the situation in forex can change very unexpectedly, so study market really well before making a decision to take forex trading as a profession.
[QUOTE=“sha15;618966”] After ~3 years of trading and learning, can you make a living from it?[/QUOTE]
Yes I’m trading full time now but I still have a lot to learn anything can happen in this business
The idea is to master R&R and money management , & no when to trade and when not to trade
You know you can do anything you want in life as long as you believe you can accomplish and your focused , trading is not easy it takes a lot of time and learning your entering a environment where most the odds are stacked against you . But if this is something you want to get into just no it won’t be easy , it can be very fun and exciting but it’s not easy
There’s a lot of good advice from a lot of experienced traders on this fourm
Pipmehappy being of one those traders you should listen to him and take his advice this guy Deff nows what he is talking about
So… Any more suggestions from the forum members?
Do a lot of research and see which has the higher probability win ratio if your trade price or value? By the way I would love to come to Israel sometime soon big fan of Jesus!
it does not necessarily mean that you must use the demo account for one year and read for 2-3 hours per a day, but your understanding about the chart that will make you practice the chart better.
YES I HAVE METHOD , YOU CAN EASILY earn 10 to pips easily per day, contact me on skype i will explain to u
skype id : atif_55
Forex4noobs (Price action witn S& R levels & candle stick patterns, no indicators used) is very simple and has a 70-80%+ return. so I agree with jadd806 keep it simple. the markets aren’t complex unless you decide to listen to all info and opinions out there and can’t focus or don’t have a well selected strategy and clear goals.
If and when you decide to trade a live money account, keep the initial account small…very small…OK like $50 small. If you reach your target without blowing your account for say 3 months straight, then maybe you might like to inject a bit more funds. The odds are that you [B]WILL[/B] blow your account several times before you start to get it right. I have been trading now full time for 2 years and I still have not got it right.
All the best
its possible but you cant just set a standard to make a set amount every day because that would require you to find a pair that is consistent all year through, if that existed then not just 1% of traders would succeed but all 100.
I dont know how you got an account if you’re only 17 unless 17 makes you no longer a minor where you’re from. If i were you i wouldnt give up on school and finding AT LEAST a part time job, even flipping burgers, at 17 thats not that bad. And see wherer you get with it. If you’re really serious about it you can still spend 3 hours after work every single day and get your fundamentals straight over the weekends
dont expect it to be a full time job, you’ll find out soon enough if its something you can handle if you be busy with it every day for a year
I agree. I think 1.5% per day is possible, but I’m not a big fan of going for a set amount of profit per day. There will be days when there just isn’t any opportunity to make money off the market. If you’re worrying about hitting a certain profit target, it could lead you to chasing trades that you shouldn’t be going after.
I remember a time in 2012-13 where I made around 4% per month for 7 months followed by a 25% loss over the next 3 months. The loss was caused by personal stress which led me to try and go for 6% per month in order to boost my ego. If I were starting out now, I’d advise to keep things as stress free as possible; don’t worry about daily profit targets, don’t worry about whether it will be a full time career 3 years from today, just concentrate on learning how to be profitable and control the controllables.
I have done this based on a £300 account.
I read every thing possible till I know fibs , Elliott, support and resistance , demarco trend lines and a lot more. Managed to lose more than I gained. What I did not learn was to be a trader. So a good analyst but not a trader. Solved this by Following ONE good real person who trades. They use pure price action so another hurdle was getting rid of almost everything I had learned and just focusing on Price.
Also find a trader who fits your style, Day trading or swing trading
The second thing I learned if you follow a 20 year veteran stick to the plan, no I think from my experience it will do this. Eventually you will learn their method by watching them trade daily until your seeing the exact same signals as they do.
I use foresightFX and learning to be a trader not an analyst. They do 14 days for $14 to get you started then $97 a month In my first week did very well and been with them since November and achieving good steady results. This is not a plug for Foresight FX but its the one I use and continue to use. I only trade 1 mini and this is to high for the size of the account but I took the risk and making a profit.
