Does anyone really make money off of the Forex? - Page 25
Page 25 of 32 FirstFirst ... 15 23 24 25 26 27 ... LastLast
Results 241 to 250 of 320
  1. #241
    Join Date
    Oct 2012
    Posts
    13
    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.

  2. #242
    Join Date
    Jul 2011
    Posts
    192
    Quote Originally Posted by Jezzode View Post
    Actually this I will agree with, sorry, but I share the same thought on this statement only.
    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.

  3. #243
    Join Date
    Mar 2012
    Posts
    651
    Quote Originally Posted by sman1109 View Post
    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.

  4. #244
    Join Date
    Oct 2010
    Posts
    2,814
    Quote Originally Posted by sman1109 View Post
    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.
    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..

  5. #245
    Join Date
    Oct 2010
    Posts
    2,814
    Quote Originally Posted by sman1109 View Post
    I am living example of a real person, telling you a real story about trading FOREX. All beginners, heed my advice, because it is one hundred percent true and based on my very own experiences.

    I have traded since the swiss bank intervention, which was approximately almost 2 years ago, since then I have lost thousands upon thousands of dollars. Don't get me wrong, I followed the idiotic school here, I know everything there is to know about trading, triangles, trend lines, flags, fundamentals, QE effects on the market, BLAH BLAH BLAH.

    You will lose, when you come here, 90 percent of the people appear like their profiting, in reality maybe 10 percent of the people here actually make a profit, and they leech of the poor guys like ourselves, to make millions of dollars. They are Romney supporters, and we are Obama supporters, and the dodd frank act was the beginning of saving us, for tragedy in the FOREX market.

    To conclude, after 2 years, trading everyday, spending many hours researching this, I am not a dunce I am just like everyone of you, and hope no one here limits my speech, but I am telling all of you the truth, Forex is a scam that benefits the rich, and nothing trickles down to any of us. We will go broke, as I did, I've lost thousands as I've said and NO it wasn't all in one trade, it was the span of HUNDREDS UPON HUNDREDS OF WELL INFORMED TRADES, trading a MICRO account with a minimum of 50 dollars, and I STILL LOST THOUSANDS.

    Please if my speech isn't limited, learn from my mistakes, and don't fall into what their trying to sell you, they are very rich and profit from poor traders who lose their life savings wanting a better life. They are republicans, we are democrats.
    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)

  6. #246
    Join Date
    May 2011
    Location
    South America
    Posts
    1,471
    Quote Originally Posted by sman1109 View Post
    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.
    Did you waste all your life savings betting at FX?

    Why didn't you use that money to help the "less fortunate".... you are a very greedy man that does NOT care for others.... Are you a republican?

  7. #247
    Join Date
    Oct 2011
    Location
    Bergen, Norway
    Posts
    456
    Or maybe Sman is a vampire who got his blood sucked when he was getting ready to suck the blood of others

  8. #248
    Join Date
    Mar 2012
    Posts
    651
    Quote Originally Posted by liftoff View Post
    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.

  9. #249
    Join Date
    Aug 2012
    Location
    Sussex, UK
    Posts
    30

    Default Leverage and does anyone actually make money....

    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!
    Last edited by Goldboner500; 11-08-2012 at 02:04 PM.

  10. #250
    Join Date
    Aug 2012
    Posts
    119
    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.
    Last edited by Shellsnail; 11-08-2012 at 03:17 PM.

Forum Sponsors

Similar Threads

  1. Does anyone trade off of the 5 minute chart?
    By bobia in forum Forextown
    Replies: 23
    Last Post: 02-14-2014, 05:54 PM
  2. At what order size does it really make a difference?
    By mj2009 in forum Newbie Island
    Replies: 9
    Last Post: 10-22-2012, 07:34 AM
  3. Replies: 52
    Last Post: 02-11-2012, 02:30 PM
  4. Replies: 24
    Last Post: 10-28-2011, 02:48 AM
  5. Does anyone trade off the 5 second chart?
    By allalongthewatchtower in forum Newbie Island
    Replies: 12
    Last Post: 05-27-2011, 02:27 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
"Whether you think you can or think you can't, you're right."
Henry Ford