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Forex Trading for a living... anyone?

  • #61
  • Jun 17, 2010 3:59pm Jun 17, 2010 3:59pm
You *can* do it for a living but realize that much more people lose on forex than win.
  • #62
  • Jun 18, 2010 9:15pm Jun 18, 2010 9:15pm
Quoting xDennis
Just a Question:

A lot of websites, "ebooks" , and people out there say the forex is so much easier, higher profit lower risk then traditional trading in the stock market, but after reading this thread it seems like it's really all the same.

The only thing I can see about forex being different is that it moves much more so there is a POTENTIAL to make more money, but other then that it's jsut as risky as everything else.
Ways that it is the same:

1) News and fundamentals impact long term trends - Forex its just macroeconomic vs. company

2) The longer the time periods, the more accurate technicals are.

3) Big players control price action.

Ways it is different:

1) Equities are traded on an exchange, at transparent prices. vs. Forex is traded by Market Makers over the counter, or Interbank agencies.

2) Equities brokers make money from commissions and want you to succeed, to trade more and make more/higher commissions off of you. Forex brokers for the most part make money off the spreads but are often covering your action so need to hedge or bet against you. There are exceptions of course but this is the norm.

There are probably more but these seemed like the most glaring when I came over from equities myself.

Good luck!
  • #63
  • Jul 24, 2010 8:56pm Jul 24, 2010 8:56pm
What is "failing" in the forex market?

Depends on how you define it.

Therefore I think it is nonsense to just say that 95 % of fx traders fail.

I have failed for a couple of years, last year I started making profits and this year I'm just scared of what I have to pay to the IRS in April next year.

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
  • #64
  • Jul 27, 2010 4:55am Jul 27, 2010 4:55am
hi.. im trading for living..
getting $3-4k a month from a capital of $30k is more than enough for me since i live in malaysia with exchange of 3 to 1. basically that would give me RM10k a month which is sufficient given the time i have with family.

with proper money management... i believe we can make it as full time trader.
  • #65
  • Jul 28, 2010 2:25pm Jul 28, 2010 2:25pm
Quoting lukpayat
hi.. im trading for living..
getting $3-4k a month from a capital of $30k is more than enough for me since i live in malaysia with exchange of 3 to 1. basically that would give me RM10k a month which is sufficient given the time i have with family.

with proper money management... i believe we can make it as full time trader.
Thats great results, but, how long have you been trading for a leaving? can you show us a proof for what you are saying?, I don't think its really responsible to claim for being successful without a proof, also if you are making 10% a month why should you trade only 30k? for my calculations if you don't withdrawal the money - you will have around 100k capital in a year and 1M in about 38 months,
  • #66
  • Jul 28, 2010 4:02pm Jul 28, 2010 4:02pm
Quoting KillerWhale
What is "failing" in the forex market?

Depends on how you define it.

Therefore I think it is nonsense to just say that 95 % of fx traders fail.

I have failed for a couple of years, last year I started making profits and this year I'm just scared of what I have to pay to the IRS in April next year.

Shamu
Totally agree. I don't give much credit to this "95%" crap because we never know how that number was calculated, over how long of a period, using which data, whether it's an average or median and etc. I have failed several times in the past too, stopped trading several times, now coming back. So, I would've been counted in this "95%" number several times already.

Congrats btw, Shamu on your success in trading!
Make your losses in demo. Earn your profits live.
  • #67
  • Jul 29, 2010 1:47am Jul 29, 2010 1:47am
Quoting Ausie
Thats great results, but, how long have you been trading for a leaving? can you show us a proof for what you are saying?, I don't think its really responsible to claim for being successful without a proof, also if you are making 10% a month why should you trade only 30k? for my calculations if you don't withdrawal the money - you will have around 100k capital in a year and 1M in about 38 months,
did i say i am successful? i'm not yet successfull.. but i could make a living modestly with fx.. ups and down are still there in my trades..



http://img130.imageshack.us/img130/1...1apr132153.gif

this is my strategy that i use..

http://img529.imageshack.us/img529/4...4jul281536.gif

i posted the method in Malaysia interactive trading room..
  • #68
  • Jul 29, 2010 2:08am Jul 29, 2010 2:08am
Quoting lukpayat
did i say i am successful? i'm not yet successfull.. but i could make a living modestly with fx.. ups and down are still there in my trades..



http://img130.imageshack.us/img130/1...1apr132153.gif

this is my strategy that i use..

http://img529.imageshack.us/img529/4...4jul281536.gif

i posted the method in Malaysia interactive trading room..

