Does anyone really make money off of the Forex? - Page 17
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  1. #161
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    Apr 2012
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    Forex trading is professional business, the reason for that is that, Forex trading requires a lot of mental skills, Ranging form the trading strategies, the planing, the discipline of minds, patience etc, no trader without mental skills can profit here, it is a real profession

  2. #162
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    Sep 2010
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    Quote Originally Posted by wigglez View Post
    Wait, what?

    Are you talking about this George Soros? I think his moral compass points south

    Archived-Articles: Soros the Guiltless
    I love that about him.

  3. #163
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    Oct 2010
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    George Soros and he's warning about new financial meltdown..


  4. #164
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    Oct 2012
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    Quote Originally Posted by sman1109 View Post
    wealthy traders need to be put in prison by the government, for their crimes against the majority of traders. Many people have lost their entire life savings getting caught in this scam, they lure and tempt unsuspecting people into their swindle.
    I am truly sorry you lost your life savings trading forex.. I really am sorry you had to experience that, and I hope you can recover that over time and find financial security.

    Here is the thing though.. About leverage and marketing which you might think "draws people into a scam"..

    I liken it to the internet marketing niche.

    There are ALOT of scams in that niche. Does that mean you cannot make money with internet marketing? Of course not, people have become millionaires with internet marketing.

    If you are getting into internet marketing, it is up to you to do as much research as possible and choose where you put your money.

    If someone convinces you to spend thousands of dollars on an "amazing new idea" and it turns out to be a scam, your problem should be with the person who scammed you, not the system in general.

    And I don't see how wealthy traders are responsible- all they are doing is trading just like anyone else.

    1:100 leverage is like going to the casino and putting all your money on red. Unless you are highly skilled, 2 or 3 trades can cause you to lose everything you put into the account (however much that was).

    On the other hand, if you trade at a small leverage, such as 1:5, it's much harder to lose all your money. You need the currency to move 20 cents in the wrong direction for you to lose your whole account.

    So it's up to each person to choose to learn about leverage before they put their money into the account. If someone has given you misleading marketing, you should take it up with them or report them.. but the problem isn't the forex itself, from what I can see. It's just like a casino.. you can choose to stay out, or you can choose to go in. If you go in, you can choose to have a conservative betting strategy or a wild, dangerous one.

    Again, I'm sorry you lost money on the forex and I wish you the best.

  5. #165
    Join Date
    Dec 2010
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    22
    Quote Originally Posted by sman1109 View Post
    I don't think you're getting the point.

    Firstly, advocating stop hunting is unethical to say the least, no retail trader can put in an order like that, so that is an unfair luxury of the Rich.

    Secondly, having the freedom to use leverage IS the problem. People have freedoms all the time, and they abuse those freedoms, that is why most of the country is obese, or have some type of disorder.

    It's up to government to regulate those freedoms, to protect us, and MOST new traders may be gamblers, but that is exactly why they have to be protected, with 10 to 1 leverage.

    I am living proof, I have 2 years experience in FOREX, and have lost my life savings. I know the dangers of leverage, but was unfairly manipulated, or tempted, to use it against myself. The government has to put a stop to this, or many more people are going to lose a lot of money, as the majority presently are.

    Many brokers have been audited by the FED, it was found that 9 out of 10 people in the market, have lost tens of thousands of dollars, and are net losers as traders. That says a lot
    First I'll start by saying its very unfortunate that you lost your life savings. I hope you are able to recoup your losses in another way and hopefully move on the path toward recovery. I suspect you are not the only one in this situation and maybe you can draw on the experiences of others to aid yourself in the recovery process.

    I can say, through my time trading I've had my ups and downs including starting with a $500 account, dropping down to $30 and then bringing myself back up to being profitable. I lost money learning how to trade mainly because I didn't take advantage of the demo accounts long enough. BUT! The way I was able to bring myself back up into being profitable was through risk management. It's highly likely you had some combination of poor risk management and bad judgement in trading that caused you to lose your life savings. It's highly likely it wasn't the industry but instead it was you. When you are able to trade in such a way that all your gains outpace your losses, you are unable to lose your life savings. This is done through setting the proper stops and gaining experience at estimating them (in my opinion). When i started setting stops and limits and sticking to them, i started making money. When I was gambling, i was losing money. Odds are, you were gambling. The leverage didn't take your life savings.

