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Is it Possible to Make Money in Forex Market

  • #61
  • Dec 23, 2007 9:42am Dec 23, 2007 9:42am
That's right, the trick is to take only that trades that have a mean (there is a very very good reason to take them), with a right stoploss, and a defined target point, take what market offer to you, and stop thinking!
  • #62
  • Dec 24, 2007 10:51am Dec 24, 2007 10:51am
this question has arised so many times in many forum

for me the answer is yes i can make money from forex, i know how to do it, i understand my risk (that risk includes any sickness i may suffer for only have 4 hours to sleep during the weekdays lol) and i spend only the amount i can afford to lose

then the 2nd question, however i'm not sure whether i can live solely by trading forex online, well having a day job and receive fix income per month is just to hard to let go plus the fact that i can do both at the same time (trading online and doing the dayjob). my plan is only trading online for another 2 or 3 years max then i will quit playin'
  • #63
  • Jun 8, 2009 10:57pm Jun 8, 2009 10:57pm
MAKING MONEY TRADING FOREX:

There are a lot of traders out there wondering if it is possible to make money trading forex. Simple answer is yes. But more complicated answer is it depends on you. Ask yourself this question: Is it possible to be a professional such as a doctor, lawyer or engineer? The answer is most definitely yes!

To be a forex trader who makes money from trading we need to understand what it takes to be a professional. A professional is someone that has acquired a skill. Which means 1) Knowledge and 2) Experience. Knowledge is acquired by reading, going to school and by being taught by individuals who are professionals. And experience is acquired by applying that knowledge to real life settings.

After understanding what it takes to be a professional we can proceed to becoming a professional forex trader. To be a professional we will need:

1. FOREX KNOWLEDGE: There is no substitute for correct/uptodate knowledge. Acquired formally or through trial and error. Knowledge IS what makes a professional.

2. TRADING EXPERIENCE: Using the acquired knowledge to trade correctly forms a habit of winning. (Think about it).

3. PROFESSIONAL ATTITUDE: Attitude about work and preceived outcome is what differentiates a professional from the rest.

There is no substitute for hard work, burning desire and a strong will to become a professional forex trader and to make money trading the forex markets!
  • #64
  • Jun 8, 2009 11:20pm Jun 8, 2009 11:20pm
Quoting candlesticks
MAKING MONEY TRADING FOREX:

The answer is most definitely yes!
To be a professional we will need:
1. FOREX KNOWLEDGE: There is no substitute for correct/uptodate knowledge. Acquired formally or through trial and error. Knowledge IS what makes a professional.
2. TRADING EXPERIENCE:
3. PROFESSIONAL ATTITUDE:
There is no substitute for hard work, burning desire and a strong will to become a professional forex trader and to make money trading the forex markets!
Nice one.....no substitute of hard work. If you won't try you won't get experience. Another thing is what do you want, a demo experience or a real experience.
The only way to get smarter is by playing a smarter opponent.
  • #65
  • Jun 9, 2009 2:20am Jun 9, 2009 2:20am
Quoting candlesticks
MAKING MONEY TRADING FOREX:

There are a lot of traders out there wondering if it is possible to make money trading forex. Simple answer is yes. But more complicated answer is it depends on you. Ask yourself this question: Is it possible to be a professional such as a doctor, lawyer or engineer? The answer is most definitely yes!

To be a forex trader who makes money from trading we need to understand what it takes to be a professional. A professional is someone that has acquired a skill. Which means 1) Knowledge and 2) Experience....
That a nice one indeed. Can I add one more thing? If may, I would like to add the 4th one which is Capital. With out capital, we ain't a trader. I believe it's most of the stuff that people have struggle with when they want to start to trade. How much capital that we need to start have been always the biggest and basic question. CMIIW.
Just a monkey who love to dance and laugh. {Promotion Removed}
  • #66
  • Oct 30, 2010 8:38am Oct 30, 2010 8:38am
Quoting aparsai
1. Is it really possible to make money for a living through FX market?
2. If yes, how long would it take?
3. Is there a chance that I manage to quit my daytime job and stick to FX market as my only source of income?
4. If yes, how long would it possibly take?
5. Is there some body out there that really makes over $100k per month through Forex trading? If yes, how? Can I reach that point the future?
1. Yes
2. Give yourself 5 years playing with tiny amounts, like 1/10th of what you intend to invest. Get advice from real traders. Develop your own strategy - one that's comfortable for you.
3. Not yet.
4. Depending on your strategy and capital
5. That depends on the capital / your account balance. This all comes to money management. You can't trade big amounts having tiny capital. That will ruin your account.

I think you should first look to make standard fund rate of 15-20% a year (that's good!). Then as you get better it will increase. Not every year will be great year.

All the best
  • #67
  • Oct 30, 2010 9:56pm Oct 30, 2010 9:56pm
Quoting aparsai
1. Is it really possible to make money for a living through FX market?
2. If yes, how long would it take?
3. Is there a chance that I manage to quit my daytime job and stick to FX market as my only source of income?
4. If yes, how long would it possibly take?
5. Is there some body out there that really makes over $100k per month through Forex trading? If yes, how? Can I reach that point the future?
1. Yes, if you're a bröker, or have your investment managed by a consistently profitable trader, or are a consistently profitable trader yourself (hardest one).

