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Is anyone here earning a living, just with forex trading?

  • #121
  • Jul 21, 2011 3:32am Jul 21, 2011 3:32am
Quoting sam1741
hi all...

- if i follow any system, i will lose money
- if i i follow any sets of indicators, i will lose money
- if i follow the news, i will lose money
- if i developed my own system and follow it, i will lose money
- backtest always looks pretty, but in live test i always lose money
- money is loose by sl being hit over and over, different SL placement strategy wont help

.
We are identical!
  • #122
  • Jul 21, 2011 4:26pm Jul 21, 2011 4:26pm
Quoting sam1741
hi all...

I mean, average Joe just like me, who put aside some money and start trading, can we earn a living from trading forex?

Not the big institutes and rich one who have billions in their capital


Is just that after a year and 3 months learning, and demo on forex, i started to doubt i can make any money from it.

I have several demo account, the best one have some earning from the initial deposit, but what confusing to me is..

- if i follow any system, i will lose money
- if i i follow any sets of indicators, i will lose money
- if...
give it another 3 years you will be fine.
  • #123
  • Jul 22, 2011 1:31am Jul 22, 2011 1:31am
Quoting sam1741

how does average Joe like me going to earn money from forex..
Hi

This may sound flippant its not meant to

I too asked myself those questions many years ago it took a long time to find the answers

I had read the answers many times but it never really sunk in

 

  1. 1st we need an edge
  2. 51% will do
  3. We need to earn more from our winners than the losers so a risk reward of at least 1:1 is required
  4. Our stop needs to be in a technically good position and RR worked out from there not just randomly given a 10 or 20 pip size and dumped on the chart
  5. We risk 1-5% on each signal and we look at every thing in % terms not pips that way each loser be it 10 pips or 100 pips will always be the same % its the contracts that change
  6. We have a set of trading rules for the system that we stick to
  7. We take every signal in the trading window we chose

Seems allot to ask but it can be done and its what's needed to be successful long term

Hope it helps

P

  • #124
  • May 18, 2013 12:59pm May 18, 2013 12:59pm
after 4 years of learning and losing money, now i found my edge.. i'll be a millionaire soon. thank you!!
  • #125
  • May 19, 2013 3:58am May 19, 2013 3:58am
Nice to read such comment. i wish you to be a millionaire. I am still in learning process and have not taken forex as full time work but still I am earning my living out of it. In fact I am earning more than my living.
  • #126
  • May 20, 2013 10:17am May 20, 2013 10:17am
So, even in a mini-account does this thing works? or you need to have at least a standard account?
  • #127
  • Jun 1, 2013 6:04am Jun 1, 2013 6:04am
I myself not earning much from trading but I do have a lot of friends in my face book friends list that are full time traders and they make huge money as profits each and every month. They make huge money and live on it.
  • #128
  • Jun 1, 2013 11:35am Jun 1, 2013 11:35am
Quoting hedging
I myself not earning much from trading but I do have a lot of friends in my face book friends list that are full time traders and they make huge money as profits each and every month. They make huge money and live on it.

When we have such friends around us who are earning for living from the trading business then is quite motivating for us to trade in the forex market to make money and continue the business.
  • #129
  • Jun 14, 2013 11:21pm Jun 14, 2013 11:21pm
No I am not earning a living and neither I have such intentions to date to make forex trading my only earning source. Online jobs are not safe, just saw what happened to LR, though I didn't lost much their but this incident has lifted my faith from online earning.
  • #130
  • Jun 22, 2013 9:25am Jun 22, 2013 9:25am
I found this one and I bought it. Better spend some dollars on investing, than loose everything in trading. If you want check it out. One friend referred it to me. He said it works for him. Let's see.
  • #131
  • Jun 24, 2013 4:29am Jun 24, 2013 4:29am
Is anyone here earning a living, just with forex trading?

I really want to earn money just with forex, but now I could only dream about it, because I think that to achieve such result you should have a big experience of trading. Now forex gives me some money to continue trading and to buy smth tasty))
  • #132
  • Jun 24, 2013 7:29am Jun 24, 2013 7:29am
Yes, am here am earning money from the forex trading business now which is sufficient enough for me to cover up the basic living cost, but not sufficient enough for leading a comfortable life.
  • #133
  • Jul 14, 2013 1:28pm Jul 14, 2013 1:28pm
I will be the one making money only from forex in about next 2 years or so. I had spend several months in practice and now I'm confidence in starting trading in real account.
  • #134
  • Jul 14, 2013 1:38pm Jul 14, 2013 1:38pm
Quoting 30XTCi
@sam1741, It takes 2 years to learn the practical side of trading. Add another 2 years to learn the mental side. If you make it that far without parting with a few thousand dollars, you will be doing better than the average, another year to get your money and confidence back and another year to make some profit. So after 6 years you might be able to earn a living from forex. roy

Not true.It depends on a person's deduction,attention,hunger to learn.
This is my 2year.1st year typical losing year.This year since 2013 I average 8-10% a month.

How many here take forex as business?
How many have trading plan?
How many spent 2hrs researching fundamentals daily
How many here can wait for great opportunity without jumping in early.
list goes on.
One can trade 10years still not be profitable.Forex rewards what you put in.
In trading, you have to be defensive and aggressive at the same time
  • #135
  • Jul 15, 2013 6:11am Jul 15, 2013 6:11am
Quoting Davit
{quote} Not true.It depends on a person's deduction,attention,hunger to learn. This is my 2year.1st year typical losing year.This year since 2013 I average 8-10% a month. How many here take forex as business? How many have trading plan? How many spent 2hrs researching fundamentals daily How many here can wait for great opportunity without jumping in early. list goes on. One can trade 10years still not be profitable.Forex rewards what you put in.
cool...I also took 2yrs to have some consistency. I however I'm cautious coz I only have 6 months results. I have seen guys do really well and then all of a sudden go into a crazed downward spiral never to return.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #136
  • Jul 15, 2013 9:05am Jul 15, 2013 9:05am
Quoting pemully
{quote} cool...I also took 2yrs to have some consistency. I however I'm cautious coz I only have 6 months results. I have seen guys do really well and then all of a sudden go into a crazed downward spiral never to return.

That is why you define your risk and stick to it.
Put it in writing just like a normal business because it is a business.Take responsibility of your actions and if you violate any of your rules like moved the stop after placing the order then take away something from your life like you enjoy..like going to movies,favorite food for a whole month etc.
Point is it should have consequence.Once you do enough sticking to your trading plan then it becomes mechanical.
good luck
In trading, you have to be defensive and aggressive at the same time
  • #137
  • Jul 15, 2013 2:20pm Jul 15, 2013 2:20pm
Quoting sam1741
however i made some pips.. by.. randomly putting trades, not setting SL , use small lots.. ..
... and what is wrong with that?
  • #138
  • Jul 16, 2013 9:06am Jul 16, 2013 9:06am
your broker does just that.....and he has vintage wines to prove it.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #139
  • Jul 16, 2013 5:39pm Jul 16, 2013 5:39pm
Quoting hedging
I will be the one making money only from forex in about next 2 years or so. I had spend several months in practice and now I'm confidence in starting trading in real account.
famous last words...

take it easy fella, loooong way to go yet.
https://linktr.ee/Soultrader
  • #140
  • Jul 29, 2013 12:40am Jul 29, 2013 12:40am
There are many super trader here in this forum that are not only making money by themselves but also helping greatly to other trader to earn a livlihood from trading.
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