As it turns out, Jim really knows what he's doing when it comes to developing Forex systems. He actually sells two systems: Forex Profit Monster and Forex Day Monster. The Profit Monster Forex Day Monster is designed for the trader who likes to trade smaller time frames like 5, 15 and 30 minute charts. Three new proprietary indicators were developed for use with this Like Forex Profit Monster, Forex profit Monster is a custom day trading system designed for the free MT4 professional trading platform. If you do not have the MT4 platform, you can 31/10/ · Forex brokers often don't charge a commission, but rather increase the spread between the bid and ask, thus making it more difficult to day trade profitably. ECN brokers 17/10/ · I want to share my first version of the Forex Profit Monster EA. It is still a work in progress, so let me know of any bug/malfunctioning. Be aware, a known problem of the ... read more
That may seem very high, and it is a very good return. See below for more on how this return may be affected. It won't always be possible to find five good day trades each day, especially when the market is moving very slowly for extended periods. Slippage is an inevitable part of trading.
It results in a larger loss than expected, even when using a stop-loss order. It's common in very rapidly moving markets. This is a high estimate for slippage, assuming you avoid holding through major economic data releases. You can adjust the scenario above based on your typical stop-loss and target, capital, slippage, win rate, position size, and commission parameters. Most traders shouldn't expect to make that much; while it sounds simple, in reality, it's more difficult.
Most day traders can have a reasonable level of success trading forex for a couple of hours each day. Of course, the more time you devote to it, the more potential profits you can make. Because forex markets cover the entire world, it's possible to trade forex 24 hours a day from Sunday evening through Friday afternoon.
ET and continue trading as other markets open and close through Friday at 4 p. Stocks offer a greater variety of options and risk levels than forex trading, but they require much more capital to get started. Forex also allows trading 24 hours a day, while stock trading times are more limited. You can make money or lose money in any market, so what's most important is to know your particular market and how to trade effectively.
Admiral Markets. OANDA Corporation. In This Article View All. Now I watch my equity swing in the hundreds or thousands of dollars in a day or week's time and it seems surreal. At first it was tough to stomach even when I worked as a professional broadcaster and made a nice living I never made as much money in a day as I sometimes see as a gain or loss in my account equity now. With all that's happened in the last several years, I really want to get back to taking the time to do my trading analysis publicly and post some of my trades like I've done in the past.
I don't know on how much of a regular basis I'll be able to provide detailed analysis but I'd like to post something at least once a week. Maybe that will be on a weekly time frame where I start my analysis or a Daily where I take most of my trades these days but I'd like to offer some more education to those looking to learn.
At one point I probably had tens of thousands of followers, many of them using the Forex Profit Monster system to trade with just like me and considering I think I've learned much more about trading in the past few years I think I have even more to offer than I did back then. So, if you're still following this blog be prepared to see more commentary coming soon and if you just tripped across it, great timing follow it now and let me know what you'd like me to focus on in upcoming posts.
You can contact me at "forexprofitmonster" at gmail. Posted by Forex Profit Monster at PM No comments:. Wednesday, January 13, Official Year End Results. The answer is yes I am still trading and in fact it's what I love to do and I don't see myself ever stopping.
I've gained A LOT of experience over the past decade since designing the original "Forex Profit Monster" trading system and I feel like I have a lot to "give back". One of my goals for is to become more active in writing on this blog again either from a beginning stage or just trying to move to a new level in their trading. In fact, if you have any questions regarding trading that I might be able to help you with feel free to drop me an email to the Gmail account associated with this blog.
It's simply "forexprofitmonster" at Gmail. Written that way to cut down on the amount of spam received. Not only will I try to answer your email but it may provide the inspiration for a post here on the blog. Some of the people who contact me also want to know what happened to my website that was attached to this blog forexprofitmonster. The answer quite honestly is there wasn't much use for it anymore and so I shut it down.
I decided at the beginning of last year to stop selling Forex Profit Monster, not because it's not still a quality system or that I don't use it anymore, but because interest in it had waned to the point where it wasn't worth my time to continue to offer it. It seems people who trade are only interested in the "newest, hottest thing" and FPM was almost 10 years old and therefore didn't fit that category anymore even though it was working as good as ever.
So I pulled the plug on not only the website but selling it on eBay. So if you're one of the people who contacted me wanting to buy FPM my apologies but I don't check on this blog enough and may not have gotten your message for weeks or months after it was sent. The good news is if you're still looking for a profitable system that can be traded in just a few minutes a day I may, for a VERY short period of time, offer a new system that I've been trading for the past couple of years.
More on that to come. If interested you can let me know through the above email address and I'll contact you when I decide to make it available. On to the main reason for this post the results from I'm going to make this short and sweet I think this a pretty big accomplishment considering I didn't really trade that much in Forex in Most of that So far to start I'm also happy to say I've seen some nice moves in the U.
