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  • #61
  • Aug 4, 2012 11:08am Aug 4, 2012 11:08am
Duyk20 , don't listen to all this crap , theses Makavellis are all losers , all this $500k accounts are all fake trust me .Makes me laugh.The real truth is unless someone can prove with a live account probably over a year old , through the explorer, then they are all fantasists .
  • #62
  • Aug 8, 2012 6:04pm Aug 8, 2012 6:04pm
Quoting trickshady
Hello guys! This is a pretty simple thread. How much do you make per year from forex trading only?
I'll give you a few options http://forums.babypips.com/images/smilies/yahoo/3.gif

negative
0 - 20 000
20 000 - 50 000
50 000 - 80 000
80 000 - 100 000
100 000+
(please state what currency your gains/losses are)

I just wanna see some statistics of how profitable forex actually is, that's all. My guess is that most make under 20 000 and negative.
There have been plenty of these types of polls, if you want to search the FF forums for them.
But anybody who believes the results is very gullible, IMO.
  • #63
  • Aug 8, 2012 10:35pm Aug 8, 2012 10:35pm
I wanted to make an anonymous poll but didn't know how to. Anyways, I just wanted to confirm to myself that one cannot get rich from forex and cannot trade for a living and quit his job unless he spends like 5+ years "learning" forex.

The opportunity cost is so huge. I can't believe people don't realize that. For 5+ years you could be saving your money to invest in a REAL business. Bill Gates and Steve Jobs didn't become rich from forex. Nobody ever became rich from forex! When you see people driving cars $100k+ , do you think they are trading forex? NOOO, THEY ARE NOT!!! Get real and start a real business if you wanna make bank! A decent amount of my friends have quite wealthy families and guess what, none of them trade forex. If forex was so profitable then I why have I never met a person who does it for a living? Simply because forex is NOT profitable.

Forex is stressful, makes you very little money (if you are lucky to be at a net gain), forces you to stare at a monitor what seems like 24/5. God knows how much more time you waste during weekends reading bunch of forex crap...only to get more frustrated when the market opens again. All those "successful" traders probably don't get out of home, they are fat, too stressed to go on vacation, have no friends, and prey they have enough money for the month to pay their bills.

Have a nice day!
  • #64
  • Aug 9, 2012 12:20am Aug 9, 2012 12:20am
Quoting trickshady
If forex was so profitable then I why have I never met a person who does it for a living? Simply because forex is NOT profitable.
I don't think it's possible to state categorically that "forex is not profitable", unless one has god-like omniscience; it would take an infinite amount of time to study every possible approach. The best that any person can say is "I have not yet found a way of becoming profitable myself".

What about the folk who've been interviewed in this book?

Forex Factory has seen a lot of threads like this one: "if I can average X pips per day, then I can compound $A into $B in C months". The math is obviously indisputable. Hence it comes down to this: what are the minimum requirements needed to be on-balance profitable?
  • #65
  • Aug 9, 2012 8:02am Aug 9, 2012 8:02am
Quoting trickshady
I wanted to make an anonymous poll but didn't know how to. Anyways, I just wanted to confirm to myself that one cannot get rich from forex and cannot trade for a living and quit his job unless he spends like 5+ years "learning" forex.

The opportunity cost is so huge. I can't believe people don't realize that. For 5+ years you could be saving your money to invest in a REAL business. Bill Gates and Steve Jobs didn't become rich from forex. Nobody ever became rich from forex! When you see people driving cars $100k+ , do you think they are trading...
Well then I am pleased to inform you that all of your arguments prove nothing.

Here's one simple counterargument: Given the number of market participants and the amount and frequency of speculative market activity, it is statistically impossible that nobody is making significant and consistent returns from trading.

There's more (from both personal experience and public facts) but I'll leave it at that.

Is it tough and not for everybody, etc, etc.? Yes.

If you don't love this and you think it's all about sitting in front of charts all day and getting fat (or whatever) then it's unlikely that you'll make it, especially with that "getting rich" mentality on top of it. Trading your own assets for a living has EVERYTHING to do with your mentality and psychology, especially if it's discretionary. Without the right mindset, one would probably fail even if he/she had an edge. It's that combination of "the need to have an edge" and "the need to have the right mindset to make it work" that makes trading difficult. (although IMO, finding the edge is the harder and more important part)

If you know running a business is your thing then go for it. Forex will be here if you wanna give it a shot some other day. Whichever business you get into though, try to master your emotional responses and don't be quick to jump to extremes especially when dealing with something you don't yet fully understand. And this advice is as much aimed for you as it is for me.

Good day to you too.
  • #66
  • Aug 9, 2012 10:00am Aug 9, 2012 10:00am
Quoting hanover
I don't think it's possible to state categorically that "forex is not profitable", unless one has god-like omniscience; it would take an infinite amount of time to study every possible approach. The best that any person can say is "I have not yet found a way of becoming profitable myself".

What about the folk who've been interviewed in this book?

Forex Factory has seen a lot of threads like [url="http://www.forexfactory.com/showthread.php?t=368713"]this...
Ooh , you are a commercial member , was just wondering .That explains your response.Which broker do you work for if I may ASK?
  • #67
  • Aug 9, 2012 10:31am Aug 9, 2012 10:31am
Quoting tafadzwa02
Ooh , you are a commercial member , was just wondering .That explains your response.Which broker do you work for if I may ASK?
*facepalm*

FYI not all "commercial members" are broker-affiliated.

