Does anyone really make money off of the Forex?

To be honest, you can only blame yourself. Trading is far more risky than investing. If you were unaware of the risks involved then that’s down to your (I mean anyone who starts trading, not you directly) lack of research and understanding.

If people are willing to throw tens of thousands of dollars at new accounts, then more fool them…it’s pure stupid and shows how naive some people can be. This is a business, and lets not forget that…

sman you are one pathetic dude. I feel sorry that you lost so much money trading but the blame is only on you. A loser at 100:1 leverage will be a loser regardless if it’s 10:1 or 5:1 or 1:1. You can control your position size depending on your risk appetite. No one forces you to use all that leverage. Do you think cars should be capped at a maximum speed of 60mi/h because that is the suggested speed limit?

Sure you can, no one is stopping you from putting in an order at a key high/low. If the trade goes your way, you essentially took out some poor dude’s stop for your gain.

It is absolutely pathetic that you are blaming Capitalism for your losses and you are calling on the govt to regulate everything to the hilt to make you feel a widdle better. I can’t think of a more childish way of coping with your losses

I suppose if you made money on forex you wouldn’t be evil, because you MUST be oh so morally superior to all those other “evil doers”?

And your calls for more regulations are actually quite funny…, As if the people in govt are any better than people on Wall Street. People are so evil and greedy blah blah blah… So lets put them in govt and give them even more power and control and let them “regulate” everyone. I mean, are you even listening to what you are saying? Perhaps you should delve into what special interest groups lobby for these unconstitutional “regulations” that obviously didn’t do a good job at protecting you from your own incompetence…

More often than not your beloved regulations that are illegally created to regulate those “evil” corporations, are actually written by the largest corporations in the sector that the government is going to regulate. It’s called chrony Capitalism.

Being a politician must be the easiest job in the world. Pass laws, regulations and new rules, most of which are unconstitutional, and then when they all backfire and fail like they did in 2008, blame it on Capitalism, the constitution and lack of regulations… And sure enough people like you buy into that notion.

And I’m sick of reading all your nonsense about how speculators are evil. In a free economy (no longer the USA) many people act on market incentives individually from one another. This decentralized structure actually keeps the market stable. Speculation is only dangerous when it is based on centralized moved like a new law or Federal Reserve actions that trigger many people to make similar bad decisions at roughly the same time.

Since you are so eager to live in a more authoritarian society I suggest you book ship and move elsewhere instead of having the govt and the lobbyist bureaucrats forcing this garbage down everybody’s throats. Do you ever wonder why regulations cost small businesses 30% more to comply with than large corporations? That’s the whole point of regulations… to reduce competition.

You are not a good trader. That is your fault. It’s not my fault, it’s not Romney’s fault and it certainly isn’t the fault of the non existent free market that you so vehemently blame for all of your problems. It’s time to grow the heck up and start taking responsibility for you own actions.

Yes the problem is freedom…? Man, c’mon… You can’t be serious. Do you have any idea at what this country was founded upon. Obviously not. You are implying that our corrupt government should regulate absolutely everything. From the dinner plate to the trading realm there is no limit to how they can regulate us.

Listen, part of living in a free society is responsibility for you actions. If you want to be totally safe, go to prison. Nothing will hurt you there. Oh wait, you want this whole country to be one giant prison where nobody has a free will. Well IMO you should quit complaining and move to a country that reflects your values, such as North Korea. Trust me, you won’t have to worry about over leveraging your account or becoming obese there. They have plenty of regulations to protect you.

And your “noble” role models like Soros, who make billions and then try to kick the door closed behind them so nobody else can come close to them, are actually jerks. Soros has his own agenda when he is lobbying, it certainly isn’t the agenda of the Constitution or anybody who aspires to be successful one day. Soros made his billions, now he wants to shut everybody else out. Not because he cares about you, but because he is a lousy character.

I think you should take time to really study the forex market. When people dream of becoming medical doctors, they go to medical school, when they want to become Lawyers, they go Law school, so if you do want to become a forex trader, please go to a forex school, I recommend you start with Baby pips.

Maybe BabyPips should use this as their new slogan :wink:

Defeat is not the worst of failures. Not to have tried is the true failure.

Courtesy of BabyPips Facebook page about an hour ago.


Soros would know more than anyone, why he supports lowering leverage and the Dodd Frank act. He was making Billions trading currencies when most people here were still in diapers.

At least he has the moral compass, to help newer traders avoid the failures he made, before he became successful. Leverage is the main reason why the numerous government studies on brokerages, show that 90 percent of traders are net losers in this market. These studies tracked traders for the span of years, this market has become a casino, where the rich are the house.

The free society is a fantasy, the wealthy traders need to be put in prison by the government, for their crimes against the majority of traders. Many people have lost their entire life savings getting caught in this scam, they lure and tempt unsuspecting people into their swindle.

Look here, Dodd Frank was just the beginning, it was very weak but soon enough they will limit the leverage to 10:1, and that will fix all the problems we are seeing presently. Republicans, and guys like Romney, still have their greedy, evil hands in our government, that is the chrony capitalism you speak of, but when good democrat regulators take power, none of these gimmicks will no longer be allowed.

No one is saying don’t try, but right now the game isn’t fair and needs more regulations.

