Does anyone really make money off of the Forex?

Unfortunately, reversing what you are doing doesn’t mean you ll be profitable… I have first hand experience.

Hmm well there are a lot of variables involved and it is not so clear cut as just changing a buy to a sell… you have to take into consideration the change in risk of ruin etc.

Most people don’t trade a method long enough anyway because they over risk on each trade and let their losers run and lose everything before that so it’s hard to say that a method is not profitable in the LR until you have tested it out sufficiently say over 40 trades and have blown up your account by following the rules strictly…

I don’t have first hand experience reversing my trades so you are the authority on this one :wink:

I am a newbie. Been studying and studying. Still not trading. I will someday, then I will know for sure if I am in the top 10% of traders who make money. Truth is like you say “The more money you have to trade, the better chance you have of succeeding in Forex or any market.” The brokers will tell you that, or most of them and if they don’t then they are doing the newbie a disservice. I can see why you lost so much money. But it sounds like maybe you played more like a gambler than a trader. I suppose after a few loses, say a couple thousand dollars a person might want to rethink his position and step back and say Hey! Maybe I shouldn’t trade anymore. But the Brokers are making money that is for sure. Us newbies are probably paying for there lunches, why do they try and get so many people into trading. If they weren’t making money then I guess they wouldn’t have to tell us newbies that Hey this is where the money is! Give it to me.

You’ve probably hit the nail on the head there in many respects. Brokers must love how popular Forex has become, the amount of people who must just open a live account and drop it all in and lose it within a week.

I would hate the thought of not making it as a trader after doing all this studying. But for me when I set out to do something, I do it. I learn it a well as I can, I try to fit in a plan then I put it in action. But understanding it to me is better than just trading and not really having a plan or idea as to what your doing. Hope it works out! I’ll cross my fingers and my wallet when it comes time.

Actually this I will agree with, sorry, but I share the same thought on this statement only.

I want smans money.

Haha

I am a newbbie and after trading for 3 weeks, I start to earn money already. I started with USD$204 at Oanda and play small. Set TL or SL at 20 pips. Now raise to 100 pips. My comment is FOREX can earn money but only with tools. My money earning tool is SMA, EMA & WMA. INITIALLY I don’t use any of these tools and lost money instead. Though I am only earning a few bugs daily, I think I am on the right track. My senior always tell me, if I am not comfortable to engage in a trade, then DON’T trade and wait til the trend signal is sure down or up. I always wait for moving average lines crossing, wait a while to avoid fake signals before entering a trade.

Of course you do, 9 out of 10 traders lose and that is how veteran traders make money, when 90 percent of traders who are newbies lose their money.

They are selling trickery, advertising work at home, be your own boss, become a millionaire, but that is not the case according to the facts.

I believe until the leverage is mandated to 10:1, only then will the FOREX market be safe for newbies to enter and learn. I’ve been trading for 2 years now since the new 50:1 leverage law took place and have lost my life savings.

That is have I have 2 years experience, I have learned now to read the news and use fundamental analysis with a combination of technical analysis and have still lost a lot of money.

This is because the leverage is still too high, and its a tool used to exploit newer traders like myself and others here. So no, if you are new you are not making money off of FOREX, but you are helping the older traders make money.

If it took you 2 years to lose your life savings at 50:1 leverage, then you were a very wealthy man.

So you’re saying you’ve been trading two years now and still haven’t learned to back off your risk?

If you’re still losing after two years, then you haven’t learned a thing.

You talk about not being able to exploit people in other countries. I’m pretty sure the U.S. is the only country that knocked the leverage down to 50:1.

You’re posts don’t add up, and I think you need to get your head straight.

50/1 is perfect, and you dont know anything about Forex…

Post a trade, im curious to see it play out… Then, let the " newbies" see how good you really are…

Im my 2 years at BabyPips, I have to say, this is the worst post I have seen here… The best line of work for you, would have to be production line type work…

95% of losers blame their pitfalls on everyone else, instead of Learning the PROPER way to trade…

So, like you say, keep trading, we want your money, little fishy…

( Jaws Movie Music)

Did you waste all your life savings betting at FX?

Why didn’t you use that money to help the “[B]less fortunate[/B]”… you are a very greedy man that does NOT care for others… Are you a republican? :D:D

Or maybe Sman is a vampire who got his blood sucked when he was getting ready to suck the blood of others

Haha, good way to put it.

Leverage don’t mean shoot; it’s position size that matters, if my risk calculations say I can afford £0.22/pip then that’s it, leverage is irrelevant, incidently I’m at 50:1, suits me just fine. And about the matter really under discussion; I’ve just started, in the last month or so, to grow my equity an average of 2% per day, and for the last 2 weeks - 4.3% per day!(and that includes weekends) Ka-Chingg! And that’s by completly cutting off doing stupid things like chasing price and overtrading. Letting some trades run for a couple of days if I think I’m in a good position has definetly helped put money in the bank, only putting in orders at levels of confluence, using bigger stops, taking 50% profits off at first targets, etc etc. I first heard of forex and opened a demo account in November 2011, I’ve been trading live since Feb this year and lost £900 out of my initial £1200 before I began to sort myself out, or I should say the wise teachings of our very own fx sensei ICT sorted me out! :39:

I think the reason why most beginners lose at this is because they start out with the wrong mentality. I was there too.

When we get to forex, we want to make some serious money, and we think that the more we trade the more we can earn! So naturally we aim for the shorter time frames where swings happen by the minute or even seconds.

However the problem with that is that it is extremely hard to trade a short time frame and be profitable. Here’s why:

  1. You need to be very good at reading price action to succeed at short term trading.
  2. You need to be able to change bias constantly.
  3. You need to set wider stops because you need to give the trade space to play out.
  4. You need to calculate RR constantly and the orders are relatively fast paced - a small mistake can kill your MM.
  5. You are taking more trades so you are more prone to getting emotional.

etc.

And I think many of us are guilty of increasing our risk beyond what our account can handle and what we can handle emotionally.

AND sometimes we move out stops back hoping the market will come back - sure it does at times, but you need to have a plan for moving stops (such as seeing some sort of price action that CONFIRMS your trade but you realise the trade needs more breathing space) etc. and you cannot do it more than once.

All these are not easy to accomplish for more human beings like you and I…

But I am sure if you start out with longer term trading, and find a working strategy (there are MANY out there) and you be satisfied with a small win every week - you will be able to make it in the long term… But it is tough emotionally and tough mentally.

No one said it was easy.

Oh by the way, do you guys know what is the holy grail of trading?

It is called stop orders. Reason being: if you enter with momentum you are seldom wrong and you will seldom suffer a drawdown, and if you happen to be wrong, you can usually get out on a pullback.

Hi daedalus

Do you have a link for this strategy?

Thanks
A

hmmm 90% huh…one out of ten make money…well there has to be over 20 people here…that makes 2 of us profitable.
I know the two here that make money…myself included))))))

I don’t know if you can make money in forex but i know i can and do; and if i can, anyone can. Everyone takes their path, uses their skills and personality. For me, i’ve owned many businesses, have an aero nautical engineering degree and MBA on foreign economics. 5 years losing experience in Forex before becoming profitable. Fx was in its infancy when i started. I thought i was going to be easy. As i traveled the world and already thought i knew what was going on. I learned right away, put the ego aside along with the emotion, sit down and learn. See if it was for me.

maybe it will work for you maybe it won’t. I know i could never be a doctor. Know what your worth and know your limits.

as for the sm whatever guy??? 2 years at forex??? give me a break…

Sorry, but you dont seem to be the best guy to give advice. Why would you throw away your life savings? Right off the bat, that just shows recklessness. Yea im a noob to forex, but that just seems straight up stupid.