How much money have you blown before consistantly making money in forex?

[rafmed]

Like said before by people, it’s completely subjective. I definately didn’t enter this Forex venture with the notion I will have to lose in order to eventually win though. I trade live and moved quickly from demo to live. This is against what a lot of people say but I did this for 2 personal reasons-
1- I do this as my full time job so perhaps devote more time to this than others
2- I really believe trading psychology can’t be learnt from demo. The feeling of making or losing real money is just something that isn’t replicable without actually doing it. And in my personal opinion, trading psychology is one of, if not the most, important factor in trading.

I agree with wildchaner
i done the same thing, was on a demo account for a couple of months to understand how to use it. then opened a live account…
I also think you pick things up faster cause your in for real…

[St_Sarah]

I have found some helpful thread on the other forum

…"They say that 95 percent of traders lose and give up. For new traders, that trade anything less than 4 hour charts, its almost 100 percent. They lose everything within a year, and most of the time much sooner. Any new trader that wants to treat this like a business, and take future success seriously, should do the following as a minimum:

1. Whatever/however you trade, it should be done on daily charts or higher, and certainly not under 4-hour
2. To start it should be a demo account. It should stay a demo account until you show a profit three months in a row
3. After demoing open a small practice account with pocket change. You do this also for a minimum of three profitable months in a row
4. You open a normal account and never trade more than 1 to 2 percent of your account per trade. If after three months you have a combined loss you go back to steps 2 & 3.
5. If you get past step 4 you continue to refine what you are doing by never stopping the demo process. You continue to bring up/in refinements/additions to your normal account after they have proven themselves on demo and practice first.

After you have found solid success following this progression you then go back to step two and start all over with your intraday trading. This is how you treat it as a business with long-term goals and success in mind. Now let’s be honest, almost no one does this and there you have the 95% of traders that never accomplish what they set out to do in this business, that give their money to the 5% that do. I have been trading for almost 22 years and demoing is as big a part of my trading business as live trading.

Most new traders don’t want to trade, they want to gamble. There is the difference. The single biggest reason new traders blow out their accounts is thinking they have to day trade to be a real trader".

i liked his idea and wanted to share it with you … i think i’ll follow his advise… at least there is no hurry for me here

[Kalie66]

I’m not sure about all this statistics of 90%, statistics are so easy to bandy about.

What I would like to know, is how long?
How long did it take you to succeed? Or How long has it taken you so far?

I’ve been at it a few months, are there really simple ways that you can start off with making a little profit and then as you improve you can make more?

I can accept that it might be something I can never do, but how long should I be prepared to spend on it before giving up? I hope to be profitable next year, is this feasible?

[simbafx]

I hope to be profitable next year, is this feasible?

If you are profitable next year, it’ll most likely be due entrely to luck. People often say you need 10,000 hours of study and screen time (which I think is 10 years if your only spending 4 hours a day monday - friday trading)

From personal experience, and watching the people that I’ve worked with over the years I think you need probably more like 16-20 thousand hours of screen time before things really start to click.

Full time your looking at 3-4 years as a minimum.

[Kalie66]

Thanks for that, is that solely from your own studies and stuff? Would mentoring help much? or is it something that you just got to persevere and find your own way?

[FXnavigator504]

@Kalie66

How are you doing in your Forex journey? Have you become a profitable trader? What have you learned?

How is everyone doing in there trades?

Successful trading,
FXnavigator

[Blackface]

I have loosed so much and up till now am still loosing. I have blown my account in various cases but this have gave me the experience to understand more about risk management and try to save my trade more times.

[forexcrisp]

Around $3000 to $3200 before I started making consistent profits I mean profit is more than my losses but still struggling to make a reasonable profit every month.

[javielopr]

Around $3000 to $3200 before I started making consistent profits I mean profit is more than my losses but still struggling to make a reasonable profit every month.

To all the newbies; I am a newbie myself and I have been reading and testing all kind of strategies and robots out there and whenever I felt I discovered the holy grail all of a sudden I discovered I was wrong. After spending many nights testing and trying I finally can say I found what I was looking for. Trading in forex with robots may work but I dont recommend it; I believe you should be in control of your money and you should test all of the indicators and create your own strategy; test it until you feel comfortable with it. Look at different timelines before placing an order; different timelines show different indicators with more precision and clarity and give you a better idea of the market trends. This is my personal strategy so far I am winning 98% of my trades; I use the original indicators in Metatrader 4; fractals combined with alligator indicator; for all newbies out there I will make this simple; there are three lines in the alligator indicator one is green one is red and the other one is blue. Ignore the red line and focus on the green and blue line; if the green line is on top the indicator recommendation is to place a buy order; if the blue line is on top the indicator recommendation is to place a sell order. Dont get too excited yet; now the fractal indicator shows arrows facing up and down; if the arrow is facing down the indicator shows a spike where the price reach a maximum point and now most likely will move in the opposite direction; you will see also the arrows facing up which is the opposite it is a minimum price in the chart. Now back to my strategy

1. Buy Order: I only enter the market with a buy order when I see a fractal arrow that is facing up and when i trace a line vertically on the chart I see the green line on top the blue line on the bottom and all three alligator lines cannot be touching each other. When you place the order the chart will probably move upward since there was a minimum fractal before entering the order. Look at the alligator lines you can tell when the green line will move to the bottom this is when you need to close the order or before this point; dont get scared if you see more fractals showing facing down; trust your instincts and follow the alligator trend; if the green line is on top keep the order open; the tide will shift your way sooner or later.

2. Sell Order: Same strategy as above with blue line on top and fractal arrow facing down before entering order.

I hope this helps if you need more help feel free to contact me and I can show in my real account; we can do several orders until you feel you got what it takes to do it on your own.

I hope this helps newbies that are looking for a simple easy strategy! Cheers