Does anyone really make money off of the Forex?

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:

With one slight correction, the consensus here is that the general view is EVERYONE is making money, when the facts are Most everyone is not making money.

9 out 10 from my facts, but even your biased facts still show most traders don’t make profits.

I would like you to point out how you came up with everyone is making money.

Your facts aren’t facts. You gave no reference.

I think there is a confusion and misunderstanding here.

Never in my post do i say everyone makes money. I say very clearly anywhere from 23-45% of the people make money as shown by the audited reports from all US regulated brokers for the last quarter. This changes, but the numbers stay relatively stable so the statement 9 out of 10 is factually not correct.

So there is some confusion and and misunderstanding of what i said. What i did not say is that everyone is making money so not sure where this idez came from or how you misread it

Kind Regards,
Chris

I second this – School of pisology is the first place to start

I went though exactly the same thing, having studied for a year before even opening a demo account.

Now i trade 1 lot on a few different pairs, and concentrate on trading well instead of making money. I still discipline myself to close losing trades and let winners run, as another thing I was doing was letting losers go for to long and closing winners to early in a bid to grab even a little profit.

Don’t give up, adapt your method and overcome. The quality of life day trading provides as far as I am concerned cannot be beaten. I take no sh** from anyone like bosses of ‘colleagues’ and I ‘eat what i kill’. No commute, and I see more of my kids than any other father I know.

Good luck!!!

Hi do you have an email link of this method would like to look into it.

Kind Regards Ronnie

The only problem I see with these posts is that most people here are dreamers and your problem is discarding them,no doubt there one or two people who know what they are talking about but the rub is knowing whos who.Your only way of knowing if you can win or lose long term is to demo trade for two years+,Discard all your meaningless indicators your crossing moving averages blar blar etc and work off pure price action,no doubt some will say they’ve made heaps with this indicator or that one ,but dont listen to them,its all crap and it took me two years to work it out.So stick to price +supply and demand (different to support and resistance) and you’ll be on the right road,and those who dont agree,who cares.

What works for one person may not work for someone else, you can advise people on your experiences but I don’t think it’s fair to tell them what to discard and what’s sure to work, I’m against indicators myself, don’t use them at all, but the truth is there are people out there who do make money using indicators, its part of their trading style and I think every person needs to develop their own with trial and error, like you did I guess :).

I agree. Have any of you heard about the commitments of traders report. It could be a good alternative, since it is not derived from price and shows how market participants change their positions (great legal insider info!). Of course you may ask, how does this help forex traders, but there are commitment of traders data on currency futures and in my experience (using it for over 5 years) the signals are pretty affective.

And you have proof of this ?we cant know for sure that people make consistant money using indicaters ,maybe for spoting divergence,but this is my point ,of those people who say they do ,how do we know for sure,ive yet to meet one,but thanks for your opinion antway

Just to give some proof of people making money with indicators (which can be done), there is;
a) the automated trading championships whereby most of the automated systems making money are using indicators
and
b) I have a student using of of my systems which is indicator based called the shadow system, and posted his live track record for an entire year to me, making 110% with some impressive stats. Feel free to check out the article on my site called ‘ode to the 4hr charts’ whereby I post his live track record.

So hopefully that demonstrates some proof of it, besides the fact almost all the automated trading algos are indicator based. Traders are making money with all kinds of systems, price action based and indicator based, so hopefully this gives an alternate perspective.

Kind Regards,
Chris

Linda Raschke, when asked in an interview whether traders on her company’s floor use indicators or not: “Some use completely naked charts, others have their screens filled with indicators. People do what works for them.”

The sceptical among us might say that (by his own admision ) Cris has "students and systems"he might be a tad bias not to badmouth indicators,anyway if they work for him then well done ,I still stand by what I said,And wont post anymore on this subject.