Hello, I am trading forex about 1 and half of a year I finished the school of pipsology last summer and I started a demo account. after a few months, I went live with 100$ in a micro account but the problem was that I can’t really make any money every time I make some money I lose it on later trades and right now I’m on a really bad losing strike and I have 75$. so I want to know if any of you guys is a constantly profitable trader?
I mean could you make any money in the long run? can people make money off forex trading? I also should mention that in the last 2 years I had many personal problems that didn’t let me focus on forex maybe it’s because of that. but nowadays that my mind is free and I can finally focus on forex I can’t win even a single trade do you guys have any suggestions for me?
and I started to think this forex thing isn’t really gonna work and it’s just another gimmick to take our money do you guys think I am right? do you guys think does it worth it to continue ( will I get any results?) or should I quit? thank you (and sorry for my bad English)
Oh man. I can just see the replies coming before they even get here.
So allow me to kick this off and I’ll butt out after that.
FOREX. No. $100. No. Trading. Yes.
Now you can all launch into the “needs years, needs practice, needs passion, must demo” and so on and so forth AGAIN.
Oh and don’t forget NNF.
your answer is kinda vague can you explain more please ?
FOREX:
Unregulated manipulated free-for-all-anything-goes market.
$100:
Cannot even trade without high leverage. Assuming profits: doesn’t even cover Internet connection cost for the month.
Trading:
Equities and Commodities. Regulated. Not possible with $100.
NNF:
No Nonsense Forex!!! LOL!!!
thank you really helpful
does XAU/USD (spot gold) count as a Commodity? can you name a few Equities and Commodities ?
Gold is a metal and falls under commodities yes. There are different types of commodities e.g. metals, energy, soft commodities.
Oil.
Soybeans.
Natural Gas.
Equities. Stock Indexes. Stocks. ETFs.
Dow Jones Industrial Average.
Microsoft.
S&P SPDR ETF (SPY).
Also Futures Contracts.
Exist for just about everything from Orange Juice to FOREX Futures (not to be confused with retail SPOT FOREX).
Sorry.
Usually I would launch into one of my LONG posts here. But a) I’ve detailed this stuff as well as my take on spot FOREX so many times around here it’s just not funny and b) it is 04h09 in the morning here.
Hate to say this and not something I normally do but: Google is your friend right now. At least until I wake up later anyway!!! LOL!!!
you will always have trades which go wrong. The answer to consistent returns is to focus on your loses and find a way to manage them. If you can then this will take away the fear of a loss and help you to trade with confidence and then you will be able to make consistent returns.
are you consistently make a profit each month ?
with a regulated broker
and a minimum deposit of 2000 dollars
maybe you can make profit
of course with a good chart analyses
yes. Like all traders I have trades which go wrong but I manage these trades. Now I know this sounds like Valhalla but it takes a lot of work, time and patience. It also takes up margin.
You really set like on something other routine out there for basically everything possible from the start, and don’t be that desperate cause you just now lost something like $25 or so ? Am I correct ? That’s not the mood for trading anyway. good luck
no, my desperateness is cause I blew around 500$ before I find baby pips and learn a thing or two about trading and I’m from Iran and even 25$ is kinda a big deal here (average salary is about 200$ per month here)
and everyone around me tells me to not trade thats why im not sure what to do
Hey @Amirfx14…
I think (and please do correct me if I’m wrong) that you really need the money and are hoping that Forex is going to be the solution. I’m Nigerian and I understand the economic perspective you’re coming from.
If I am correct in my assumption then there are two things you need to know:
-
You really can make money in forex.
This is what attracts us all afterall isn’t it? -
There is no definite timeline before the expected profitability is achieved.
And this is where the problem comes in, in your case you feel trading for two years and without yet achieving profitability isn’t acceptable.
In truth you need to ask questions. Two years was enough for many successful traders to achieve profitability. But it doesn’t mean there’s something wrong with your ability. Maybe you’re just an outlier and require a bit longer to achieve the same results (it happens).
Finally you need to understand that trading with little capital (undercapitalization) and trying to make any significant profits doesn’t really go hand in hand. The pressure to double your balance more often than not psychologically forces you into behaving irrationally while trading.
Your focus really should be on trading profitably and consistently (will you be satisfied with a $20 profit on your $100 capital after one year of stressful trading?).
If you manage this then the money will come.
Just my opinion though, I hope you find something useful within in there. 
If you loose $100 easily, you will loose $10,000 as easy too. I know some people that were able to grow their accounts from $30 to $800.
If you are going to start trading with low funds the trick is not to make forex trading your only source of income. This will put less psychological and financial demands on you and allows you to clearly make decisions according to your trading plan.
Hello @macilme thank you for your answer it was really helpful. now that I think about it I can confidently say that the main reason I wasn’t profitable in these 2 years was that I wasn’t ready for trading because I am a student and I had to study hard and I was also going through a very hard time with my family over some personal and economic problems so I didn’t really had the time or energy to analyze the markets and do calculated trades so I should have had wait for the proper time to start trading but just like you said, because of terrible economic conditions in Iran I just made trade after trade and that point it wasn’t trading anymore it was more like gambling and I lost my money . but now that I have financial security and spare time I think I should be able to make good trades and make a constant profit ( actually I did really good this week and I hope I can do the same in the following week ). so once again thank you everyone for your comments they really helped and made me confident in trading again.
thank you
That’s what the BP community is for Amir, I come in here sometimes when I need a bit of motivation myself .
You are not alone, as long as you are better than how you were last year and keep improving, be sure that you will eventually reach the level you aim for in trading. Good luck my friend.
There is no magic bullet. I am testing a new trading formula, using an excel spreadsheet to calculate what currency pairs are compatible with my trading method, and what pairs will kill my account. So far I found 6 that are profitable, 4 that suck the life out of me…
What I am trying to say is the following:
- Be clinical (not emotional)
- Trading strategies don’t work on all Forex pairs
- Plan your trade, trade your plan. Don’t hesitate in the middle of a trade!
Hello Amir,
Sorry ! if we express open you will not like candid, if we do not speak out the truth you will never ever learn forex & make money. Whatever you think we got to speak the truth & be candid.
Forex needs a long time practice & patience and psychological fitness. It needs more time, lessons, practice, tests, backtests, money management, and good capital & good leverage. Without any of those there is no short cut method to shine in forex. You got to lose money then you will learn hard, then you will act wisely, then you will manage your money, then you will be fit with emotional control. And after all the acid tests passed you will earn money at last. All professional did follow same path. Don’t go for half hearted & half done forex trade, you will lose all your capital. To protect your capital & how long could you survive without blowing out your money is the secret to success. Be with babypips to learn more, practice, tests, get burnt, then go with real money after using demo at least for 6 months. Best wishes !
Hi Amirfx,
This is what I believe to be true - others might see different but this is the answers I found so I am ok to tell you what I think of those questions since I asked them myself.
It is possible to be profitable. And to make a lot of money. For this you need a strategy that has a positive expectancy that fits you, and to trade it without making mistakes in its execution or in the level you risk on each trade. This might takes many years to complete though - 5,000 to 10,000 hours of work I would say.
If you are ready to put in this much work - knowing it will not pay you a penny for many years and that you will have to work real hard, facing failure very often without any concrete sign of the precious $ coming your way, then keep going.
I would definitely recommend reading Karl Van Tharp books (supertrader, trade your way to financial freedom…) and maybe Brett Steenbarger (Enhancing Trader performance). This gives you an excellent foundation for your own trading business, knowing your psychology, how to improve, what kind of strategy and product to trade. Then find a method that works for you, a product to trade, a mentor… all part of the adventure.
good luck