Does anyone really make money off of the Forex?

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.

what deregulation are you referring to?

I agree with you. Well but it needs a lot of time for getting experience in trading. And not only time of life but own money. It likes casino but there is an opportunity in some period of time become professional.

I know I shouldn’t keep beating a dead horse, but this George Soros guy has probably never worked a day in his life. If he has it probably was behind a desk or someone else doing it for him. I doubt he even does his own trading. Our Fathers and Mothers worked in Factories. They had retirement benefits and darn good ones. Because Unions did it for them. Now we have no factories, no Unions to give us that retirement our Fathers and Grandfathers made. So what have we. 401 K’s that are highly risky, most pay very little of the companies money and we have to put most in ourselves. So we have found ourselves in markets that we know nothing about. So we leave it to the pro’s, most of us or we have to learn how to trade. And most of us don’t have the resources or money to make a go of it. Sorry! Just my view on Mr. Rich Guy!

He had to do something to get his wealth. Sounds like your definition of work is just physical labor.

I don’t understand when you say 401k pay very little of company’s money. A 401k isn’t an investment in a company. It’s diversified. I work for a non-union company that offers 401k with matching bonus, and a pension. You can leave it alone or choose how risky you want it to be.

You have the resources. You’re here…

“So we leave it to the pro’s, most of us or we have to learn how to trade. And most of us don’t have the resources or money to make a go of it”

I’m afraid I don’t understand what your trying to say. Of course you have to learn, its the same with anything.

I found out why you failed.

“This is my several micro account attempt to turn $50 into $10,000 usually on average I lost $50 every two weeks for the past year.” - you

“It takes too long to get rich using professional risk management with paltry sums of capital, how do some people increase their account size by 1000 percent in just one month?” - you

“…there are people who are skilled enough to turn a few dollars into a lot of money in the span of one month and would like to know the framework to go about it without them revealing the actual strategy as that is priceless.” - you

“I have a larger risk because I use the margin call to stop me out and sometimes one loss takes out a big chunk of my account still working on where you are in discipline.” - you

These really got me right here, given how much you want the politicians to regulate FX now.

“the politicians may ruin forex they dropped our leverage from 400 to 50 in a few years so they want you to stay in school” - you

"If you have strong odds in your favor in a trade the higher leverage allows you to make more money.

IF you are experienced and only trade with the odds in your favor then your wins will always cover your losses no matter how high the leverage is so in the end the politicians ruined forex by reducing your ability to make more money." - you

See… I don’t think you knew what you were doing. A little common sense might have helped you out. You didn’t fail because of Romney or because of the Republican Party… you failed because you are a gambler.

In my opinion, high leverage is stupid, but that doesn’t mean the government should ban it. As somebody else mentioned, you don’t [I]need[/I] a car that is capable of going over 75mph, but that doesn’t mean the govt should ban it. America is supposed to be a free society. The government can’t constitutionally protect you from yourself. That is a prison and it goes against the grain of everything this country was built on. If you don’t like it, move to a country like North Korea that adheres to your principles.

Jolly knows his stuff. Better than anyone else I know.

I think the very few rich, who profit and exploit the majority of us, should have to move out of the USA. As they are, many wealthy Americans have left the country, to escape taxes, good riddance if you ask me.

As for making money off FOREX, 90 percent of traders lose because eventually they get sucked into leverage, its a temptation that government must mitigate. We all do things that will hurt ourselves, and its the governments responsibility to keep us safe from ourselves.

You call me a gambler, that may be true, but everyone 9 out of 10 traders are gamblers, and lose money that is very important to them, and that has got to stop. The FOREX market is a casino quite honestly, and it is disguised to the majority of vulnerable traders as a legitimate investment vehicle, but if that were true more people would be making money.

I ask all of you, why are the facts the way they are? 9 out of 10 traders lose, that is a fact that 9 out of 10 members here will be net losers, only the rich guy is profiting here, that says something is wrong.