I’ve been trading for about 4 months now and it really seems like I am not going anywhere.
Does anyone have any success stories they could share or any advice you could give to a newbie like me?
I’m really down right now seeing as I had high hopes for the Forex but I’m not sure if I can bear the financial losses.
I’m pretty new to FX myself, but I think if you’re losing money you should stop trading real money!! Simple as that i think…Go back to demo trading, and do that until you’ve consistently profited for a few months.
I agree. If you’re contnuously losing money, you should stop trading iwth real ASAP and revert back to demo trading…***uming you actually demo traded first.
If you’re addicted to trading with real money and you can’t stop, cut your hands off. If you don’t want to cut your hands, at least trade smaller and open a micro-lot account which allows you trade with $1k lots and 10 cents a pip.
People do make money trading forex, just like people make money trading stocks, options, futures, baseball cards, and anything else that can be labeled a tradable instrument.
is anyone willing to say how much they ARE making?
I can’t comment personally as i’ve just converted from futures to forex and am trading small size for now, before i move up to standard sized lots, but even trading mini sized lots on a small <1000.00 account I expect to bring in between a 50-100% return on that account this month.
I can tell you that my trading friend is using the 4hr MACD method posted on forexfactory trading 100 lots positions and hes bringing in between 300k-500k USD monthly.
No bull****. The guy lives in a crappy little 100k house in Georgia and has a new 300k Ferrari 430 on order. lol.
It can be done, it is being done.
thanks, i’m looking at a �100 account. 1:100 leverage. they say that means i can trade like i have �10,000. is that right?
suppose i make �150 and want to withdraw �300, they’re not gonna let me do it are they? i’m making �20-30 per trade on a few trades on the demo but i do that trading candles i see going up or down. Scalping?
when i try to open longer term positions i always get stopped out?
any suggestions? thanks again
Making money is possible in Forex…very possible. But it could take time before you get to a point where you can make it and keep it consistently.
The very nature of the question “Does anyone really make money off of the FOREX” implies that you haven’t done enough homework. If you have no system that you have absolute confidence in then there is no way to make money in forex or any other market. Stop trading real money until you have a tried, tested and true method
The homework and preparation to trade properly takes time, some people more than others. It is often a process of trial and error, trying different methods to see what fits you. When you find that fit and combine it with a proper mind-set, then there is no stopping you and you feel like something has just “clicked”. Then you’re on your way and it truly is magic that moment. Until you get to that point there will be many difficult moments when you feel that trading profitably is too elusive, just not worth it or impossible. STICK WITH IT!!! It is possible, you just need the commitment before you arrive at your “ah-ha” moment.
I can honestly say i do make money trading Forex, but i’ve been at this since 2004 and this year was my turning point. It just sort of all came together after a while and i think i just got my head right
hi pipbull,
can you clarify this ‘leverage’ word? i have heard it is possible to open a micro trading account with �100($200) and be offerred 100:1 leverage, meaning you can trade with �10,000 ($20,000).
is this correct? because i tried to take advantage of alpari (uk)'s 100:1 leverage offer on a live account and they opened one for me with �100 equity, �100, margin �100 balance. i didn’t see no �10,000.
prior to this i hasd conversed with one of their reps on the phone and they assured me 100:1 leverage means �100=�10,000 trading capital.
as a senior trader here, please refer to brokers who offer 100:1 leverage i would appreciate your input on this. please don’t refer me back to alpari(uk) as i believe i was misled.
thanks
hypnos63
The equity in the account will be your �100. At 100:1 leverage you won’t be able to open a minilot (�10,000) because the ‘100:1’ refers to the margin you need to set aside (in this case �100). Since you also have to pay the spread which will be a few pips at (say) 50pence per pip you would not have enough in your account.
Even if you had �150 in your account, don’t try to open a minilot - 100pips move against you would have you margin called and down to �100 again. This 100 pips may happen in one trade - or if you set stops, after several trades. Don’t forget you are losing a few pips in spread each time you open as well.
IMHO don’t trade a �10,000 lot unless you have AT LEAST �2000 and better �5000 balance. Find a microlot broker (�1,000 Lots = 5pence per pip) and make sure you have (ideally) �500 deposit.