Dollar that already has me ahead by 4. And this is just in the part of my portfolio that I track for these results So that's it for the results for the section of my portfolio that I manage with FPM and here's to posting more often in ! Happy New Year to all and best of luck in your trading in Posted by Forex Profit Monster at AM No comments:.
Labels: Trade Results , Year End Results. This portfolio will remain the same each quarter unless stated otherwise. All results INCLUDE transaction costs THIS IS REAL LIVE TRADING so all costs, spreads, slippage, interest rate swap, etc are included in the results. The final results are in, and I finished the year up While it was a spectacular year, I do see some changes in store for me in The amount of money that I am currently trading is actually getting to be a respectable amount for a retail trader anyway :-P.
I've come a long way from the guy who started out with less than a couple thousand dollars several years ago so, as of this post I've changed my time frame from the 4 Hour chart to the Daily chart. The reason I was trading the 4 Hour chart to begin with was to increase my opportunities and grow my account faster. As far as I'm concerned I've accomplished this and now I'm more interested in reducing some of the transaction costs and equity curve volatility by trading less.
and now would be a good time to continue them on the Daily time frame. I am also considering making some changes to the portfolio that is currently being traded after doing some research on a new system. I feel there are some pairs that have performed well over the past years on both Forex Profit Monster and the new system and will likely be adding them in the very near future.
The size of my account will also allow some additions to the portfolio so again, the timing is right. heck, it even put some brokers out of business R. Alpari UK. In fact my own broker, FXCM, almost went belly up as well I was moved from IBFX to FXCM last summer when Monex Group decided to end its MT4 retail Forex arm of the business. It was a close call, but FXCM has gotten a new influx of capital to continue operations and there is even a rumor that they may try to "revive" Alpari UK to give themselves a foothold in the brokerage business in England.
With all that happened last week because of the Swiss "ambush", the news wasn't so bad for me personally. USING THE PROPER SIZE FOR YOUR ACCOUNT AND NUMBER OF VEHICLES YOU'RE GOING TO TRADE.
and it was thousands of dollars in open equity profit not really much in the way of cash after I was able to close out the position. What this adds up to is while I lost a lot of open equity profit over this mess I'm really only down a couple of percentage points from where I finished and only a few hundred dollars in cash.
My new mantra for now is " it could have been worse I figure if I can weather an event like the CHF revaluation and keep earning double digit returns that I may just be in this game for the long run. For me this fiasco was a confidence builder yes, even after all these years of trading it's nice to build your confidence through events like this! This is a marathon for me, not a sprint or worse, depending upon someone else to provide "investment returns" that I'll be living on.
Here's hoping you survived "Hurricane Swissy" and if not, consider it a life lesson. Get up, dust yourself off, find a little more risk capital and start trading with more confidence that with the knowledge gained you can probably withstand a "Black Swan" like that next time.
If you have any questions just send me an email through the website and I'll be happy to lend an ear as much as I legally can :- Jim www. Labels: Black Swan , Drawdowns , Swiss Franc Revaluation , Swiss National Bank depegs from Euro , Trade Results , Trend Following , Year End Results. It's been a WILD trading ride for me this year probably the wildest since , not long after I started this blog. The markets continue to fascinate me and even though I consider myself so much more knowledgeable now then I did back then, I continue to learn each and every day.
During that learning included more instruction "outside" of my own observations and self-teaching. I built upon my recent professional mentorship from last year by spending the spring of this year taking two online college courses one in finance with Nobel prize winner Robert Shiller at Yale, and another in behavioral economics with Dan Ariely at Duke.
I learned a lot from both and have found ways to put their teachings to use in my own work in systems development and daily trading activities.
From the end of into I spent 8 months in a HUGE drawdown. For the way I trade I really considered it a losing month as well. Read that again I said that's all that was left!
I'm not going to lie and say I took it all in stride there were a few times where I questioned if the past decade had all been a waste of my time. Then came July.
The U. Dollar started getting some legs and I started seeing some trends start. economy and talked about the end of Quantitative Easing and maybe even the beginning of interest rate hikes in late the Dollar gets even stronger the trends really start to kick in.
Then the European Central Bank head Mario Draghi goes on a rant about the Euro and defending Europe's economy by devaluing the Euro Dollar gets stronger so do the trends. Then PM Abe in Japan does the same says he still won't allow a strong Yen because Japanese export based businesses won't be able to compete amongst the other Asian countries trends really start to move. Although I'm not in the prediction game, being human I do have opinions and am pretty sure I'll see these trends continue into even if we experience a small correction along the way.
Even with all of my focus and training on the psychological and risk management side, I was still questioning my methods and systems. The difference is I had the discipline to stick with them and come out the other side.
I've said it and experienced it before and hope that it's a long, long, time before I have to go through any drawdown that large again :- Usually I end these posts with an opportunity to purchase my trading systems. I got too busy to keep up with the eBay listings last year and basically stopped selling for awhile. See the example below of the three types of exits:. Share your opinion, can help everyone to understand the forex strategy.
