Who of you guys makes a living of Forex?

Quoting C26000

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I plan to live from forex and I'm newbie, but I can live with very little (about 500 USD per month) and I have a decent capital for my needs (14 000 USD), so if I make 3.6% per month I'll be ok, obviously I want to make more in order to increase my account as well.

First I'll start letting others manage my money, but I won't give all my money to just one manager, I'll use maybe 2 managers, besides I'll trade by myself other part of my money using signals based in day charts. While I do that I'll continue learning using the demo I currently have, and only when I'm able to achieve consistently a greater profit than my managers, I'll start trading completely by myself that money, that may never happen, but hey! less work for me

Basically I can sacrifice some comfort and money if I can get up in the morning decide what I want to do that day, maybe a small walk through the neigbour, maybe a music lesson, maybe do some work in certain not paid project, maybe just sit all day at the computer doing nothing listening to my favorite music.

I really want to be truly free even if that means less money for me.

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Quoting simpleguy

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how do you live on $500 a month?

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Quoting simpleguy

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You do realize that means you have to make over 40% a year, year in and year out?

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Quoting Michel Z.

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Without asking for monthly earnings , I am wondering who here is making a living from Forex & how long it took you to get there? And if you can give us some useful tips as well? Many thanks!

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Quoting Michel Z.

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Without asking for monthly earnings , I am wondering who here is making a living from Forex

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Quoting Michel Z.

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& how long it took you to get there?

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Quoting Michel Z.

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And if you can give us some useful tips as well? Many thanks!

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Quoting bernadette

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Its no secret that most full-time professional traders, make money other than full time trading. Some teach their methods to others and charge high seminar fees, and some sell their methods as systems. But I have yet to meet a fulltime forex trader who does absolutely nothing else but earn his/her living solely and explicitly from trading.

Am I wrong?

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Quoting magnumfreak

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I make 100% of my income from Forex. I do not teach people how to trade nor do I sell my systems. I help people in the programming section mostly to build EA's and indicators that follow weak or even pathetic methodology. Why? Makes my job of taking their money easier. That's right I said it. Get past the grand delusion that you are taking money from the greedy banks. You as a retail forex trader making money are doing nothing more than taking money from poor suckers who have no clue what they are doing. They come to forums like this looking for...

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Quoting magnumfreak

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I make 100% of my income from Forex. I do not teach people how to trade nor do I sell my systems. I help people in the programming section mostly to build EA's and indicators that follow weak or even pathetic methodology. Why? Makes my job of taking their money easier. That's right I said it. Get past the grand delusion that you are taking money from the greedy banks. You as a retail forex trader making money are doing nothing more than taking money from poor suckers who have no clue what they are doing. They come to forums like this looking for the answers from people who are taking their money in the first place. Ironic isn't it? The majority of people who claim to be helping, create threads with systems and trading methodologies that include as many indicators as they can shove onto a chart. You want to make money trading forex? Here is a clue, GET RID OF 90% OF THE CRAP ON YOUR CHARTS RIGHT NOW!

If you trade with pure price action, technical analysis, fundamentals or any combination and you have more than 2-3 indicators on your charts, you are as confused as the majority of traders out there. I don't know if you think it impresses people that you can understand what all of that spaghetti on your charts really means or if you have just been sold a bill of goods that says you need all that crap.

LOL --- on my trading charts its almost impossible to see the candles unless youre quite zoomed in (and thats only the chart, not counting the indicators below), but i NEVER look at the candles as i have seen far too many REVERSAL candles that amount to NOTHING and far too many REVERSALS where there was no reversal candle of any type. Would you consider me to be "confused" also ??

Sorry for the rant but it is about time the fluff and hype of trading forex gets replaced with the truth. Do I feel guilty about taking money from suckers who jump into forex thinking it is the next California gold rush, just stake your claim and get rich? NOPE! Not in the least bit. If you think that sounds cruel or mean, get over it. And if it bothers you that when you are winning someone else is losing, you are in the wrong business.

While your statements are true, I approach trading from the OPPOSITE direction, similar to the glass half full vs. half empty situation ---- while i warn of the dangers of leaving the nest early and taking chances, I also tell of how simple forex can be as long as one accumulates the EXPERIENCE to trade well. Not all newbies will accept that, and testosterone tells them they need not to follow the assembly instructions, and invariably they find out how bad things can be, BUT there are also those who DO keep going and sooner or later begin entering the world of self sufficiency, and thats the reason I keep up with being OPTIMISTIC and not pessimistic !

Now, something that always bothers me is how people think theyre TAKING from others --- what are you TAKING if one person is exiting a SHORT with profit and you "buy" their shares for a LONG --- who has taken whom in that case ?

What does it mean if someone gets out of a trade, only to enter a buy stop to catch it on the way back up ---- do you have to give them back their money when they are in profit ?

