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How much do people make trading FOREX

  • #101
  • Mar 21, 2013 8:42pm Mar 21, 2013 8:42pm
Quoting Yena
I quit trading in 2005 after loosing 10k but I made over 3k a month for six months before I quit. I didn't really know what I was doing back then. I'm back trading again and only since last month been making average $150 a day with 20k capital. It took me a year of being cautious and being afraid of making mistakes and some big losses and wins. I am not an expert and I don't rely on signals or indicator. I follow news and trend analysis. What I learned that works best for me is to trade small and frequently with small profits. I don't take losses...
I agree with many parts of this statement and trade in a similar manner. A few accounts is great idea, because if you are losing in one account but making money in another you can always move money around, as long as it is easy to do. I shoot for a minimum of 0.3%. Good luck with everything.

Dr. NoStopLoss
  • #102
  • Mar 22, 2013 2:36am Mar 22, 2013 2:36am
Quoting Yena
I quit trading in 2005 after loosing 10k but I made over 3k a month for six months before I quit. I didn't really know what I was doing back then. I'm back trading again and only since last month been making average $150 a day with 20k capital. It took me a year of being cautious and being afraid of making mistakes and some big losses and wins. I am not an expert and I don't rely on signals or indicator. I follow news and trend analysis. What I learned that works best for me is to trade small and frequently with small profits. I don't take losses...
Nice results mate. I really like your approach here. If you can continue this winning streak hopefully you can increase profits every month. Suppose you are using price action based techniques to trade FX. Good luck.
  • #103
  • Mar 22, 2013 7:20am Mar 22, 2013 7:20am
Quoting manilaguy
I would like to know the answer to this as well.

I started with 10 grand in a demo account and doubled it within a couple of weeks, I then created a live account and near doubled it in a week then got hit back to my original deposit amount, and in the space of 3 day am half way to doubling it again.

Seems to easy to make money...
And too easy to lose.
Guess you trade with a small capital. You wouldn't do this to your precious savings, would you?
--I'm a demo newbie, please be cautious.
  • #104
  • Mar 22, 2013 7:50am Mar 22, 2013 7:50am
Quoting 3psilon
And too easy to lose.
Guess you trade with a small capital. You wouldn't do this to your precious savings, would you?
Yes I do trade with small capital, started my account with 2 grand, now sitting at 4,500 after 4 days trading.


Why did you imply that my savings are precious? Just felt like stating the obvious?
  • #105
  • Mar 22, 2013 5:45pm Mar 22, 2013 5:45pm
Quoting manilaguy
Yes I do trade with small capital, started my account with 2 grand, now sitting at 4,500 after 4 days trading.

Why did you imply that my savings are precious? Just felt like stating the obvious?
Not at all.

Just if you double your money in a certain period, it means that with every trade you risk a high percent of it. And I just guessed that you only trade with a smaller capital (proportional to your total savings) which you are not afraid to lose.
That amount depends on many factors, for example in my country, $2000 wouldn't be a good starting capital for me, but rather $300-500.

Please don't get me wrong, I'm not debating, just curious about how you do your business, after all, this is what this topic is about.
--I'm a demo newbie, please be cautious.
  • #106
  • Mar 23, 2013 4:37am Mar 23, 2013 4:37am
Quoting Yena
I quit trading in 2005 after loosing 10k but I made over 3k a month for six months before I quit. I didn't really know what I was doing back then. I'm back trading again and only since last month been making average $150 a day with 20k capital. It took me a year of being cautious and being afraid of making mistakes and some big losses and wins. I am not an expert and I don't rely on signals or indicator. I follow news and trend analysis. What I learned that works best for me is to trade small and frequently with small profits. I don't take losses...

Well done, congrats.

Please report back on how you are doing. Persistence pays off in the long term. That's the attitude!
The Black Swan: The Impact of the Highly Improbable
  • #107
  • Mar 23, 2013 5:05am Mar 23, 2013 5:05am
Quoting PeterE
not much, in short

reading some data collated by an academic, preliminary findings are that just 0.4% of retail traders will have more than 4 back-to-back profitable quarters[size=2] (yes,...

