I'm lost..in FX | Page 2 | Forex Factory

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I'm lost..in FX

  • #21
  • Feb 21, 2010 12:57am Feb 21, 2010 12:57am
Quoting ForexDude
95% of people lose money in forex...

5% of PROs earn what 95% lose.

Fact.
  • #22
  • Feb 21, 2010 12:58am Feb 21, 2010 12:58am
Quoting bags1
95 % fail because they play with small money and have big expectations thinking they will turn there $1000 acoount into a million s
so they use
a bad money management
b hold on to losing trades
c take winning trades to early
d watch a winning trade turn to a losing trade hoping that it went 100 pips might go 100 more then bang gone
  • #23
  • Feb 21, 2010 10:38pm Feb 21, 2010 10:38pm
Quoting mayo367
In other words, what you're really trying to say is that the markets have you tied up in knots and you can't extract money from them, right?
Because he has no idea of what he is doing and why. And asking all the other newbies here for advice won't help.
The blind leading the blind is a saying that comes to my mind..
  • #24
  • Feb 22, 2010 11:14am Feb 22, 2010 11:14am
Quoting zarraman
Because he has no idea of what he is doing and why. And asking all the other newbies here for advice won't help.
The blind leading the blind is a saying that comes to my mind..
You are not 100% right on this one.
I think you can learn from both, newbie’s and pro's
Reading about newbie’s experiences you can see what's happening when you hit the wall and how they manage to hit the wall.
From pro's you learn how to avoid hitting the wall.
  • #25
  • Feb 22, 2010 7:40pm Feb 22, 2010 7:40pm
Quoting SavioRoca
You are not 100% right on this one.
I think you can learn from both, newbie’s and pro's
Reading about newbie’s experiences you can see what's happening when you hit the wall and how they manage to hit the wall.
From pro's you learn how to avoid hitting the wall.
There are only a small number of pro's here. http://www.forexfactory.com/showthre...19#post3485519
  • #26
  • Feb 22, 2010 8:48pm Feb 22, 2010 8:48pm
Here are my answers to your questions

1. Why people are still trading? One thing only! Financial Freedom!! Being able to trade at home is also a great bonus

 2. How people are making their profit? It took me over 2 years to become consistantly profitable. All the losses before that I think of it as tuition...as long as i learned from my losses and mistakes then its all worth it!

 3. What is the best way to start? Do your research!! Don't jump in expecting it to be a easy gold mine. Just like anything else it takes hard work and time! Trading FX is a wild rollercoaster ride mentally. Ive actually learned alot about myself through trading FX which has helped me with other things in life.

 4. What is the average profit percentage/month for the successful traders? I think this is gonna be hard to pin point the average of ALL the traders... its gonna vary so much and most successful traders don't spend too much time posting how much they make on forums

Hope this helps

Stace
  • #27
  • Feb 23, 2010 7:40am Feb 23, 2010 7:40am
Quoting Stacey
Here are my answers to your questions

1. Why people are still trading? One thing only! Financial Freedom!! Being able to trade at home is also a great bonus

 [color=black][font=Verdana]2. How people are making their profit?...
Great advise Stacey. If I could ad that what a new trader wants to do in trading should be based on their situation, not what the rest of the market does.

IE Goal 1 - be good enough to be live ttrader by X date, goal 2: replace income by X date which requires X pips etc...

This will break it down and these little goals add up to big ones!

My 2 pips
  • #28
  • Feb 23, 2010 11:28am Feb 23, 2010 11:28am
Quoting pipjunky
Great advise Stacey. If I could ad that what a new trader wants to do in trading should be based on their situation, not what the rest of the market does.

IE Goal 1 - be good enough to be live ttrader by X date, goal 2: replace income by X date which requires X pips etc...

This will break it down and these little goals add up to big ones!

