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Is trading FX for living a myth?

  • #81
  • Oct 18, 2009 11:28am Oct 18, 2009 11:28am
Trading for a living is not a myth. Treat it as a business. Do your research, stick to a plan. Fx is very rewarding both financially and mentally. Do not become fixated on indicators, study one currency thoroughly and become familiar with its quirks. Learn about Pivot points, Support and Resistance, Trends. Identify tops and bottoms for entry and exits.

Keep in mind that you are only trading against yourself, the market does not give a toss about you. Find a system, a time frame and a currency pair that works for you. Practise it over and over again, don't get upset if you blow a demo account, go back over your trades and figure out what you missed. Identify where you went wrong and fine tune your system, whether it is technical or fundamental. Don't discard your system immediately, you picked it for a reason either consciously or subconsciously; fine tune it. Identify your lack of knowledge and add to it. Don't add noise to your system by loading up on indicators, flipping back and forth on time frames or changing currency pairs.

All successful traders keep it simple, they spend hours researching and only enter a trade when they feel confident. They will have an entry plan and an exit plan, successful traders stick to their plan and do not get distracted.

Forums like this are good for research and good for making you think. Find what works for you and work on it constantly, keep learning, improving, finetuning.
  • #82
  • Oct 18, 2009 8:18pm Oct 18, 2009 8:18pm
Trading for a living is a myth for 95% of people who try to trade.

It isn't for 5% of PROs, Brains with PhD and years of experience and people who had family mentors that helped them achieve success.

95% of people who posted in this thread ARE NOT DOING ANY MONEY IN FOREX. However they pretend to do so.

It's funny though that 80% of people who answered in this thread, are saying that it is possible to do money in Forex, when 95% of people actually lose money or don't do any money at all.

Think it twice. There is a lot of noise here. Use your brain and common sense and you won't lose any money.
Why do we fall? "So we can learn to pick ourselves up."
  • #83
  • Oct 18, 2009 9:05pm Oct 18, 2009 9:05pm
Quoting ForexDude
Trading for a living is a myth for 95% of people who try to trade.

It isn't for 5% of PROs, Brains with PhD and years of experience and people who had family mentors that helped them achieve success.
It's funny you mention that, cuz they ran a survey and it turned out doctors and lawyers were some of the worst out there!

trading fulltime is a myth if you think it is.......
  • #84
  • Oct 18, 2009 9:59pm Oct 18, 2009 9:59pm
Quoting >Apocalypto<
It's funny you mention that, cuz they ran a survey and it turned out doctors and lawyers were some of the worst out there!

trading fulltime is a myth if you think it is.......
Exactly... see, I think people are getting a few things mixed up here...

1st, 95% of traders that "fail" self proclaim themselves traders when they have no clue how to trade, they jump in knowing nothing, and lose everything... that adds onto the % that fail, each and every time someone jumps in knowing nothing.

This is not saying that there are a number of people who are successful, and that's not saying that nobody here is successful.

People really need to stop and think about exactly what that 95% consist of, in most cases, 95% of that 95% are complete newbies that know nothing, and don't want to learn.
  • #85
  • Oct 18, 2009 10:19pm Oct 18, 2009 10:19pm
Quoting Pharoah
Exactly... see, I think people are getting a few things mixed up here...

1st, 95% of traders that "fail" self proclaim themselves traders when they have no clue how to trade, they jump in knowing nothing, and lose everything... that adds onto the % that fail, each and every time someone jumps in knowing nothing.

This is not saying that there are a number of people who are successful, and that's not saying that nobody here is successful.

People really need to stop and think about exactly what that 95% consist of, in most cases, 95% of that...

So, you, apocalypto and 80% of the people who answered to this thread make a living off forex??
Why do we fall? "So we can learn to pick ourselves up."
  • #86
  • Oct 18, 2009 10:50pm Oct 18, 2009 10:50pm
I think what Pharoah is trying to say is that the infamous "95%" is most likely made up of people that are not actually traders, but people that just 'call' themselves traders, and that skews the total failures, since when you are just learning, it is expected that you will not be successful right away.

Just because you paint doesn't mean you are an artist....
  • #87
  • Oct 18, 2009 10:52pm Oct 18, 2009 10:52pm
Quoting ForexDude
So, you, apocalypto and 80% of the people who answered to this thread make a living off forex??
ATM no, but it's possible cuz I know guys that do it.

Here's my story so far.....

I making consistent profits ATM, but let me tell you the first three and half years were had at times. I am still part time, work as well.

year 1 had some great ups and downs overall down. Turned 2k into 500$ then 1K into 8K then lost it all.
year 2 same terrible start mid year blew second account. on scarps left quadrupled it with MACD system by Phillip Nell.
year 3 started great with my adaption of the macd method. system fell off so did my account, had a break got back into a short term method and demo trading.


jan to now.

had average start to the year, overall lost. lost 1000$ on a new idea. Jul till now went back to scalping system opened account with Interactive brokers set up personal rules to mange my thinking had a long hard think about what I want from this and how I am going to get it. was very close to trading futures only with IB (Eurostox50), decided no indicators on the scalping method stepped straight into 80K to 100K lots to make myself accountable, it worked. Main key I have found is not thinking while in a trade I have two figures one a loss one a gain once one is reached I am out no thinking no breaking rules. This was and is the hardest thing......

It anit easy and I lost 2 accounts plus close to a third, the emotions and my self demons were and are the hardest challenge by far. I have quit twice been totally frustrated on many times. During the last 3 close to four years i noticed two main things, my screens have gotten smaller, my charts have become simple.

Right now i sense I light is on but no one knows what will happen tomorrow.

Guys this is the story of my trading life to date and I am not sugar coating it at all as it's no help to new people looking into this. Trading has been so rewarding and at times total mental torture!

I don't think you make it or realize you have made it. It think it just happens you need to continue doing what is working.

This has been my road so far............
  • #88
  • Oct 18, 2009 11:47pm Oct 18, 2009 11:47pm
Quoting >Apocalypto<
ATM no, but it's possible cuz I know guys that do it.

Here's my story so far........

Very interesting trading story Apocalypto, and it just goes to show that trading isn't something you can just jump into, it requires an amount of discipline and self realization that does not come overnight.

My road has been similar, but a lot more short lived trading live, I currently don't touch my live account, it's too small for me to be making noobie mistakes.
  • #89
  • Oct 19, 2009 1:08am Oct 19, 2009 1:08am
Quoting Pharoah
Very interesting trading story Apocalypto, and it just goes to show that trading isn't something you can just jump into, it requires an amount of discipline and self realization that does not come overnight.

My road has been similar, but a lot more short lived trading live, I currently don't touch my live account, it's too small for me to be making noobie mistakes.
It’s not about Noobie mistakes, it’s about learning. The difference is what will it cost and how long to learn it........

Trading and profitability if reached is different for each person as we’re all different.

The main mistake I made was knowing nothing at the start, this set me up for bad habits that took a long time to shake! I just jumped into options trading with no idea! CFDs were even worse!

We all need to start and learn step by step, it’s your right of path to make it in this game. MISTAKES ARE OK, losing money is OK! Also long as you do it with control with the aim to keep that aspect to a bare minimum with winners being more than them.

I remember I made 16 straight wins and I was king of the world, the market changed and I didn’t I gave it all back!

The truth I learned is, discipline emotional control can’t be taught, they have to be learned with experience in practice. I don’t know what you financial situation is but I can tell you demo is ok but it does not give emotional development. I did a lot of small trading on mini lots to stay in the market when I was in bad stretches.

Good trading to you.
  • #90
  • Oct 19, 2009 1:19am Oct 19, 2009 1:19am
Quoting >Apocalypto<
The truth I learned is, discipline emotional control can’t be taught, they have to be learned with experience in practise. I don’t know what you financial situation is but I can tell you demo is ok but it does not give emotional development. I did a lot of small trading on mini lots to stay in the market when I was in bad stretches.

Good trading to you.
Exactly what I was saying, I myself know that I have not developed the mental ability to properly manage my trades once in them, and this is one of the reasons I say it's a very important aspect of trading. Having a strategy that you believe in because of personal backtesting/real time testing showing very positive results also helps you build up these emotion controls, and trading lots that are very small is also a very good beginning building block.

For example, if you have $50,000 to invest, and you've never invested before, trade as low as you can, who cares if you only made $250 this year, next year, you'll have had a year of experience trading real money on a very small level, the next year, you may lose that $250, or have additional growth to your account, either way, you now have 2 years of live trading experience, build up from a small amount, and before you know it, you'll be trading lot seizes of 1.0 or larger.

This is what I mean by it's not something you learn overnight, it's like building up an immunity to poison, you have to first start of with the smallest amount possible, and gradually increase the amount, allowing your system to build up a resistance to it.
  • #91
  • Oct 19, 2009 1:27pm Oct 19, 2009 1:27pm
You see, nobody here does a decent living with forex when you re-ask them.

Why did you waste 4 years of your life in a biz that is not giving you any profits?

What keeps you here? Hope?...
Why do we fall? "So we can learn to pick ourselves up."
  • #92
  • Oct 19, 2009 2:03pm Oct 19, 2009 2:03pm
Quoting ForexDude
You see, nobody here does a decent living with forex when you re-ask them.

