A little Inspiration for all of the nearly successfuls....

OK Guys you constantly hear about 95% of all traders lose money and its mainly brokers that make money blah blah blah...

But what about those few that do make money... I'm not talking about the Bank Traders but the little guys like us...

Surely they must exist and I think a little story of your success would give inspiration to all newbies in Forex who come into this game hearing all of this...

You don't have to be a millionaire, you don't even have to have it as your sole income but if there is anyone out there who consistently comes out with positive pips month in month out then it would be nice to hear from you if nothing else other than to show it can be done.


Oh and if you want to give a little summary of your journey and what sort of trading you do (Technical, fundamentals, long, short term) then it would be much appreciated...http://www.thesmilies.com/smilies/happy0203.gif

Heres my story... its not complete success but I haven't lost money or wiped out my account at any point...

I started by looking for home business opportunities and stumbled across the Market Analyser... It all seemed so simple... I signed up with them, got there software and quickly opened a demo account... I didn't understand about money management and psychology and quickly turned £10000 into £18900 (it took me about a month).

After this I opened a real account and put a few hundred in there just to see if this really could work... Well the first thing that happened was the Market Analyser software quickly began to fail... Why? because the system they provide is specifically for ranging markets and as soon as a trend began you would get slaughtered repeatedly in one day...

The market analyser people don't give you any sort of real training they just say these are the indicator settings, when this happens do this...

I didn't know what a support or resistance line was, which now is the core of all my trading.

Anyway I quickly realised and stopped trading... I looked at a few good websites and started to actually study... I then took to the markets again with a system, a plan, Money Management and a little understanding of psychology and started to be consistenely profitable. Then work took over and I was unable to follow the markets but as stated in a previous post it is my aim to this year go full time <!-- / message -->

This is great, really just what I needed to hear.
How long ago did you start?
I plan to start soon also, and those stories would be really nice to hear from all of you.

i was introduced to forex by that james dick's commercial AI premier trade. That was in mid may 2006. I went to one of the seminar and I like what he said about forex but didn't like his forex stuff (it was like $3000!!)

So I went home and since I was curious, I did research online about everything that has to do with forex. From broker websites to messageboards (FF!!). I did decide to open a live account with forex.com with $250 because i wanted to take its free course for members. That was USELESS!. and to think they would charge over $100 for non-members. What scammers. But I never actualy traded my live account, since I read about money management (2% rule).

then after more readings, i opened a live account with Oanda with 1k in August 2006. I traded small (very small) in the first couple of weeks. Then I got greedy, stupid, and clueless in the next couple of weeks. I think my account went all the way down to $815. That's when I read Mark Douglas 'Trading in the zone' and within few weeks I recover my losses and some to about $1020.

Then, after that, I wanted to find a strategy for myself that I can truly master. So I started the '100 trades analysis'. Since I am keeping my journal and trading consistently, I had the 60% return by end of December 2006.

So now, I'm still running my 100 trades analysis, and making the transition to candlesticks.

I owe my success to the helpful people of forexfactory! and the many invaluable information from the internet and the wonderful books that I read so far...

peace!

Keep up the good fight

I started out a few years ago and got drilled by some MA crossover strategies, but now I am profitable by implementing strategies that take advantage of market volatility rather than trying to predict which way the market will go. I don't care if the pound goes to 2.000 or drops back down to 1.800, I will still make money. It took me a while to get away from that mindset.

I got hooked into Forex about beginning of last year after attending some Forex workshops.

At the end of the workshops, when they force you to buy their 2500$ software, claiming that it would fetch you 3000$ per month.

I ran out of the workshop, saying, thanks for the information about Forex but I am going to learn rather than give you guys 2500 USD.

Initially I opened a demo account with CMS Forex Trader. I changed my 10,000 demo account to 15,000 in 1 week. But with no strategy.

When I went live with 500 USD.. Things started to drop..Almost got wiped out.

I went off from Forex for few months but this year I hope to make good profits, after learning the strategies.

So the new year resolution is to make money in Forex by
--> Learning Strategies
--> Aiming low (30 - 50% returns)
--> Practice strategies with Demo.
--> Interact with fellow Forex Bloggers.

Hey, btw, I watched Finding Nemo for the first time over the weekend. The take away is

"Small fish can survive and relish in ocean"

Applies to Forex too.

Let us do it dudes !!

When I first heard about 95% of traders losing I never thought anything about it. I had already learned that this is a principle in ALL business. I was taught this in the real estate business and experienced it to be true and I heard from the Small Business Association that 95% of small businesses fail within the first 5 years.

The difference between the 95% and the 5% is a subject that fascinates me and that is why I emphasize the need for success and wealth training even more than the need for any kind of technical analysis or trading strategy. There are several success mentors that have been very helpful for me such as T. Harv Eker, Robert Kiyosaki, etc. There is also a great movie called "The Secret" that illustrates this concept very well. Some excellent success resources can be found at: {Link removed, rule #2}

I started about 3 years ago and figured out a method that works very well early on. Unfortunately I failed to trade this method as I continued learning everything else I could find but ultimately hit my stride. By the end of the second year I quit my previous business and moved from a cloudy rainy climate to the sunny Southwest and began living my dream. I enjoy trading now and don't spend a whole lot of time doing it to meet my goals. I think anyone with average intelligence can succeed in trading with a little work and positive attitude.

Best of Success!

My trading career started off during the dot.com equities boom of the late 1990’s. Back then you could buy anything that was rumoured to be dot.com related and it made money. I thought I was invincible, but in reality, I didn’t know a thing about the game. I turned $3,000 into $15,000 within 18 months. At the start of the year 2000, I lost it all!

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My interest in the markets when into a nose dive afterwards, but I always kept an eye on it from time to time. Then in mid 2004 I meet a colleague who introduced me to CFD’s. I liked the idea, but wanted to know more. Upon attending a few seminars, I came across the FX market. Suddenly I could make a gigantic pile of cash with a few hundred bucks! Yeah right!!!

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After studying, researching, demo trading for 12 months, I still didn’t get it. I blew demo account after demo account. Then I came across Larry Williams and his methods with price action in the futures market. Suddenly, things where looking good and profits where possible.

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Today I have a system I call my own, and I work everyday to improving myself and my trading. I still enjoy reading up on other system’s, and sometime employ some methods from them. I have a live micro account with FX Solutions, which I am happy with. At the end 2006, I was up 3%. Today I am down 2%. It been this way for over 6 months…. up, then down, and so on ………. but deep down inside, I really don’t care because I know another good trade is just around the corner.

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Success for me hasn’t been my account is this amount of dollars ahead, or my system in 90% accurate, or I generated 900 pips last month. Success for me has been the improvement my mind has on the FX markets since I first started. Believe me I still have a long way to go.

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To all of you newbies out there, hang in there, you can do it. But you’ve gotta be hungry to be successful in this business. And you’ve gotta love it. If you really want it bad, you’ve gotta work your balls off!

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Happy trading to you all

I studied Larry Williams and his tapes about 5 years ago which got me hooked on trading. I never traded futures for real though but enjoyed studying. Then I saw an infomercial while channel surfing one morning about 5am on Forex. The liquidity go me hooked and I am about a year into studying and plan on making a living this way.

What freaks me out about futures is you could lose a lot more than what is in your account. If the market goes limit up or limit down for a few days, watch out. As remote as this may be, its not for me. On the positive side, and this is how Larry made his millions, is you have volume and open interest statistics so you can follow the market makers to the bank because the market makers are purely hedging, no speculation.