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How much do people make trading FOREX

  • #121
  • Jun 8, 2013 9:54am Jun 8, 2013 9:54am
People who know how to trade make money from trading. I know some good traders that trade for living and earning a very handsome amount from it. My face book friends contain many successful traders.
  • #122
  • Jun 8, 2013 11:56am Jun 8, 2013 11:56am
I don't really make anything from trading because my account although in the tens of thousands is still too small. i don't take out any profits. I have a full-time job with excellent benefits and I will probably wait to get my account up to $2 million before I consider quitting my job. By then, I will probably also accumulate a nice balance in my 401K, so I will have something to fall back on, should I ever lose all my money in trading. My journey to $2 million should take me about 7-10 years.
  • #123
  • Jun 8, 2013 11:28pm Jun 8, 2013 11:28pm
Quoting MapleLeaf
{quote} 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.
I'll be honest since few on trading boards and threads like these are unwilling to admit it. I am part of the 99% that lose. As a matter of fact, I've lost around $3.5k over the course of 3 years, which isn't a problem since it's half of a year's bonus as a telecommuting engineer. In addition, I view it as a get-rich scheme, which I understand is everyone's apparent peeve (50% drawdown in 5-7 consecutive losses). This appall to such motivation is something I never understood since I could easily name professions with less stress that could net you 6 figures a year so I only assume that most here are at least trying to make $200k+ a year trading. As a matter of fact, my field employs manual labor that could earn $200k a year (at the cost of health, of course).

By the way, I used to trade impulsively. That's how I lost my first year (~$3k) essentially through my first few months. Then, it was methodical relative to the congruence of strategies and market sentiment. Regardless, I still haven't had a break even quarter. Over the past year, I've lost around $500.

Those of you with no back-up plan should really consider having one. There are people who make analogies that if it takes 10 years to become a professional in other professions. The honest truth is that the other profession is the better choice.
  • #124
  • Jun 9, 2013 12:52am Jun 9, 2013 12:52am
Quoting Mingary
{image}
  • #125
  • Jun 9, 2013 6:18pm Jun 9, 2013 6:18pm
I have been trading for many years. I am up $50 Million and change now. But at the beginning, I blew up many $200 live accounts before I finally got over my emotional issues to trade successfully.

Back in the day, I worked demo accounts with great passion to test and prove my strategy. When I felt I was ready, I would go live with $200. When I blew that up, I would go back to demo and work out what I was doing wrong. Was it my strategy, or was it me? It was always me.

Trading live is a whole new set of emotions to deal with. I eventually learned to NOT control my emotions, but to work WITH them.

To achieve this understanding, I took 6 months to study the human brain thru countless audiobooks on my very long walks every day to work out WTF I was doing wrong with my live trading.

I am a large lot trader (500 lots per trade decision - usually 5 x 100 lot trades per decision). I am a high leverage trader (400:1). I do not use stop losses; I hedge my entry-errors and manage proper exit of my hedge later.

I routinely EXPECT 200%-300% profit per week. But I only ever have $200,000 in my accounts before I take profits out.

This all began with the $200 live account that I did NOT blow up.

I have posted this demo account on FF before. It shows 700% grow in one week.

Attached File(s)
File Type: zip Just an old demo account.zip   7 KB | 991 downloads


I am not special. Many people do better than I do. Two students I mentored are now retired.

Most replies here are from people who followed conventional thinking. It is essential that you learn what the conventional thinking is and to then NOT DO THAT.

ALL successful people found their power by NOT following the herd. All great investors trade contrary to popular views and opinions.
  • #126
  • Jun 10, 2013 6:00am Jun 10, 2013 6:00am
Quoting dancingphil
I have been trading for many years. I am up $50 Million and change now. But at the beginning, I blew up many $200 live accounts before I finally got over my emotional issues to trade successfully. Back in the day, I worked demo accounts with great passion to test and prove my strategy. When I felt I was ready, I would go live with $200. When I blew that up, I would go back to demo and work out what I was doing wrong. Was it my strategy, or was it me? It was always me. Trading live is a whole new set of emotions to deal with. I eventually learned...

hahaha ....dude thanks, you've given me a good laugh.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #127
  • Jun 10, 2013 5:26pm Jun 10, 2013 5:26pm
Quoting pemully
{quote} hahaha ....dude thanks, you've given me a good laugh.
200-300% a week? Then why does he need "Students"? Let me guess. He's a nice guy and likes to help out.
  • #128
  • Edited 7:08pm Jun 10, 2013 5:34pm | Edited 7:08pm
Quoting card
{quote} 200-300% a week? Then why does he need "Students"? Let me guess. He's a nice guy and likes to help out.
Need students? What fantasy is this?