Why did you waste 4 years of your life in a biz that is not giving you any profits?

What keeps you here? Hope?...
Look at any other career, lets pick Doctor.

You train for 5-6 years in school (post secondary) that YOU pay for, without getting a cent in payment, you then get a job as an resident intern, and work for 2-3 years getting paid crap, you then gain the position of "Doctor" as apposed to "Resident Intern".

With the logic your using, why does anyone do anything post secondary, their not getting paid, as a matter of fact, their Paying...

The bottom line is, that like any other career, if you want to make a living with it, you need to put the time in before you make anything, to learn the trade.

Just because your not getting paid at the time doesn't mean that in 5 years it's not going to pay off ten fold.

Nothing, and I repeat nothing that is worth it, comes to you over night, or is easy.
  • #93
  • Oct 19, 2009 5:10pm Oct 19, 2009 5:10pm
Quoting ForexDude
You see, nobody here does a decent living with forex when you re-ask them.

Why did you waste 4 years of your life in a biz that is not giving you any profits?

What keeps you here? Hope?...
Don't be so sure about the "nobody" part. Those who bragg around that they made it usually are newbies or scam-brokers. Those like Apocalypto, who claim to not yet making it but can be seen clearly that he had progress, are the one who maybe one or two step away from their goal.

On the other hand, decent living in America clearly an abundance living in Zimbabwe. While a decent living in Indonesia is a poverty for Switzerland.

So get things straight, buddy, otherwise you like talking about GBPUSD with someone who had EURJPY in mind---while you seems to talk about the same thing, both aren't quite the same.

Another thing, you maybe waste 4 years, but if you read Apocalypto's post carefully, you'll see that his 4 years are well spent. He learned something each step of the way. In 4 years forex trading may still be forex trading, but the way you trade should have change---or else you waste those 4 precious years.

P.S.: most newbies are lazier than couch-potatoes, if you check many of their post. Either here nor almost on any other forum, they come and simply ask "what's the best way to trade so and so (in other words, so I can be as rich as Croeseus in no time at all)." They think just because you have made it, you should be generous enough to share it with them for free. Well, you can find a lot of free things here and everywhere, but believe me, for the right mindset to trade you need some scratches and bruises for payment.
  • #94
  • Edited 6:36pm Oct 19, 2009 6:25pm | Edited 6:36pm
Quoting ForexDude
You see, nobody here does a decent living with forex when you re-ask them.

Why did you waste 4 years of your life in a biz that is not giving you any profits?

What keeps you here? Hope?...
LOL,

I am making consistent profits ATM. I am also starting to plan when I go full time.

What I wanted to point out to new traders is it can be a long road to get there. (that's if it lasts) In these posts all I tried to do is offer some honesty about my story so far, I am not ashamed of it at all.

If you are in a rut and believe it's impossible then deal with it yourself.... Hope has nothing to do with it, hard work and and belief is what you need.

I have not wasted one minute in this, I have studied and learned so many things about myself and the financial markets. I have heard from a few fulltime traders that the normal time is 3-4 years to make consistent profits, like a degree. What you need to do is manage your risk so you don't pay to much in tuition fees along the way.

why these types of replies, forums are in place for people to help people right?

good trading to u.
  • #95
  • Edited 7:00pm Oct 19, 2009 6:49pm | Edited 7:00pm
Hi ForexDude,or is stockdude?

Quote
I don't know why people (specially newbies) keep trying to find a system and they keep losing money and more money.

Why don't try the stock market instead? It's A LOT easier and not SO VOLATILE like FOREX.

Everyone is trying to sell you FOREX and you see FOREX ads EVERYWHERE... Just use common sense and your head guys.. if it was that easy, everyone would be doing a lot of money.

The truth is that 95% of people in FOREX, lose money.

The stock market is more serious. And if you are serious about investing, you will never enter FOREX,...
I went over a lot of your threads, I see why you have the attitude you do.

What is interesting is the fact you attack me when it seems you need all the help you can get?

How long have you traded? Instead of doubting and being negative why not try to learn something on this site. There are some great systems on here, if you can give them more then one week you may do something with them.

if FX anit for you don't trade it, move on to stocks. many out there trade stocks full time, I and others on this site prefer FX. I prefer 1min FX to be exact. You need to find what market suites u.

so i ask why attack FX if it's not for you?
  • #96
  • Oct 19, 2009 7:14pm Oct 19, 2009 7:14pm
Quoting >Apocalypto<
LOL,

I am making consistent profits ATM. I am also starting to plan when I go full time.

What I wanted to point out to new traders is it can be a long road to get there. (that's if it lasts) In these posts all I tried to do is offer some honesty about my story so far, I am not ashamed of it at all.