Hope this helps
From the sound of your basic question, hypnos63, I would strongly suggest that you go through the free Babypips school before you do anything else. It will give you a good overview of the Forex market, including things like leverage, Stop Losses, and how to choose a broker:
You can also do a search of the forums and find many recommendations for brokers. Most offer 100;1 leverage, but you need to know what that means for you and how best to use it. The school will explain that.
thanks andyk, and in2blues. i will re-read the babypips school treatment of this and search for a micro-lot broker. will appreciate any other helpful tips.
Oanda is probably your best bet for a micro broker as they don’t have an initial account minimum and you can trade any size you want, not even standard mini lots, you can trade like 1/1000 of a lot if you want.
Setup a demo with them but make sure you are successful for at least two months in demo before you risk your HARD EARNED money. Don’t think you can skate by and do a week and your ready to go (99% of noobies think this, and 99% go on to lose money). Take your time, don’t rush this. Its not an overnight process, so respect it for what it is and it will save you money.
thanks daedulus. i have already been practising on the alpari demo and will take a look at the oanda demo. appreciate the pointers.
i have been advised to put in trailing stops to lock
in profits when using a particular strategy.
how does this work with metatrader
platform?
i have seen the order button that lets me put in a
trailing stop, but how does this differ from the
regular stop-loss setup? when initially placing the
order?
i’m looking to place buy or sell stops with a
trailing stop to ;lock in profits’. how would i do
this on metatrader 4?
I love Trailing Stops (TS). Oanda doesn’t offer them at all, though, and with MetaTrader you have to keep the platform running. When you shut down MetaTrader, your TS no longer functions, although your regular stop will, as they are stored on the server side.
Keep in mind that with most brokers, a TS doesn’t become active until 1 pip after your setting. For example, if you have a 20 pip TS, the price must move 21 pips for it to become active, at which point your TS would have moved up 1 pip. So, if you’re using a TS to lock in 20 pips in profit, the price would actually have to move 40 pips before your TS would be at the 20 pip level.
So, continuing with the 20 pip profit example, when you initially place your order, you set a Stop Loss at 20 pips and a Trailing Stop for 20 pips. If your trade goes against you before the TS kicks in, then your SL protects you. If everything goes fine, once the price moves 20 pips, you can move your SL to break even and the TS will kick in after that.
I really wish all brokers would do it the way EFX does. Theirs is a pip-for-pip TS. So, when I set a 20 pip TS and the price moves 1 pip, my TS moves 1 pip. That means that the price only has to move 20 pips to lock in my profit instead of 40 pips with most other brokers. It follows the price all the way. I love it.
thanks in2blues. are you talking about efx.co.uk, or efxgroup.com?
what does alpari uk do?
this means i can’t use oanda, because the strategy i’m talking about has no exit point. they advise trailing stops.
another thing in2blues, what if i keep the stop- loss in place after 20 pips? or foget to move it to break even? will the TS still supersede and kick in when its supposed to? talking about metatrader.
I don’t use trailing stops for the simple reason that too often price retracements can hit your stops and then continue in the original direction. They are fine for a lot of people but I was burned once too many times by them to consider using them.
I only use them if my contracts stops are already at their last stop loss values with profits locked in and i’m letting profits ride overnight or something when i’m not at the screens to manage them.
But if your managing the trade somewhat actively, I don’t feel they are necessary and can be detrimental.
This however, is just my opinion, based off my trading style, and others may swear by them and have excellent luck.
If your method advises trailing stops, why don’t you just do it manually… i.e. if price moves up 5 pips, you move your stop up 5 pips, etc? The 1 for 1 trailing up is what kills a lot of people and kicks them out too soon. Price never moves from a to b in one straight line move, it moves, comes back a bit, then moves again, so if your trailing stop is too tight, its gonna knock you out and then work. If you can I would just manually move stops.
thanks
daedulus. however the strategy is a long period one (daily-weekly) can’t be closely monitored. appreciate the imput
As daedalus said, it’s EFX Group.
Yes, the TS will still move past it without a problem.