I am new here and would like to find out if anyone really made money from forex and I mean realistically not something in the account which they eventually lose anyway.
I mean did anyone put their money in and actually walked away with money taken out and if you did take money out to walk away, why ?
If you were making money why would you want to stop?
I am looking to see if there is a possibility to make a million out of $100 in forex or is it an impossible dream. Has anyone really done it ?
“In British politics and economics, Black Wednesday refers to the events of 16 September 1992 when the Conservative government was forced to withdraw the Pound Sterling from the European Exchange Rate Mechanism (ERM) after they were unable to keep sterling above its agreed lower limit. The most high profile of the currency market investors, George Soros, made over US$1 billion profit by short selling sterling.”
Yea. I was there when it happened. I saw it unfolded all the way through. George Soros subsequently lost it back to the market.
This is exactly what I meant…is there anyone that actually kept the money after making it??..even if a little or do people normally have a big win only to later on give it back bit by bit and end up with a net negative ??
Yea well…do the same thing 1 million times and we would have $1 million but why would it not be likely to be repeated again and again for any period of time?
Is it really that difficult do keep making a little at a time…just a dollar maybe each time, not asking for a big move.
Yes, if you take all the money I’ve lost learning forex and subtract it from my current amount I’ve made a little over $700. I’m compounded and trying to build up margin. Once I reach my desired $10k amount I will trade with it and withdraw any profits on a monthly basis.
That’s further down the line though, I’m just trying to get a specific strategy down and working towards become profitable at a constant level.
Ok. So my question is, was it easy to do and how long did it take you ?
Would you be able to do it with a $100 account with very small trades building up to the point where you compound into bigger trades and then make it to $1 million ?
I’m net down since I’ve started, but if Richard Dennis could turn $400 to $200,000,000 in 20 years time, I guess its possible - for some people (the vast minority, alas). Just realize if you start with $100 you’ll probably end up with a mere $50,000,000, so maybe you should find another $300 somewhere, lol.
In all seriousness, if you took $100, stuck it into a Roth IRA (where its not taxable), managed to produce a consistent 10% return a month, and compounded that amount twice a year, in ten years you’d end up with $1,208,925 (a bit less when you adjust for inflation). My goal is to shoot for 10% a month, as being my level of consistent profitability. I’ve heard other people have managed to do it.
Honestly, if you’re really confident in your ability to be profitable, you’re going to want to start with more than $100 (i.e. something like $10,000). Otherwise you’re going to feel a bit silly making $10 for a month’s worth of hard work, lol.
I started currency trading in March of last year and just blew a free $25 acct but I was hooked, I lost about $300 in my money learning all the way up to June of last year. I blew an account, read about some money management and deposited another $75. Currently I have $1016 in that account. It peaked at $1300 but I strayed away from my money management rules and was bitten pretty bad so I’m back to playing nice.
EDIT: As for time spent, well I spent a lot of time learning how to trade and a lot of time reading. I’m still reading and learning and testing trying to get comfortable with all my aspects of trading.
Wow, we must be each other’s dopplegangers, lol. I started in March, also blew a $25 account (FXCM, which only offers micro-lots so no surprise there!)
Then I got a free $50 account with IBFX. I was an idiot and didn’t know they let you use nano-lots, so I decided to risk a mini lot to see if I could use a few trades to build my account up. First trade scored me $15, second one bombed me down to margin level at $25. Whatever, it was fun
After tinkering I discovered the nano-lot mode ($0.01/pip), then I proceeded to whittle it down to $13.77 over the next few months, which is where it is today. Last month my winning ratio was 30%, but the risk reward was like 1.5:1. Now I’m doing a bit better that I’ve become more organized. Its a long journey to 10% a month
Today I force myself to make 3 trades each day, and I analyze them and myself extensively. I read books and go on forums. Its really vital to get the background solid.
Lol, yeah I got the same $25 from FXCM, not a great broker I’m glad I left. I have two accounts with IBFX, my main account and then a test account I just opened up with the free $50. I use it to trade nano lots so I can test systems with the psychology of money involved without blowing my main account.
FXCM was okay, but to expect anyone to manage with $25 using micro lots is just insane. I’m surprised I even lasted as long as I did. My first goal was to make $1 a day off the $25 (4%). Of course, little did I realize that outside of having no defined strategy, a modest 20 pip stop loss was a whopping 8% risk per trade. I got it down to $5.00 at one point, then got it back up to $25 (pretty amazing when you realize that’s a 600% return, lol), and then back it went to margin call levels. It lasted about a month. It was an experience, and a better one than those who put $25,000 into an account and do the same!
Agreed, losing a few hundred bucks was well worth it in the process of learning. Don’t get me wrong I probably should’ve demo traded longer at the beginning but the when is started trading with real money even losing a dollar drove me nuts. I’m still trying to conquer my emotions but I’m in a much better place. If losing a dollar when I first started trading made me nuts than losing $100 probably would’ve killed me.
You’re right, it always pays to be frugal in the beginning - and not just in account sizes. I’ve actually been viscously frugal when it comes to learning trading. I have a great library that has so many excellent books on trading, I bet very few libraries can beat it. I also was extremely, extremely suspicious of all these seminars and coaches that charge an arm and a leg. That saved me from wasting tons of money, money which I’m saving for my big stake when I have the courage to go for real.
You’d be surprised, but the “For Dummies” books (esp. Brian Dolan’s Currency Trading one) are actually a really good bargain. You can get them for under $20 on Amazon and in the case of Dolan’s book, its better than a lot of those Wiley trading books that cost $50 and up. Investopedia has a ton of articles on there for free, and then there’s some good stuff on youtube.
My personal feeling is that so many people invest money into rip-offs when they learn to trade. That probably is as responsible for people losing money as is bad trading, and at least with bad trading you learn the pain of loss and how to deal with it. It really must feel stupid when you spend $3000 on a “system” that is already available free on the internet, and works just as well. I’d rather have spent that $3000 on bad trades, lol.
Of course you can make good profit with forex… BUT you must be eager to LEARN and know how to DISCIPLINE yourself. Forex Trading is considered as a PROFESSION. So just like any profession in the world, it pays off when you WORK for it otherwise you’re helping other traders to make money by losing your own…
