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

  • #101
  • Sep 10, 2013 11:24am Sep 10, 2013 11:24am
If no one could make it in the markets, why would we all be here trying to make it? Why would there be books interviewing people that have made it, some that started with little funds like ourselves? Forex is just like a casino. The house (market makers), usually always win. But, there is that one out of a million that hits the jackpot. Market makers allow that to happen. They want to see people having some sort of success, otherwise there would be no reason for us retail traders to trade. They say 95% of retail traders fail, yet it is also known that 95% of market makers are successful. The statistics are highly in their favor, so why would they not want to keep us trading. Forex can be very simple, yet it is also one of the hardest things we can learn to do. The people that have put time to it and learned about the market, treat it like a business, control their emotions and manage risk efficiently, they are the small few that can be successful. Most people, like some of the members in here, lose money and just give up. And that's why they are basically liquidity and make the market makers money. It is ignorant to say you cannot make money in this business just cause you are a failure yourself. It is very possible to make money, if you give it the time and practice. Listen to the people that have made it. Don't try to go from $100 to a millionaire in a month. That is when forex does become gambling, and you will most likely lose. If you take it slow and build yourself up, it is very possible to consistently make money from this business.
  • #102
  • Sep 10, 2013 11:44am Sep 10, 2013 11:44am
Quoting jen101
If you rely on indicators, chances are you will fail. No indicators, only 1 MA for trend
That is not always the case. There are many people using indicators with success. You just need to know how to use them. I don't use any indicators, not even an MA. I know someone who uses indicators like OSMA, ADX, and MACD. He hasn't had a losing month for 6 months. He is making almost 6% weekly, but he knows what he is doing. He trades price action, but he does love his indicators. What works for you may not work for someone else. We're all different.
  • #103
  • Sep 10, 2013 12:30pm Sep 10, 2013 12:30pm
There are many traders who trade with proper trading plan and strategies and earning good and consistent profit and making their life more comfortable. There are different strategies and indicators are used to be successful in trading.
  • #104
  • Sep 10, 2013 12:48pm Sep 10, 2013 12:48pm
Quoting hedging
There are many traders who trade with proper trading plan and strategies and earning good and consistent profit and making their life more comfortable. There are different strategies and indicators are used to be successful in trading.
They do say that a lot of systems can potentially work, but new traders don't give those systems enough time or are disciplined enough to trade them. If you are looking for someone else's system to trade, learn it and give it time, do not system hop! Ideally, when you understand yourself as a trader and come up with your own system and follow it, it will be better for you as it is more suited towards your trading style.
  • #105
  • Sep 10, 2013 1:21pm Sep 10, 2013 1:21pm
Quoting FXMasterSK
{quote} That is not always the case. There are many people using indicators with success. You just need to know how to use them. I don't use any indicators, not even an MA. I know someone who uses indicators like OSMA, ADX, and MACD. He hasn't had a losing month for 6 months. He is making almost 6% weekly, but he knows what he is doing. He trades price action, but he does love his indicators. What works for you may not work for someone else. We're all different.
I'll happily be proven wrong. If indicators work, then that implies trading is systematic, then an EA would work (long term). If EA's work, then why is it that banks spend millions and millions hiring traders and not use EA's?

I believe that trading is a skill rather than a science. However if you can prove me wrong, then I would love to just plug in a money making machine and sit back... I did try EA's for a long while and one by one they all failed, eventually. The only thing that has stood the test of time is my own trading.
  • #106
  • Sep 10, 2013 2:17pm Sep 10, 2013 2:17pm
Quoting jen101
{quote} I'll happily be proven wrong. If indicators work, then that implies trading is systematic, then an EA would work (long term). If EA's work, then why is it that banks spend millions and millions hiring traders and not use EA's? I believe that trading is a skill rather than a science. However if you can prove me wrong, then I would love to just plug in a money making machine and sit back... I did try EA's for a long while and one by one they all failed, eventually. The only thing that has stood the test of time is my own trading.
Well friend, using indicators is not the same thing as using a mechanical system. In a mechanical system, you usually only use indicators. You only trade on the signals generated by your indicators. No psychology at all ideally, but then again it's hard to have a system like that, that will always work. I mentioned my friend earlier, he uses price action but with indicators confirming his order. So he doesn't use indicators for signals, only confirmation, and it works well for him. If the confirmation isn't there, he won't enter. He doesnt use a mechanical system, so an EA wouldnt work. You can make indicators work, but like I said before, you just have to be smart enough to know how to use them. Using them as a confirmation can be helpful to many people before they enter a position. In my trading indicators would really be pointless and clutter. But not everyone is like me, you just have to find what works for you. Hope I clarified what I meant about indicators.
  • #107
  • Sep 10, 2013 2:40pm Sep 10, 2013 2:40pm
Can we succeed? Maybe not!

You need to lose lots of money for me to get rich. I am very sorry my friends.

How to succeed then?

