Ensure that you select a Forex broker with a legal license and good reviews from the trading community. This is crucial for safeguarding your investment.
10. **Patience and persistence**:
- Trading Forex is not a quick path to wealth. It requires patience and determination to achieve long-term success.
Please note that Forex is a highly volatile market, and there is no guaranteed way to make profits. You need to be mentally prepared to face risks and should not invest money that you cannot afford to lose. Always have a clear plan and continuously strive to improve your skills.
---
If you need any further assistance, feel free to ask!
---
Making money from Forex (foreign exchange market) can yield high profits, but it also comes with significant risks. Here are some methods you can consider to earn money from Forex:
1. **Master the basics**:
- Learn about the Forex market, how it operates, and basic terminology such as pip, lot, leverage, and spread.
- Understand the factors that influence exchange rates, such as monetary policy, economic, and political situations.
2. **Develop a trading strategy**:
- Choose a trading strategy that suits your style, such as trend trading, reversal trading, or day trading.
- Test the strategy on a demo account before applying it to a real account.
3. **Use technical analysis**:
- Learn to read price charts and use technical indicators to identify buy and sell signals.
- Common tools include moving averages (MA), Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Fibonacci retracement.
4. **Follow news and economic events**:
- Economic news can significantly impact the Forex market. Monitor the economic calendar to be aware of major events that may cause price volatility.
5. **Effectively manage risk**:
- Establish risk management rules to protect your capital. A common principle is to never risk more than 1-2% of your capital on a single trade.
- Use tools like stop-loss and take-profit to automatically manage your trades.
6. **Trading psychology**:
- Control your emotions when trading; avoid letting greed or fear affect your decisions.
- Plan your trades and stick to your plan.
7. **Continuous practice**:
- Trade regularly and analyze the results. Learn from both successful and unsuccessful trades to improve your skills.
8. **Invest in education**:
- Join courses, workshops, or learn through books and videos from successful traders to expand your knowledge and skills.
9. **Choose a reputable broker**:
- Ensure that you select a Forex broker with a legal license and good reviews from the trading community. This is crucial for safeguarding your investment.
10. **Patience and persistence**:
- Trading Forex is not a quick path to wealth. It requires patience and determination to achieve long-term success.
Please note that Forex is a highly volatile market, and there is no guaranteed way to make profits. You need to be mentally prepared to face risks and should not invest money that you cannot afford to lose. Always have a clear plan and continuously strive to improve your skills.
---
If you need any further assistance, feel free to ask!
Quoc Cuong Tran
This is EA used to trade 6 currency pairs in 1h time frame, Breakout strategy with pip ratio R:R-20:25, using only 1 order for each currency and having Sl and Tp on each order type, https://www.mql5.com/en/signals/2278160?source=Site+Profile+Seller
Quoc Cuong Tran
Achievements after years of fighting the Forex market
https://www.mql5.com/en/signals/1938550?source=Site+Profile+Seller
https://www.mql5.com/en/signals/1938550?source=Site+Profile+Seller
· 2
Quoc Cuong Tran
When I started trading currencies, I was under the impression that I needed to find a Holy Grail, which would make me a big pile of money quickly. I was searching for this Holy Grail among various trading indicators. I tried most of the standard indicators with many different settings, but nothing worked, at least not in the long run.
My first tangible success was when I finally got rid of all the indicators and started anew with simple Price Action. For the first time, I felt I was getting somewhere! The big "eureka moment" came when I combined Price Action with Volume Profile. At first, I was trading only swing trades. I was working mostly on a daily time frame and, as you can imagine, I did not have many trades. Still, this was the first time I felt confident about my trading. I was also thrilled that I had finally found my way and that my trading had become consistent.
For many people this would be enough, but I wanted to learn more and go further. I started to go much deeper, and I began to look for a method or a tool suitable for day trading on much faster time frames.
My first tangible success was when I finally got rid of all the indicators and started anew with simple Price Action. For the first time, I felt I was getting somewhere! The big "eureka moment" came when I combined Price Action with Volume Profile. At first, I was trading only swing trades. I was working mostly on a daily time frame and, as you can imagine, I did not have many trades. Still, this was the first time I felt confident about my trading. I was also thrilled that I had finally found my way and that my trading had become consistent.
For many people this would be enough, but I wanted to learn more and go further. I started to go much deeper, and I began to look for a method or a tool suitable for day trading on much faster time frames.
· 2
Quoc Cuong Tran
Forex market is too harsh, when an EA without SL will eventually have to be removed from the market, please sub the signals with Sl for each order, don't look at the low MAXDD and no If you have Sl, one day it will destroy your property too
· 2