I have looked at many forums and found little hard information about the money being made in Forex.
I have been successful on demo accounts. One 50K account averaging $1200-$4500 daily returns. Then I opened a small $3000 account which would be more in line with the funds that I want to test the real waters with. I immediately doubled that account. I will be opening a live account next week. I have had some stock trading experience which has helped me read charts fairly well. That is not to say that I have had no losses on my demo account. Though, stop losses have prevented them from being large. I know that in live trading slippage and volatility will be factors, but I will do my best when that comes around.
I wanted to ask if someone is making a living with Forex. Is anyone making 10k, 20k, or more a month. I know of only one guy that has made over 200K each of the last three years, but I wanted to ask if anyone else would care to share.
Please no demo account stories, I know there are some demo account millionaires, but they wouldn’t make it past a heart attack if it was real money.
However I guess I haven’t learned enough to trade off your system or develop my own, right now I’m waiting for “A Basic Breakout” to be explained better.
Maverick, if you dont mind me asking, did you finish babypips school. Rather than just blindly follow oz or eflang you should seriously understand all of those indicators being used and how they are being applied. I know from expereince when I was “spoon fed” and didnt understand what I was doing i would ultimatly lose. It sounds to me that somoney2k is using at least some intuition which can only come from watching the charts and he is taking that wisdom and applying some indicators to help him gauge the direction of the market.
Maverick if you are interested in understand bollinger bands apply them to your chart. BBs are good for a ranging market and for helping determine the trend. price has a tendancy to return to the center of the bands. if price stays at the bottom then you are trending down and if price is staying at the top you are trending up. I like bb’s and use them often. You can learn about most of the indicators with babypips school and even in your mt4 platform. I sugggest pick one or even 2 and learn how they work. then apply them to a chart and watch them. Even if you are demoing another system you can open a different chart. then you will see how the price is moving and its correlation to the indicator. ok ill shut up now.
Sorry for highjacking this thread its just I wanted to give my 2pips for what its worth.
anyway somoney2k to answer your question Im better than breakeven for 2007 and doing pretty good for 08 but im not 20k a month yet, but hopefully soon. My biggest problem is undercapitalisation. so I have to be alot less agressive than I would like to be.
If you are scalping then you could make alot less or even lose on trades that would be winners if it was demo. If you trade on longer time frames then the only difference will be your psychology factoring in. I’ve just got started live a month ago so I’ll get back to you on how I’m doing in a few months.
Yes I have, however the fibbo I have tried to apply and it doesn’t seem to work that well on whatever I am applying. I’ve seen charts demonstarting fibbo and ti breaks .618 retractment and that is said to be a indicator or a new trend forming in that direction…however that chart is used to show a bounce up…when three candles have clearly breached and closed below the .618 retractment
I want to try Oz’s and eflangs system but for effilangs system its hard to tell when to go long and short, he doesn’t seem to give great examples of it and some seem like they should be long trades but they are made short and viseversa. You also had a problem understanding his method if I’m correct
not that this is reputable or anything, but i do have a friend who trades forex full time and trades 100 lots… clears 100k+ a month.
Trades 4h charts only, Bolinger Bands on an 18 period waiting for pin bars into the outside bands mostly. Used to trade a MACD system off ForexFactory with great success as well.
Went live this morning and pop’d my cherry. I made 60 pips and no losses. Must say it felt good. Only made $770 for the day. So if there are 20 working days in the month then I should be able to make $15K. But that means no losing
days. I know that is unrealistic with a small account.
My real goal is to make 20% increase of my base account until I get to around 25K, which should be around 12 weeks.
I’m not currently making $20k per month, because I only have $5,000 invested right now. However, I do intend to double my money within the next 4 months. I feel 5% per week is a reasonable, consistently replicatable goal.
I also don’t think $240,000 per year would be considered only “making a living” though. Even $100,000 per year is more than most people make, but then you only need $8,000 per month. If you have $160,000 starting capital, then fine.
Setting an arbitrary thing like “I want to live off my forex gains” is not the place to start, that is where you want to END UP. If you quit your job to start trading forex right away and shoot for paying your bills, you will fail.