If you are in a rut and believe it's impossible then deal with it yourself.... Hope has nothing to do with it, hard work and and belief is what you need.

I have not wasted one minute in this, I have studied and learned so many things about myself...
Well said Apocalypto,

I doubt anybody here (unless they are scam-broker whatever) lies about their position in forex, I trade demo right now to build my self confidence in taking a trade by building my belief in myself, I will then most likely lose real live money after I built some self confidence in trading, and that will allow me to continue trading (when in most cases, it turns people away from trading) even tho I've suffered a loss, THIS will give me the experience to gain the abilities to control my inner demons that will otherwise cause me to make bad decisions.

One of the main reasons I'm sticking to this after the loss I've already suffered before I decided to trade demo to build up my self confidence in taking a trade is because I learned what forex was just over 7 months ago, and I get it... it all makes sense to me. Do I have more to learn? HELL YES, and I intend to learn it.

This is not an "overnight success" industry that many wannabe's make it out to be, it takes time, patience, and more important, self control that you only gain from experience.
  • #97
  • Oct 19, 2009 9:01pm Oct 19, 2009 9:01pm
Quoting Pharoah
Look at any other career, lets pick Doctor.

You train for 5-6 years in school (post secondary) that YOU pay for, without getting a cent in payment, you then get a job as an resident intern, and work for 2-3 years getting paid crap, you then gain the position of "Doctor" as apposed to "Resident Intern".

With the logic your using, why does anyone do anything post secondary, their not getting paid, as a matter of fact, their Paying...

The bottom line is, that like any other career, if you want to make a living with it, you need to put the...

When you go to university, you study 5 years and you are sure that when you finish your career you will get your diploma... No matter if you are good or average, you will get your diploma and you can make a living out of it.

When you lose money on forex, you have no guarantee that if you stay 5 years suffering at this (giving your money to the 5% of PROs and Brokers who shave you off and do what they want with your account) you will make a living with this. Absolutely no guarantee about it.

I have seen several guys saying that and everyone seems to take the same catchy phrase comparing forex with doctors...

So don't compare "forex" with a university diploma Phd...
Why do we fall? "So we can learn to pick ourselves up."
  • #98
  • Edited 9:44pm Oct 19, 2009 9:22pm | Edited 9:44pm
Quoting ForexDude
When you go to university, you study 5 years and you are sure that when you finish your career you will get your diploma... No matter if you are good or average, you will get your diploma and you can make a living out of it.

When you lose money on forex, you have no guarantee that if you stay 5 years suffering at this (giving your money to the 5% of PROs and Brokers who shave you off and do what they want with your account) you will make a living with this. Absolutely no guarantee about it.

I have seen several guys saying that and everyone...
I hate to tell you, but not everyone that gets a diploma gets a job in the career they studied in... not to mention, not everyone that takes the courses are good at it. For you to dismiss the comparison signifies forex trading for you is going to be a failure. You fail to see and understand the basics and it will bite you in the ass.

There will be no candy coating here... if you can handle that, forex isn't for you.

Have you ever heard the term "It's not what you know, it's who you know"? This is more true now than ever before in the corporate world you're speaking of, however, with forex, it's WHAT you know, not WHO you know... in this industry, you need to know what your doin or you'll get eaten up and spit out.
  • #99
  • Oct 20, 2009 6:20pm Oct 20, 2009 6:20pm
I hate to tell you that 90% of people who get a diploma have a higher chance of doing a living than people who try to be auto-didactic in FOREX.

Actually 95% of people who try FOREX, fail and lose money.

5% of FOREX traders earn what the rest 95% lose. Otherwise, extraordinary gains would be imposible for that 5%. The money comes from the 95% that lose it. People like you or Apocalypto or 95% of peole who answered to this thread.

Having almost 1000 post in 2 months span in a forum always talks by itself.
Why do we fall? "So we can learn to pick ourselves up."
  • #100
  • Oct 20, 2009 6:36pm Oct 20, 2009 6:36pm
Quoting ForexDude
I hate to tell you that 90% of people who get a diploma have a higher chance of doing a living than people who try to be auto-didactic in FOREX.

Actually 95% of people who try FOREX, fail and lose money.

5% of FOREX traders earn what the rest 95% lose. Otherwise, extraordinary gains would be imposible for that 5%. The money comes from the 95% that lose it. People like you or Apocalypto or 95% of peole who answered to this thread.

Having almost 1000 post in 2 months span in a forum always talks by itself.
ha ha ha, again you make that point you don't believe you can do this.

Last night was my 8th straight positive day. FX Dude you have made your point that we're all unable make a profit in this.

If you would like some help ask for it, other wise go back to the stock market.

cheers,
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