Does anyone really make money off of the Forex?

No offense about the yellow but come on, its a ferrari. It stands out by itself, it doesn’t have to be yellow to do it.

But thats just my opinion. Have at it, I don’t own a ferrari. I’m going after the LP 640! That is my goal in 2 years!

What ever you get, good luck getting it! Hope you get it!!

hey, how much did the guy with the ferrari start the game with?

He’d blown out a couple 20k accounts before he got onto the method he trades now and with the usual learning curve. He started that with a 30k account.

always nice so hear the success stories, i’ve got hopes for myself but i dont think there going to range into the 500k a month range, but who knows…must be real nice.

My advice to you is to keep trading real money and apply risk management. Get used to the loses, just be patient. Don’t give up just mentalize yourself for loses. Then eventually you’ll get the “aha” answer.

Regards.

For a start, I doubt there is a single person in the entire world who has ever made consistent profits after only four months of trading, so no wonder you are losing money, in fact, at your stage, you should be learning how to trade, building a winning system, and trading only on a demo site. Are you trading a system you have purchased from somewhere? If so, forget it, no one is going to sell the the goose that lays the golden egg. If not, and you have your own system, then there is no way you are going to have been able to develop it sufficiently in 4 months for you to know enough about the markets to bring you in money. Please please stop putting your money on the line and trade demo, spend evry bit of spare time you have studying the markets and backtesting your findings, and this, believe me, will take a lot longer than you think. If somehow you believe trading is easy, then let me dispel that myth for you right now, it is not, otherwise we’d all be winning. Only 10% in this game get to earn any money from it, but these are the 10% who have invested years of time and effort into learning how to trade profitably. Like anything worthwhile in life, trading is a skill like any other that has to be learnt, and it can be learnt by those who are determined enough, but it takes a lot longer than 4 months. Yes, I speak from experience, and yes, I was in your position wondering why it wasn’t working for me after a few months, but I soon realised that trading was a lot harder than it looks. So my advice to you is to ask yourself if you want to invest the time and effort required to turn this into the profession you so want, and if you are, get back to basics, and trade only a demo site until you are so confident with your performance backed up by consistent results, that you feel ready to put money on the line, and then, only on a micro account to get used to trading your system with real money again. If you choose to ignore my advice, then I guarantee that you will join the 90% of people out there losing their hard earned money in this game. The very best of luck to you.

the person who initiated this thread has been blocked…

You thought it would be easy to win the markets every day, huh? Well, many newbies tend to under estimate market obstacles. Remember, you have been trading just a short period of time, so do not give up! There are many stories about successful traders- some of them true and some not so much. However, reading about success stories won’t help you make it big. It might just inspire you, or even make you more frustrated. My advice to you is: do not try to make the big money right at the start; ask yourself everyday “what have I learned today?” try to stick to successful traders and the most important thing: DO NOT LEVERAGE your account, and do not overtrade- you will deplete your account. Your main goal in the first year is to survive the markets, learn how to control your mind and enjoy trading as much as you can. Good Luck!

Oh i just saw your comment after i responded - oh well…

It will take about 1-2years to be consistent.
It’s a bit like studying except you need to know mathematics, psychology, economics, technical stuff, fundamental reasons, market sentiment, etc.
You need to learn about the markets first, it’s not as simple as oh this system does this and this one does that.

Nice to see a quality post… sound advise based on experience and not asumption. :57:

Yup, great post. Too bad it’s a 5 year old thread, and the original poster will never see it.

Mr. Gone is an expert at dead thread dredging. Really irritating to see people care enough to spend their valuable time answering 5 year old questions, because somebody was just killing time, and randomly pulling up ancient stuff.

I do believe that site rules state that act is a bannable offense if done enough.

Gets the post count up though, if anything. :smiley:

Indeed, but quite apart from, as Tang correctly states, wasting people’s time offering considered advice that turns out to be redundant as so much time has passed, this practice also drops current threads down off the front page that might be of current interest to some. This means that these threads often disappear prematurely. So it might sound draconian, but when this is being done as often as it is recently, I can see where the pro-ban lobby are coming from…

apologies to all out there, I honestly didn’t realise it was a 5 year old post until after I’d submitted my reply.

I do got to agree with pip slayer on this. I know I was googleing some stuff and came across a thread from babypips and posted only to realize after the fact it was a old thread. But yes a old dead thread should stay that way. Then again it does help stop seeing the same threads being posted over and over again.

You didn’t cause the problem.
When you responded, it had already been returned to the front page.

You read, and replied as a responce.

Mr. Gone on the other hand, has a habit of doing this.
He’s been thread necrophiliac ever since he got here.

Well, there are always going to be some odd ones out there I suppose. Thanks for letting me know. I did feel kind if daft once I saw how old the post was.

Heheheh thread Necro??

Who said we dont learn something new everyday??

Look there a few issues here.

First of all and I do emphasize “first” is the attitude. Get this idea out of your head that you are going to become rich. You may very well be rich one day, but the idea will cause you to make bad trades. It will cause you to make bad trades that will lose that will then cause you later on to be hesitant when a good trade finally does come. If you plan to day trade then you will have to have lot’s of patience. The best thing is to just stick to the 4 hour chart and higher. That way you won’t be starring at your charts all day which will eventually drive you to (you guessed it) make bad trades.

Once you have the attitude down and this may very well come with time, you need to know proper money managament(MM). Now in my opinion, the proper attitude goes hand in hand with the attitude because if you have a bad attitude then you will always violate your mm rules. A good rule throughout the industry is 2% risk per trade. Risk is the amount you will lose if your stop loss get’s hit. If you don’t have a sl, (which everyone should but some are very against them) then the risk is defined as the amount you will lose before you close your trade.

The last and believe it or not the most important is the trading… you need to find a way of trading that suits you. It might be a system but systems tend to lose over time. If I can recommend a good approach, study fibs, support/resistance, and candle formations.

If you can get these 3 down and keep true to them for a few years, then you will be rich. Unfortunately, you will find that there are many mental pitfalls along the way and that you may never get there. As soon as I start having success I start breaking rules and I am back to where I started. Maybe not blowing and acccount but at least back to the point that i lose all of my profits. Many say though that just breaking even is the first step to making money.