    For example if your stops are on average 10% of your limits, your P/L ratio is favorable assuming you dont make a ton of bad trades in a row which you shouldn't be doing anyway if you have taken the proper steps to learn how to trade.
    Last edited by Jblack4083; 10-23-2012 at 05:35 AM.

  6. #166
    Join Date
    Apr 2011
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    347
    Sman 1109-I am a new trader myself. I study part time. There are still some things I want to learn before I actually start trading. I have found some of the stuff to learn is not so easy to learn. There are so many people out there trying to get your money. People wanting to teach you, people wanting to be your broker, people with a magic formula to beat the markets, guru's trying to get you to buy that great Gold stock and so on. That is why I am cautious myself. But in any endeavor there is risk. You do bring up some good points. As far as Government involvement in the Forex market, might be a good idea to help those who are being cheated. Me myself I never did like Ronald Reagen's policies. I always believed in regulation. Just look at the economy now. It is a mess, partly because of deregulation. But I am not a republican or democrat. I am independent. I never vote for the two main parties. As far as trading goes, I guess it is just a chance you take. I do know that there are traders making money, and lot's of it. But the ones I have seen are diversified in the markets. They don't trade just one market. They trade all markets. Stocks, Forex and commodities. Well, kind of my point of view. I guess if I can't make it as a Trader then Tally ho! or to hell with the crap.

  7. #167
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    Sep 2012
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    155
    If you don't know enough then learn, if you think you don't know enough then you probably don't. There's no harm in spending months and months learning before doing, If you're approaching Forex with the aim of "needing to be making a return in a couple of months" then you're probably going to rush it, and jump in too fast and mess it up.

  8. #168
    Join Date
    Mar 2012
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    651
    Quote Originally Posted by Pingback View Post
    Sman 1109-I am a new trader myself. I study part time. There are still some things I want to learn before I actually start trading. I have found some of the stuff to learn is not so easy to learn. There are so many people out there trying to get your money. People wanting to teach you, people wanting to be your broker, people with a magic formula to beat the markets, guru's trying to get you to buy that great Gold stock and so on. That is why I am cautious myself. But in any endeavor there is risk. You do bring up some good points. As far as Government involvement in the Forex market, might be a good idea to help those who are being cheated. Me myself I never did like Ronald Reagen's policies. I always believed in regulation. Just look at the economy now. It is a mess, partly because of deregulation. But I am not a republican or democrat. I am independent. I never vote for the two main parties. As far as trading goes, I guess it is just a chance you take. I do know that there are traders making money, and lot's of it. But the ones I have seen are diversified in the markets. They don't trade just one market. They trade all markets. Stocks, Forex and commodities. Well, kind of my point of view. I guess if I can't make it as a Trader then Tally ho! or to hell with the crap.
    what deregulation are you referring to?

  9. #169
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    Sep 2012
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    398
    Quote Originally Posted by Peter Brandley View Post
    Forex trading is professional business, the reason for that is that, Forex trading requires a lot of mental skills, Ranging form the trading strategies, the planing, the discipline of minds, patience etc, no trader without mental skills can profit here, it is a real profession
    I agree with you. Well but it needs a lot of time for getting experience in trading. And not only time of life but own money. It likes casino but there is an opportunity in some period of time become professional.

  10. #170
    Join Date
    Apr 2011
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    347
    I know I shouldn't keep beating a dead horse, but this George Soros guy has probably never worked a day in his life. If he has it probably was behind a desk or someone else doing it for him. I doubt he even does his own trading. Our Fathers and Mothers worked in Factories. They had retirement benefits and darn good ones. Because Unions did it for them. Now we have no factories, no Unions to give us that retirement our Fathers and Grandfathers made. So what have we. 401 K's that are highly risky, most pay very little of the companies money and we have to put most in ourselves. So we have found ourselves in markets that we know nothing about. So we leave it to the pro's, most of us or we have to learn how to trade. And most of us don't have the resources or money to make a go of it. Sorry! Just my view on Mr. Rich Guy!

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