David is a great software developer/MT4 programmer who helped many people, and one of the most respected members here. So don't embarrass yourself.
  • #68
  • Aug 9, 2012 10:42am Aug 9, 2012 10:42am
I make 80,000 - 100,000 most profitable is eur/usd 2nd is gbp/usd 3rd is eur/jpy.
  • #69
  • Aug 9, 2012 10:53am Aug 9, 2012 10:53am
Quoting tafadzwa02
Ooh , you are a commercial member , was just wondering .That explains your response.Which broker do you work for if I may ASK?
No, I think he's just putting the signature there for fun.

Commercial members can't post in the forum apart from the Commercial Session, or else they'll promote all their crap stuff all over the forum.
  • #70
  • Aug 9, 2012 10:54am Aug 9, 2012 10:54am
Quoting tafadzwa02
Ooh , you are a commercial member , was just wondering .That explains your response.Which broker do you work for if I may ASK?
I think he just set his custom user title to "Commercial Member", as regular commercial members are restricted to the commercial forum and can't post here.

Hanover provides a lot of free code for MetaTrader, and often helps out people asking questions about coding and trading.
FXGears.com
  • #71
  • Aug 9, 2012 11:20am Aug 9, 2012 11:20am
It really doesn't matter, how much relative to your account size you make. It is more like a job, if you know how to perfrom your job, you can make money. If you are an expert, you can enjoy some delicious fruits. But as they say the business is scalable only to a certain point and it can only be considered as a job, you will never become a businessman.

Me and my mates in my trading room make enough to enjoy the life standard trading can offer us. Would never have reached the point alone.
  • #72
  • Aug 9, 2012 12:45pm Aug 9, 2012 12:45pm
I make 30dollar out of 10 this week..still in a learning process..
  • #73
  • Aug 9, 2012 2:25pm Aug 9, 2012 2:25pm
Quoting trickshady
If forex was so profitable then I why have I never met a person who does it for a living? Simply because forex is NOT profitable.
I concur 100%
1 day the emperor has no clothe and il all makes sense.
The simplest truth is usually the valid one.
  • #74
  • Edited Aug 10, 2012 1:03pm Aug 9, 2012 2:54pm | Edited Aug 10, 2012 1:03pm
Quoting Mingary
The simplest truth is usually the valid one.
lol the T word.

People will usually just see what they want to see even if there are no valid arguments (or a very silly one like the one you just quoted).
  • #75
  • Aug 9, 2012 3:27pm Aug 9, 2012 3:27pm
Profits: $45
Losses: $3400

On a practise account, started end of April.
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #76
  • Aug 9, 2012 3:57pm Aug 9, 2012 3:57pm
Personally, I find day trading nigh impossible due to working Fulltime and family and sleeping in Australia.

I'm now putting the finishing touches on my swing trading system and starting with a small $500 account to give it an honest test drive.

I don't use demo anymore on a new system, haven't since 2007, I feel like I am just wasting my time with it. I want to feel the pain of loss and elation of victory so I am motivated to correct and change. Demo does not come with enough incentive to improve.

When I enter and close my next trade, I will start posting my statement here so this rediculous notion of impossibility can be put to bed once and for all.
Note: can be quite a while between trades and can be shorter time, depends on conditions but will keep you updated.
out.
Come with me if you want to live....
  • #77
  • Aug 9, 2012 5:15pm Aug 9, 2012 5:15pm
Quoting tafadzwa02
Ooh , you are a commercial member , was just wondering .That explains your response.Which broker do you work for if I may ASK?
LOL. Sorry to disappoint you, but I'm a programmer, not a br0ker.

I'm a commercial member because I have one product in the commercial forum. It's against the rules to post a link here, but you can find it easily enough if you want to. It's a visual order management system, and trade manager, for MT4. (As opposed to those dodgy $97 EAs that will bleed your account). Just like all other software products, if you see value in it, you can choose to buy it; if you think it's junk, you spend your money elsewhere.

Now may I ask you a question? If you're convinced that profitable forex trading is impossible, why are you wasting your time visiting this forum?
  • #78
  • Aug 9, 2012 5:30pm Aug 9, 2012 5:30pm
Quoting Marv
Here's one simple counterargument: Given the number of market participants and the amount and frequency of speculative market activity, it is statistically impossible that nobody is making significant and consistent returns from trading.
Great post, Marv. Explains the possibilities and difficulties very accurately, IMHO.

The only thing I'd add is that skeptics will point out that some traders will be profitable for a while, simply due to the nature of a statistical distribution. Tdion made the point rather colorfully:
Quoting tdion
blindfold 100 people and get them to walk across the interstate. 95 will get run over, the other 5 will make it.
However, it is hard to make a case for "winning traders are merely lucky" when there are folk who have been making a consistent living at it, year after year. As Gary Player (the great South African golfer) once said, "the more I practise, the luckier I get". My experience is that this applies equally well to trading.

David
  • #79
  • Aug 9, 2012 5:51pm Aug 9, 2012 5:51pm
i make enough to live a nice life, i no longer have problems with forex taking my money but i do have problems with women taking my money
  • #80
  • Aug 9, 2012 6:47pm Aug 9, 2012 6:47pm
Quoting trickshady
My guess is that most make under 20 000 and negative.
//----

hey trickshady........ my guess would be your guess is probably accurate.....

there will always be those that doubt the success of others..... they waste valuable time trying to prove those doubts rather than improve their own success....

someone asked for proof..... here it is , verified beyond any doubt......h
to trade and code, keep both simple... no call to impress....h
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