Now im confused... if only that small part of people make money on FOREX, how is it that there are so many people in forums, in brokers, in blogs, in sites, in zulutrade, in IRC chat, in skype rooms, etc etc... claiming to make a living off forex?

Some people invest so much time in forums, that its impossible that they lie. By the time invested in this, they must be working in this actually... They dont have tme for working in a 9-5 job and come here to pretend to be a PRO who makes a living off forex... I really don't get it.

The 99.6% number itselfs, remembers me to the casino. And Forex cant be a casino, people have a lot of information, there is fundamentals, technicals, logics, etc, that the casino lacks.. Now how is the edge exactly like the casino? Thats like impossible to accept.
The Black Swan: The Impact of the Highly Improbable
  • #108
  • Mar 23, 2013 5:26am Mar 23, 2013 5:26am
if I may, the 0.4 % make a lot of sense to me

Now im confused... if only that small part of people make money on FOREX, how is it that there are so many people in forums, in brokers, in blogs, in sites, in zulutrade, in IRC chat, in skype rooms, etc etc... claiming to make a living off forex?

==> They just come and go in the thousands.

Some people invest so much time in forums, that its impossible that they lie. By the time invested in this, they must be working in this actually... They dont have tme for working in a 9-5 job and come here to pretend to be a PRO who makes a living off forex... I really don't get it.

==> Same as above, the life span is very short.

The 99.6% number itselfs, remembers me to the casino. And Forex cant be a casino, people have a lot of information, there is fundamentals, technicals, logics, etc, that the casino lacks.. Now how is the edge exactly like the casino? Thats like impossible to accept

==> short term = some success; long term = failure (long term only 0.4 %).
  • #109
  • Mar 23, 2013 6:16pm Mar 23, 2013 6:16pm
But 99.6% means that out of 1000 traders only 4 make a profit long term. And 996 lose long term.

So, just lets take this forum as example.

Out of 1000 traders, 996 lose money and only 4 make a profit After a year of trading. And I don't see only 4 traders with 10+ vouchers. Or lets make it even more extreme... I don't see only 4 PRO traders with credit, 100+ vouchers, years, reputation, etc... there are much more than 4 every 1000 traders...

I mean, if all those guys posting for years in this forum, dont make a profit trading forex, what's their income? How do they eat? seriously...

I want to believe those stats are wrong, otherwise, give me an explanation, it really makes no sense.
The Black Swan: The Impact of the Highly Improbable
  • #110
  • Mar 23, 2013 6:32pm Mar 23, 2013 6:32pm
Quoting MapleLeaf
Now im confused... if only that small part of people make money on FOREX, how is it that there are so many people in forums, in brokers, in blogs, in sites, in zulutrade, in IRC chat, in skype rooms, etc etc... claiming to make a living off forex?

Some people invest so much time in forums, that its impossible that they lie. By the time invested in this, they must be working in this actually... They dont have tme for working in a 9-5 job and come here to pretend to be a PRO who makes a living off forex... I really don't get it.

The 99.6%...
Quoting MapleLeaf
But 99.6% means that out of 1000 traders only 4 make a profit long term. And 996 lose long term.

So, just lets take this forum as example.

Out of 1000 traders, 996 lose money and only 4 make a profit After a year of trading. And I don't see only 4 traders with 10+ vouchers. Or lets make it even more extreme... I don't see only 4 PRO traders with credit, 100+ vouchers, years, reputation, etc... there are much more than 4 every 1000 traders...

I mean, if all those guys posting for years in this forum, dont make a profit trading forex,...
I just read these 2 posts. Seriously - I donīt want to insult you - but you canīt be that naive. Are you serious?!?! Really, that just blew my mind.
  • #111
  • Mar 23, 2013 8:23pm Mar 23, 2013 8:23pm
Quoting Myo
I just read these 2 posts. Seriously - I donīt want to insult you - but you canīt be that naive. Are you serious?!?! Really, that just blew my mind.
What? What do you mean?

Ok genius, explain me. I'm all ears.

Can't really wait for YOUR explanation. I really want to know YOUR TRUTH.
The Black Swan: The Impact of the Highly Improbable
  • #112
  • Mar 24, 2013 1:23am Mar 24, 2013 1:23am
Quoting 3psilon
Not at all.

