Is Forex, a quick way to make money

Is Forex, a quick way to make money.

What we think is irrelevant. What do you think?

P.S if it is, why am I still here after so many years??? I must be a dumb trader!

Yes it is…it is also a very quick way to lose money.

I think a better question would be is it possible to make money [I]consistently [/I]with forex.

duplicate post, sorry

No, it’s not.

Scalping with most margin used, cutting losses early, on to the next set-up. Have to be a machine. Stick and move. You can rack up pips quickly. Its preserving them when you have them, which is the key to success/riches.

Looking for 200 pip moves using 2% of equity with 200 pip stops isnt going to get it done quickly. Simple as that.

(Just closed scalp for 2% gain)

Look, you have to have the patience and balls of steel to make it work. Your risking money that YOU CAN LOSE, WILLING TO LOSE, SO USE IT TO YOUR FULL ADVANTAGE.

To me, using almost none of your margin is a waist of valuable time and effort.

The most difficult thing about trading is Where its going to go, and how much is it going to get in the process.

So, when you come to the conclusion that your assumption has very little chance of failing, WHY ON EARTH WOULD YOU THROW PELLETS INSTEAD OF CANNONS???

IF you dont have the nuts to lose the money, then enjoy your hobby hunting for 2-3 setups a week, while 1000’s of pips, hundreds of retraces, hundreds of moving average crosses, just to wait on that most perfect chance TO RISK Pennies on the dollar?!!

In this business, it IS ABOUT GETTING RICH, AN OVERNIGHT SUCCESS…

Ive failed many many times doing what I set out to accomplish. BUT WHEN YOUR AIMING TO BE A MILLIONAIRE, TIME IS OF ESSENCE, OPPORTUNITY IS OF VALUE, AND YOU MUST BE WILLING TO RISK IT ALLLLLLLLLLLLLLLLLLLLLLLLL.

Get a Routine together, Follow the plan, Cut losses, USE YOUR EQUITY, and get it done.

** OOOH, here comes MoneyNVRSleeps with his, " IM successful today so I can post nonsense",…

YEAP, YOUR RIGHT. To battle you people that say it cant be done, because your sitting there for 7 years, barely scratching 2% gains a month.

People hate to see success in areas of failure to themselves. IF you cant do it, it cant be done attitude is nonsense and garbage.

If you plan for average, you get average, if you plan for abundance, You very well may get it. Its not like the “Secret”, its what you plan for, and aim for, that makes all the difference.

Last 3 days, after making more adjustments to my plan, Im stting on 37% gain in last 3 days, Hit my goal of 5% today, 31 wins, 4 losses. Ive keyed on things that hurt my trading, Ive developed a routine, but most of all, Ive held my expectations to the highest level, and never let my enthusiasm trend down.

As Rocky said, You have to be willing to take the hits,

Now, Will I fail soon, * shruggs, I doubt it, but anything is possible. And if I do, its because of ME, not my plan, not my Money management, but simply because I didnt follow my pretrade routine, My checkdown process has to be precise.

Luck is where Preparation meets Opportunity. -Seneca

OK, I have to go, I have a " My Little Pony" play session I have to attend, .lol…

****Drops Mic

What type of fees are you paying on a daily basis on 35 trades and how does spread factor into your trading plan w/ that type of volume?

Some trader they trade as scalping trading startegy, which this is included as short term plan trading, and usually scalping active they can open many times transaction a day trading so they can calculated profit loss a day and if get profit can withdraw profit at same day

I am just annoyed why this is another cliche post coming from a poster who should have known that this has been asked a number of times this week.

1.9 pip average spread, which is also the price to pay per trade. If your holding a trade past 4pm, est, you get charged interest, not sure what it is, I dont have trades open then. ( Learned the hard way, Holding and wondering why my trades closed, because I didn’t have margin to pay interest)

I have mapped out high volatility areas to pay attention to for the pair I trade. I have discovered even moments to the minute where reversales always happen, I discovered seemingly dump times during the day.

I need very little pips to hit my goal a day, seeing getting 10-15 pips, is easier then getting 200 pips, I welcome the higher risk of equity, then the time risk involved over several hours or days to cash in 2-3%.

And again, I am in this to get rich, and not over 20 year span.

Control your emotions, control your stops, and manage patience, the sky is the limit in Forex, if your willing to risk what your already comfortable with losing.

See, most trades cant revert to this type of trading, because they practice to allow large pip Drawdowns, which tends to be a dagger in scalping. Wheather they are not comfortable with the plan or with their confidence, Im not sure why anyone would allow a trade to run 50 pips in the wrong direction. At that point, your hoping for it to turn back.

You have to erase the Hope Logic, and embrace the confidence in your plan.

Its like running a forward test for 6 months before you come to the conclusion the plan is garbage.

" Its OK to lose 7 trades in a Row"

SMH, Another one I hear alot.

I dont know, maybe its just me, my wiring in my brain to why I see everything totally backwards in this business. But on the other hand, 98% arnt rich, or waelthy, or well off, so why would I listen to their logic.

I almost set out to find a mentor, thinking maybe thats what I needed. Someone to hold my actions accountable. Then, its struck me while I was sitting there thinking about it.

