Live yet?... how things are going?

Alright, I am a college student thinking on starting forex
but i have my doubts, if the statistics is that 90% of traders lose money, that would mean that the only people making money here would be the pros.

I want to know of those of you who have gone live, who is actually making money, would it really be that the majority of you are losing ???

I’m a college student as well (UF engineering) and I started trading live in March of this year. I started making a profit since June and have been trading with a profit ever since. Currently I’m building up my account and just learning so I can trade at least while in college to make some side money. I would hope to be a professional trader but it’s going to take time. I still have a lot of things to learn.

hehe i didnt even finish college, only 18 and i trade pretty much full time (although i teach drama and dance/ direct theatre and projects when the work comes along)

i make around �300 - 600 on average a week which is more than enough to pay all my bills, go out and still put a little away for my son :slight_smile:

i usually only leave about �3K in my trading account and make gains of 10-20% weekly, i plan to add a K or 2 every few months or so thus increasing my weekly gains although im in no rush to do so at the moment

trading can definately be very profitable but you will innevitably suffer many loses first unless you have someone to put you on the right track, babypips can definately do that for you

start live as soon as you can with a small amount you can afford to lose and learn to trade off of raw price action, in time you will reap the benefits

lee :slight_smile:

How does your money management look?

Excellent advice! But first demo until you think you have the hang of it. It’s no use losing money that could have been kept.

Stay far away from the indicator junkies is my advice.

I went live with a very small account early this spring. I immediately proceeded to display poor behavior and blew most of the account. As stubborn and stupid go together, I went at it again reloading the account, this time remembering that it hurts to burn yourself on the stove.
Now I’m finally on the right path, no longer losing money and actually making some instead.

I like to say: you can either get poor quick or you can get rich slowly. This is absolutely true for forex trading.

Wow i feel like a old man with you soon to be Grads.:stuck_out_tongue: Luis i can of know what kind of success story youre looking for at least what i wanted to here when i got here? Phil filled that void for me he has good sound advice.He was nice enough to show some of his methods he was using to us.I knew he was good trader when he said he loved to backtest and then would shoot out percentages when asked.Somebody asked about his Sunday breakout strategy he would say hit rate 23% longest losing streak 6 looking for 5-1 risk to reward ratio.I think on one thread he said had made over 150 thousand in one year.Luis i would go back and check out is threads he also has a e-book.Bye the way where to did Phil go i miss him. :frowning:

Actually what I think he said was that he’s planning to only make 10 000$ this year.
But yes, his threads are great and I miss him too, hope he returns soon.

What was his username so I can take a look at his work?

It’s Phil838

very valid points but im afraid i would have to disagree with the demo account :stuck_out_tongue:

luis i’d encourage you to start with a very small account between 10-100 �/$ and trade literally a few pennies a pip or so, you will most likely lose it over the coming months but it will prepare you psychologically for when you decide to trade with a larger sum

demo accounts are great for getting to grips with what the market is, how it works and how that particular broker operates but in my personal opinion no good for testing actual trading strategies as your entries and exits will differ greatly due to the psychological aspect regardless of whether you have the right mindset

and as for staying away from the indicator junkies, i couldnt agree more :slight_smile:

indicators do nothing more then relay the exact same information candles do except a lot later by which time you could have already missed your trade

the closest thing to a holy grail in forex trading is PRICE ACTION

but to understand it requires alot of education, focus, persistance, patience and above all experience

happy trading

lee :slight_smile:

You are right 099016Mh my apologizes to people on this tread.I glanced at the name it said Phil but not that Phil on a earlier thread.I have read a few books on trading the info that people like Phil,Tymen,James 16,Clint and of course Baby pips and the schooling provide would cost you 2 or 3 hundred at the book store.:)I have heard more successes on this forum(albeit small)than i have heard on any equities or futures forum.:smiley: