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

  • #141
  • Sep 21, 2013 1:58am Sep 21, 2013 1:58am
Quoting Mingary
{quote} My goodness you do sound like a big loser (may not be forex?) in denial with a big chip on his shoulder... I am very amused. You think you are talking to me, but you do seem to be talking to yourself, pep talk perhaps?, repeating the mantra? So, what's wrong? Are you putting all your hopes and dreams in that elusive forex fortune? Are you trying to sucker some poor fools out of their money? Tell me. I can help.
Jokes apart, Have you thought of some form of anger therapy? Or better still you can always pop in to a local shrink. You've lost so much and you're in serious pain.I feel so sorry for you sincerely but you need to know that nothing you say or do will bring back your lost $100k. Its gone! Deal with it and move on for your own good!!!
  • #142
  • Sep 21, 2013 1:59am Sep 21, 2013 1:59am
Quoting MapleLeaf
{quote} ROFL... The name of his president is "GOODLUCK" (not kidding). Maybe he believes in "GOODLUCK" to make money in FOREX? Obviously nobody here can take anything serious coming from Makavell. Nothing personal, Machiavelli, just being realistic. It's obvious he doesn't make a living in RETAIL FOREX and he will never do a living in this, like 99.6% of people in this world. Like I said, I do not trade RETAIL FOREX... In every post in this thread I said the same, I do not trade RETAIL FOREX... So go ahead and try to understand what you want....
Jokes apart, Have you thought of some form of anger therapy? Or better still you can always pop in to a local shrink. You've lost so much and you're in serious pain.I feel so sorry for you sincerely but you need to know that nothing you say or do will bring back your lost $2k. Its gone! Deal with it and move on for your own good!!! How long do you plan to mourn
  • #143
  • Sep 21, 2013 2:02am Sep 21, 2013 2:02am
Quoting MapleLeaf
99.6% of people in FOREX lose money
*sigh* why do you keep repeating this bullsh*t? you have no evidence to back this statement up.
  • #144
  • Sep 21, 2013 2:08am Sep 21, 2013 2:08am
Quoting Makavell
{quote} Jokes apart, Have you thought of some form of anger therapy? Or better still you can always pop in to a local shrink. You've lost so much and you're in serious pain.I feel so sorry for you sincerely but you need to know that nothing you say or do will bring back your lost $100k. Its gone! Deal with it and move on for your own good!!!
I still don't understand who you are talking to.
Anyway, sorry for dragging you out of your delusion... It's safe to go back to your cave of wonders now. Happy dreams
  • #145
  • Edited 3:13am Sep 21, 2013 3:02am | Edited 3:13am
Quoting Myo
{quote} *sigh* why do you keep repeating this bullsh*t? you have no evidence to back this statement up.
If I'm not mistaken, the evidence MapleLeaf is repeatedly quoting comes from the link in this post, which points to the research performed by a PhD student, John Forman. Perhaps I'm nitpicking, but Mr Forman doesn't actually say that 99.6% of traders lose; he is merely pointing out their inability to string together 4 consecutive profitable quarters. In other words, it would be theoretically possible to have 6 handsomely profitable quarters out of 7, but nonetheless be one of the "99.6%", due to the one failed quarter. A solid long term trend following system (the EAs here are possible examples) could easily fit into that category (but I willingly concede that very few retailers trade like this).

Anyway, it would be interesting to see some independent research confirming Mr Forman's results. Anybody?
  • #146
  • Sep 21, 2013 3:17am Sep 21, 2013 3:17am
Quoting hanover
{quote} If I'm not mistaken, the evidence MapleLeaf is repeatedly quoting comes from the link in this post, which points to the research performed by a PhD student, John Forman. Perhaps I'm nitpicking, but Mr Forman doesn't actually say that 99.6% of traders lose; he is merely pointing out their inability to string together 4 consecutive profitable quarters....
that´s what i meant. i already told him months ago, but unfortunately he seems to have the reading comprehension of a 6 year old.
anyway, there is a study (and i´m repeating myself for the millionth time here) about daytraders in the asian stock market during the nineties and it found that 99.7% of daytraders lose money in the long run, the remaining 0.3% average 5% / year. pretty disheartening, but thank god you don´t have to be a daytrader.
  • #147
  • Sep 21, 2013 8:50am Sep 21, 2013 8:50am
Quoting Myo
{quote} *sigh* why do you keep repeating this bullsh*t? you have no evidence to back this statement up.
Bull's eye
So sorry for always replying late! But I got 2 Jobs!!
  • #148
  • Sep 21, 2013 9:03am Sep 21, 2013 9:03am
Quoting hanover
{quote} If I'm not mistaken, the evidence MapleLeaf is repeatedly quoting comes from the link in this post, which points to the research performed by a PhD student, John Forman. Perhaps I'm nitpicking, but Mr Forman doesn't actually say that 99.6% of traders lose; he is merely pointing out their inability to string together 4 consecutive profitable quarters....
I can make a million $ a year but still be called a loser then. Would I care? I don't think so
  • #149
  • Sep 21, 2013 2:07pm Sep 21, 2013 2:07pm
Quoting hanover
Mr Forman doesn't actually say that 99.6% of traders lose; he is merely pointing out their inability to string together 4 consecutive profitable quarters. In other words, it would be theoretically possible to have 6 handsomely profitable quarters out of 7...
You are wrong. The study is pretty clear (some people like "MIO" cannot understand it tho)