Joseph Agbeye Friday, 06 November The files are not mq4 files. They are exe files and cannot be edited. Please anyone with the mq4 files can post. It will highly appreciated. AlexS Saturday, 12 September Use the same date for each. Good luck. Krzysztof Wydra Sunday, 12 July Xyndicator Sunday, 12 July The trial version has expired.
Can I get the full version. I will pay for it. George Nanos Thursday, 09 January Please authorize Forex Profit Monster, as soon as I make some money I will donate.
Thanks, George. Forex Profit Strategy. txt Site map. Forex Profit Monster is made up of the following components as numbered above: 1. FPM Entry Alert Arrow Indicator 2.
Make a free website with Yola. Finally, a simple and profitable Forex trading system! FOREX PROFIT MONSTER. After receiving many inquiries from traders about developing a day trading system based on the same winning principles used in Forex Profit Monster, I'm proud to introduce FOREX PROFIT MONSTER!
Forex PROFIT Monster is designed for the trader who likes to trade smaller time frames like 5, 15 and 30 minute charts. Three new proprietary indicators were developed for use with this system. The first two are used for entries and indicator based exit strategies while the FDM Oscillators are a filter to help filter out bad trades but also get you into strong moves early.
Like Forex Profit Monster, Forex profit Monster is a custom day trading system designed for the free MT4 professional trading platform.
If you do not have the MT4 platform, you can download it through any of dozens of brokers that support the platform. You'll receive a list of brokers that support MT4 along with your copy of Forex PROFIT Monster.
Most brokers also supply a free "demo" account including real time streaming data so you can test the platform and Forex PROFIT Monster under real market conditions without risking a penny of your own money! Below are some screenshots of the system in action. The first picture shows you generally how the system works:.
The entry criteria is simple wait until all FDM indicators are green at the close of a candle after a large green FDM Alert Arrow for a long trade or all indicators are red after a large red FDM Alert Arrow for a short trade. As you can see, there is no discretion involved in how to enter a trade, but there is a little involved in how to exit a trade. These include indicator based strategies like shown above.
Just like in Forex Profit Monster you can choose to use Support or Resistance as an exit strategy. See how Forex profit Monster filters out some bad entries and quickly identifies a newly established trend? And unlike other day trading systems, you won't be overtrading. Even though this is a short term system, you may only get valid signals a day trading the higher volume hours of just before and during the European session and during the New York session 2 am to 5 pm EST.
Forex Day Monster also keeps the losing trades small so far in my experience you can have three losers per winning trade and still show a profit! You've always heard the advice "minimize your losses and let your winners run" but you didn't know how to do it, especially day trading? Forex Day Monster does it for you! What about stop losses? Forex profit Monster uses a "safety stop" like Forex Profit Monster although this stop loss is "tighter" than the FPM stop loss.
Here's an example of where a stop is set in the chart below. Again, this isn't a traditional stop loss it's only there to protect the account in case of a catastrophe. It's not designed to be hit; all exit signals are to be generated by the Forex Day Monster system.
Users with older computers may have to limit the number of charts they are able to keep open to one or two during live streaming data. To purchase your copy of the Forex PROFIT Monster System, click on "Purchase" in the navigation bar at the top of this page. If you'd like to ask a question about Forex PROFIT Monster, click here. Your computer system should be relatively up to date to use the Forex PROFIT Monster system because the number of indicators and calculations may tax the CPU and RAM of older computers.
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13/4/ · I trade the FDM on the 15 minute ticks. The Forex Day Monster is not for beginners in my opinion. It often triggers at the end of a bar that has zoomed hundreds of dollars. There 17/10/ · I want to share my first version of the Forex Profit Monster EA. It is still a work in progress, so let me know of any bug/malfunctioning. Be aware, a known problem of the As it turns out, Jim really knows what he's doing when it comes to developing Forex systems. He actually sells two systems: Forex Profit Monster and Forex Day Monster. The Profit Monster Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets. It will then break down the best alerts for day Like Forex Profit Monster, Forex profit Monster is a custom day trading system designed for the free MT4 professional trading platform. If you do not have the MT4 platform, you can 31/10/ · Forex brokers often don't charge a commission, but rather increase the spread between the bid and ask, thus making it more difficult to day trade profitably. ECN brokers ... read more
For more information regarding purchasing Forex Profit Monster or my daytrading system Forex Day Monster , visit www. The Forex Profit Monster system has been around for a few years now and it is still doing well in today's market. If interested you can let me know through the above email address and I'll contact you when I decide to make it available. Avg win: the higher the time frame, the less volatility that will show in your trading. but I'd like to offer some more education to those looking to learn.If you backtest a system and see a 45 degree equity curve over several hundred trades, that doesn't mean there aren't negative portions of forex profit monster day trading curve. This makes the account balance curve look like it's still in a drawdown even though the fund is at new equity highs:. After a big winning month there's always a time for some ranging before price establishes direction again, forex profit monster day trading, and July was no exception. This is true in both the time frame you trade and the way you track your results More information on that in