What is the secret?
  • #108
  • Sep 10, 2013 3:13pm Sep 10, 2013 3:13pm
Quoting ForexChrist
Can we succeed? Maybe not! You need to lose lots of money for me to get rich. I am very sorry my friends. How to succeed then? What is the secret?
I don't know if I fully understand what you are saying. However, there is no secret to get rich in Forex. Forex is after all, a business. It is the business of the market makers. Market makers are the big brokers, hedge funds, banks, etc. who have knowledge and capital to make tons of money in this business. We too, are invited by market makers to partake in this business. They understand that most people lose money, so the odds are in their favor for them to make money. There are a few people who do make it, because they have the knowledge, they can control their emotions, and they have great risk management tactics. They treat the market like a business, and their "secret" to winning in the market is COMPOUNDING. They aren't like most of the people that try Forex. They are smarter than the "herd".

For the people that barely put any time to understanding the market and just give up, quit being LAZY. It takes time to succeed in Forex, just like it does in any other business. To become a doctor, do you realize how long you are in school for? Engineers, scientists, etc., it takes time to become anything. Even working at Mcdonalds, you don't just start and know everything your first day. You must LEARN. However, Mcdonalds is easy compared to learning Forex, but trading Forex is a much better skill to learn and can pay off dearly. Financial freedom is possible. Stop trying to become a millionaire in the Forex market in a matter of months. Have patience, discipline, and keep learning how you can make yourself a better trader. Otherwise, join the other 95% or 99% or whatever statistic it is that will FAIL.
  • #109
  • Sep 10, 2013 5:05pm Sep 10, 2013 5:05pm
I've been trading personally over 15 years now and have learnt a thing or two in my time. It all boils down to proper risk management above all else. It is not hard to find a profitable system, they are all around us. The difference in what makes or breaks a trader is really quite simple. It takes a special kind of dedication to have success in the market and to remove your emotions from the equation. Easy to say, hard to do. Forex is very unique in that it allows us to fully control our risk and gives us the opportunity to let our profits run unlike any other market. Forex is open 24 hours a day 5.5 days per week which gives us the ability to control our maximum risk the entire time. Stocks and other markets are closed 17.5 hours of every day where you can not control your risk. This is a huge conflict of interest when you are safely trying to increase your balance over the long term. A winning Forex strategy are not the ones that risk 100 pips to make 5 pips. It is when you are risking 50 pips to make 200 pips where you need only be right 2 our of 10 times to earn a profit. It is finding these opportunities and capitalizing on them. Forex or any market for that matter can not be learnt overnight, it takes a long time to become proficient and to execute your strategy with perfection. It can become a very frustrating venture for most people as too many people have expectations of making a lot of money with Forex. This creates emotions which 99% of traders fall in to this trap no matter how they think they have this fixed. It is hard to watch your strategy fail for a long time and not to become frustrated and adjust but the long term is the only thing that matters in the end. Anybody can make a system that works today if they try hard enough, but will it be profitable in 5 years from now? how about 10 years? Almost all systems people come up with have a rather short life span and then people end up trying to make money by selling or teaching systems that really do not work, and this makes the problem worse and worse. It takes a special talent to look beyond all the "noise" out there and stick with a system that is going to provide long term success through any market condition and to keep risk low enough to be able to ride out all the storms and succeed. It has taken me 15 years to perfect my strategy and to this day it is still not perfect, I still learn new things to improve and mitigate risk. Forex is a true never ending story, it can be like star gazing because there is always something new to learn about. I wish everybody success with Forex and I will be around if I can help out.
  • #110
  • Sep 11, 2013 2:41am Sep 11, 2013 2:41am
Quoting FXMasterSK
{quote} Well friend, using indicators is not the same thing as using a mechanical system. In a mechanical system, you usually only use indicators. You only trade on the signals generated by your indicators. No psychology at all ideally, but then again it's hard to have a system like that, that will always work. I mentioned my friend earlier, he uses price action but with indicators confirming his order. So he doesn't use indicators for signals, only confirmation, and it works well for him. If the confirmation isn't there, he won't enter. He doesnt...
I did say "rely" on indicators . Clearly your friend doesn't. You will probably find that those who are successful with indicators use a huge amount of discretion too, so if you took away their indicators, they would probably be ok. For a newbie who is blindly looking to buy on green or sell on red or when this crosses that, I think that is doomed for failure.
  • #111
  • Sep 11, 2013 2:54am Sep 11, 2013 2:54am
Quoting ForexChrist
Can we succeed? Maybe not! You need to lose lots of money for me to get rich. I am very sorry my friends. How to succeed then? What is the secret?
Stop trying to earn money. Read as much as you can and learn, learn, learn. Then practice, practice, practice on demo obviously. No money at stake. Don't try to make money. Try not to lose money.

One step at a time. Slowly, slowly catchee monkey.