Its all a meaningless game, where the ORIGIN of whatever money you make is really of no concern because who knows WHERE it came from --- a banks basement perhaps.

what is true with your rant is that by the very definition of the word "retail trader", you are NOT trading against the banks, only against the trend and prices they set and which are copied by the tier 2 and tier 3 liquidity providers and brokers ---- heck, half the time youre simply taking from the brokers equity until the tables turn and everyone starts to short, taking back their losses.

Go ahead, flame away. It's usually the ones speaking the truth the loudest that catch the most heat. I am wearing my asbestos underwear so crank it up.

Nah, no need to flame, but dont agree with a lot of what you say, but since most of it is really a philosophical rendition of "how many angels, etc", its of no real value in accumulating pips, and accumulating pips, even though I tend to be a socialist, is the only name of the game !

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Quoting mparker

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ts of no real value in accumulating pips, and accumulating pips, even though I tend to be a socialist, is the only name of the game !

enjoy and trade well

mp

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Quoting magnumfreak

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Next time you go to the store, tell them you want to pay in pips. Accumulating pips....LOL! "I'd like to buy this diamond necklace for my wife but I only have 350 pips will that be enough??"

If it is all about accumulating pips then everyone should just stick with micro accounts. It's not about pips, its about money.

OH COME ON MAGNUM --- youre getting into silly land here ! You know danged well what i mean, and I'll continue using the standard of accumulation used in the forex world, just that i have a private bank that takes pips and turns them into money --- DOESNT EVERYONE !!!

And BTW, why does it say "PIP freak" under your avitar if pips are meaningless ? (you have 30 seconds to answer or your sword will be taken away !)

Spend some time learning how the RETAIL forex markets work. Where do you think the money goes when Joe Average loses? For every long position there is a short position. Whether that is the broker taking the opposite trade or another trader it doesn't matter. Institutional trading is completely different from retail forex. They cannot even be closely correlated. Do you think that when McDonalds does their quarter end and has to move a billion yen and convert it to U.S. dollars that they do that with a retail forex account?

OF COURSE NOT, but what on earth does this have to do with anything said so far ?

Look, I have read most of your thread and I believe you have the best of intentions sharing your trading strategy with others I really do. But let me ask you this... Did you start out with that many indicators when you first started trading forex? If you did, how long did it take you to get comfortable with it? All I am saying is all of that spaghetti isn't necessary. Everything that anyone ever needs to trade forex can come from 2-3 indicators at most.

IF YOU ONLY KNEW !

what I teach is such a simplified version of what came before that there is almost no comparison. When in stocks, I published a method of trading that downloaded something like 25K times, maybe more -- dont remember.

It had complexities beyond what im dealing with here, but was tremendously successful as a "method" and people are STILL asking for it, years and years later.

you have to understand that i dont use indicators in the normal way --- if it were possible to show ONLY the very end of the BOLS, i would be a very happy puppy, as those lines are a pain, BUT they show you final tp's AND I have to deal with the clutter to KNOW that information, because it doesnt exist anywhere else

Simple charts invariably yield simple results and what i do shows you the MAXIMUM point you can get to before a reversal sets in, and THATS pretty POWERFUL information to have, and if i have to thread my way thru spaghetti to make more than anyone else, I'll do that ANY day.

Are all those indicators and overlays needed --- I dont know anymore because I cant trade without them and if i could, i wouldnt want to !

i have no argument with those who love "clean" charts, but until you can show me how to come up with regular and EXTENDED tp points, I HAVE to use them, or give away a lot of pips (errrr -- money !) which i dont really like to do.

As an example, for a joke on another site, I once opened a demo and made trades ---- only one person understood what he saw, which was i NAILED every single trade at EXACTLY the correct tp point --- one more pip and i would have been caught long while the currency went short and I'd be in a losing trade --- think i did that for 200 consecutive winning trades before i stopped.

I simply dont know of any other way to achieve those results, and will certainly listen to you if you do !
Anyway.... Happy Pip Accumulating.....

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Quoting Michel Z.

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Without asking for monthly earnings , I am wondering who here is making a living from Forex & how long it took you to get there? And if you can give us some useful tips as well? Many thanks!

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Quoting magnumfreak

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I make 100% of my income from Forex. I do not teach people how to trade nor do I sell my systems. I help people in the programming section mostly to build EA's and indicators that follow weak or even pathetic methodology. Why? Makes my job of taking their money easier. That's right I said it. Get past the grand delusion that you are taking money from the greedy banks. You as a retail forex trader making money are doing nothing more than taking money from poor suckers who have no clue what they are doing. They come to forums like this looking for...

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Quoting Mingary

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It is not possible to make a living from the forex (or any type of speculation) long term.
Slapping burgers at McDonalds is more profitable long term.
If you are ever so lucky to have a profit today. Take it out now. You will need money to pay the electric bill and buy food.

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