I see the first picture is trading by using fxcm which is an automated system?
  • #69
  • Edited 5:27am Jul 29, 2010 3:37am | Edited 5:27am
Quoting New_to_Forex
I see the first picture is trading by using fxcm which is an automated system?
nope .. manual trade.. you can find the details here. i use fibonacci sequence number tools

http://www.forexfactory.com/showpost...ostcount=22340
  • #70
  • Jul 29, 2010 4:27am Jul 29, 2010 4:27am
Quoting lukpayat
nope .. manual trade.. you can fine the details here.

http://www.forexfactory.com/showpost...ostcount=22340
good, but i'd be careful with that broker http://www.forexrealm.com/brokers-reviews/
  • #71
  • Jul 29, 2010 5:31am Jul 29, 2010 5:31am
Quoting New_to_Forex
good, but i'd be careful with that broker http://www.forexrealm.com/brokers-reviews/
r u referring to fxcm? or uwcfx? i use platform uwcfx. but server configuration in for fxcm mt4.

i used fxcm for two years already. so far i guess i might be lucky then...
anyway, thanks for heads up..
  • #72
  • Jul 29, 2010 6:00am Jul 29, 2010 6:00am
Quoting New_to_Forex
good, but i'd be careful with that broker http://www.forexrealm.com/brokers-reviews/
Broker Reviews are by far the most useless thing ever.
When would you rather write a review? When you are satisfied with your broker or when you are unhappy? 98% of the people who blame their loses on their broker are just to dumb to trade.
  • #73
  • Aug 20, 2010 5:35am Aug 20, 2010 5:35am
Quoting TJPLD
Broker Reviews are by far the most useless thing ever.
When would you rather write a review? When you are satisfied with your broker or when you are unhappy? 98% of the people who blame their loses on their broker are just to dumb to trade.
Agree!

people are far to busy blaming their Broker in their losses than focusing about their trading strategy and profit expectations!

true, many brokers are market makers and therefore might have interest for the trader to loose his money,
  • #74
  • Aug 23, 2010 7:13am Aug 23, 2010 7:13am
Quoting witsnpips
I'd be surprised if even 0.1% of people on this forum were living entirely off their forex profits...
I know of 8 guys trading proffesionally and that is just in the cable thread...

Don't be so pessimistic, keep practiscing and you'll get there.

I'm starting to slowly get there and I've been going just over a year, not full-time mind you so propably only 6 months if you count all the hours
@pawpaw1000 on Twitter
  • #75
  • Dec 11, 2010 1:55am Dec 11, 2010 1:55am
I must say it is interesting reading this thread, it really is. For me who are newcomer in Forex world hearing what people saying about they got nice profit trading the forex market makes me scare, really.

Forex is something that attract me from the first moment I knew about it. But getting decent living from the Forex, specially for they who working their butt off night and days just to be able to get some food for dinner? I don't think so even though there are many forex brokers out there that offer their clients with micro account where you can actually deposit just a small amount of money.

I don't see Forex as business that suit everyone. Forex is just for they who are actually got spare cash in their bank account. And lot of it too...
  • #76
  • Dec 12, 2010 10:48am Dec 12, 2010 10:48am
Quoting fredkreg
I don't see Forex as business that suit everyone. Forex is just for they who are actually got spare cash in their bank account. And lot of it too...
I just registered with this forum and read in other thread that forex transactions are worth $ 4 Trillion per day. I know big banks and financial institutions are involved in forex trading. Forex must be a means of living for many millions of people in this world. Forex trading is the preferred business of the world.
  • #77
  • Dec 12, 2010 4:48pm Dec 12, 2010 4:48pm
Call me stupid but I've just quit my day job to become a full time trader. I've been trading live 6 months now after being mentored for a year. I started my account with 10k, now it's reaching nearly $40,000.

I believe it's possible to trade for a living if you have the right plan in place and you're disciplined.
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  • #78
  • Dec 12, 2010 6:07pm Dec 12, 2010 6:07pm
Quoting forexman216
Call me stupid but I've just quit my day job to become a full time trader. I've been trading live 6 months now after being mentored for a year. I started my account with 10k, now it's reaching nearly $40,000.

I believe it's possible to trade for a living if you have the right plan in place and you're disciplined.
I would say you made the right decision to quit your day job to become a full time trader. There is no guarantee when the giant companies will shut down. The only reason these companies are alive is that because of the multi-trillions bailouts given to them.

Forex trading is competition between currencies so forex will survive as long as the financial world survives. Your performance of taking $10,000 to $40,000 in 6 months is excellent. Continue it.
  • #79
  • Dec 13, 2010 1:47am Dec 13, 2010 1:47am
Quoting TJPLD
Broker Reviews are by far the most useless thing ever.
When would you rather write a review? When you are satisfied with your broker or when you are unhappy? 98% of the people who blame their loses on their broker are just to dumb to trade.
I totally agree.
  • #80
  • Dec 13, 2010 1:57am Dec 13, 2010 1:57am
Quoting forexman216
Call me stupid but I've just quit my day job to become a full time trader. I've been trading live 6 months now after being mentored for a year. I started my account with 10k, now it's reaching nearly $40,000.

I believe it's possible to trade for a living if you have the right plan in place and you're disciplined.
You must be using high leverage. Be careful.
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