Is Forex reliable?

I have heard many rumors about Forex that Forex is not reliable and Forex is a risky business and you can loss all your money. So I am very confused about Forex so plz help me and tell me Is Forex reliable or not?

Currencies will always go up and down, you can rely on that
The rest is up to you, not the market

they lie. forex is a sure thing. if you have some savings you can safely put 75% in trading.

A paycheck is reliable.

The FX market is the largest in the world and thus, decentralized, very risky, offers high leverage, and prone to volatility 24/5.

Be well educated and find a good paying job outside of Forex to make money.

Any form of trading or investing implies a high risk of loosing money. How much and how fast depends on you only. Forex is a fast market and using leverage is like flying a F18, its a great weapon but with no training you will kill yourself.

The advantage of Forex is that you can easily practice on demo with zero risk until you can demonstrate to yourself that you can get a profit.

My recommendation is to learn about forex for at least 365 days before using real money.

75% of traders lose there money. Its almost as if they trade the same way people play the lotto and buy scratch off tickets. Its a better form of gambling in a casino because you can use indicators and news to your advantage.

I think that Forex Trading is 100% reliable. It is like an open book to all the traders of Forex. Besides It gives the opportunity to change our lifestyle. It is quick, easy and a safe way to earn money through trading Forex.

wtf!

such a stupid thing to say

it was a joke!

Yep it is. You will lose everything in seconds. So you need to learn everything before going into do live trading.

When it comes to investment and business, there's no such thing as "being safe"..that being said, yes this market, like others carries some risk. Try and read up on the market online, what risks are involved and would seriously suggest that you review some of the free online resources on trading before attempting to trade..

Is like any other business: risk + know the details => success.

Do you remember when first time crossed the road? Or las time when you have watched a baby, who almost crosses the road?

Crossing a road is more risky than this, because you can lose your life in a second. Here you can loose only all your money in a second.
Knowing learning when to cross a road and where, how and learning in forex when to trade and how has different learning curve.

I would say trading forex: requires money like any other business and requires knowledge like any other profession.
http://www.forexfactory.com/showthread.php?t=410286 Here people are telling how long it took to find an edge. You can see for some took 6 years.

Live only from forex I think, need money like 24 month of your salary and knowledge accumulated in min 5 years. Any of 2 condition doesn't meet, than must earn money from somewhere else too.
If your expenses are 1000 usd / month, than you can't live form an 5000 usd account for long time.
Even if you have 100k usd, but you are beginner, as I can see, you will loose it in the first week!
After wiping 5-8 accounts you will make the account wiping a lot slower

I would recommand to play in Demo until you have 3 month consecutive profit. Why loose money in live account if on demo you can't make money?!
Than open an account anywhere with 100 usd and have 3 month consecutive profit before put other 100 usd.
If your account goes to 50 usd, than your lost 50%. Thank go back to demo 3 months and find a reason what happen in live account and fix it.
I do recommend to have min 3 wipe of live account before put the first 1000 usd. You gone wipe the 4th account too, for sure! - but you won't die like in crossing the road.
Play a bit with 1000 usd than increase the account, if you have 3 consecutive month in profit. Step by step.
Never increase the account with 1000% has psychological impact!
After several years I am thinking to play with 10-20k accounts, I don't know how it is the 100-200k account, where daily you will have +/- 5k account maybe... but around that can live somebody somewhat comfortable in New York imo ( monthly 20k earning, pay taxes you will have a bit above 10k).

If you have patience to wait and not searching to trade every time ( a loan force you in this direction) than monthly -10% to +30% is realistic for me. For some -5% is to much for other not even -50% are enough.

You will have days/weeks/months with negative return no matter how good are you. The big numbers rule.

I think the real question is are you reliable. Will you chase every $97 indicator that comes to your in box almost daily. Will you tale the negativity that is all over the forums? Will you believe the statements that brokers hunt for stops or that the "big dogs" really exist.


Forex is a speculative market. That means that the "big dogs" aren't trading daily. Has anyone noticed how the US market is almost dead everyday after London goes home. Did you ever wonder why? Because the US practically shut down retail forex trading with regulation. When the NFP comes out it is not the "big dogs" that are moving the markets its the retail traders who trade on emotion.

Forex is a business and like any other business your success is dependent on how knowledgeable you are in the subject. I get a kick out of how many people wont pay for a tutor or mentor because "those guys cant trade". How much does it cost you emotionally when you blow out an account not to mention the money you just "wasted"? Take a look at the posts in the forums sometime, just read them. People go from a simple MA cross to adding RSI, MACD,AST, Bolinger etc. All looking for the grail. The systems never stop growing. People never stop trading demos.

Here's a secret you can demo for 20 years and when you go live you will still blow out your account because there isn't a system in the world that accounts for the biggest factor that leads to losses. EMOTION!!! Play monopoly with real money sometime and watch how the dynamic of the game changes. When you demo you are playing monopoly. If you have 5k to trade with put $500 in an account trade micro lots that's practice.

Lets go back to the business idea for a second. If you were going to open a computer software company but didn't know how to program would you

a) hire someone to program for you ( IE signal service or managed account)

b) take classes form professionals or a school that taught programing. (mentors courses)


I can name 3 very well respected individuals that all sold their systems and taught people to trade and not one person would call them scammers or say they couldn't trade. Any guesses before my next post tomorrow are welcome.

Oh for the record I am not a successful trader. I hope to become one. I blew out my 5th account and am now waiting to fund another. I am waiting till I have the knowledge I need. I like many thought that mentors were a scam I figured that I could find anything I needed in the forums or for free on the net. I broke a rule we all grew up with and holds true to this day

YOU get what you pay for and sometimes YOU pay more then you had to. I will hook up a trade explore tonight so you can see exactly what I am talking about.

My losses were not because my broker screwed me or the big dogs tricked me or my broker hunted my stops they were because I believed the hype I believed that I could demo systems and succeed. I believed that if I added just one more indicator I would have the missing puzzle piece.

Fact is I didn't. So lets answer the question can forex be reliable. The answer is right in front of you ..... just go look in the mirror.

Yea forex is risky, and so is any other investment. Reliability is dependent on the level which the trader is at. At the prop firm its a job just like any other. At your home computer then its quite different. One loss and you may take a hit that's unrecoverable.
kerry

It's as reliable as you want it to be.

If you want to risk large drawdowns and margin calls trying to chase fast gains - no one will stop you

If you want to develop and test a low risk strategy that yields consistent returns while developing a professional approach and the psychology to stick to it - no one will stop you from doing that either.


-Ed Seykota

You're absolutely right.

If you know what you're doing in the markets you can make money. Doesn't matter if its forex, commodities, stocks, bonds etc. This is not a get rick quick kind of business. Some people look at it that way and that's why they fail.

Forex trade is very reliable business and if trader is having proper trading skills and knowledge then Forex become the good and consistent source of income for them and it can also the change the living standard.

Nope, it's not reliable.

Eventually, you will lose everything in FOREX. Just stay away from it and go look for a job.

Otherwise, if you want to put your money into this CASINO, then don't whine later.

99.6% of people lose money in FOREX. Period.

Then why are you trading mate ?