The other thing that stopped my losses was my wife who was a nurse, who asked one simple question, did you follow the plan exactly. If yes and even if I lost, well done tick, if I did not follow the plan and won, Bad mark
Any way this is what I do with a small account and use IG spread betting
Have a broker who offers you wide range of spot products. For example OIL GOLD USDZAR can offer you wonderful trades on the Daily Time Frame. They are far more reliable than trying to trade the news on the EUR US and your returns can be consistent.
Thank you very much for sharing the link to Anna Coulling. :23:
Hello,
I briefly read your thread, and there are a lot of great points made within the document responses. I have been trading a demo account for over a year, and I have also been following babypips.com. The combination of reading from other’s mistakes and trading a demo account have led to some serious improvements on my part for trading. Before this year, I have been trading unsuccessfully for 5 or 6 years. Plus, I read books as well. I would encourage you to trade a demo account for a while.
I would do the following things:
- Pick a currency that you want to follow. I started out with USD/JPY.
- Learn the nuances of the market currents for that currency pair - such as when the markets open and close compared your time zone, and learn what economic indicators come to pass each month that move the market.
- Try out several platforms. I don’t typically use FXCM as I have heard that they will adjust your margin call to margin out your trade. They are a US regulated company (I think), but I was never very successful with them. I would try OANDA. Their Mirror Trader product is good as is their operating platform. There are many to choose from, but learn to pay attention to spreads and the cost of a trade.
- Learn the basics of buying and selling on the demo. Believe or not, if you don’t know how to buy or what buttons to push, and you have real money in the account, you will lose it quickly. Spend time practicing on demo accounts for 2 to 3 months. Keep opening a new account until you learn from your mistakes. You will make many mistakes. It is just the nature of the beast. And of course, don’t be too critical of yourself; it will be a learning process.
- As one person in this thread noted, learning to play the violin takes practice. You will make many, many mistakes for a long period of time. Becoming a master violinist takes years of practice and dedication.
- As you finally develop your understanding of the markets, you will need to identify your trading strategy. You need a plan for an approach. It really, really, really takes a long time to understand the philosophical underpinnings to this comment. You have got to achieve a great deal of experience before you figure out what makes sense to you in approaching the markets. Many times, almost always, trading strategies are completely different from one person to another.
I hope this helps. Good Luck in your Trading.
Fritz
Hello,
You have placed a very interesting and dreamy question in the forum. Nobody can answer your question pin-point straight, I believe, because forex is a chessboard between us and the price chart window. Chart moves we move. Anyone of the two sides must be gainer or loser at the day end. Our strategy varies man to man. Such question of yours had in my mind 4 years back. We 3 friends started together, 2 vanished and I survived in this market. The interesting point is “HOW I survived”?
Let me tell you my way of playing chess with fx market:
-
First 1.5 years I played fully mathematical. I calculated the difference in pips between the highest and lowest point of last 15 years. Suppose this difference is “A” pips. I calculated if I put a wrong trade (vol 0.1) and the price moves opposite to the last end- then what would be my loss? I calculated the maximum loss as “X”=(0.1 x A). If my balance is more than “X” then I shall survive in any condition of the market. This way I calculated how many wrong trades I could effort to place and the interval between trades. Though it gave me small amount of profit, but the profit was confirm for 100% trades. Then I started bye/sell together following the above calculation. Achievement was encouraging. Within this time my experience enriched, I was fully oriented with the chart, gained mental strength and confidence to win. Very reluctantly I used to read forecasts and realized how effectively it sometimes becomes like “weather forecast”……sudden rain in a sunny day. Then I stepped to my next strategy……
-
I waited with patience for the event of forecast to take place. When the effect was over/almost over, I placed an opposite trade. The retracement was a confirm shot. I started to trade on peak times, 3 or 4 times a day. Then I stepped to my next strategy……
-
0.1% of equity in each trade. If the trade goes against my plan, I balanced it with counter trade of equal volume. And repeated the same process with patience.
