Does anyone really make money off of the Forex?

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:

What’s wrong with Forex the way it is. I’ve made money in it and I’m far from rich (yet). The reason you think forex is a scam is because you lost your life savings in it? Maybe you shouldn’t have risked your life savings. Anyone with sound investment knowledge knows this thing: never risk more than you can stand to lose. According to your logic casinos should be scams because people can walk into a casino and gamble their whole life savings. That makes no sense because no one told them to gamble their whole life savings.

I’ll bet my 401k is a lot more reliable than social security, as long as the government doesn’t wreck it. Heck they’re saying social security won’t be around by the time I get of retirement age.

The government shouldn’t be running much of anything. I don’t know how much you’ve had to deal with government directly, but they are terribly inefficient.

People fail at a lot of things, or they choose a different path later. How many people do you know that changed their majors in college, and then come out and not work in their field? Off the top of my head I can think of 3 people, and I’m a recluse :wink:

Not too mention the massive debt they’ve accumulated, but that’s another topic.

I’m not sure what would happen to the rich. They’ll probably be okay, you’re right, but I do know the UN was toying with the idea of getting all the billionaires in the world, to help out everybody. A little home homework says that the worlds billionaires net worth is about 4.6 trillion. That’s hardly a third of the U.S. debt.

I think it was maybe 4 or 5 months ago I figured it out among the entire earth’s population. If you were to take away everything from these billionaires and spread it out around the world. That would give each person on earth, about $700.

4.6 trillion is a crap ton of money, but it doesn’t scale like people think it does.

I’ve mentioned the casino thing a couple times. He ignores it.

Seriously? You really believe this? Most people I know who have started a business have not risked MOST of their net worth, they’ve risked ALL of their net worth, plus added debt on top of that.

Hello Traders,

It should be noted the numbers ‘90%’ of traders don’t make money is not accurate. Industry wide studies are done on a quarterly basis and the numbers are anywhere from 23-45% of all account holders make money.

Here are some stats and information on that below;
US Forex Traders Profitability Report

Hope this helps.

In terms of traders making money trading forex, besides the information above, I do make money day - day out, run a boutique fund which has a 9year audited track record, and I share some of my trades, methods, models and ideas on a thread which you are welcome to check out at
Forex Price Action

I think the key thing is we can understand someone’s skepticism about making money trading if they are not. But its important not to make ‘our view’ and experience a ‘universal view and experience’ about trading, and that it is certainly possible to make money trading. Depending upon how much work you are willing to do (internally, externally), your focus, efforts, and ability to remain aware while trading will determine your output. But it is a real thing and I know plenty of people doing it everyday.

Anyways, good discussion chaps.

Kind Regards,
Chris

Interesting.

Thanks for the information.

Wouldn’t you get the same probability trying to get HHHT or HHTH for that matter? because each flip has 50/50 and is not dependent on the previous result. I haven’t done probability since high school but I think thats right :stuck_out_tongue: