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

  • #161
  • Sep 22, 2013 2:19am Sep 22, 2013 2:19am
Quoting mjl
{quote} 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...

  • #162
  • Sep 22, 2013 10:27am Sep 22, 2013 10:27am
The thing is that to be profitable at forex takes a lot much more effort than 99% of people are committed to.

Strong.
  • #163
  • Sep 22, 2013 3:33pm Sep 22, 2013 3:33pm
Quoting PipMeUpPleas
The thing is that to be profitable at forex takes a lot much more effort than 99% of people are committed to. Strong.
And even with total commitment and plenty of time there is no guarantee you'll be successful ...
With due respect to all (who might have a different viewpoint).
  • #164
  • Sep 23, 2013 12:03am Sep 23, 2013 12:03am
Quoting PipMeUpPleas
The thing is that to be profitable at forex takes a lot much more effort than 99% of people are committed to.
It's funny.

You are all too obvious and always have the PRE-FORMATTED RECORDED Answers in your head, to try to justify and defend YOUR SCHEME...

Weak and obvious.


POST #122


Quoting MapleLeaf
If someone comes to say: "Hey I lose money in FOREX", everyone protecting the SCHEME in this forum will say any of these things:

_Well, it's your fault
_You you did bad trades
_You need to learn MM
_You are still not prepared, keep trading via DEMO 6 more months
_You need to work on Trading Psychology
_You need to read these books
_Keep reading the James Price Fiction Thread
_Well you only traded for 3 years. If a Doctor Studies 10 years in University you need to trade 10 years before being successful

Ciao.
The Black Swan: The Impact of the Highly Improbable
  • #165
  • Sep 23, 2013 12:57am Sep 23, 2013 12:57am
Quoting PipMeUpPleas
The thing is that to be profitable at forex takes a lot much more effort than 99% of people are committed to. Strong.
maybe not.......there are more people who are really committed to trading, the part that people need to understand is that it takes time to
get it right. 10,000 hr+ for most of the guys,,,,meaning that for the first two years...don't expect much
  • #166
  • Sep 23, 2013 4:16am Sep 23, 2013 4:16am
Quoting Makavell
To understand Mapleleaf better I had to dig into his past posts and I now understand his problem better nw. this is Mapleleaf in 2011 {quote} and {quote} and {quote} This joker spent the better part of his very short trading life looking for the holy grail to be handed to him following so called forex experts. The lazy bum wasted 2 years of his life and right now he feels like shooting somebody
Not forgetting these ones either:

http://www.forexfactory.com/showthre...20#post6605620

Quote
This is friggin incredible...

Have you ever seen this kind of BRUTAL manipulation?

This is truly insane. We are talking about BRUTAL MANIPULATION... Not about a war or a Tsunami... This truly insane.

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

Quote
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...

Now, if traders don't own INSIDE Information from Hedge Funds and financial companies, regular traders cannot really compete with those......


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

This all lines up to show an excellent example of everything to do to fail at trading then blame it on anyone except yourself. Then to go about trying to convince everyone that if he can't do it then no one can because it's obviously impossible - just compounds it even more.

New and struggling traders - here is exactly what not to do and how not to think if you want to succeed

I recommend you put this muppet on ignore - I have
Anything can happen.
  • #167
  • Sep 23, 2013 5:56pm Sep 23, 2013 5:56pm
Here's the answer to "Can I make a living from forex?"

It is possible, but highly unlikely. Worse, it will cost you a lot of money to discover that. Probably fewer than 1 in 100 can do it, I would imagine, unless they have mentoring.
I have no clue what I'm talking about.
  • #168
  • Sep 23, 2013 7:40pm Sep 23, 2013 7:40pm
Good mentors are a endangered species - the catch, no one's eager to take up on a newbie and mentor the mentee. But to actually suggest that you need a mentor in order to succeed is not correct..and FWIW, I suppose if we as a species can break up into different sentient parts, your comment on "fewer than 1 in 100" would make sense but that's just my 2 cents.
  • #169
  • Sep 23, 2013 9:49pm Sep 23, 2013 9:49pm
Quoting ulvify
Hello Factory users Greetings from Norway (bear with me, my English is not perfect). I'm new to this, and I want to share some of my experience. I have flexible hours at my job, so I can take my time doing whatever I’m supposed to do. This gives me the opportunity to trade during daytime. And I don’t think you can succeed trading in the evening (after normal work hours). First off, let me tell you. Someone here wrote "emotional/nervous/greedy/angry/impulsive", this is so true!!!I also started with a demo account with great success, but do not...
Hi,

