Does anyone really make money off of the Forex?

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.

EFX: Experience Forex Freedom

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.

You make a very good point. I’ve been stopped out with a TS like that, too. It all depends on how tight your stops are, as you say.

Are you really being serious?

So he is averaging 2 pips profit a day then with 100 lot size?

That method can be very profitable with proper money management.

I’m being completly serious. But trading a 4hr chart its not like hes daytrading or something. So I don’t know about what his daily average would work out to be. Last month he had about 8 trades the entire month and averaged between 40-90 pips per trade. Total he had a little over 500 pips. 500 X 100 Std. Lots = 500,000 USD.

Every trader knows that the key to really profiting is adding size. I’m just as happy to double my size and half my pip quota for a day! Easier for me, less commissions, why not?

Congrats to him. Can’t believe his broker hasn’t started messing with his trades yet since he is pulling out that kind of money. Do you know which broker he is using? Which I’m sure his account is so big they really don’t mess with his trades like they would a small account trader.

To hear everyone tell it: You start winning/pulling out money, and they start messing with your trades, making you pay/lose.

Glad to hear some positive feedback. Make sure to post a pic when he buys it! Hope he doesn’t pick yellow! LOL!

I’m suprised they haven’t been messing with his trades either! I asked him about that but he says hes had no problems. Whats more amazing is hes actually been using deutche bank, which is essentially fxcm, which as far as I know, is a bucket shop more or less. But I guess if its working for him its working for him. Maybe they have set his account aside to take positions with him, instead of hedged against? (Is that even possible?)

And whats the matter with yellow?! Hes ordered a Rosso Corsa Red with black interior and red stiching. It should be amazing! I love yellow cars, and i’ll make sure i post a pic up of what i’m in the market for when I find the perfect one!

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: