Does anyone really make money off of the Forex?

If that’s the case then maybe what you want is for the governments of the world to control the advertising.
You seem to have a problem with the way forex is marketed.
Anyway, maybe you can put it to bed now.

You said forex is like a casino. So then why are you attacking forex, and not casinos? Why are they regulating forex and leaving casino’s untouched?

They’re not trying to protect you.

You’re a gambler. You blew your savings, that means you have a gambling problem. There are programs out there for this.

401k’s dont fail as easily as you do…

my 401k is doing quite well actually, and you lost your savings. There’s no comparison

Just peeking in ~ I doubt many here remember me, but I was curious how things were going for everyone.

Fair’s fair; I’ll share as well, and report [I]actual, unambiguous, financial results[/I] of my forex days! In short: I have not lost money on Forex since I began studying it in 2010. That said, I haven’t made anything either! Two solid years of… no change. Did about a year of serious study on demo accounts, mostly using a scalping technique that did quite well for a neighbour. The result was this: a few percent gains in a typical week, then every 8 or 10 weeks I would screw up and erase most or all of the gains. Reasons varied: technical blunders, momentary ill~advised trading; things like that. It was stressful and difficult (for me) to do right, kept me up at night (trading the London open from California) and I never quite got used to it.

As it was… instead I started Yet Another Small Business, along with three tiny businesses already owned. Small business is not terribly different than trading, in many ways: elements of risk, involvement with the greater economy and so forth depending what you are doing. It has just been easier and less stressful. Even so, I’ve kept my eye on trading now and again, having promised myself to get better at VSA methods someday. Analytically it was one of the few methods that seemed to make clear, immediate sense, although my VSA trades were rare (twice a week at best). If there was learning taking place, though, it was glacially sloooow. Looking back I wish I had stuck with it, though would 50 trades a year be enough to distinguish any kind of ability from luck, good or bad? Not sure about that.

So here’s the question: how has the past year or so been for everyone? Typical, usual, “nothing new under the sun” markets just as any other typical year? Or quirky, unpredictable, unusual, or difficult in any way?

Incidentally, in spite of the hours spent, and one forex market simulator purchased (200 USD) ~ it has been a solid investment in knowledge, regardless of trading result. The difference between financial ignorance and a basic education: a ‘wealth’ unto itself.

Looking back, I’m quite happy with the time and hours spent here; it was ‘worth it’ in a big picture sort of way, lack of personal financial improvement notwithstanding.

Happy trading! I wish everyone the best, and all success.

Hey guys, if FOREX weren’t out to make the rich richer, and were a legitimate investment vehicle, then more people would be making money right?

90 percent of traders lose, because of the lie that is FOREX, I rest my case.

Of course it will make the rich richer. Thanks to leverage it also gives the little guy a shot to get richer to. You didn’t rest anything. It’s the choices you made that led to your failure.

You either pick yourself up and try again, or, you walk away. Both are perfectly valid options. If you decide to come back, then I suggest you get your gambling problem taken care of first, or you’ll be back to blaming forex instead of the guy looking back at you in the mirror.

:slight_smile: and really useful school of pipsology. It really helped me to understand how to trade and forum answer a lot of arising questions. Really thankful all of you for it.

I haven’t done any trading yet. But I have been observing and studying. I find trading challenging, that is the best part. Whether I make money or not. So far if I had a comparison between Trading and doing something else to make money, I would go on something else. But when I actually start trading I may lean toward the trading side. On the other side of the coin I see a lot of people trying to make money off of beginners, and making half washed promises of making money. The old saying “If it’s to good to be true” then be wary of it.

Wow! There aren’t to many of those companies left. Good for you. Actually my 401 K has done pretty good. No pension, though! Better than anything I will make in stocks. But on the other side of the coin if the economy tanks according to world economics, not just the US dollar, and we wind up in another recession or better put depression, then that 401 K could say BYE! BYE! Then what is a person to think. I agree with you on most counts, but I don’t want to keep beating that dead horse, he might wake up and bite me. As far as Trading goes, I like the challenge, but I haven’t found much evidence of very many people making much if any money that is worthwhile trading. There are some, but I don’t see any evidence of the mass majority of let’s say beginners and pro’s or so called pro’s really making a go of it. Looks to me like selling books and charging extremely vast amounts of money to learn is where the money is. Maybe I could learn it really well, then write a book on my experiences as a beginner trader, and sell it for millions. Oh Yea, and let’s not forget software. It’s everywhere. All you got to do is open an account and probably lose it all to use that MT4 or buy some really magic VSA software, or better yet learn programming and make your own software, then you could really make a bundle! Were in the Money, Yo Ho Honey!

Where in the Constitution is the federal government given the power to keep us safe from ourselves?

Also, you do realize that you are basically calling yourself a child since you need big brother to take care of you, right?

The other day I ate too many candy bars and felt sick to my stomach… This is clearly Romney’s fault. The government should require the evil company that made the candy bar to put huge warning labels on the packaging that reads “Caution, over consumption may cause abdominal pain” and the box should have pictures of people throwing up from eating too much, because I am so devoid of basic logic, that I need the government to protect me. Also I think that the government should require strict background checks and tests to ensure that I am capable of eating the candy bars responsibly. They also need to impose a national candy excise tax of 75% along with a strict rule that only permits you to buy 2 candy bars every week. They also need to do this for every other food that you could potentially over consume and feel nauseas from, because it is the governments role to prevent me from overindulging and feeling sick.

Would you really want to live in a country like that?

We’re still in a recession. It may not feel like it where you live, but believe me, the people in Michigan(where I’m from) know it.

Yes, I think I made it clear that newbies don’t make money in FOREX, unless the government will hold their hand. This market is structured to make the rich richer, not the poor rich, as that is the false claim used to make 90 percent of traders lose money in the long run.

When most of the traders are losing money, you think the answer is to keep the rules the way they are? That is ignorant, the leverage has to be reduced by government.

No…

Lower leverage won’t protect you. You’ll just lose your money slower.

Jolly, you can’t use the constitution to argue your points with these people. It’s like using the bible to prove god exists.

Do you even read what I post, or do you just read the first sentence?

More than 90% of people who seriously try to become professional athletes, fail. Many of them quit their jobs and sink a lot of time, effort and money into training. Why isn’t the government protecting them?

90% of people who start businesses fail… 40% don’t even last a year.

90% of people fail in a lot of things, that doesn’t mean the government should prevent them from even trying. That’s crazy talk. Everybody should have the RIGHT to pursue their dreams, regardless of how risky, regardless of what my opinions are. The right to pursue your dreams exists and any government regulations that stifles your ability to meet your dream is WRONG and IMMORAL.

How many people fail at becoming a millionaire in Vegas? Should the govt ban that? You want the government to ban, suppress, regulate or discourage almost everything. You don’t want anybody to do what they want because you failed. Now everybody has to suffer with you. God forbid ANYBODY becomes successful, that would hurt your feelings.

The govt dropped leverage to 50x already, and you still failed. As wigglez said, dropping it down lower would have made you fail even slower because you obviously were clueless as to what you were doing and your initial losses never made you think you should rethink your strategy.

Why shouldn’t the government just ban leverage? Wouldn’t that help…? Then the only people that would be trading are the big dogs that already have millions of dollars to invest. Oh wait, that still doesn’t satisfy your desires.

See, Dodd- Frank and all these regulations have little perks in them that benefit the corporations who lobbied for them. In many cases they are actually written by the rent seekers and political entrepreneurship that support them.

Regardless of what regulations are imposed on the Forex market, or anything for that matter, the fact is that there will still be a few winners and lots of losers. The only difference is that many of the winners are government chartered winners.

The Soviet Union banned and regulated practically everything. Almost everybody lived in poverty… except for people who were politically connected or part of the government. They did pretty well actually. They actually DID steal their wealth off the backs of the poor without producing anything of value that benefited anybody.

It’s funny how government interventions and regulations always lead to more government interventions and regulations. One intervention (such as subsidies for railroads) leads to market distortions which create problems for which the public “demands” solutions. Government responds with even more interventions, usually in the form of more regulation of business activities, which cause even more problems, which lead to more intervention, and on and on. The end result is that free-market capitalism is more and more heavily stifled by regulation. And on top of that, usually the free market, not government intervention, gets the blame.

Man, being a politician has to be the EASIEST and one of the most profitable jobs in the world. And you don’t even have to create value! You make money destroying wealth and diverting it away from the poor, the middle class and the productive to the lobbyists that fund you! And on top of all that, people like you praise them for being heroic figures. I gotta become a politician. Why am I wasting my money on Forex?

Hey, you know what! You should become a politician. You will satisfy your desire to become wealthy and you will get to pass all the worthless regulations and laws you have proposed. You will also get to make more people suffer equally, while fattening your own pockets and the pockets of your buddy lobbyists and bureaucrats! I think I found you a new career, you can thank me later with a govt subsidy :wink:

Really though, I’m not going to stand for your nonsense. A life without freedom is not a life worth living.

FOREX claims the lively hoods of the common man, most people who start businesses don’t risk most of their net worth.

FOREX isn’t a business, its an investment vehicle, and people get swindled into falling for the scam, making big investments an lose all their money.

50 to 1 leverage is still not appropriate, do the big banks use 50 to 1 leverage? Most professional traders that work for big finance industries would be scolded if they use any more than 10 to 1 leverage. Why is okay for retail FOREX traders to use 50 to 1 leverage?

Because its easier for the rich to exploit newer traders, from the brokers to the stop hunters, to the big movers and shakers in the market, they all profit when we use 50 to 1 leverage.

Yeah i completely agree with sman1109

So most people who start a small business don’t risk most of their wealth? I’d argue that more people who start small businesses risk a lot more than new retail traders that usually start out with a small amount of money, so once again your argument is invalidated.

Also, leverage is only a problem for people without self discipline. Your argument is the same argument that people use for anything they want to ban. It’s a generic argument. “Ban it cause people could abuse it”. Once again, last time I checked this was America. If you want less freedom move elsewhere, your heroes in Washington have already handicapped this country thoroughly enough.

And frankly, all these restrictions and regulations have dumbed down America significantly. Look at the total lack of common sense we have today. People need to be told what to do, it is not intuitive. In my opinion this is setting people up for even larger failures.

You are just saying the same thing, you have nothing new to add.

You want less freedom, I want more.

And frankly I don’t want you to change your views. I want you to continue to embrace this protectionist, authoritarian, garbage that you have so desperately clung to ever since you stupidly sunk your life savings on a gambling binge.

You suffered the consequences of your own actions. You knew the risks, you knew the dangers and your previous posts prove it: [B]“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.”[/B]

You didn’t know how to trade, and you would have wasted even more time on forex since you were clueless as to what you were doing.

I’m glad I haven’t changed your mind, because you would bring a bad name to people that appreciate freedom.

And I know you could care less about legal laws, but as mentioned earlier these regulations are not compliant with the Constitution whatsoever. I know you don’t care, but you really should if you want to guarantee liberty… Never mind. I just remembered you said you want less freedom, so the Constitution would run up against your lust for an authoritarian government.

Also, if you want to be protected immediately from yourself, as mentioned numerous times before, BOOK A FLIGHT TO SOUTH KOREA AND RUN ACROSS THE BORDER TO NORTH KOREA.

That’s a lie. My family had very little. We were a welfare family living in Flint. My dad didn’t get his stuff straight until he was 38 years old, when he started his own business. He built his business from practically nothing, and now he’s pretty successful.

I know the ceo of my company started from the bottom, and was eventually able to get investors, and now is a major fortune 500 company.

Nobody told you to risk most of your net worth. You did that on your own.

It is none of your business to force people how they can lose their money. Maybe we should just shutdown casino’s altogether. They tip the odds in their favor so they can take money from other people, who think they’re going to hit it big. Yet there are people who actually put the odds in their favor and come out winning. Sound familiar?

Take responsibility for your own actions, it’s called being an adult.
If you spend your life blaming other people for your failings, then you will forever be a failure.

No doubt! I am trying not to get to political. I agree. In my opinion, and since we live in a Global world now days; many countries are unstable as far as economy goes. And since many of us have money in our 401 K’s and for many of us that is all we have for retirement, it is at high risk of saying Bye Bye! I am not against the rich, I would like to achieve a better way of life myself, but the Rich have nothing to worry about. They don’t need the Government to rely on, they have enough money where they don’t have to depend on Social Security or Medicaid or Medicare. Us little guys have a tougher time and if our nest eggs tank we can’t start over, it’s to late by then. And I think a lot of people may be turning to Trading because there Brokers and funds aren’t performing enough for them. Unfortunately many beginners or most will probably never achieve Pro Trader Status. Since 90 percent of traders fail.

The best market is a free market economy! Why should one decide for the best of society what should and should not be allowed. We all have our own reasons for choosing and making decisions, and therefore we all need to learn from our own mistakes. This is how you get your natural flow of successors and failures - on the other hand the law of averages would argue that in any economic system you will always end up with successors and failures…the same applies to trading - no government should protect you from what your most probably going to lose :wink: