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Why do you Trade Forex?

  • #21
  • Dec 3, 2011 11:42am Dec 3, 2011 11:42am
Quoting RabbitHunter
I have betted on sports for exactly 10 years. However, it has been very hard to make withdraw from sportsbooks to bank acc in my country. The government set strict rules for banks and they rarely accept money transfers from sportsbooks. I got tired of thinkin about the banks, law and the stupid bookmakers and wanted to start a similar job/hobby and of course more legally. I think I already beat the psychology of managing an account. Leverage is the most important reason of chosing forex instead of other markets. I believe and KNOW that if you have...
Wow a first post. Welcome RH. It's pretty fun here on FF forum =)
The tone of your words reflects the quality and result of your trading ;-)
  • #22
  • Dec 3, 2011 2:07pm Dec 3, 2011 2:07pm
Because i am deluded! (A delusion is a false belief held with absolute conviction despite superior evidence.)
  • #23
  • Dec 3, 2011 2:21pm Dec 3, 2011 2:21pm
... because I love to trade for the sake of trading.


I don't make as much as I used to in my former career, but that will come in time, and till then I have a job now that makes me leap out of bed in the morning and feel bored on the weekends when the markets are closed.
FXGears.com
  • #24
  • Dec 3, 2011 4:00pm Dec 3, 2011 4:00pm
For the freedom it can bring once you are successful.
  • #25
  • Dec 3, 2011 6:21pm Dec 3, 2011 6:21pm
Because the casino uses limits and edges which I use in my favour using the FX market.
  • #26
  • Dec 3, 2011 6:29pm Dec 3, 2011 6:29pm
Quoting in_drag88
1. You can be your own boss
2. You can trade from anywhere at anytime
3. It means you can live anywhere in the world
4. Number 1,2 and 3 leads you to 1 conclusion : gettin' your self to have a real life!
5. Forex as an investment which you can learn from zero and risking relatively small capital in the learning process if being compared to other investments
You drank the Kool-Aid didn't you......
  • #27
  • Dec 4, 2011 6:56pm Dec 4, 2011 6:56pm
Well it saves having to go to Vegas to quench my gambling desire. And this big pokie machine (a.k.a. the forex market) tends to pay out a little more often than the pokie machines in Vegas although, I must admit, I was pretty lucky on Wheeeeeeeeeeeel of Fortune.

I spy with my little eye Hayseed. A-ha ... so it's not a man cave you are building ....
Nothing worth having is easy.
  • #28
  • Dec 11, 2011 4:40am Dec 11, 2011 4:40am
Quoting hayseed
goal is using forex to buy ...
it's takin longer than originally planned......h
very nice goal.
& beautiful log homes.
  • #29
  • Dec 11, 2011 10:02pm Dec 11, 2011 10:02pm
I think most people are initially attracted to forex for the illusion of big bucks - but once you realise that isn't going to happen, there needs to be something else keeping you in the game.

For me, its the challenge of mastering something which is too difficult for most people. I smoked 30 - 40 cigarettes a day for 20 years, then last year I made a snap decision to quit. Not for reasons of health or money - just because I knew it would be damned hard. I even did it the hard way, cold turkey during the quiet season at work when my workmates and I were standing around smoking most of the day. I just did it to challenge myself, to prove to myself I can easily do things most people cannot. I was always in the top 1% at high school. When I started playing online poker I learned that only 5% of poker players make profit - I immediately started studying the mathematics of the game and didn't give up until I was in that top 5%. When I heard that a very small percentage of forex traders make consistent profit it triggered something in me - a deep psychological urge to put myself into that group. Just because it is hard, because most people cannot do it.

It has nothing to do with money, otherwise I would have given up long ago.
si hoc legere scis nimium eruditionis habes
  • #30
  • Jul 27, 2012 2:48am Jul 27, 2012 2:48am
how do you trade? using price action only? and only longer time frames?

cheers


Quoting isaacyassar
Hello folks! Let's have a nice warm discussion, shall we?