Wealthy traders need to be put in prison?

You have no clue about how Capitalism works. Your problem is that you believe in the government fairy. You view the government as some kind of mystical, omnipotent entity… as though it’s not full of the same kind of creatures that you complain about running wall street. The difference between self made millionaires and politicians is that self made millionaires actually earned the money instead of stealing it from taxpayers. That said, if somebody became a millionaire by lobbying the govt to pass “regulations” like Dodd-Frank that further Cartelize their industry by pricing small businesses and little guys out of the market, then I have no support for them.

The funny thing is Chris Dodd, and Barney Frank were some of the Pied pipers who led the country over the cliff during the 2008 crisis, and yet they are the ones who wrote the regulations. Talk about the inmates running the asylum. These guys were in denial during the entire housing bubble, they don’t understand the fundamentals of economics, they have no idea why we are in this mess… In fact they partially lit the fire, they are not going to put the fire out.

GROW UP.

Wait, what?

Are you talking about this George Soros? I think his moral compass points south

Archived-Articles: Soros the Guiltless

Forex trading is professional business, the reason for that is that, Forex trading requires a lot of mental skills, Ranging form the trading strategies, the planing, the discipline of minds, patience etc, no trader without mental skills can profit here, it is a real profession

I love that about him. :smiley:

George Soros and he’s warning about new financial meltdown…

I am truly sorry you lost your life savings trading forex… I really am sorry you had to experience that, and I hope you can recover that over time and find financial security.

Here is the thing though… About leverage and marketing which you might think “draws people into a scam”…

I liken it to the internet marketing niche.

There are ALOT of scams in that niche. Does that mean you cannot make money with internet marketing? Of course not, people have become millionaires with internet marketing.

If you are getting into internet marketing, it is up to you to do as much research as possible and choose where you put your money.

If someone convinces you to spend thousands of dollars on an “amazing new idea” and it turns out to be a scam, your problem should be with the person who scammed you, not the system in general.

And I don’t see how wealthy traders are responsible- all they are doing is trading just like anyone else.

1:100 leverage is like going to the casino and putting all your money on red. Unless you are highly skilled, 2 or 3 trades can cause you to lose everything you put into the account (however much that was).

On the other hand, if you trade at a small leverage, such as 1:5, it’s much harder to lose all your money. You need the currency to move 20 cents in the wrong direction for you to lose your whole account.

So it’s up to each person to choose to learn about leverage before they put their money into the account. If someone has given you misleading marketing, you should take it up with them or report them… but the problem isn’t the forex itself, from what I can see. It’s just like a casino… you can choose to stay out, or you can choose to go in. If you go in, you can choose to have a conservative betting strategy or a wild, dangerous one.

Again, I’m sorry you lost money on the forex and I wish you the best.

First I’ll start by saying its very unfortunate that you lost your life savings. I hope you are able to recoup your losses in another way and hopefully move on the path toward recovery. I suspect you are not the only one in this situation and maybe you can draw on the experiences of others to aid yourself in the recovery process.

I can say, through my time trading I’ve had my ups and downs including starting with a $500 account, dropping down to $30 and then bringing myself back up to being profitable. I lost money learning how to trade mainly because I didn’t take advantage of the demo accounts long enough. BUT! The way I was able to bring myself back up into being profitable was through risk management. It’s highly likely you had some combination of poor risk management and bad judgement in trading that caused you to lose your life savings. It’s highly likely it wasn’t the industry but instead it was you. When you are able to trade in such a way that all your gains outpace your losses, you are unable to lose your life savings. This is done through setting the proper stops and gaining experience at estimating them (in my opinion). When i started setting stops and limits and sticking to them, i started making money. When I was gambling, i was losing money. Odds are, you were gambling. The leverage didn’t take your life savings.

For example if your stops are on average 10% of your limits, your P/L ratio is favorable assuming you dont make a ton of bad trades in a row which you shouldn’t be doing anyway if you have taken the proper steps to learn how to trade.

Sman 1109-I am a new trader myself. I study part time. There are still some things I want to learn before I actually start trading. I have found some of the stuff to learn is not so easy to learn. There are so many people out there trying to get your money. People wanting to teach you, people wanting to be your broker, people with a magic formula to beat the markets, guru’s trying to get you to buy that great Gold stock and so on. That is why I am cautious myself. But in any endeavor there is risk. You do bring up some good points. As far as Government involvement in the Forex market, might be a good idea to help those who are being cheated. Me myself I never did like Ronald Reagen’s policies. I always believed in regulation. Just look at the economy now. It is a mess, partly because of deregulation. But I am not a republican or democrat. I am independent. I never vote for the two main parties. As far as trading goes, I guess it is just a chance you take. I do know that there are traders making money, and lot’s of it. But the ones I have seen are diversified in the markets. They don’t trade just one market. They trade all markets. Stocks, Forex and commodities. Well, kind of my point of view. I guess if I can’t make it as a Trader then Tally ho! or to hell with the crap.

If you don’t know enough then learn, if you think you don’t know enough then you probably don’t. There’s no harm in spending months and months learning before doing, If you’re approaching Forex with the aim of “needing to be making a return in a couple of months” then you’re probably going to rush it, and jump in too fast and mess it up.