My 2 pips
you are most certainly right, set small goals that you can achieve and they definately add up to big ones!
  • #29
  • Dec 28, 2010 12:05pm Dec 28, 2010 12:05pm
you can follow some treads during trading periods and observe the experience traders in action. Thats what I do for now..
  • #30
  • Jan 13, 2011 3:54am Jan 13, 2011 3:54am
5% winner and 95% loser, then how many people trading forex world wide (let say in 100 countries) is it 1000,000 peoples or 500,000 peoples. Let say total number in forex trading 1 million, then if 5% is considered a winner this mean there is 50,000 people world wide that come out as a winner or 500 people is a winner in each of the 100 countries world wide that have an access to trading forex.

Then the important question is "can I be one of the 500 people in my country and be considered to be a winner. If it is no chance that i will be a winner because there is more than 500 people in one of these countries that is better than myself, thence forex trading will no be the hope for me. If I can be one of them (one of those 500 people) then forex trading is the way to go to make a living.
  • #31
  • Jan 13, 2011 6:02am Jan 13, 2011 6:02am
Quoting ForexDude
95% of people lose money in forex...

5% of PROs earn what 95% lose.

Fact.


Large proportion of risk
But not of this magnitude
  • #32
  • Jan 22, 2011 7:25pm Jan 22, 2011 7:25pm
One of the most important things to keep in mind with trading is that you have to be comfortable with losing some money. I'd get pissed the second my trades would go into the red, but then realize that this is part of the game. They key is to know why you lost the money. Where did you make the mistake?

You gotta know when to hold em; know when to fold em.
  • #33
  • Jan 24, 2011 8:17am Jan 24, 2011 8:17am
Quoting SavioRoca
Hi guys,
I'm a newbie that wants to start trading with a live account.
However, the more I read about brokers and stuff, the more I feel that this Forex market is the hell on earth.
I'm a part-time poker player (not online) and full-time handicapper.
[color=black][font=Verdana]One of my bookies introduces me to Forex market and since then I’m spending about 4 hours a day doing research...
SavioRoca, you can trade the FX market using the futures market instead if you have concerns regarding brokers being against you or being equipped with AK 47s and rocket launchers while you are not...

In the futures market, your broker is only the person who executes your order on the exchange, gets his commission and applies the required margin by the exchange and that's it....Your relation with the broker in the futures market is a win-win actually, if you make money, you will live longer and continue trading and eventually they will make more money off you...If you lose money, potentially, they might lose your business...

This comes with a major disadvantage though...You can't trade FX futures with $200 of capital like most retail market makers/brokers...You will need sufficient capital...A good start would be $10,000 at least...

The Futures market also imposes the position size on you based on the contract specifications...This removes some of the flexibility, however, it's a rule and applied to all the players in the market...Fair...

Recently, the CME realized the importance and the increased demand from retail FX traders and introduced micro contracts, so position sizing is now more flexible than before...

For example, the EUR/USD futures now come in 3 different sizes, the standard contract worth 125,000 Euros, the mini contract worth 62,500 Euros and the micro contract worth 12,500 Euros....Margin Requirements vary accordingly....

The standard contract margin for speculators is $4,320 initial and $3,200 for maintenance...Mini contract margin is $2,160 initial and $1,600 for maintenance...Micro contract margin is $432 initial and $320 for maintenance....

This makes the leverage at initial 39:1 and 53:1 at maintenance, which is pretty more than you will ever need, unless you are looking for the Casino style 400:1 leverage offered by some retail market makers....

PM me if you need any further information or if you need any assistance.


Regards,

Nader
  • #34
  • Last Post: Jan 24, 2011 1:25pm Jan 24, 2011 1:25pm
this may be funny because lots of people are becoming to be mature traders on the opposite side of my example.I started to invest my money in forex and managed to blow up my accounts two times.

And after some thinking i said to my self whats enough is enough, lucky for me i came across to my broker and he had excellent bonus campaign(which is going on even today) of posting on their forum for money , after 3 months i had some 500 usd for trading ,and after that my account was build-ed up , slowly , because i knew i cant screw this chance.

Had some loss , but managed to stay in the game to start withdrowing money...and now i am felling very angry , for dreaming about millions on market few years ago, without even basic knowledge how the market works...i just had a luck to be on right place and right time !Just wounder why i couldnot do the same with my own money, and save myself of some frustrations!
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