For that kind of people there is a post where he explained it in detail, in the Forum where John Forman posted his study.

And he clearly states that according to OFFICIAL BROKER STATS, 99.6% of people lose money in FOREX long time (1+ year period)...

Since year 2010, RETAIL FOREX BROKERS are REQUIRED to report their customer stats. If you REALLY work in FOREX, you should read the news and know that the US Government started forcing US FOREX BROKERS to give away stats about their Gamblers... If you don't know this, well, use google. You cannot be this IRRESPONSIBLE to "work in FOREX" and ignore the business news.

BTW, its funny to keep reading your Signature: I'm taking a rest from forums. Please don't expect replies to your posts.

When you actually take the time to come to every thread I POST, and try to convince people to LOSE their hard earned money in Forex. It tells me Im doing something right here, and people like you, or MIO or Makiavelli, or all the people from your scheme are getting very worried and nervous.

The funny thing of all this is that you try to convince people that only 95% of the whole lose money... LOL... Like it was a good thing. DOOD, even the 95% number would be crazy. But not dood, the number is 99.6%... You cannot hide the TRUTH.

Ciao.
The Black Swan: The Impact of the Highly Improbable
  • #150
  • Sep 21, 2013 2:48pm Sep 21, 2013 2:48pm
Quoting MapleLeaf
{quote} You are wrong. The study is pretty clear (some people like "MIO" cannot understand it tho) For that kind of people there is a post where he explained it in detail, in the Forum where John Forman posted his study. And he clearly states that according to OFFICIAL BROKER STATS, 99.6% of people lose money in FOREX long time (1+ year period)... Since year 2010, RETAIL FOREX BROKERS are REQUIRED to report their customer stats. If you REALLY work in FOREX, you should read the news and know that the US Government started forcing US FOREX BROKERS...
MapleLeaf, I actually enjoy your posts in a perverted sort of manner. But please don't trash Hanover, he's a rather intelligent person whom I respect and truly deserves the benefit of your doubt here. He has nothing to hide and no agenda to push.

In either case we can say the vast majority of "traders" lose their money. Lots of hope less in terms of results. Can trading be done successfully? Yeah. But it takes knowing when to get in at low risk and how to hold onto a position to achieve it. There are actually a few people who give the whole thing away here yet almost nobody who reads it can execute their trades in the way you need to win in the long term.
  • #151
  • Edited 8:26pm Sep 21, 2013 3:05pm | Edited 8:26pm
Quoting MapleLeaf
The study is pretty clear ...... there is a post where he explained it in detail, in the Forum where John Forman posted his study. And he clearly states that according to OFFICIAL BROKER STATS, 99.6% of people lose money in FOREX long time (1+ year period)
Can you provide a link to that post, and explain how the 99.6% figure is calculated?
[EDIT] That's no longer necessary; I found it hidden away here:

"So just to check I've understood, of the survivors, 3% (241) were profitable every month in the data, but only 0.4% (30) were profitable every quarter for more than a year, the other 211 may or may not have been."
http://www.trade2win.com/boards/fore...ml#post2049720
Apparently only 30 of the 8,000 wannabe traders in Mr Forman's survey were definitely profitable for every one of 4 consecutive quarters. OK, fair enough.

Now if the EAs that I've co-developed eventually turn out to be long term profitable, then given that I've outperformed 99.6% instead of 95% of traders, shouldn't my feeling of personal satisfaction be even greater? LOL

Anyway, this is an incredibly pointless argument. Whether it's 90%, 95%, 97%, 98%, or 99.6%, who really cares?
The vast majority lose; this is widely known. Nobody — including myself — is disputing that.

