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

  • #81
  • Sep 8, 2013 11:22pm Sep 8, 2013 11:22pm
Quoting pemully
I did study mapleleafs and mingarys posts...
AGAIN...

I will bet you anything you want, that you cannot make a living off RETAIL FOREX, during the next 12 months in a row. I can even put a very low entry level, let's understand 3K per month as making a living. This is actually very very low barrier.

Actually the BET goes to anyone in this forum who accepts the challenge. We will do all legal, with signed contracts.

I will bet anyone in this FORUM, that they cannot make a living off ONLINE RETAIL forex, every single month, for the next 12 months, trading exclusively RETAIL FOREX from your home, using MT4 and the so called "indicators", trading on your own.

Actually I posted this several times, during the last months and NOBODY could accept... We all know why...

So, "PEMULLY", what do you say? Do you accept? Or SILENZIO STAMPA?...
The Black Swan: The Impact of the Highly Improbable
  • #82
  • Sep 9, 2013 5:05am Sep 9, 2013 5:05am
Ohh, this is getting interesting! Ok, I am not in the position to take up that challenge...YET. I have had positive months every month this year (between 200 and 1300pips a month) with the exception of July which was -250, so yes, with more practice, tweaking and more PRACTICE, I will get there. Just need to then translate the pips to $. No, not holy grail, my PF is still stuck at around 2, but hey, I've enough of a trade history to say it works.
  • #83
  • Sep 9, 2013 5:53am Sep 9, 2013 5:53am
Quoting MapleLeaf
{quote} AGAIN... I will bet you anything you want, that you cannot make a living off RETAIL FOREX, during the next 12 months in a row. I can even put a very low entry level, let's understand 3K per month as making a living. This is actually very very low barrier. Actually the BET goes to anyone in this forum who accepts the challenge. We will do all legal, with signed contracts. I will bet anyone in this FORUM, that they cannot make a living off ONLINE RETAIL forex, every single month, for the next 12 months, trading exclusively RETAIL FOREX from...
I'm curious as to why you keep posting this challenge to people? What is it that's so important that you prove? I think you need to prove to yourself that whatever bad experience you had in trading wasn't your fault and that you were somehow 'cheated' out of however much money you lost. By 'proving' that no one makes money in retail forex you can let yourself off the hook.

I don't think anyone successful would take you up on this. Successful traders have nothing to prove.

I'd advise anyone considering this challenge not to pay it any attention - needing to prove anything and psychological pressure can ruin your results.

I'd also advise any newbies to ignore these rants. I remeber where I first saw them now in the gold thread in April during the huge drop:


http://www.forexfactory.com/showthre...41#post6605741

Quote
That's pretty crazy... I think many are leaving the business for good after this.

Now, if traders don't own INSIDE Information from Hedge Funds and financial companies, regular traders cannot really compete with those market makers managing trillions of dollars...

All the indicators have absolutely no place, and lag big time...

http://www.forexfactory.com/showthre...71#post6605771

Quote
You can never know... it's 50-50... This is like RED or Black in Roulette.

Anything can happen, and NOBODY can predict the market, it doesn't matter if they have 90000+ vouchers or are so called "PRO TRADERS"... It's gambling, unless you have inside information from financial companies like GoldmanSachs or Morgan Stanley or PIMCO, just to name a few...
According to Official Broker Stats

Some major reasons people fail are right here:

Blaming external factors for lack of success and losses
Strong emotional attachment
Negative beliefs
Strong need to be right (ego)

All of this you can see right here and in every one of Mapleleaf's posts. Here is a lesson in what not to do if you want to succeed.

Now he will probably come back and argue to the death.

Word of advice - if you've been badly burnt by forex and have no interest in trading any more - why not just leave it behind and move on? Your need for 'vengence' isn't helping anyone here. I hope you can move on from this and put your energy/intellect into something positive that will produce something good for you.
Anything can happen.
  • #84
  • Sep 9, 2013 6:24am Sep 9, 2013 6:24am
NO you don't make living. That is the most stupid thing to do.

1. if you don't have an edge, keep dreaming that you will make a living.
2. if you have an edge get rich. Anything else is waste of time. Getting an edge is not easy and it may also run out and you back to dreaming.
  • #85
  • Sep 9, 2013 7:17am Sep 9, 2013 7:17am
Great post mate! Thanks!!!!
  • #86
  • Sep 9, 2013 8:53am Sep 9, 2013 8:53am
Why is Mapleleaf offer still on the table...?

There is even some guy here (dancingphil) who claims to have made 50,000,000 from forex.. 36,000 should be a walk in the park for him and I am sure for many others that are making a living from forex.

What is a bright-eye and bushy-tail aspiring forex millionaire to think now if no one will stand up..
  • #87
  • Edited 10:21am Sep 9, 2013 9:17am | Edited 10:21am
If you made a full time living from trading would you want to get involved in something like that?

Successful traders have nothing to prove, it's a very private thing especially if significant money is involved. Trying to perform for someone else leads to pressure which leads to over trading which leads to disaster.

Good trading and ego/need to prove/need to be right do not mix. Which is why Mapleleaf failed and why no one serious has taken him up on his offer.

I think a bright-eye and bushy-tail aspiring forex millionaire can look at this and see the importance of psychology for trading - in this case:

Taking responsibility for your actions and not blaming losses on others
Not wanting to be a hero and prove anything to anyone
Not allowing strong emotions and a strong ego driven need to be right to make trading decisions

Ask yourself this - if you really were trading a big account full time would you have any interest at all in proving to some angry guy on the Internet that he didn't fail because "everyone fails" therefore he didn't actually really fail? That's all this is about.

*Edit* - let's see if anyone has profitable live trade explorers in December - right now there are several profitable live accounts when you filter on the year so far.

*second edit* - Interesting thread on trade explorers here - http://www.forexfactory.com/showthread.php?t=428024

Quote
I was aproached twice already with "business proposal" via pm from scammers they always want your e mail, why would I show my acc to anybody and expose myself for e-robbery? have you ever thought about this before you judge people?

- http://www.forexfactory.com/showthre...63#post6689563

Quote
There are a few genuinely helpful "gurus" who after putting up the TradeExplorer or Myfxbook, found it distracting or even detrimental to their own trading discipline. That's why they had to leave,

http://www.forexfactory.com/showthre...37#post6693037

Quote
Don't be a hero. Don't have an ego. Always question yourself and your ability. Don't ever feel that you are very good. The second you do, you are dead.

-Paul Tudor Jones
Anything can happen.
  • #88
  • Sep 9, 2013 10:07am Sep 9, 2013 10:07am
This isn't really about Forex at all. As with everything else in life, there are the can do's and can't do's. Many can't do's get all bitter watching others succeed.
  • #89
  • Sep 9, 2013 7:03pm Sep 9, 2013 7:03pm
Good points IMO, ddinnov and jen101.

Just to add a couple of points:

A professional trader's income is not necessarily a consistent $X per month. Joel Rensink has been trading for more than 30 years, and you can read his comments here. Hence a successful trader might be making a 6 or 7 figure income annually, but still have a losing month, and therefore fail MapleLeaf's challenge.

No offense to folk like MapleLeaf and Mingary, but they need to see it from a pro trader's point of view. Like ddinnov says, they have nothing to gain by proving themselves to newbies. Why should they care what a newbie thinks? And why would they even be interested in reading the Rookie forum here? Trading is simply their career income, just like it is for a doctor or a lawyer; for them, it's not a egotistical contest about proving who makes what amount.

If a trader has actually made $50m, then $36k is not much incentive. Proportionally, it's equivalent to offering a $36 wager to somebody who's made $50,000. It's hardly worth his while to even consider it.

Finally, while forex is arguably the most complex (and therefore difficult) market to trade profitably, it's not the only avenue; there are plenty of other opportunities out there. For example, it's possible to make a fairly consistent 3%-6% per month (6% compounded monthly = ~100% p.a.) by writing covered calls, and in my experience it's much less risky than forex. Best of all, it takes less than 10 minutes per day to review my positions. If you have upward of $50k to invest, it's the lazy man's way to some very decent portfolio returns.
  • #90
  • Sep 9, 2013 8:38pm Sep 9, 2013 8:38pm
Quoting hanover
For example, it's possible to make a fairly consistent 3%-6% per month (6% compounded monthly = ~100% p.a.) by writing covered calls, and in my experience it's much less risky than forex. Best of all, it takes less than 10 minutes per day to review my positions. If you have upward of $50k to invest, it's the lazy man's way to some very decent portfolio returns.
Surely this means picking the right stocks though?
  • #91
  • Edited 10:35pm Sep 9, 2013 10:10pm | Edited 10:35pm
Quoting Lover Man
{quote} Surely this means picking the right stocks though?
Yes. As with forex, options has its own learning curve, and there's some analysis required (both fundamental and technical). FWIW, I pick the most promising looking stocks from the best performing industrial sectors. There is software you can buy, that can greatly aid with the selection process.

Then it becomes a matter of looking at the best % return (premium vs purchase price), at the various strike prices being offered. I also weigh up the returns offered by weekly vs monthly options (faster turnover vs higher premiums). The premium received (from writing the call) alleviates the downside risk associated with the stock purchase. You can choose your desired balance between risk and return, to a large extent, with your selection of strike price, and also by employing a 'collar' strategy (buying a put option that effectively acts as a stoploss).

I don't want to hijack a forex thread any further, so I'll end this here. Google options tutorials if you want to read some free info, to help you get started.
  • #92
  • Sep 10, 2013 12:57am Sep 10, 2013 12:57am
Quoting hanover
{quote} Please don't expect replies to your posts.
I don't expect a reply, I demand one.

Joking obviously....

Thanks
  • #93
  • Sep 10, 2013 5:48am Sep 10, 2013 5:48am
Quoting ddinnov
If you made a full time living from trading would you want to get involved in something like that? Successful traders have nothing to prove, it's a very private thing especially if significant money is involved. Trying to perform for someone else leads to pressure which leads to over trading which leads to disaster. Good trading and ego/need to prove/need to be right do not mix. Which is why Mapleleaf failed and why no one serious has taken him up on his offer. I think a bright-eye and bushy-tail aspiring forex millionaire can look at this and see...
Which reminds me....

http://www.randi.org/site/index.php/1m-challenge.html

That 1 million is still on offer
Why is no one coming forward. Should be easy if you have special powers..
Same with the elusive forex forex fortune ... don't you think ?
  • #94
  • Sep 10, 2013 6:09am Sep 10, 2013 6:09am
Quoting Mingary
{quote} Which reminds me.... http://www.randi.org/site/index.php/1m-challenge.html That 1 million is still on offer Why is no one coming forward. Should be easy if you have special powers.. Same with the elusive forex forex fortune ... don't you think ?

Nothing to prove here.

You go for it though - GL
Anything can happen.
  • #95
  • Sep 10, 2013 6:39am Sep 10, 2013 6:39am
Quoting MapleLeaf
{quote} AGAIN... I will bet you anything you want, that you cannot make a living off RETAIL FOREX, during the next 12 months in a row. I can even put a very low entry level, let's understand 3K per month as making a living. This is actually very very low barrier. Actually the BET goes to anyone in this forum who accepts the challenge. We will do all legal, with signed contracts. I will bet anyone in this FORUM, that they cannot make a living off ONLINE RETAIL forex, every single month, for the next 12 months, trading exclusively RETAIL FOREX from...
I am a swing trader and yes im not profitable every month but so far profitable every quarter.I have had my challenges especially this August where I collapsed under the weight of drawdown but my system clawed out of the hole and would have been another winning month had i not stopped trading,well shoulda-coulda-wouldve aint beneficial.I made a discovery that as long as my system has a way of catching 5R-10R trade,nothing bad will ever happen to me longterm.I have stopped looking at my P/L on a daily basis and so far im loving it,way less -ve emotions.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #96
  • Sep 10, 2013 7:34am Sep 10, 2013 7:34am
Quoting Mingary
{quote} Which reminds me.... http://www.randi.org/site/index.php/1m-challenge.html That 1 million is still on offer Why is no one coming forward. Should be easy if you have special powers.. Same with the elusive forex forex fortune ... don't you think ?
No special powers needed for trading. You can be wrong 50% of the time (or more) and still make good money.
  • #97
  • Sep 10, 2013 8:18am Sep 10, 2013 8:18am
Quoting jen101
{quote} No special powers needed for trading. You can be wrong 50% of the time (or more) and still make good money.
Then prove it, and I'ill give you 1 million dollars. (:
  • #98
  • Sep 10, 2013 8:20am Sep 10, 2013 8:20am
  • #99
  • Sep 10, 2013 9:01am Sep 10, 2013 9:01am
Quoting MapleLeaf
{quote} AGAIN... I will bet you anything you want, that you cannot make a living off RETAIL FOREX, during the next 12 months in a row. I can even put a very low entry level, let's understand 3K per month as making a living. This is actually very very low barrier. Actually the BET goes to anyone in this forum who accepts the challenge. We will do all legal, with signed contracts. I will bet anyone in this FORUM, that they cannot make a living off ONLINE RETAIL forex, every single month, for the next 12 months, trading exclusively RETAIL FOREX from...
Been making a killing consistently for over 3 years now. Started trading 13 years ago and only became consistently profitable 4years ago, I trade from home and my personal office, dont use MT4 and dont use indicators. seems like im doing the total opposite of what you are presently doing which is why you'll always be a liquidity provider
  • #100
  • Sep 10, 2013 10:19am Sep 10, 2013 10:19am
If you rely on indicators, chances are you will fail. No indicators, only 1 MA for trend
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