I do not market for or need students. I have no Forex ebooks etc for sale. I have no internet marketing Forex training web site. Nor have I suggested I am a nice guy.

I simply answered the direct question of the OP's subject line. I have made a lot of money with Forex, and I continue to do so.
  • #129
  • Jun 10, 2013 6:26pm Jun 10, 2013 6:26pm
Quoting dancingphil
{quote} Need students? What fantasy is this? I do not market for or needs students. I have no Forex ebooks etc for sale. I have no internet marketing Forex training web site. Nor have I suggested I am a nice guy. I simply answered the direct question of the OP's subject line. I have made a lot of money with Forex, and I continue to do so.

200-300% a week for the long term is very very very unlikely, so I don't believe you. But if you're really doing it, good for you!
  • #130
  • Jun 10, 2013 7:06pm Jun 10, 2013 7:06pm
Quoting card
{quote} 200-300% a week for the long term is very very very unlikely, so I don't believe you. But if you're really doing it, good for you!
Dude, you sitting in the cheap seats and slinging shit at people; hmmm, I doubt anyone gives a stuff what you believe.

I trade 3 lots per $1,000 in my account, which is leveraged 400:1 ECN-STP. One 34 pip scalp doubles my money. A second 34 pip scalp doubles that doubled amount, for a net 300%.

I am good at what I do, and I worked hard for years to get good at it. Known as very successful, occasionally people approached me for mentoring. If I liked them, I agreed.

Two have retired when their financial goals were met. Training and mentoring is not a business I am in.
  • #131
  • Edited 8:48pm Jun 10, 2013 8:31pm | Edited 8:48pm
Quoting dancingphil
{quote} Dude, you sitting in the cheap seats and slinging shit at people; hmmm, I doubt anyone gives a stuff what you believe. I trade 3 lots per $1,000 in my account, which is leveraged 400:1 ECN-STP. One 34 pip scalp doubles my money. A second 34 pip scalp doubles that doubled amount, for a net 300%. I am good at what I do, and I worked hard for years to get good at it. Known as very successful, occasionally people approached me for mentoring. If I liked them, I agreed. Two have retired when their financial goals were met. Training and mentoring...
There is a simple way of proving your claims - by posting an account statement or better yet, linking up your MT4 in the trade explorer. Again, I don't give two shits if you make a lot of money because I'm pretty sure you don't. There are plenty of great traders who make more in a single year than you have ever claimed to have done., so no need for me to get jealous at your claims. Your claims are however damaging to the newbies because they will try the same thing and blow up their accounts.

My bet is that you've lost a good ton of money and now you're broke and bored, so you're posting all this non-sense. Anyone trading with 1:400 leverage over the long term is blowing up their account. And which broker in their right mind would leverage up $200,000 at 1:400. That's an $80 million position. A 1% spike would put them about $600,000 in the hole. No broker in their right mind would take on that risk. Which broker do you use BTW? I'll call them up and see if I can get that leverage with $200K. I'll post the results here. Let me guess, you have a special arrangement and can't disclose your broker?

Or, you're hoping that people will still contact you for mentorship. And when they do, you can pitch your BS to them that you don't teach your methods. They'll then continue to beg at which point you will "reluctantly" offer to teach them for a nominal fee. If folks still choose to do that after reading my post, you definitely deserve to separate them from their money. Evolution will take its course whether I like it or not.
  • #132
  • Jun 10, 2013 8:48pm Jun 10, 2013 8:48pm
Quoting card
{quote} There is a simple way of proving your claims - by posting an account statement or better yet, linking up your MT4 in the trade explorer. Again, I don't give two shits if you make a lot of money because I'm pretty sure you don't. There are plenty of great traders who make more in a single year than you have ever claimed to have done., so no need for me to get jealous at your claims. Your claims are however damaging to the newbies because they will try the same thing and blow up their accounts. My bet is that you've lost a good ton of money...
You are not very knowledgeable about Forex brokerages, that much is clear. But then you've been here on FF for a whole 7 days, I guess that is to be expected.

ECN and market maker brokers operate entirely differently. ECN brokers take no risk; they simply forward orders to the liquidity pool for a fee. That said, why would you guess I use only one broker?

If I wanted to publish my trading accounts, I am sure I would have thought to do that before now. If I had some point to prove or sales pitch to make, I am sure I would have. But for a twit like you? Nah, it's not gonna happen dickhead.
  • #133
  • Jun 10, 2013 9:02pm Jun 10, 2013 9:02pm
Quoting dancingphil
{quote} You are not very knowledgeable about Forex brokerages, that much is clear. But then you've been here on FF for a whole 7 days, I guess that is to be expected. ECN and market maker brokers operate entirely differently. ECN brokers take no risk; they simply forward orders to the liquidity pool for a fee. That said, why would you guess I use only one broker? If I wanted to publish my trading accounts, I am sure I would have thought to do that before now. If I had some point to prove or sales pitch to make, I am sure I would have. But for a...
Getting a little defensive, aren't we? That means, I guessed right! The fact that I've been here a mere 7 days doesn't mean anything. I work in the industry and am very familiar with all of this, especially risk management because that's what I do in my real job.

1. If the price spikes and your broker isn't able to fill you at the price you have your stop loss at, the broker can only come after you for the loss. And if you're broke, then he takes the loss. You sound like an absolute n00b. If you read the client agreement of any ECN, you will see that it clearly states that there is a possibility that your account can go negative. So it is total BS that you've made 50 million in the market.

2. You probably need at least 10 different accounts offering 1:400 leverage to be able to get your 200K in. And since you're scalping, you're able to put in orders into 10 different screens at the right time every single time?

3. And apparently losing steaks that even the world's best traders of all time have admitted to, haven't hit you? Why are you here on a simple forum like FF bragging about your successes? You should be on CNBC! You are clearly the best trader to have ever graced this planet!

I think I've made my point. Feel free to pound your chest as hard as you can. Anyone with half a brain has probably now realized what you really are. My job here is done! Enjoy your 384 kilos of gold!
  • #134
  • Jun 10, 2013 9:14pm Jun 10, 2013 9:14pm
Quoting card
{quote} Getting a little defensive, aren't we? That means, I guessed right! The fact that I've been here a mere 7 days doesn't mean anything. I work in the industry and am very familiar with all of this, especially risk management because that's what I do in my real job. 1. If the price spikes and your broker isn't able to fill you at the price you have your stop loss at, the broker can only come after you for the loss. And if you're broke, then he takes the loss. You sound like an absolute n00b. If you read the client agreement of any ECN, you...

hahaha, and I am getting defensive?

You work in the industry, huh hahaha.

So how do client agreements prove my "lack" of profits so far?

I "probably" need 10 accounts to trade 500 lots? Really? Why so vague industry guy?

And if I did need such a massive number of accounts, hmmmm, why couldn't I be using http://www.nj4x.com/ which can process 5,000 trades PER SECOND across any number of MT4 brokers and accounts from a single mouse click?

Oh, and dickhead, I don't use stop losses.

You should read the posts of a member before you think you know him.
  • #135
  • Jun 11, 2013 1:59am Jun 11, 2013 1:59am
Perhaps it is interesting that life is filled with cynics. Perhaps not.

The realities are the same.

I do trade 500 lots.

I do ROUTINELY make 300% a week.

I have made more than $50 million.

And I have done it from my bed in China mostly while I watch TV episodes and movies on my PC.

I'm not special. Perhaps different, but not special
  • #136
  • Jun 11, 2013 2:17am Jun 11, 2013 2:17am
hi dancing phil

with 50 millions i would not stay in bed watching movies and trading , but i would enjoy a great life .
i believe that your reality is a bit exagerated, altough i can believe that you are a good trader .

why don't you describe your method ?
  • #137
  • Edited 3:09am Jun 11, 2013 2:49am | Edited 3:09am
Quoting tarrini65
hi dancing phil with 50 millions i would not stay in bed watching movies and trading , but i would enjoy a great life . i believe that your reality is a bit exagerated, altough i can believe that you are a good trader . why don't you describe your method ?
Why would I describe my methods? If for no other reason, the idiotic and cynical responses on this thread by kids with nothing to offer is proof of why I have taught only a select few. I have no ego wishing for a 10,000 post thread about how I trade. And I have nothing to sell. I have never marketed my services.

