Does anyone really make money off of the Forex?

Actually this I will agree with, sorry, but I share the same thought on this statement only.

I want smans money.

Haha

I am a newbbie and after trading for 3 weeks, I start to earn money already. I started with USD$204 at Oanda and play small. Set TL or SL at 20 pips. Now raise to 100 pips. My comment is FOREX can earn money but only with tools. My money earning tool is SMA, EMA & WMA. INITIALLY I don’t use any of these tools and lost money instead. Though I am only earning a few bugs daily, I think I am on the right track. My senior always tell me, if I am not comfortable to engage in a trade, then DON’T trade and wait til the trend signal is sure down or up. I always wait for moving average lines crossing, wait a while to avoid fake signals before entering a trade.

Of course you do, 9 out of 10 traders lose and that is how veteran traders make money, when 90 percent of traders who are newbies lose their money.

They are selling trickery, advertising work at home, be your own boss, become a millionaire, but that is not the case according to the facts.

I believe until the leverage is mandated to 10:1, only then will the FOREX market be safe for newbies to enter and learn. I’ve been trading for 2 years now since the new 50:1 leverage law took place and have lost my life savings.

That is have I have 2 years experience, I have learned now to read the news and use fundamental analysis with a combination of technical analysis and have still lost a lot of money.

This is because the leverage is still too high, and its a tool used to exploit newer traders like myself and others here. So no, if you are new you are not making money off of FOREX, but you are helping the older traders make money.

If it took you 2 years to lose your life savings at 50:1 leverage, then you were a very wealthy man.

So you’re saying you’ve been trading two years now and still haven’t learned to back off your risk?

If you’re still losing after two years, then you haven’t learned a thing.

You talk about not being able to exploit people in other countries. I’m pretty sure the U.S. is the only country that knocked the leverage down to 50:1.

You’re posts don’t add up, and I think you need to get your head straight.

50/1 is perfect, and you dont know anything about Forex…

Post a trade, im curious to see it play out… Then, let the " newbies" see how good you really are…

Im my 2 years at BabyPips, I have to say, this is the worst post I have seen here… The best line of work for you, would have to be production line type work…

95% of losers blame their pitfalls on everyone else, instead of Learning the PROPER way to trade…

So, like you say, keep trading, we want your money, little fishy…

( Jaws Movie Music)

Did you waste all your life savings betting at FX?

Why didn’t you use that money to help the “[B]less fortunate[/B]”… you are a very greedy man that does NOT care for others… Are you a republican? :D:D

Or maybe Sman is a vampire who got his blood sucked when he was getting ready to suck the blood of others

Haha, good way to put it.

Leverage don’t mean shoot; it’s position size that matters, if my risk calculations say I can afford £0.22/pip then that’s it, leverage is irrelevant, incidently I’m at 50:1, suits me just fine. And about the matter really under discussion; I’ve just started, in the last month or so, to grow my equity an average of 2% per day, and for the last 2 weeks - 4.3% per day!(and that includes weekends) Ka-Chingg! And that’s by completly cutting off doing stupid things like chasing price and overtrading. Letting some trades run for a couple of days if I think I’m in a good position has definetly helped put money in the bank, only putting in orders at levels of confluence, using bigger stops, taking 50% profits off at first targets, etc etc. I first heard of forex and opened a demo account in November 2011, I’ve been trading live since Feb this year and lost £900 out of my initial £1200 before I began to sort myself out, or I should say the wise teachings of our very own fx sensei ICT sorted me out! :39:

I think the reason why most beginners lose at this is because they start out with the wrong mentality. I was there too.

When we get to forex, we want to make some serious money, and we think that the more we trade the more we can earn! So naturally we aim for the shorter time frames where swings happen by the minute or even seconds.

However the problem with that is that it is extremely hard to trade a short time frame and be profitable. Here’s why:

  1. You need to be very good at reading price action to succeed at short term trading.
  2. You need to be able to change bias constantly.
  3. You need to set wider stops because you need to give the trade space to play out.
  4. You need to calculate RR constantly and the orders are relatively fast paced - a small mistake can kill your MM.
  5. You are taking more trades so you are more prone to getting emotional.

etc.

And I think many of us are guilty of increasing our risk beyond what our account can handle and what we can handle emotionally.

AND sometimes we move out stops back hoping the market will come back - sure it does at times, but you need to have a plan for moving stops (such as seeing some sort of price action that CONFIRMS your trade but you realise the trade needs more breathing space) etc. and you cannot do it more than once.