Note: Some may find my strategy worthless, but it gave me profit since last 2 years everyday and in every trades. No signal, no stop loss, no take profit and no tension. The gain is more what you asked for. Try it with demo please with the exact amount you plan for real trade. You need not to plan as full timer at present, ……. You may find fx has made you full timer without your notice. Good wishes for you the little dreamy boy.
Hi sha15,
for the first part:
What separates successful traders from the losing ones?
Education!
After a few months on demo try a micro account, there are several brokers who gaves $100 starting capital for free, thats enough to start.
Can you gain 15$ per day with $1000 account?
Absolutly, depending on your strategy and trading behaviour!
2-3 hours a day is way too much, get a strategy and test it 1 hour per day in the simulator after reading some basic books. Dont invest years in reading the same stuff over and over. Practice is the key to success, not reading alone.
Invest time now and gain money in the future.
If you have questions dont hesitate to ask me or other members of the forum.
Reading the babypips forex school is a good start.
Best Regards,
stefst
[QUOTE=“wasek2003;620293”]I waited with patience for the event of forecast to take place. When the effect was over/almost over, I placed an opposite trade. The retracement was a confirm shot. I started to trade on peak times, 3 or 4 times a day. Then I stepped to my next strategy…… 3. 0.1% of equity in each trade. If the trade goes against my plan, I balanced it with counter trade of equal volume. And repeated the same process with patience. Note: Some may find my strategy worthless, but it gave me profit since last 2 years everyday and in every trades. No signal, no stop loss, no take profit and no tension. The gain is more what you asked for. Try it with demo please with the exact amount you plan for real trade. You need not to plan as full timer at present, ……. You may find fx has made you full timer without your notice. Good wishes for you the little dreamy boy.[/QUOTE]
Not worthless at all…you and I utilize very similar strategies 
And, I know the methods you talk about can lead to profitability.
I counter-trade news rallies/sell-offs all the time - very effective if you know what you’re doing…especially around NFP!
Rarely ever do I leverage out over 10:1 and try to risk 0.1% - 1.0% per trade. With the majority of positions exposed on the low end of that range.
I don’t use stop losses but do set limits. Most of the time it’s just in case there is a spike overnight and I want to lock in profit.
I prefer monitoring the trade real time to determine when to cover.
But, all this comes w experience.
Thanks for sharing
Jake
You are welcome, Quarks!
I hope that you found it helpful.
Is it possible? Yes. Will it be difficult to do it consistently YES!! At $15 a day from a $1,000 account…your looking at approx 30% increase a month, not taking into account compounding. (1.5 x Average 20 day trading days a month)
Hi Fritz,
Unfortunately, what you have heard is incorrect. FXCM margin requirements are clearly displayed on our website and on your Trading Station platform. Furthermore, unlike with some brokers, our margin requirements don’t change during off peak hours, or over the weekend, so it’s not possible for us to “adjust your margin call to margin out your trade.”
We even added a special alert feature to Trading Station called MARGINALERT. It can send you an email notification if your margin falls below a level you specify. That gives you advance warning, so you can take action to prevent a margin call.
Also, I notice your forum profile mentions that you live in the US. As you know, the initial margin requirement for forex trades set by the CFTC is much higher here (2% of major pairs, 5% for exotics) than in other countries. For this reason, FXCM added another feature for US clients called Smart Margin Watcher to help traders with the higher margin requirements.
These are hardly the actions of a company that wants to see traders get margin called. The fact is that on our No Dealing Desk (NDD) forex execution model, FXCM offsets client orders one-for-one with our 10+ liquidity providers. That means we make money of client trading volume, not client losses. We make the same amount whether you win or lose, so we’d much rather you win, so you will trade with us more.