Mostly trading is very boring. I mostly have to wait for my primary indicators to alert me; I don't stare at charts all day. Yet as a professional trader, I have no day job; no where else to be to feed myself.

I write and I watch movie/TV downloads while I wait. I have lived a very full life.

After many other things I did with passion, I really did dance 6 hours every day, 7 days every week and I did this for 6 years with almost no days off. Hence the name given to me by many music bands in Melbourne "DancingPhil". I currently walk 3 hours every day; listening to audiobooks and doing what I enjoy to do most, which is to think.

Not even I have ever been confused about it - I know I am eccentric. And I guess if I cared about people more, then perhaps I would give a shit what they say about me.

The fact is I don't. I am opinionated. I am arrogant. Love that, hate that or fuck off; I don't care.

I don't think highly of the human race, and I care a lot less about what humans think about me.

It is the nature of humans to selfishly slide away into the darkness and be ever silent when they have worked out Forex profits on a large scale.

I KNOW I am not the most profitable trader. There are much sharper players than me. They hide themselves and their winning strategies.

Yet I do ROUTINELY make 300% profit per week. I have made more than $50 million, $17 million of which I currently keep as 12,400 ounces of physical gold stored in Hong Kong.

I am known as a Counter-Trend trader. I am known to never use stop losses (unless it is to lock in a BE position). I do trade 500 lots.

But mostly, I don't give a shit what morons think. I'm not here on this thread to prove or sell anything. This thread asked a question, and I answered it.

And related to the OP's question, you cannot eat or spend pips. A pip is nothing of itself.

In my world, a pip is worth 3% of my account. In the moron cheap seats, a pip is worth 10 cents.
  • #138
  • Jun 11, 2013 9:16am Jun 11, 2013 9:16am
Its not easy to make money from trading but you can do that if you practice hard in your demo account and adopt any strategy that suits your time schedule. then you can trade easily with that and can make money.
  • #139
  • Jun 11, 2013 2:47pm Jun 11, 2013 2:47pm
I guess everybody’s seen the movie Se7en, with Morgan Freeman and Brad Pitt as the two detectives investigating murders themed around the seven deadly sins.

To find evidence of at least five of these sins, one needs to look no further than trading forums:

GREED
Trading tantalizes the greedy, with its dangled promise of the attainment of vast amounts of wealth (that’s why we’re all here, right?)

PRIDE
The vast majority of posts are characterized by a pathological ooze of ego, of all different shapes and persuasions. After all, I’m much more knowledgeable than you are (why? because I say so). And because one sin inevitably leads to another, we have:

ENVY
There’s plenty of jealousy evident in posts claiming that those who are more profitable than themselves are merely “lucky” ……

WRATH
…… and no shortage of anger fueling the venomous expletives of contributors as they spitefully flame one another

SLOTH
Trading forums are replete with lazy freeloaders who believe they’re owed free programming, free education and free systems, from those who’ve put in the several years of time, effort and expense needed to learn and perfect their craft


And just to round out the list:

GLUTTONY
See the pic in post #135

LUST
For a collage of nude pics, see threads like this one


Trading forums — the consummate exposé of human attitudes and behavior. LOL.
  • #140
  • Jun 11, 2013 3:24pm Jun 11, 2013 3:24pm
i did not want to offend dancing phil ...mine was real curiosity ...how would you act with 50 million in your account ?
i would not trade for sure , 4 percent a year from a bank is easy to get with such a deposit , i live in italy , and you can imagine how great life would be . I never heard of a trader like him posting in this losers rooms.
I am really interested in the way he trades, i love countertrend , i cancelled my trade explorer because i don't want to count all the money i have lost in these 4 years .I have a business and a good life , no envy for him, but willing to imitate .....come on dancing phil , start a thread
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