Why you choose to be a forex trader in the first place?

You may use money as your reason but if you have a slightly deeper reason that would be very nice to share :-)

Me, it's because of 3 things: I feel forex is unique, I feel talented in it, and I can be my own boss there ;-)

As I studied English Literature in university, most of my colleagues become teachers/lecturers or government staffs. I don't want to be the same, my passion...
  • #31
  • Jul 28, 2012 7:58am Jul 28, 2012 7:58am
i use to work from 8am to 5pm and i'm always away from my family. tried to search for additional income and ended up with binary options and forex. for about a year it's always failure but now slowly catching up with my losses. my objective is to stay with my family and spend my time with them and watch my kids grow.
botsog
  • #32
  • Aug 2, 2012 3:54pm Aug 2, 2012 3:54pm
After getting out of the Marine Corps, I went into selling real estate. That went pretty well. Made more money in my 2nd year that I had ever before. Then the whole thing went down the drain.

The first year, you work twice as hard, for a lot less money. Then the next year, things get worse and the manager tells you to expect to work harder and that since so many others have already quit, there's less competition for customers. Right. In fact, by the beginning of 2009 you were working 4x as hard as before and barely keeping the house and car current. (Not a really nice house or car by any stretch of the imagination either)

So you pretty much had to become a foreclosure realtor managing a little herd of empty houses to survive in this business and that just wasn't for me.

Feeling pretty lost and dejected with a wife and 3 young kids, I ended up going back to school. I've been living on my GI Bill and student loans for 3 years now. Almost have a degree, but a 4-year degree won't get you a job that can pull a family through the years on one income. Not looking good.

I've always been entrepreneurial in nature. I actually lost $5,000 trying to invest in futures before computerized charts came available after reading that "The World's Most Powerful Money Manual" course thing. Over the years I've started websites and tried to make money online. I still get checks every month, but it became clear that I wasn't going to be able to take care of the fam on that.

Having heard about Forex years ago, I thought I'd try my hand at that. I'm still demoing and it looks promising. I've got a bit of time before I graduate to get some type of consistent system locked on.
  • #33
  • Aug 2, 2012 4:07pm Aug 2, 2012 4:07pm
I tried forex and got brainwashed by the idea that one can make a lot of money. Now I've quit for life as I have other plans on how to actually make a lot of money and still not work a 9-5 day job just like every successful rich person on earth. My conclusion about forex is - FOREX IS A SCAM!!! You will NEVER make a lot of money with forex! Props to you if you ever break even, then you are as good as a homeless person without a job ROFL!
  • #34
  • Aug 2, 2012 4:21pm Aug 2, 2012 4:21pm
Quoting trickshady
I tried forex and got brainwashed by the idea that one can make a lot of money. Now I've quit for life as I have other plans on how to actually make a lot of money and still not work a 9-5 day job just like every successful rich person on earth. My conclusion about forex is - FOREX IS A SCAM!!! You will NEVER make a lot of money with forex! Props to you if you ever break even, then you are as good as a homeless person without a job ROFL!

what's the point then you staying on a forex forum? i can't see how that will help you.
  • #35
  • Aug 3, 2012 1:58am Aug 3, 2012 1:58am
Quoting trickshady
I tried forex and got brainwashed by the idea that one can make a lot of money. Now I've quit for life as I have other plans on how to actually make a lot of money and still not work a 9-5 day job just like every successful rich person on earth. My conclusion about forex is - FOREX IS A SCAM!!! You will NEVER make a lot of money with forex! Props to you if you ever break even, then you are as good as a homeless person without a job ROFL!
Well, I agree that it is pretty hard to make money, but if you either have a really systematic plan with a positive expectancy and/or are including fundamentals in your trading decisions, making money is not as hard.

