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Here's the answer to "Can I make a living from forex"

  • #41
  • Jul 21, 2013 7:04pm Jul 21, 2013 7:04pm
Quoting pemully
the question is....can you beat the system? designed by men of a higher functioning than you.They are born predators, to feed off the toil of men of lower mental functioning. That's why you look up to them, for a leader, for a saviour. because you realize you are defeated, inadequate. And for as look as you look up, your portion shall be mud & dung, until you look inside of you.....and say give me a fair chance or give me death! you see we are many, but controlled by a few. you are nothing but a controlled animal, a beast of burden, yet you talk...

no-one beats the system. the system isnt something to beat, it just 'is'

aiming to beat something that 'is' is akin to trying to stop water flowing.

don't beat it, just play it the way that the system is designed.
https://linktr.ee/Soultrader
  • #42
  • Jul 22, 2013 6:42am Jul 22, 2013 6:42am
Quoting jgray110
Pawpaw: I have met 2 fulltime traders here on FF, seen their accounts and even traded with them. The one worked in Banking before moving to forex ... Come on !! That doesn't mean sh** we need their identity and if you have to ask why you should NOT be trading.

Fool...
@pawpaw1000 on Twitter
  • #43
  • Aug 11, 2013 3:53pm Aug 11, 2013 3:53pm
Quoting Squeeze
IMHO this is an urban myth. Surprised anyone falls for it tbh. {quote}

Something is only impossible if you think it is...
@pawpaw1000 on Twitter
  • #44
  • Aug 11, 2013 7:43pm Aug 11, 2013 7:43pm
Hello, I'm a fresh rookie. I just started to do research into currency trading today. I'm interested in learning what I can about the Forex Market and want to make some money. What is the bare minimum USD's I need inorder to get started and where would I do so? Where would I go to start a practice Forex account?
  • #45
  • Aug 11, 2013 10:55pm Aug 11, 2013 10:55pm
Quoting Cihr
Hello, I'm a fresh rookie. I just started to do research into currency trading today. I'm interested in learning what I can about the Forex Market and want to make some money. What is the bare minimum USD's I need inorder to get started and where would I do so? Where would I go to start a practice Forex account?
The bare minimum USD you can start with is 0. Go to babypips and start studying their School of Pipsology, open a demo account and start playing with it. Don't even think about depositing real money yet.
si hoc legere scis nimium eruditionis habes
  • #46
  • Aug 12, 2013 12:28am Aug 12, 2013 12:28am
I consider this thread motivational.
Those traders really have strategies for not just putting their eggs on one basket. They make sure to have various resources in case anything happens in their trades.
  • #47
  • Aug 12, 2013 1:42am Aug 12, 2013 1:42am
Quoting Cihr
Hello, I'm a fresh rookie. I just started to do research into currency trading today. I'm interested in learning what I can about the Forex Market and want to make some money. What is the bare minimum USD's I need inorder to get started and where would I do so? Where would I go to start a practice Forex account?

first, get your mindset in order. You don't even know what forex is, how it works, etc but you are already thinking about how much money to put into it.
it's like you just picked up a basketball for the first time in your life and now you want to play in the NBA. It doesn't work like that.

Read anything you can find on trading, there are a lot of resources available here (stickies), all over the internet, books, videos etc. Try everything. Question everything. Ask questions. Ask some more questions. Spend countless hours in front of charts. work work work.

Come maybe in a year's time to ask the question about how much money to start with, after you have put in massive amounts of hours studying the market.
Twitter: @forexpokerpro
  • #48
  • Aug 12, 2013 4:54am Aug 12, 2013 4:54am
Quoting Cihr
Hello, I'm a fresh rookie. I just started to do research into currency trading today. I'm interested in learning what I can about the Forex Market and want to make some money. What is the bare minimum USD's I need inorder to get started and where would I do so? Where would I go to start a practice Forex account?
if u can crack this game in less than 2 years...you the man.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #49
  • Aug 12, 2013 9:33am Aug 12, 2013 9:33am
pretty sure everyone thought "hey , why i cant be like one these guys that make 20k, i want to be."
  • #50
  • Aug 12, 2013 9:35am Aug 12, 2013 9:35am
Quoting pemully
{quote} if u can crack this game in less than 2 years...you the man.
I always envied those that can make it that fast! I don't know anyone. Those from around here who say they started 2 years ago and cracked the game don't count.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #51
  • Aug 12, 2013 10:25am Aug 12, 2013 10:25am
Quoting BBPI_fxtrader
{quote} first, get your mindset in order. You don't even know what forex is, how it works, etc but you are already thinking about how much money to put into it. it's like you just picked up a basketball for the first time in your life and now you want to play in the NBA. It doesn't work like that. Read anything you can find on trading, there are a lot of resources available here (stickies), all over the internet, books, videos etc. Try everything. Question everything. Ask questions. Ask some more questions. Spend countless hours in front of charts....