Just if you double your money in a certain period, it means that with every trade you risk a high percent of it. And I just guessed that you only trade with a smaller capital (proportional to your total savings) which you are not afraid to lose.
That amount depends on many factors, for example in my country, $2000 wouldn't be a good starting capital for me, but rather $300-500.

Please don't get me wrong, I'm not debating, just curious about how you do your business, after all, this is what this topic is about.
Okay, now that statement makes much more sense to me.

I am not sure what you mean by risking a high percentage of my account. I have more than doubled it now, in fact I was as high as 5 grand, after 4 days trading up from 2, but I made two foolish noob mistakes on Friday and as of then it sits at $4580.00, so not bad really.

But I do not risk a great percentage of my account, if things are not going my way I either eject very early or I wait it out and not sure if it is luck or not but mostly things work out the way I have predicted, except when the gap got me haha.

But yeah, loving this, not just the making money side of it, but reading the graphs, and watching them.

I want to turn this 2 grand into 20 grand by July. I am just under a quarter of the way there already.
  • #113
  • Mar 24, 2013 4:56am Mar 24, 2013 4:56am
Quoting MapleLeaf
What? What do you mean?

Ok genius, explain me. I'm all ears.

Can't really wait for YOUR explanation. I really want to know YOUR TRUTH.
no hard feelings, just want to tell you what I wished somebody told me a year ago. in a nutshell:

1) why there are people on forums/sites/blogs claiming to make a living off forex? dear god. because they are vendors/snake oil salesmen. and if they arenīt selling anything at the moment, theyīre planning to do so in the near future. zulutrade? paradise for scammers. profitable "systems" take inadequate risks to obtain their results. its not sustainable. they all blow up in a short while.
2) vouches mean sh*t. pro tip: take your favorite trading thread and watch it for two weeks. whenever somebody makes a fake call (entry/exit posted >3 minutes after the fact, etc) make a mental note. If the person does it a second time, put him on ignore. After two weeks, everybody should be on ignore.
3) the number of people making a living off retail daytrading forex is abysmally small. thereīs this banker dude on another board, and he asked his broker friend, how many of his clients were profitable after a year. broker said: none. not a single person. I know a lot more of these stories. note thatīs anecdotal evidence of course. as far as i know there are no valid statistics about this stuff. at least havenīt seen one yet.

edit: if someone can prove iīm wrong, go ahead. I want to believe.
  • #114
  • Mar 24, 2013 5:08am Mar 24, 2013 5:08am
Quoting Myo
no hard feelings, just want to tell you what I wished somebody told me a year ago. in a nutshell:

1) why there are people on forums/sites/blogs claiming to make a living off forex? dear god. because they are vendors/snake oil salesmen. and if they arenīt selling anything at the moment, theyīre planning to do so in the near future. zulutrade? paradise for scammers. profitable "systems" take inadequate risks to obtain their results. its not sustainable. they all blow up in a short while.
2) vouches mean sh*t. pro tip: take your favorite trading...
Also with My FX book you have people opening multiple accounts. Maybe all the accounts but 1 lose heavily, but one at least will show a profit. They then offer this single profitable account out of all the losers as proof of what great traders they are.
If you are going to pay for any service based on a MyFXbook account, follow it for at least a month (preferably more) before you part with yout hard-earned.
Please Do Not PM Me With Coding Enquiries
  • #115
  • Mar 24, 2013 12:59pm Mar 24, 2013 12:59pm
People do make money trading FX. It's a matter of taking time to learn, discipline yourself to not being an idiot gambling on trades, patience to wait out the best setups, money management of your account. You can be wrong more than right and still do very well if you have these skills. I've sat at the screen for 8, 10, 12 hours waiting for the right opportunity. And nobody makes 100 pips a day consistently.
History is written by the victors.
  • #116
  • Mar 25, 2013 5:52pm Mar 25, 2013 5:52pm
Quoting Myo
no hard feelings, just want to tell you what I wished somebody told me a year ago. in a nutshell:

1) why there are people on forums/sites/blogs claiming to make a living off forex? dear god. because they are vendors/snake oil salesmen. and if they arenīt selling anything at the moment, theyīre planning to do so in the near future. zulutrade? paradise for scammers. profitable "systems" take inadequate risks to obtain their results. its not sustainable. they all blow up in a short while.
2) vouches mean sh*t. pro tip: take your favorite trading...