What kind of strategy are you using? that you are able to make 100/200$ per day?

Thanks
  • #170
  • Sep 24, 2013 4:04am Sep 24, 2013 4:04am
I mostly place positions accordingly to the economic calendar, and some scalping..
  • #171
  • Sep 24, 2013 6:11am Sep 24, 2013 6:11am
Quoting javaboy
{quote} Hi, What kind of strategy are you using? that you are able to make 100/200$ per day? Thanks
Try not to focus on money. Count in pips, otherwise money is not nice to human psyche.
  • #172
  • Sep 24, 2013 7:07pm Sep 24, 2013 7:07pm
Quoting ulvify
I mostly place positions accordingly to the economic calendar, and some scalping..
Do you use some kind of indicators etc.? What's your maximum DD?
  • #173
  • Sep 24, 2013 11:42pm Sep 24, 2013 11:42pm
  •  Leebos
  • | Joined Aug 2012 | Status: I do not believe in a fate that fal | 75 Posts
Well done Paw Paw. Nice thread.


I'm sure there are a few more "full-time" traders ghosting around the pages of FF, but, like myself, I suspect they like to keep a low profile.

The temptation to challenge the nay-sayers is sometimes almost irresistible, but hardly worth the effort.

One thing that I would like to add is the necessity to treat your trading like a business. Much like one of your examples, I too have graduated from a business background and have adopted similar management disciplines to ensure consistent profitability. Productive time management, money management and R&D are all essential aspects of successful full-time forex trading. Add a good helping of entrepreneurial flair, and the possibilities are endless.


For those of you with a proven track record but not a large bank balance, here's a tip to get you into the fast-lane (from personal experience):

  1. Print out a portfolio of your trading statements and balances as evidence of your success
  2. Approach friends and family and show them how you could trade their savings for a much better return than the banks can offer
  3. Approach your broker and set up a MAMM account allowing you to trade multiple accounts with Limited Power of Attorney
  4. Agree with family and friends a fee of 20% of profits on equity balance per month or qtr

With 30 participants each investing $1000 each and you averaging 10% trading profit per week (if you're not then you'll need more participants) you have yourself the beginnings viable "full-time" forex / trading income,. Without you needing a large personal account to get started.
Agree with all participants a minimum term to rollover the profits, and within a year you'll be really earning big bucks (but you'll soon get used to it).



If you've got the smarts, get the balls.

If you've the balls, get the discipline.

If you've got none of the former...go get a job and stop tormenting yourself.

  • #174
  • Sep 25, 2013 8:34am Sep 25, 2013 8:34am
Quoting javaboy
{quote} Do you use some kind of indicators etc.? What's your maximum DD?
I like Economic Calendar, Daily Technical Analysis & MetaTrader's template "Popular" (MACD +Stoch + RSI).
My drawdown does not reflect anything, as I had a steep learning curve and lost/blew away my first/initial deposit.
  • #175
  • Sep 25, 2013 12:34pm Sep 25, 2013 12:34pm
Quoting Leebos
...and you averaging 10% trading profit per week...
Good luck with that
I have no clue what I'm talking about.
  • #176
  • Sep 25, 2013 12:35pm Sep 25, 2013 12:35pm
There's a job at Goldman waiting for you btw....
I have no clue what I'm talking about.
  • #177
  • Sep 25, 2013 2:06pm Sep 25, 2013 2:06pm
  •  Leebos
  • | Joined Aug 2012 | Status: I do not believe in a fate that fal | 75 Posts
Quoting Boy Wonder
{quote} Good luck with that
"Good-Luck" should only be responsible for those days when profits exceed your methodology expectations. A welcome bonus that should be banked and reserved for those "Bad-luck" days when results fall short. If your method is good, your " Good-luck" should easily counterbalance your "bad-luck".