Awesome post! Agree 100%...
@pawpaw1000 on Twitter
  • #52
  • Aug 12, 2013 10:26am Aug 12, 2013 10:26am
Quoting soso
{quote} I always envied those that can make it that fast! I don't know anyone. Those from around here who say they started 2 years ago and cracked the game don't count.

I been going about 2 Years if you put all the time together and I still haven't gone live, but getting there...

I'd say 3 years if you work really hard ;-)
@pawpaw1000 on Twitter
  • #53
  • Aug 12, 2013 2:33pm Aug 12, 2013 2:33pm
Quoting pawpaw1000
{quote} I been going about 2 Years if you put all the time together and I still haven't gone live, but getting there... I'd say 3 years if you work really hard ;-)

I demo'd for 2yrs and I have been live for 7 months. I have had impressive runs and more recently mind numbing drawdowns(14%) LOL!,currently I have cut my risk and this August may be my first negative month.Hopefully I hope this new trend wont continue.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #54
  • Aug 12, 2013 6:15pm Aug 12, 2013 6:15pm
Hey thanks for the feedback guys. I heed your warnings, keep it cool until you've minimized the "luck". I've got some questions.
Where can I go to learn about different strategies? are there any well articulated articles that compare the strategies and what is expected from the person to succeed?
What is George Soros' strategy? I figure the last question can be seen as naïve or penetrating. What gives that guy the edge?
  • #55
  • Aug 12, 2013 6:16pm Aug 12, 2013 6:16pm
Quoting pemully
{quote} I demo'd for 2yrs and I have been live for 7 months. I have had impressive runs and more recently mind numbing drawdowns(14%) LOL!,currently I have cut my risk and this August may be my first negative month.Hopefully I hope this new trend wont continue.
Well, that's trading for ya. losing is just part of the game. Have a solid risk management, and solid discipline of executing your system/strategy, and u'll come up on top.


Best trading to you!


Regards,
Chao
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #56
  • Aug 15, 2013 4:00pm Aug 15, 2013 4:00pm
Just joined and I hope the question is topical: Having just had my record day in my trading career (thanks largely to the staggering devaluation in the USD for no reason this afternoon) I would like to ask:


What is the personal best you have done in terms of points/pips in a single day?

I appreciate this question is subjective against your particular strategy, but it might provide a little insight to new traders of what IS possible.

I hope this isnt a thread hijack and I apologise in advance if it is.

HP
In life you get 3 types of people, those who can count and those who can't.
  • #57
  • Aug 15, 2013 11:15pm Aug 15, 2013 11:15pm
Quoting chaoscrum
pretty sure everyone thought "hey , why i cant be like one these guys that make 20k, i want to be."
​Heh! That's for sure) Every person think that he or she unique brains and unique thinking and it gives them power, they are becomes like a forex - supermen))
  • #58
  • Aug 15, 2013 11:32pm Aug 15, 2013 11:32pm
I've been trading with a demo account on and off for about 2-3 years now. I opened my first account a month ago (less one day). While I am not losing money, I haven't made much progress either - now up 1.2%. My biggest drawdown was 0.1%. I've been following very stringent money management practices - never risking more than 2% per trade. I am thinking I need to get back to the drawing board (demo) and try to get more confidence so I can start risking more per trade - 5% for a great setup.

What I am trying to say is the fact that you can't become a millionaire with risking 1% per trade (and taking 4-5 setups each week). So it is possible to make a great living but you have to be willing to take big risks. That is why practice, practice and practice some more and when you know your system is good and you have huge confidence in it you can start risking more per trade and grow your account faster.
  • #59
  • Aug 16, 2013 12:23am Aug 16, 2013 12:23am
Quoting Cihr
Hey thanks for the feedback guys. I heed your warnings, keep it cool until you've minimized the "luck". I've got some questions. Where can I go to learn about different strategies? are there any well articulated articles that compare the strategies and what is expected from the person to succeed? What is George Soros' strategy? I figure the last question can be seen as naïve or penetrating. What gives that guy the edge?
I suggest to read 'More money than God' to learn what Soros' strategy is. I guess it depends what type of a person you are. Risk adversity, patience or the lack of it, starting capital...It depends what fits you best.
  • #60
  • Aug 16, 2013 2:32am Aug 16, 2013 2:32am
Quoting Cihr
What is George Soros' strategy? I figure the last question can be seen as naïve or penetrating. What gives that guy the edge?
Soros is an opportunist global macro plunger, like almost all of the worlds top traders. His edge is being more intelligent than everyone else in his analysis, knowing he is right when most people are wrong and having supreme confidence in that fact to the point of betting everything on it.
si hoc legere scis nimium eruditionis habes
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