But I guess other things like stockmarket trading is a bit easier. It doesn't take a genius to figure out good companies and just invest in them for a couple of years to get a tenbagger or whatever.
  • #36
  • Aug 3, 2012 2:27am Aug 3, 2012 2:27am
There are many ways to make money in this world, and so if I said that I was in this purely for the money it would only be half the truth, although it has to be said that there are very few professions that offer the potential rewards that trading does, as the sky is limitless. The other attractions are obvious : No boss to answer to; Ultimate freedom of expression; huge flexibility in terms of when you choose to work and when you choose not to; No daily commute ( just imagine having to spend months of your life sitting in traffic jams or crushed into crowded trains!!)
But there are downsides as well. Firstly, trading is much much harder to learn than most people realise when they start out, in fact, it takes years before most people can turn a consistent profit, by which time they have either given up in exhaspiration, or been forced to give up through lack of funds. Unlike other skills based professions, one does not need a degree or any type of formal qualification as a trader, say such as a doctor or plumber does, therefore people launch themselves into it, risking their money way before they are actually qualified to do so. This means that the very reason most people come into trading, that unequelled freedom it offers, is also the very same reason most people fail, for they just cannot or will not treat the business of trading the financial markets with the respect necessary to succeed.

So for me, I came into this for all the reasons stated above, but I also understood that it was not something I could hope to master quickly. Four years down the line, I am nowhere near as successful as I would like to be, but I keep improving and love the lifestyle trading gives me, and that is really what it is all about.
  • #37
  • Aug 3, 2012 2:35am Aug 3, 2012 2:35am
Quoting trickshady
I tried forex and got brainwashed by the idea that one can make a lot of money. Now I've quit for life as I have other plans on how to actually make a lot of money and still not work a 9-5 day job just like every successful rich person on earth. My conclusion about forex is - FOREX IS A SCAM!!! You will NEVER make a lot of money with forex! Props to you if you ever break even, then you are as good as a homeless person without a job ROFL!
Go back to your brainwasher and fire storm the place.
  • #38
  • Aug 3, 2012 2:37am Aug 3, 2012 2:37am
Quoting trickshady
I tried forex and got brainwashed by the idea that one can make a lot of money. Now I've quit for life as I have other plans on how to actually make a lot of money and still not work a 9-5 day job just like every successful rich person on earth. My conclusion about forex is - FOREX IS A SCAM!!! You will NEVER make a lot of money with forex! Props to you if you ever break even, then you are as good as a homeless person without a job ROFL!
The bitter words of a failed would be forex trader, but don't worry, you're just one of the other 95% who fail. Ask yourself why though - is it really because you have given it your absolute commitment, but just cannot make a success of it no matter how hard you tried? Have you spent virtually every hour of every day for the past few years studying the markets, learning slowly by trial and error what works and what doesn't, learning despite the frustration and disappointment that inevitably comes in heavy doses along the way, because if you haven't, then how can you be anything other than another failed statistic. That my friend, is the truth.
  • #39
  • Aug 3, 2012 10:19am Aug 3, 2012 10:19am
Forex or trading is just like a normal business. If it is easy then everyone will be rich. Ever wonder where the 5% of traders make money and the rest lose money? Well it is the same in the entrepreneurial world as well. Coincidence isn't it?

Some businesses break even after a couple of years. The key is to sustain the business while making loses. If doing business is like that, why should trading be any different?
  • #40
  • Aug 4, 2012 3:55am Aug 4, 2012 3:55am
Quoting cotnet
Forex or trading is just like a normal business. If it is easy then everyone will be rich. Ever wonder where the 5% of traders make money and the rest lose money? Well it is the same in the entrepreneurial world as well. Coincidence isn't it?

Some businesses break even after a couple of years. The key is to sustain the business while making loses. If doing business is like that, why should trading be any different?
Trading is so much NOT like a business. This idea is pushed so hard to give it some sort of legitimacy.
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