2. Most real pros (not forum pros, lol) that I know, it took them about 5 to 10 years, but there are exceptions.

3. Yes, there's about a 5% chance (if not less) of getting to that point, depending on A) whether you can get a real edge in this business, and B) whether you can keep that edge throughout your career.

4. Already answered this one (no. 2)

5. - Yes.
- How? By being able to predict future price movement at a better than chance rate, consistently, and over all kinds of different market conditions.
- Already answered.

I don't mean to discourage, just keeping you in the real world. If it were easy, most (or at least half) of us would be rich pros.

PS. You are better off asking these question to serious pros (like an institutional trader that you know is trading for a bank or a hedge fund) rather than forumers. Most of the people here have never met a real pro or traded for a living, yet they'll give you all sorts of preaches, advice, and motivational speeches.
  • #68
  • Oct 30, 2010 10:00pm Oct 30, 2010 10:00pm
Ok I just looked at the date of the original post. lol
  • #69
  • Oct 31, 2010 1:50am Oct 31, 2010 1:50am
Yes, it is possible to make money in forex, though for some it could take some time, a lot of practice and a whole bunch of discipline (not a gamblers mentality) before they could honestly say they can make money. And if you just look around, and see a bunch of people losing their money in forex, then someone else is cashing in a check.
  • #70
  • Oct 31, 2010 4:30am Oct 31, 2010 4:30am
Quoting Marv
Ok I just looked at the date of the original post. lol
And yet it's still a valid question today, haha
  • #71
  • Nov 15, 2010 5:18am Nov 15, 2010 5:18am
Good day

I have only a few months of demo trading experience and I want to know, isnt it better to take small profits, like 5 to 10 pips per transation on a growing capital fund than a 30 + profit?

Regards
  • #72
  • Nov 16, 2010 6:50am Nov 16, 2010 6:50am
With a good combination of systems (Basket Methodology) and Dynamic Money Management (Balancing portfolio every trading day on basis of updated R/R scores of strategies) and a bold account up your sleeve (>$10,000). You can think about hitting 2% consistently per month.

Same time, your DrawDown would be like 15-20% anytime.

It's like a man who's climbing a 50m pole, climbs 8m every minute but also slips 2m anytime, what are chances that he climbs the pole.

Thanks,
C-B4-H
  • #73
  • Nov 16, 2010 8:07am Nov 16, 2010 8:07am
Quoting Marv
3. Yes, there's about a 5% chance (if not less) of getting to that point, depending on A) whether you can get a real edge in this business, and B) whether you can keep that edge throughout your career.


I don't mean to discourage, just keeping you in the real world. If it were easy, most (or at least half) of us would be rich pros.

Marv..we should change this forum to a "loser factory" no? since 95% here are will be a loser? Loser forum for a loser trader?...
  • #74
  • Nov 16, 2010 8:17am Nov 16, 2010 8:17am
The person that come to the gold mine with tools like scoop and hoe will get few ounces at most, and never to expect of getting rich. However, those who came to the gold mine with tractors, big excavator and earth crushing mill, will get tons of gold and will take the lion share of the gold in the gold mine.
  • #75
  • Nov 17, 2010 4:40am Nov 17, 2010 4:40am
Hi

I agree, but what I am thing of is that the value of your pips must go up even if the
amount of profit of pips you make is the same for each transaction.
I have no experience and I am just testing a system and it is easier (nothing is easy)
to make 5 to 10 pips than 20-30 pips per transaction.


My 2 cents of forex thinking

Enjoy
  • #76
  • May 2, 2011 4:54pm May 2, 2011 4:54pm
Yes, it's definitely possible to make money doing this. I've coded EAs for people for the past year and a few things people delude themselves on:

1) It's a probability game. I don't care if your trading system takes into account fractal geometry, the phases of venus, and the price of tea in China. It's going to be wrong some of the time and you'll eventually run into a long string of bad luck. Deal with it.

2) That said, I don't recommend waisting your time with EAs, they lead to laziness. The best trading computer is the human brain and a good intuition. Remember, a computer program just does what it's programed to do, so if the market does something that the EA's not designed to handle, you'll probably loose a bunch of money!
  • #77
  • May 3, 2011 1:01am May 3, 2011 1:01am
Quoting cuallito
2) That said, I don't recommend waisting your time with EAs, they lead to laziness. The best trading computer is the human brain and a good intuition. Remember, a computer program just does what it's programed to do, so if the market does something that the EA's not designed to handle, you'll probably loose a bunch of money!

Then it's up to us to design the ea complex enough so that it can handle everything the market spits out at us.
  • #78
  • May 4, 2011 10:33am May 4, 2011 10:33am
Yes ,it is possible to make a very good living trading forex.
  • #79
  • May 4, 2011 1:22pm May 4, 2011 1:22pm
If it weren't "possible" you wouldn't see all those banks and hedge funds trading forex. So it's more of a "duh!" question. It's not the question you should be asking.

The question you should be asking is: Can you do it? because it's damn hard to make money in this market consistently, year after year. Having a fixed job with a guaranteed salary is vastly easier (especially in terms of certainty and consistency).
  • #80
  • May 5, 2011 9:37am May 5, 2011 9:37am
If you want proof.Here you are
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