Are folk like me actively encouraging others to try forex? Not really, I'm just saying that I believe it's possible to win — but I've never said that it was easy. And even if 0.4% win, well then you apparently agree that it is possible. So we are agreed about something, then?

One possible path to success is learning from the mistakes of others. A more important question, then, to anybody contemplating forex as a possible income source, should be WHY such a high number fail. Can you answer that?

I guess I could update my signature. But since I'm a perverse old bastard, and it apparently bugs you so much, I'll leave it the way that it is. LOL
  • #152
  • Sep 21, 2013 3:19pm Sep 21, 2013 3:19pm
Quoting Kanzler
But please don't trash Hanover
Thanks for your support, but I don't mind the criticism. I've actually found the exchange entertaining, even though it's been totally pointless — a guilty pleasure, perhaps.

My only objection was being falsely accused of scamming people. I don't actively promote forex, or solicit programming work. I'm pretty much retired these days, and hence I only undertake projects that interest me. Virtually none of these are for money (VO-Pro was a rare exception).
  • #153
  • Sep 21, 2013 3:58pm Sep 21, 2013 3:58pm
Quoting Kanzler
{quote} ..please don't trash Hanover, he's a rather intelligent person whom I respect and truly deserves the benefit of your doubt here...
Agree 100%.
I only wish Hanover would post more. I enjoy his thread replies all over FF.
  • #154
  • Sep 21, 2013 4:50pm Sep 21, 2013 4:50pm
I seem to have this gut feeling that both Mingary and MapleLeaf are both indirectly asking for help but we all just misunderstood them. If thats the case then ill happily offer to help. Im a cable expert so you can always catch me on the Cable thread or you could just send me a private PM( Nobody on this thread has to know) let me show you a very creative way to use the 4H chart to trade Cable very profitably with an average of just 4 trades in a month. Waiting!!!
  • #155
  • Sep 21, 2013 6:41pm Sep 21, 2013 6:41pm
Quoting Makavell
I seem to have this gut feeling that both Mingary and MapleLeaf are both indirectly asking for help but we all just misunderstood them. If thats the case then ill happily offer to help. Im a cable expert so you can always catch me on the Cable thread or you could just send me a private PM( Nobody on this thread has to know) let me show you a very creative way to use the 4H chart to trade Cable very profitably with an average of just 4 trades in a month. Waiting!!!
Shoot me a PM mate. I trade profitably but I'm interested in hearing what you have to say.
  • #156
  • Sep 21, 2013 10:30pm Sep 21, 2013 10:30pm
Quoting pemully
{quote} if u can crack this game in less than 2 years...you the man.
One word: Rare. Ok. Two words: Very rare.....
  • #157
  • Sep 21, 2013 10:51pm Sep 21, 2013 10:51pm
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...
Touche.
  • #158
  • Sep 22, 2013 12:47am Sep 22, 2013 12:47am
Quoting Kanzler
{quote} Shoot me a PM mate. I trade profitably but I'm interested in hearing what you have to say.
Offer is only valid for the twins
  • #159
  • Sep 22, 2013 1:44am Sep 22, 2013 1:44am
Quoting Makavell
I seem to have this gut feeling that both Mingary and MapleLeaf are both indirectly asking for help but we all just misunderstood them. If thats the case then ill happily offer to help. Im a cable expert so you can always catch me on the Cable thread or you could just send me a private PM( Nobody on this thread has to know) let me show you a very creative way to use the 4H chart to trade Cable very profitably with an average of just 4 trades in a month. Waiting!!!
I did not realize you are a cable expert. I guess that changes everything.
Especially if you can show me a very creative way to use 4h chart to trade cable very profitably with an average of just 4 trades in a month.

Finally, I found a mentor and I will make millions. All I have to do is to learn a very creative way to use 4h chart to trade cable very profitably with an average of just 4 trades in a month.

I will send you a PM; this way no one has to know.
(please check you messages every 2 minutes so we can get started as soon as possible)
  • #160
  • Sep 22, 2013 2:11am Sep 22, 2013 2:11am
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.
Totally agree - I trade price action. But.... I've got 1 (one) custom indicator that I use and I cannot trade without it. Trading profitably is possible. Initially traded with artificial intelligence, then 100% automated and now discretionary. But I spend the better part of 7 years to be able to trade discretionary successfully and consistently. That is 7 years at 12~14 hours/day and without mentor. As Thomas Edison would say: "I know a thousand things that won't work" and "Success is dressed in overalls". Many think they can go to some university, study some economics, get good marks, buy a book, join a forum and then are ready to start trading and start raking in the millions. Those who have succeeded will often tell you another story.
With due respect to all (who might have a different viewpoint).
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