Very good, now it makes sense. I see you have a good panorama of the situation. Thanks for that one.

Now come a few more questions to my mind (not sure if you or anyone else have the answer):

Are all people trying to learn FOREX, losing their time in this and other forums?

There are thousands of individuals connecting here every single day, to try to learn something, are they losing their time because 996 out of every 1000 will never be profitable?...

And besides new traders, check long term supposed traders, I see some people spending hours every day here, writing and writing, people that are supposed to know about trading, who are they? Why they spend so much time here? Are they working for the bro-kers? or just looking to do some money selling their EA's, programming skills MT4, books, etc?... I always thought they were profitable TRADERS and that we could learn from them... it seems I was wrong?

I asked in other posts, who made a living off forex (30K per year), for the last 5 years and NOBODY could answer...
The Black Swan: The Impact of the Highly Improbable
  • #117
  • Mar 25, 2013 6:39pm Mar 25, 2013 6:39pm
Quoting MapleLeaf
Very good, now it makes sense. I see you have a good panorama of the situation. Thanks for that one.

Now come a few more questions to my mind (not sure if you or anyone else have the answer):

Are all people trying to learn FOREX, losing their time in this and other forums?

There are thousands of individuals connecting here every single day, to try to learn something, are they losing their time because 996 out of every 1000 will never be profitable?...
Daytraders, yes. Thatīs what the statistics say unfortunately. Long-term-trading can imo be very profitable. Iīve seen my share of believable, profitable trade calls from swing & position traders on this board. Trying to do this myself, doesnīt work yet.

Quote
And besides new traders, check long term supposed traders, I see some people spending hours every day here, writing and writing, people that are supposed to know about trading, who are they? Why they spend so much time here? Are they working for the bro-kers? or just looking to do some money selling their EA's, programming skills MT4, books, etc?... I always thought they were profitable TRADERS and that we could learn from them... it seems I was wrong?

No Idea. Some are retired, some are in college, some are unemployed and some post from work. But I suppose most treat it as a hobby and donīt mind devoting a lot of time to it. Maybe they just enjoy talking about trading. How would I know.


Quote
I asked in other posts, who made a living off forex (30K per year), for the last 5 years and NOBODY could answer...

OK, some people must make a living from it. Maybe they didnīt read your post or decided not to tell. How much money you make is one of the last taboos in western society. I wouldnīt tell either.
  • #118
  • Mar 27, 2013 1:53pm Mar 27, 2013 1:53pm
if You are really good You can end year with +40 to 50% in consistent way.

... but all answers will be pure speculation
  • #119
  • Jun 5, 2013 2:40am Jun 5, 2013 2:40am
Quoting Yena
I quit trading in 2005 after loosing 10k but I made over 3k a month for six months before I quit. I didn't really know what I was doing back then. I'm back trading again and only since last month been making average $150 a day with 20k capital. It took me a year of being cautious and being afraid of making mistakes and some big losses and wins. I am not an expert and I don't rely on signals or indicator. I follow news and trend analysis. What I learned that works best for me is to trade small and frequently with small profits. I don't take losses...
Hello Yena,

Very interesting post, I'm intrigued by your success and learning.

If I could make $1000 a month starting out in my first year I would be happy. I'm going to try starting with a very small budget of a few hundred and see if I can make it grow.

How are your findings now?
  • #120
  • Jun 5, 2013 3:10am Jun 5, 2013 3:10am
Quoting PeterE
{quote} not much, in short reading some data collated by an academic, preliminary findings are that just 0.4% of retail traders will have more than 4 back-to-back profitable quarters (yes, you read that right, less than 1%); much lower than the often touted 5% does that mean you cant be a 0.4%? no, you can, but a retailer...

QUOTED FOR TRUTH.

I said it many times in this forum.

99.6% of traders LOSE LONG TERM.

Only 0.4% are profitable after 1 year of trading. Go figure, people.
The Black Swan: The Impact of the Highly Improbable
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