Listening to Reza, Akil Stokes, Jason Stapleton, Chazz Miles, Inspired me even more, to NOT want one. EVERY SINGLE ONE would be against my trading style. Althought they might be successfull, they do it entirely different, and I didnt want my logic and thought process tampered with…

I want to pave my own destiny, my own path, to take everything I learned and implement it into something very few achieved on this planet. I personally destroyed the bricks in my path, fixed them, then smash them again and again and again. Feeling the pain of being stupid each and every time. Eating away all the production, in one instant, stupid, mental mistake.

NOT FOLLOWING THE ROUTINE!!!

Sorry, Im fired up, Im on a whole nother level. Its Friday, Might get dressed up in suit and tie and go have a nice cold beer at the most highend watering hole in the city, just for the fun of it, and the feeling of what Im about to accomplish. Might even go test drive a new car, or hit up a Open house in some Pricey neighborhood, just for a taste, just to feel, What if??

Have a Great Weekend.

PS. In the process of writing this post, I missed about 10% profit, lol by not trading the current action.

THANKS, lol,

JK,

I’d like to please ask that you re-focus on the question @ hand. 90% of what you came back w/ really has nothing to do w/ how you’re factoring in spread against 35 trades in a single day- more importantly, how that plays into your overall trading plan and profitability.

35 trades x 2P spread on each is 70P out the door due to transaction costs.

Man, i said initially, it was over 3 day span. I average between 2-10 trades a day, depending how much time i have to look at all my points of intrest

When i enter the trade, Im out 1.9 pips from the start, then, the price moves in my favor, I look for taking profits. I use hard stops of 10 pips, but will adjust and not afraid of a little run, because Iv come to expect it as price hunts for stops and limits. I have a strong grasp on my statedgy, and know its limitations at any given time.

I do have to get better at letting them run, but a big problem I have is, my trades are entered on a tablet app thru Oanda, and cant use anything lower for trails then 5 pips. As with the Demo, you get 1.5 pip trails. So, When I exit a trade, its either from TP, or manually just hitting the close tab on tablet. My open times have been getting better this week, Im right around 2 minutes, some less then 1 minute, and Im fine with that.

If I could utilize my trails, Id have ultimately better gains, but just have to do what I can with what I got. MT4 is to laggy for my liking. Freezes for a few seconds most of the time with price spikes…

( just took 2%)

Its about stickin and Move’n, like boxing.

Oh, and if for some reason, you didnt find the answer above, Here it is again in lyman terms.

----Transaction costs are the least of my worries.

Worry not, Toekan…

It will be asked all over again next week, probably,

by an ever-flowing tide of newbies:

such is the nature of the retail market crowd.

It will: I’m specifically planning to ask it on Tuesday, and then again on Friday. :8: :slight_smile:

If I would of followed my system perfectly by taking all the trades it offered, getting in and riding them till my exits per strategy, I would of been up 509 pips since March 30th, at 20:00 till midnight last night, all in 1 direction. ( Signal change )

29 trades, 2 losses of 10 pips, 1 loss actually had a 25 pip gain, but took the measure by the exit, and ended with a 3 pip loss. The losses were the only trades that went into even a 1 pip Drawdown.

Like I said before, I had about 5 "AHH HAA " moments this week, and put them all together the past 3 days. This weekend, Im going to program my EA to do exactly what the plan is. Pretty straight forward. I just cant backtest it thru strat tester, because of variables I need during live action… I already have the VPS picked out, things are almost ready to roll.

Of course Ill still manual scalp, because I love it so much, lol…

Coding, another thing I taught myself for this very situation.

Moral of Blah Blah Blah??

Failure, Persistence, sacrifice, hard work, Passion and dedication, are the keys to success

What’s your point w/ this post? Sorry, I’m not attacking and am genuinely interested in your perspective b/c you seem very opinionated. I didn’t really need to read much further than 2 or 3 sentences in, b/c the entire post starts w/:

[B][U]If[/U][/B] I would of followed my system perfectly by taking all the trades it offered

You’re touting a lot of success here, but what successful traders play the IF game?

Well, you are attacking me, *shruggs, nothing new at babyPips, Its how most roll around here.

the IF, was simply stating, that IF I followed the NEW PLAN ADDITIONS THAT I DISCOVERED RECENTLY in PAST 3 DAYS, it WOULD OF, hit these numbers.

IF was because I JUST PUT IT INTO THE PLAN, as In RECENTLY, also known as 3 DAYS that JUST PAST.

AS IVE SAID in the above post, but since you read only 2 sentences, you of course wouldnt of know any of that.

AND< you would of also seen, that March 30th was 9 days ago, and seeing its implantation just 3 days ago, the work IF is used because of relativity to the touting of success.

“I made .003% today,[B] IF [/B]I seen the dang future, I could of made .005%” thats what they say, lol…

Im sure they use the word if.

“Hey, grab me a taco, and IF they have hot sauce, Ill take some of that too” lol,

Haters will Hate, huh…

That’s a whole 'lotta IFs.
Just couldn’t understand why someone of your experience level wouldn’t “follow their system perfectly by taking all the trades it offered”?