Does anyone really make money off of the Forex?

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.

That isn’t the same as FOREX, it promises people will make money but should compare itself to gambling.

There is no standardized training for FOREX, until then anyone trading FOREX is liable to lose money even their life savings, and that should be articulated clearly by the wealthy brokers and traders who profit from them.

The disclaimers aren’t enough, newer traders cannot possibly comprehend the risks they are about to embark in until its too late, and by then the wealthy have already capitalized on them and profited from their losses.

So the only people who make money from FOREX are the wealthy experienced traders, and the brokers, NOT the majority of traders who are bled for the gain of a few.

I have closed my short position on USD/JPY early today … sold @82.52 yesterday close @ 82.25 today … made 675$ out of it … so please :27: and iam probabley gonna short again when it goes up to 82.80 …

I have seen no promise that people will make money from currency trading, simply statements that it can be done. And it can.

Why should there be any standardized, centralized training? It’s a personal life choice. I choose to race cars as a hobby, if I wrap one around a tree and kill myself it’s my fault for entering into something risky and then exceeding my talent, or not having the right equipment, or being overly ambitious: my estate won’t sue the State for my not having been trained to the correct standard. Trading is a voluntary activity, so it is noone’s responsibility to ensure that we don’t do it badly.

If a newer trader stakes a sum of money that is of great significance to them with any gaps in their wider comprehension then they are the ones at fault; a fool and his money are easily parted. I was a newer trader once, we all were. Three years ago I did not know what a pip was. I studied right, played it sensibly and cautiously, today I am full time and profitable and never blew an account or had any significant drawdown. So of course the disclaimers are enough - they state that you can lose your shirt in this game, they state repeatedly that losses can exceed account size.

Even if that were true it does not prove that the market is corrupt. Just look around the threads on BP and other fora - a lot of newer traders seek to run before they can walk, they target unrealistic pip/cash returns, they risk too much to get there, they overtrade horribly, they have enormous overall exposure to the market at any given moment, etc. The majority of threads on BP include contributions from newer traders who make basic mistakes, but that is part of the journey, I did it, most of us did. We can learn our way through that. Unless we wipe ourselves out during that period through poor decision-making. The sensible ones will be controlling their risk during the learning period, so will not be overly financially punished for their mistakes. I have only ever risked 1% of my account per trade, and when starting out only ever had two open trades at a time. Because I was a rookie. Now I still risk 1% per trade but will have a couple more open trades going at a time if the market conditions suit. We read of newer traders around here taking several setups at a higher risk. That is a personal choice, and in my view they are making a mistake, they’re risking being bitten by the market during the period when they still often do not really understand why they are in a particular trade. I did not come into this as a wealthy, experienced trader, or as a broker, yet I am still here as are many others. I did not have some special, inside track giving me the secrets on how to survive - I learned my craft steadily and just got better at it, working off the same information to which everyone else has access.

If someone takes too much risk too early then they are at fault, not the system, and that obviously goes for anything - not taking crazy risks while not really knowing what one is doing is a life skill, not a trading skill.

You’re coming across as a little bitter, and as wanting to find someone or something to blame for your own bad experience, for your own shortcomings. Don’t bet the farm on something you don’t understand, then start a witchhunt for someone to blame when you lose the farm. You had a choice at every stage, and you made a poor one. I’m sorry, but that does not mean that the system is at fault. Gamblers don’t always win.

ST

Awesome. So you have poor risk management. You were sitting at a loss beyond $700 long before you came out $675.

Despite that inherent losing strategy, my driving point is to stop talking dollars and cents. It doesn’t impress anyone.

Percentages, pips, units, these are concepts and terms everyone can directly relate to.

Well Iam still learning … everyday is a new day … losing money and making mistake is the way you learn … you have to experience that and accept it … how can I make my own strategy …

The system is at fault, that is why the government is taking on new regulations to protect the majority of new traders in this market.

No one is making money but for a very few traders and brokers, who profit from 8 out of 10 losing newer traders that come into this market and then leave.

The US government will influence the world to change their rules soon as it does here so there will be no more cheating with Hedging, High Leverage, and First In First Out will be mandatory, you will see these market scams will end everywhere to provide for a fairer market.

I highly doubt it…

I doubt it too, scamsters will allways find a way around rules and regulations,while there is uneducated illinformed people around there will allways be people who will take advantage,get educated and protect yourselves.