Brokers and Banks. We all know how brokers make money, and we can’t really duplicate it if we’re reliant on their services in order to trade. So what’s left…Banks! If you trade how the banks trade, why wouldn’t you make money consistently? Most people can’t trade how banks trade because it is BORING and they don’t want boring…they want excitement and something to inflate their ego. The 95% (or whatever made-up figure you want to put here) aren’t innocent, they’re junkies and they can’t kick their habit of chasing the thrill of the win.
I know a few successful Forex traders, I have a coach, and know some of his colleagues. I know that they are for real; for one thing, I get sight of some of their trades real time, as they place them, and before the market has played out. I then obviously get to see how they play out. They hit a double figure % return each month. This does work, it is just a complex subject and many people get it wrong. Nothing this complex works for everyone, so don’t let the fact that many people get it wrong put anyone off having a go at Forex trading.
I’ve met a few traders in real life through some family friends. A couple had some deep pockets from trading and another friend was living off their trades but they weren’t making 6 figures.
I’ve been trading full time for a year this month and I live off my trading income but I don’t make 6 figures but I do well and I’m only doing better
yes they are around. I haven’t met them my dad has. my frriends dad was succesful. He retired and had some money in the bank and traded with it but he lost it all on 09/11. So he sold his extra houses and remorgaged and entered again. The he lost it all again in the crisis. He was very succesful for periods of years. I dont understand how he lost everything. He’s dead now so i cant ask him. I think he traded stocks tho. I think the main thing is study and practice and (no-offense) but dont fraternatize with too many other traders or take their advice until you can confirm from your own experience. 95% of them are losers. Thats statistical fact as you know.
a friend of a friend trades for banks. he has a computer program he wrote and they give him money for it. he lies buy the beach in thailand, or japan. wherever the fun is at. this will be my twentieth post so now I have the access i need. ima drop out now and stop sharing all my useess infor with you guys. Will be back when properly educated
Hii Muthu,
I’m from Mumbai and I’ve been in the market for last two years but without any success. There are many people around the globe who say that we are successful in forex but I never heard from a person specifically from India who says the same. I’m literally struggling with this thing. If you can help, I’ll be grateful.
I’ve never met anyone that even knows about Forex but my father-in-law owns a kitchen business & he sold a few kitchens to a successful trader that owns several properties.
During the time they met, the guy made a few passing comments about only working a few hours every morning & easily living of the mon£y made. My father-in -law eventually asked what he did & that is how the 2 of us found Forex.
I’ll do the learning, see if I can make some extra ca$h & then to an extend if I want it, he will bankroll me. I’m a L-O-N-G way from being bankrolled & I’m not sure if I’ll ever want it but it’s nice to know that the offer is there.
The successful trader is willing to meet with us & give a few pointers but I’m still a complete NoOb so I’m holding off until I can hold a proper educated conversation & not make a fool of myself by not knowing something simple. So hopefully at some point, I’ll be able to say, “Yup, I met a successful trader” & hopefully sooner than that, I’ll be able to say that I met a trader (even a bad one) as when I say Forex to people, they scratch their heads with blank expressions.
assuming no one in India is successful at forex, why not strive to be the first one ever to succeed in this business?
depending on the total amount of time you’ve spent on trading, two years is a relatively short time to expect fruition. genuine success always come with time.
If I were in your shoes, I would meet that trader as soon as possible. it is not often that you would have an opportunity to meet one, more so have one who is openly willing to meet and share.
If as you say only 5% of traders can be profitable. Statistically there could be thousands of successful traders in India?
I think you will find Russia has the highest number of successful traders.
I work with people that sell software to forex traders. Mostly bigger firms. Trust me there are lots of successful forex traders. Most seem to work alone these days. They are people just like you. For lots of reasons forex traders do not advertise their success. Big ego’s and forex do not go together.
How often do you meet a Chicken Farmer or a Foundry worker or an Iron Ore Miner?
BTW I have been reading some of these posts. I think a few of the people here are successful. They seem very modest about it though.
Lol that made me laugh but is actually a very good point. I have not met two of those, yet I do obviously believe in their existence. An interesting new angle to the discussion!
Well if you want to meet succesfull traders try to go into seminars then crisis hits economy. When only few can do seminars ( because there are no clients), and good traders needs capital too. Other way is fishing in forums, try to communicate. After 4 yrs of seminars and so on I found one guy. He’s a prick, talk like… Don’t have friends… Hes in his 20’s. But he traded forex from age 14… Damn, he worked hard and learned. Now he shows me how to not make mistakes, how to make about fifty percent return per month average. He can make money anytime in the market. Anytime. Thats so amazing. He uses so much other shortcuts… Bonuses, rebates… So much opportunities, then others windging… Also I found other guy recently. He makes 10 percent a day. He also found some old guy and learned from it. But he has problems with brokers after trying to withdraw money, when orders are not working, or sl don’t work… But there are those guys, look for them, do whatether takes to help them, or to work together.
I think babypips is one of best on internet places to learn from . There is almost everything, but some people just can’t handle themselfes… And loose. There are 12 types of people in world and before trading you should know your weak points as personality. And eliminate them then trading by placing sl, use scripts to enter with MM…
Ive never met a trader with proof that they are successful, its just talk. Take a look at fxbook, so many traders do well for a few months at a time and then blow their entire account. I’ve started a public fxbook to see what I can make of it, if I can make it work out then at least ill be able to show some legit proof of my earnings and returns.
Like they’re all gonna hang out on Babypips shaking their stuff all day long, lol.
And don’t [I]mylittlepony[/I] only deal with brokers affiliated with MT4?
I think you’ll find successful traders with accounts & balances worth a damn will have business relationships set up with firms a little more stable than your average pocket money MT4 outfit.
Charting is one thing, placing anything above small change with those shops is very much another.
There is nothing wrong with using MT4, as a newbie or an experienced trader, although this of course comes down to personal preference. I know there are some better applications out there to trade with, such as the Dukascopy Java platforms. It all comes down to what you want out of your trading, and your account type. Would you run a true ECN account through MT4, most probably not as your more than likely to be using a third party bridging provider.
If I was a super successful trader would I hang out in Babypips from time to time, of course I would. What newbies are missing in terms of proof, and on any Forex Forum for that matter, is solid legit verified proof that It can and has been done by a real person who they have built a relationship with. The same question comes up time and time again as members come and go from here…they want proof.
It does come down to your own attitude though.
And as for ‘pocket money outfits’, a lot of brokers out there do cover both retail and light commercial hedge funds. I know for a fact that my broker accommodates both sides of the same coin.
As for meeting another trader i never have in real life. I personally met a guy (actually not from my country but living here for a couple years now) claimed he was a professional trader who was charging like $10K for 1 year to be my personal tutor and teach me how to trade, then start business after tutoring where he would arrange for financing from a bank in the form of a preapproved loan upon successful completion for my trading and form a trading group that he would manage and i would assist while trading. But like everything else…yes I say his home office and everything with 3 monitor set up but that was all. No live proof…no statements…no BMW or Mercedes parked in the drive way…heh heh heh…It just was not appealing to me. The idea sounded nice but that was all. Anyway I started off for about 2 weeks and deciding that was not really what I needed right now. If i could come up with 10K over 1 year for tutoring I figured I could do the same on my own…and yes he was dissappointed obviously. But that was very early in my journey about 4 years ago…i am now well on my way to a transition to a budding full time forex career and just finishing up work on my PAMM account with my broker. I have not yet met another trader within that time and it has been very difficult but rewarding now that I am at the stage that I am at…