Then do as pawpaw suggests at the start of this thread and go and double a demo account. Then do it again. There's progress. When you are ready to go live, go small. You won't lose money.
  • #112
  • Sep 11, 2013 3:33am Sep 11, 2013 3:33am
lose small consistently and wham! make it all back and some more with a big winner. THIS IS EXACTLY THE OPPOSITE OF THE WAY 95% of retailers trade.this is the edge freely available for retailers coz big banks can't accept that volatility. just look at your P/L once every month.all of a sudden the emotional impact of seeing your balance fluctuating is greatly reduced.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #113
  • Sep 17, 2013 12:28am Sep 17, 2013 12:28am
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 ?
That's a good one, it also remembers me to this:

http://wizardofodds.com/gambling/bet...enge/rainsong/

This guy ddinnov has absolutely no arguments to justify his "Biz" called Forex. Obviously he and his whole biz are hurt when I expose the TRUTH and he obviously gets very upset and nervous. Same as Hanover who claims to don't post anymore in the forum since 1 month ago, but when I exposed the truth he came running here to try to justify and trick the points to try to "prove something"...

But those guys and anyone getting nervous really make no sense. They also have no explanation of why they don't accept my challenge. We all know why, because they would lose. That's a 100% FACT...

They would lose any day, any time, because they cannot predict the future. And they know it. They would lose because they don't make a living trading RETAIL FOREX. And they know it.

For the record, I keep the challenge open and I will even lower more the barrier, let's make it at 2K per month (instead of 3K)... And if you win I don't give you 24K, I will give you 36K (original bet)... If you lose, you give me 24K.

I'm sure nobody will accept, unless they want to lose 24K...
The Black Swan: The Impact of the Highly Improbable
  • #114
  • Sep 17, 2013 3:12am Sep 17, 2013 3:12am
Mapleleaf, why are you so angry and intent that everyone fails? Has life been tough for you?

I think your challenge is easily achievable, given the right account starting balance but I would rather focus my efforts on my trading than get involved in your warped vengeance.
  • #115
  • Sep 17, 2013 3:32am Sep 17, 2013 3:32am
Quoting MapleLeaf
{quote} That's a good one, it also remembers me to this: http://wizardofodds.com/gambling/bet...enge/rainsong/ This guy ddinnov has absolutely no arguments to justify his "Biz" called Forex. Obviously he and his whole biz are hurt when I expose the TRUTH and he obviously gets very upset and nervous. Same as Hanover who claims to don't post anymore in the forum since 1 month ago, but when I exposed the truth he came running here to try to justify and trick the points to try to "prove something"... But those guys and...
this is a stupid challenge, why should i show my ability to gain money to you , and spend my time in doing it?
I prefer trade and try to make money
  • #116
  • Sep 17, 2013 4:20am Sep 17, 2013 4:20am
Quoting MapleLeaf
{quote} That's a good one, it also remembers me to this: http://wizardofodds.com/gambling/bet...enge/rainsong/ This guy ddinnov has absolutely no arguments to justify his "Biz" called Forex. Obviously he and his whole biz are hurt when I expose the TRUTH and he obviously gets very upset and nervous. Same as Hanover who claims to don't post anymore in the forum since 1 month ago, but when I exposed the truth he came running here to try to justify and trick the points to try to "prove something"... But those guys and...
Mate just move on and get on with your life. Put your energy into something worthwhile. Right now your ego is out of control and is probably the root cause of your failure in trading. This need to be right, get revenge and prove something is of no use to anyone, least of all yourself.

Keep coming back and arguing if you must but you'll never be satisfied and no one will take up your challenge.
Anything can happen.
  • #117
  • Sep 17, 2013 6:11am Sep 17, 2013 6:11am
Quoting MapleLeaf
{quote} For the record, I keep the challenge open and I will even lower more the barrier, let's make it at 2K per month (instead of 3K)... And if you win I don't give you 24K, I will give you 36K (original bet)... If you lose, you give me 24K. I'm sure nobody will accept, unless they want to lose 24K...
Where is the details of this challenge?
  • #118
  • Sep 17, 2013 8:47am Sep 17, 2013 8:47am
@mapleleaf have you seen goldenmenbers journal? also I know several guys here which showed me their accounts when I questioned if any member was profitable a while back.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #119
  • Sep 17, 2013 9:51am Sep 17, 2013 9:51am
Quoting pawpaw1000
he saw trades in terms of pips and percentages instead of Dollars. "
That's it.
So sorry for always replying late! But I got 2 Jobs!!
  • #120
  • Sep 17, 2013 11:53am Sep 17, 2013 11:53am
Quoting Matrix Fx
I've been trading personally over 15 years now and have learnt a thing or two in my time. It all boils down to proper risk management above all else. It is not hard to find a profitable system, they are all around us. The difference in what makes or breaks a trader is really quite simple. It takes a special kind of dedication to have success in the market and to remove your emotions from the equation. Easy to say, hard to do. Forex is very unique in that it allows us to fully control our risk and gives us the opportunity to let our profits run unlike...
Wow! 15 years! I am only in my first year of trading. Think of give up now, if not i have to lose 15 years of money.
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