Does anyone really make money off of the Forex?

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.

I am also a green horn who just began trading a couple of weeks ago. I play small and so far break even only. I think I have adopt a good strategy mindset, which is, trade without chasing after money. Just testing my probability theory on this game to gear myself up.

Couldn’t you say the same thing about price action…

only 4 months ?? c’mon you don’t really expect to become profitable in that time of period do you ? if that’s so I’m afraid that you are a victim of false Forex propaganda usually given by brokers.

before I discover babypips I was a “student” of this successful trader name Jose Soto and I quote student because he really didn’t teach me anything. he is not a bad guy or anything but the only thing he does is give you entry signals and live access to his trading operations, so you really know his making real money

the thing is he is different from me and if you want to became a trader You need to do things on your own , but if you want money just give you account to a professional trader and relax .

i have a year and a half in the Forex world and for the first time I ended in profit on my demo account for October you can check my trandings on meetpips icisnerosfx

So in a nutshell your saying you do well trading Forex and are able to make a living doing it. I myself believe there are people making a living trading. I don’t know about Forex, but I know in the stock and commodities markets there are traders doing very well. I think a lot of people here are simply beginners and haven’t actually made it to that skill level yet. After all this is a beginner Forex site. Not saying you have to be a beginner but a lot of people come here to learn Forex. And if you are a Pro then why would you want to post threads on how much money your making. Your probably to busy trading.

The answer of Billionaires or Millionaires helping the poor in my opinion won’t work. I do believe that many Billionaires who run there companies should have better benefits for there workers. I think it is simply greed and to much of it. The Government has had to step in on many occasions to help the citizens of the US. The great depression, world war 2. Roosevelt. The new deal. That had to happen. Companies don’t help citizens until someone steps in and says, Hey! Better do what’s right. Take Unions for example. Medicare, minimum wage, insurance. All this was because Unions stepped in. On the other hand the Government does a really crappy job of allowing policies to be passed that actually hurt American workers. Then due to job losses and outsourcing the US workers don’t make enough to pay taxes and we wind up getting cuts in Government programs like Social Security that we pay into from our hard work. It’s a vicious cycle of no return on investment for us and the Government.

Ouch. Ouch. Ouch. Are you trading demo?

I’m not sure if you’re agreeing with me, but yes I said that billionaires helping the poor won’t work.

Pretty sure I mentioned this. If we take away my CEOs salary and spread it among the workers, it’d give each worker about $30 a year.

A companies profits gets split among investors, doesn’t just go to execs.

The thing is, in a free market, the process of becoming rich benefits society. Because in a free market you have to create a product or innovation that betters society.

The only rich people you should despise are the ones who become rich off the government. The people who lobby to restrict competition by having politicians pass regulations that make it harder to compete or by granting themselves subsidies or government ensured loans. Those are the disgusting rich people. And it is because of the government that they get rich. Look at Washington DC. It is the Richest area in the country because all the wealthy bureaucrats, lobbyists and politicians consolidate there to get more laws passed that fill their pockets with your money.

All these things the government does have unintended consequences. Look at minimum wage, it has only shipped jobs overseas. Why is it that some businesses pay above minimum wage? You would think that if it wasn’t for minimum wage everybody would make next to nothing, so why is it that even with a minimum wage many employers pay above minimum wage? Because a wage is the price of your labor and if you are highly skilled your labor is worth more. There is competition for labor and if somebody is highly skilled companies will offer higher salaries and to entice them. All minimum wage did was destroy opportunities for people right out of high school or people new to the workforce who aren’t as skilled. Minimum wage jobs are launching pads for your career. That is where you develop skills and experience that can help you to get better jobs. When the government imposed minimum wages it basically banned low skilled workers from getting jobs.

As far as the great depression, that is a problem the Federal Reserve created. So once again, the government creates a problem and then the solution makes the problem worse. It is interesting to note that from 1921 -1929 the money supply increased 61.8%. Where do you think most of that money went? It went into the stock market and was used to bid up stock prices and create the roaring 20s, which inevitably led to the Great Depression once the bubble burst.

The idea that the Federal Government’s job programs actually helped the economy is debatable. I personally believe that the government’s involvement prolonged the depression.

Look at the 1920-1921 depression and the Great Depression. They were both started by inflationary booms. What is the main difference? In 1921 the Federal Reserve and the government did the exact opposite of what Statist Keynesian economists recommend. The Fed Raised interest rates to historic highs and the Government didn’t get involved in the economy and we actually reduced government spending by 65% in one year. Horrible? Well, the depression of 1920-1921 didn’t even last a year.

In 1929 all the Keynesian prescriptions were used. And Herbert Hoover WAS NOT the lassez faire president people make him out to be. He incurred large deficits and supported large spending projects on things like the Hoover Dam. The Reconstruction Finance Corporation (RFC) was established under hoover and it injected 1 billion dollars into the banks that made bad loans, and that was back when a billion dollars actually meant something…

Near the end of Hoover’s presidency he pushed taxes on the top income rate to 63% in 1933. That is probably why 1933 is considered the worst year in US economic history. And even with those 63% tax hikes on those “evil” rich people, the revenue only went up 3.8%.

FDR continued the policy and even with all his socialist programs we never saw a full recovery of the stock market until 1954, and that was partially because the dollar lost a good portion of its value. In short, the government’s actions during the great Depression were EPIC FAILURES. It’s amazing how, when we did nothing during the depression of 1920-21 the economy immediately got better, meanwhile when we do all the worthless government programs after the collapse of 1929, the economy didn’t recover until 1941. And here, I learn in school that the great depression ended because of FDR’s spending, even though it lasted 13 years longer than the 1920-21 recession where we did nothing… It’s Bunk. FDR and Hoover didn’t help end the depression, they prolonged it. And it is questionable whether the economy was actually better during 1941. Yeah the GDP was back up, but why? Because we were producing loads of tanks and weapons that were useless to American citizens. You can’t use tanks or bombers… So from 1941-1945 Americans were living under wartime austerity and rationing for the war and all our best quality workers were out fighting in Europe and in the Pacific. Hardly prosperity.

And after the war all the Keynesian economists said the economy would implode if we cut government spending. They said the economy would go into another HUGE depression when the millions of our soldiers returned back to America.

Well we cut spending anyway, and millions of troops came back home. What happened? Prosperity. The economy thrived and grew faster. So once again the Keynesian were dead wrong. We didn’t have a depression, we had strong economic growth.

just like in gambling, only trade money you can afford to lose… do not rush of force income… forex trading takes time… even I went throught the process of blowing an account and it was not fun, stick with demo and back track to the basics, explore differet strategies and look for your comfort zone in forex, do not rush it!!

You don’t try to build a wall. You don’t set out to build a wall. You don’t say, “I’m going to build the biggest, baddest, greatest wall that’s ever been built.” You don’t start there. You say: “I’m going to lay this brick as perfectly as a brick can be laid.” And you do that every single day, and soon you’ll have a wall.

Will Smith

Or you just copy a wall that’s already been built…we wont get into copy trading :wink: My view on that is rather dull

Love that quote. :slight_smile: