Does anyone really make money off of the Forex?

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.

succeed on the forex market depends on your knowledge of the subject, use a good reliable broker, put your emotion aside.
use a good forex robot is neccesaire to earn more money.

Yep, and pretty good. I had my ups and downs, but I am still trading on the $200 i started with. Profits are pretty stable, although 2011 was not as good as 2010. Am seriously thinking to go trading fulltime. What is a big statement for a financial risk manager, so I have counted the odds hundreds of times…:slight_smile:

This is not to show off, but to give hope that it can be done. The biggest losses made by me was by going against my plan. I learned that my plan is more reliable than my own judgement, so I excluded myself from the equation…:slight_smile:

It appears that this thread is about demonizing the 80-90 percent of traders who lose their life savings trading FOREX.

Words like “stupid” and “greedy” come up a lot to describe the victims, when those labels are better suited for the Rich traders and brokers who profit from them.

Leverage is the problem with FOREX today, according to all the government studies on the FOREX market most newer traders lose because they put too much leverage on their position sizes.

It is no secret why Brokers offer 500:1 and 1000:1 leverage, because that encourages bigger losses and more profits for rich traders and the brokers.

So the Dodd-Frank act had the intention of 10:1 leverage, but evil lobbying by the rich made it 50:1, however we know the direction the finance industry is going and we will expect to see better regulations that correct this to help newer traders. Because they will learn FOREX better when they don’t lose half of their account in one trade, after being tempted and tricked into making money immorally by those who seem them as vulnerable.

Describing losing traders as ‘victims’ is surely also a poor choice of term? Noone forces them to trade, if people pile into the market with too much money for their limited experience/skill level then surely they are victims purely of their own ambition overcoming their current level of understanding and skill? Anyone who loses their whole life savings while not being an experienced trader is surely guilty simply of risking too much of their wealth? Keeping the risk small during the learning period seems obvious to me, it is more than simply sensible, it is obvious. Noone needs to be demonized here: we all choose to participate in this market, some people have an aptitude and take a sensible, steady approach, and they make money. A lot of money. Others lack either the aptitude or the sensible approach, or both, and they will not make money. If they lose more than a small amount then they were, in my view, trying to run before they could walk. So noone on either side needs to be the villain or the victim - some get it right, some make mistakes. It is a sad fact of life that we are not all of us cut out to do everything well. Some people will be poor traders, and some of those people will lose more money than they should because they failed to grasp their situation. It happens, and is not a situation that needs to have a villain.

I wonder why you inhabit this board - it does not seem to make you happy, and your mindset is not that of a trader, so while your more opinionated posts do occasionally provide some amusement and interest to the rest of us, I wish I had your levels of free time!

And lobbying is not evil, any more than a gun is evil.

ST

He’s a hypocrite. He set out to do the burning, and complains when he’s the one that caught fire.

Well those words fit you to perfection… you were a [B]stupid greedy[/B] when gambled with your family life savings :wink:

This is all in support of more regulations, and in agreement to what I’ve been saying. People can’t control risk without proper training, in the future people would be required to take classes and get a degree before trading FOREX.

If all that is true in your post, then government must save people from their own ambitions with better rules. Presently to many people are LOSING money off of FOREX, and the government reducing leverage gives them time to get that training.

I’m not in favour of overregulation at all - it is not possible or sensible to legislate for everything, even down to the level of attempting to legislate out people’s chances of making poor decisions. If someone was able to lose their life savings by investing in something in which they are not experienced and don’t really know what they are doing, then they made an obvious mistake. It is not the role of Government to legislate against that, it is not the role of Government to ‘save people from their own ambition’. If there is a warning sign at the top of a cliff, it is not the role of Government to supply cushions at the bottom of the cliff to save the life of the idiots who ignore it, stand too close and fall off. There are plenty of warnings out there about how trading the markets is risky, about how we can lose as well as win. Someone staking a life-changing amount of money is making a mistake and a society in which mistakes have consequences is a healthy society. Children learn through mistakes having consequences for a reason, life has to have consequences to save us from collective arrogance, laziness and bigger disaster.

So if someone loses their life savings as a rookie dabbling in the markets then I am sorry but they had it coming. Sometimes, if one takes life lightly, it bites back.

ST

I make around 700$ per week … trading S/R … sell high … buy low … but sometimes i lose 3 months gain on one trade … if any1 tells you that he never lost any and that he keeps gaining then you will know that he is fooling himself …

You make $700 a week after your massive losses merely trading S/R? I imagine your recommendation to short xxx/JPY falls into the losing category.