Does anyone really make money off of the Forex?

It compounds on every trade. which is much better then monthly! as long as you trade more then once per month.

To all,
I started out here and hardly read posts. I went though the school provided on this website and got my education. Thanks BAbypips. I then went to FXCM micro to open up an account with $500. I lost all of that plus thousands more. I took a real course given by a pro-trader costs some real money not cheap. I lost money but it was managed more. I re-reviewed the course I purchased and also read some trading books. I followed time tested strategies and ultimately it marinated together to form my own strategy for profitability. You all have to just not give up, stay educated, stay looking at those charts and understand what you are doing. One jewel I will leave with you all is that what is in the school here on Babypips are very true. You just have to know how to use them correctly. Good luck!

Also, the contests that FXCM micro held shows participants turning $500-5000 to over $200,000 in a month. They provide trade reports and interview on the individual traders and their styles. It is quite motivating. Put this into your browser to see for yourself. Enjoy! Contest Winner Archive

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.

[B]If you want to be poor, do what poor people do.
If you want to be rich, do what rich people do.
If you want to be a douchebag, do what douchebag people do.[/B]

I hope that is clear enough…

“You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.” W.D

I think the problem is [B]YOU[/B] not the government…

Yes, clearly your losses are due to Romney supporters. Obama and Dodd- Frank are there to help you.

Those evil Republicans… SMH

Let’s ban the Republicans’ Forex racket and return the wealth to the 99%!

Who’s with me??

In reality, I don’t think your losses are Due to Romney or Capitalism… Stop trying to pass the blame and take responsibility for your own actions, Obama and Dodd- Frank aren’t going to protect you.

I don’t doubt you lost a lot of money. You have been trading for two years, that is a long time, but it may take you up to 7 years to be a good trader. Maybe you need more practice. As for the Democrats and Republicans go, your comment is purely subjective. And as for 10 percent of the traders here who are leeching off of the little guys just starting out with very limited capitol; that can’t be true. Because the smart money institutions are the ones who leech off the little traders. Not web sites, unless they are institutional traders also. Or have extremely large funds that would off set the Forex Market in a big way. On the other hand the guys or gals running this web site will tell you that the education they provide here, I know because they told me this, in fact I have a thread here somewhere about this same subject, that the education here like Eliot Wave theory, is not gonna do you any good. It is worthless. Outdated. Now some of the other stuff like triangle formations, trend lines and candlestick interpretation, and this is my view only, probably is worthwhile to learn, especially if your a Trader. Have you tried supply and demand and smart money trading. I believe that is where a trader should devote most of his time. And if you have lost thousands of dollars in Forex, you must be one rich Democrat. He Haw!

It’s very easy to lose thousands of dollars over the span of 2 years, trading nothing but 50 dollar micro accounts.

Of course that means using leverage, which the Dodd Frank act, did not go far enough in addressing. I am sure if the law limited the leverage to 10:1, I wouldn’t have lost my life savings, over the last two years, learning the FOREX market.

This site certainly does benefit the wealthy, contrary what the other poster said, many of the newer traders are victims and FOREX is zero sum, which means when one trader loses, another benefits.

Look at this way, the millionaires, they make money when all the sheep get slaughtered, from reading all these feel good stories here, about how someone made thousands of dollars in one day, trading the AUS/NZD after the down turn.

In reality, only 1 percent of millions of people, profit. The Government did a study on all the retail brokers that are regulated now, and ACCORDING TO THEIR OWN STATISTICS, 90 percent of retail traders lose, this is taken over the course of several years.

So long as my speech isn’t banned here, this is advice for newer traders, from an honest experience in the minority here.

I am not here to lie, of course after losing mounds of capital, and spending many years, maybe a trader can make a living doing this, and only pay the 14 percent capital gains tax rate, that Romney pays.

But I referring to 99 percent of FOREX traders, why should they be victims so that just that one percent can have the freedom, or luxury, to make a living at their expense?

It takes many years, and a lot of capital to learn FOREX, something no one here or anywhere will tell you. But that is the truth, and you know and I both know that. It is thoughts like in your post, which is exactly why need the government to step in, and regulate this market, for the safety of the rest of us.

You’re making money off of me, and most of the traders in the FOREX market like me. You are spending my life savings now, for your luxuries and rent, and if not for the government stepping in when it did, with DODD FRANK, and limiting leverage, you would continue your tyranny on my life.

So yes, we do need the government to protect us, limit leverage to 10:!, and finally not have to continue to fall for these scams.

It’s pointless Banker to talk to this guy…It’s a waste of time…

Hey that may be true, but according to the government research, that is not only true of me but the majority of FOREX traders.

That is something not listed anywhere on this site, only the feel good stories to elicit emotional reactions from people, to put their capital at risk for a big pay off.

So the government has to increase regulations to put a stop to the evil doers, who capitalize on the “incompetent, dumb, or pathetic” traders like myself.

Yea, their evil capitalists who exploit us, for their own financial gain.

I have nothing against FOREX, if I were able to be successful, I would use my money to lobby for stricter rules on the market, so that future traders don’t have to face financial ruination, like many of us do now, to the evil manipulations they use to make inexperienced traders lose their money.

As mentioned before, 50:1 going to 10:1 will help us immensely, when we are risking capital learning the market.

You might want to reread the late edit, those few who are presently successful at this have a responsibility to newer traders.

George Soros, arguably the best currency trader, was very influential with his time and money lobbying for the new regulations on this market.

Equal number of winners and losers. If you do have a trading system and want to leverage the returns, be careful. Everyone out there things they are smarter than then next guy. But like you, the next guy thinks he is smarter than you. If you are asking yourself “can I make money trading currency?” Ask yourself how will you beat the problem of it being a zero sum game? And there is your answer.

I am speechless!! high leverage is only for the extremely dumb or the extremely talented… :smiley:

I really think if you are going to blame the gov. for your stupidity then better to blame it at the school level… :smiley:


If I sell 2500 Units for 1% risk, having 1:1, 10:1, 50:1, or 45682:1 doesn’t matter, more leverage just gives me more available units to trade and a smaller margin window if you [I]CHOOSE[/I] to use those units.

Leverage has absolutely nothing to do with protecting you, and those life savings. It just gives you more of what you can’t afford. It’s up to you to take it and play it.

Also you do not need a big capital to learn like you say, because you’ve got demo accounts, and it doesn’t matter if you trade with 10K or 50$ because losing 1% is 1%. If you can’t afford micro/mini lots, get a unit account and define pip price per your liking.

If you do not define risk, and risk more than you can afford to lose, you are a gambler.

It’s not that 95% of traders lose, it’s that 95% of those in the market are gamblers.

And no, I’m not rich, and have a day job, and taxed 50% of capital gains like any joe out there.
The difference is that I define risk, not only in the markets but in life.
I would only put what I can afford to lose in any situation; ie not my life savings. :wink:

But if I feel there is some pain to be dealt by running some stops, I will gladly [B]join in the move[/B] and take it from you.
Because that’s the whole idea of the game!

my 2 cents.