All these are not easy to accomplish for more human beings like you and I…

But I am sure if you start out with longer term trading, and find a working strategy (there are MANY out there) and you be satisfied with a small win every week - you will be able to make it in the long term… But it is tough emotionally and tough mentally.

No one said it was easy.

Oh by the way, do you guys know what is the holy grail of trading?

It is called stop orders. Reason being: if you enter with momentum you are seldom wrong and you will seldom suffer a drawdown, and if you happen to be wrong, you can usually get out on a pullback.

Hi daedalus

Do you have a link for this strategy?

Thanks
A

hmmm 90% huh…one out of ten make money…well there has to be over 20 people here…that makes 2 of us profitable.
I know the two here that make money…myself included))))))

I don’t know if you can make money in forex but i know i can and do; and if i can, anyone can. Everyone takes their path, uses their skills and personality. For me, i’ve owned many businesses, have an aero nautical engineering degree and MBA on foreign economics. 5 years losing experience in Forex before becoming profitable. Fx was in its infancy when i started. I thought i was going to be easy. As i traveled the world and already thought i knew what was going on. I learned right away, put the ego aside along with the emotion, sit down and learn. See if it was for me.

maybe it will work for you maybe it won’t. I know i could never be a doctor. Know what your worth and know your limits.

as for the sm whatever guy??? 2 years at forex??? give me a break…

Sorry, but you dont seem to be the best guy to give advice. Why would you throw away your life savings? Right off the bat, that just shows recklessness. Yea im a noob to forex, but that just seems straight up stupid.

succeed on the forex market depends on your knowledge of the subject, use a good reliable broker, put your emotion aside.
use a good forex robot is neccesaire to earn more money.

Yep, and pretty good. I had my ups and downs, but I am still trading on the $200 i started with. Profits are pretty stable, although 2011 was not as good as 2010. Am seriously thinking to go trading fulltime. What is a big statement for a financial risk manager, so I have counted the odds hundreds of times…:slight_smile:

This is not to show off, but to give hope that it can be done. The biggest losses made by me was by going against my plan. I learned that my plan is more reliable than my own judgement, so I excluded myself from the equation…:slight_smile:

It appears that this thread is about demonizing the 80-90 percent of traders who lose their life savings trading FOREX.

Words like “stupid” and “greedy” come up a lot to describe the victims, when those labels are better suited for the Rich traders and brokers who profit from them.

Leverage is the problem with FOREX today, according to all the government studies on the FOREX market most newer traders lose because they put too much leverage on their position sizes.

It is no secret why Brokers offer 500:1 and 1000:1 leverage, because that encourages bigger losses and more profits for rich traders and the brokers.

So the Dodd-Frank act had the intention of 10:1 leverage, but evil lobbying by the rich made it 50:1, however we know the direction the finance industry is going and we will expect to see better regulations that correct this to help newer traders. Because they will learn FOREX better when they don’t lose half of their account in one trade, after being tempted and tricked into making money immorally by those who seem them as vulnerable.

Describing losing traders as ‘victims’ is surely also a poor choice of term? Noone forces them to trade, if people pile into the market with too much money for their limited experience/skill level then surely they are victims purely of their own ambition overcoming their current level of understanding and skill? Anyone who loses their whole life savings while not being an experienced trader is surely guilty simply of risking too much of their wealth? Keeping the risk small during the learning period seems obvious to me, it is more than simply sensible, it is obvious. Noone needs to be demonized here: we all choose to participate in this market, some people have an aptitude and take a sensible, steady approach, and they make money. A lot of money. Others lack either the aptitude or the sensible approach, or both, and they will not make money. If they lose more than a small amount then they were, in my view, trying to run before they could walk. So noone on either side needs to be the villain or the victim - some get it right, some make mistakes. It is a sad fact of life that we are not all of us cut out to do everything well. Some people will be poor traders, and some of those people will lose more money than they should because they failed to grasp their situation. It happens, and is not a situation that needs to have a villain.

I wonder why you inhabit this board - it does not seem to make you happy, and your mindset is not that of a trader, so while your more opinionated posts do occasionally provide some amusement and interest to the rest of us, I wish I had your levels of free time!

And lobbying is not evil, any more than a gun is evil.

ST

He’s a hypocrite. He set out to do the burning, and complains when he’s the one that caught fire.