However, your trading method should be consitantly profitable without "luck" in either direction.

I suspect that "Boy Wonder" and "MapleLeaf" may have more expertise in the field of "good Luck" and "bad luck" than I.
Trading a "luck" methodology all sounds potentially very frustrating to me.
  • #178
  • Sep 25, 2013 3:32pm Sep 25, 2013 3:32pm
Sorry, I was being flippant. If I may clarify: what I'm saying is, you haven't a hope in hell of achieving 10% per week for any reasonable period of time. You'd have more luck buying a lottery ticket. And it will be better for your bank balance.
You might get lucky: maybe you'll do it 4 weeks in a row. But sooner or later, you will bomb out.
Sincerely, I wish you the best of luck. But you will not make 10% a week for long.
I have no clue what I'm talking about.
  • #179
  • Sep 25, 2013 4:19pm Sep 25, 2013 4:19pm
  •  Leebos
  • | Joined Aug 2012 | Status: I do not believe in a fate that fal | 75 Posts
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...
MapleLeaf

I suggest that the specific terms of your "bet" restrict any qualifying takers to those of amateur status and similar trading ignorance.
I assume that this is to ensure a favourable outcome to justify your scriptures of negativity.

Maybe you could change the terms of your "bet" to be more credible, and yet still give you the opportunity to make your point? (assuming that you wish to prove that is not possible to "make a living" trading retail forex)

  1. Instead of specifically requiring "...$3K per month..." would it not be equally acceptable to specify a minimum of $36K profit over 12 months?

Anyone with a few years of forex experience knows that the market can lay "flat" for a month or so without jeopardising "...making a living.." over a 12 month period.

  1. Instead of specifying "..from your own home, using MT4 and the so called "indicators".." why not be less "amateurish" with the stipulated tools to be used and allow any platform and location to be utilized? What difference would it make?

If you could also supply a credible monetary value to your "bet" and be prepared to deposit that stake in a holding account accessible only to the winning party on the results of the "bet," I suspect there may be someone who would take your challenge a bit more seriously.


Otherwise you are in danger of being perceived as little more than a cynical nay-sayer, inviting a scenario heavily weighted on your own amateur terms in order to justify your own lack of belief in forex success.


If you are truly committed to proving that "a living" cannot be made trading retail forex, I ask you be equally as committed in offering a realistic "bet" to prove your point.



Otherwise, I ask that you refrain from your incessant negative slating of inspirational posts, and let aspiring traders get through the dark days of their road to enlightenment fuelled with belief that it can be done.

  • #180
  • Sep 25, 2013 4:42pm Sep 25, 2013 4:42pm
  •  Leebos
  • | Joined Aug 2012 | Status: I do not believe in a fate that fal | 75 Posts
Quoting Boy Wonder
Sorry, I was being flippant. If I may clarify: what I'm saying is, you haven't a hope in hell of achieving 10% per week for any reasonable period of time. You'd have more luck buying a lottery ticket. And it will be better for your bank balance. You might get lucky: maybe you'll do it 4 weeks in a row. But sooner or later, you will bomb out. Sincerely, I wish you the best of luck. But you will not make 10% a week for long.
Hello Boy Wonder, and thanks for your clarification.
I appreciate your aim to instill realistic expectations, but suggest that your sentiment is based upon your own personal experience, or a shared concensus of an agreeable group of like-minded people.
Like I said, I'm communicating my own personal experience, and you can by all means quote me, but I politely ask that you quote me accurately in that I stated "averaging 10% per weeK" and gave an alternative scenario of increasing participants to achieve the same level of return i.e. an average profit of 5% would require double the amount of participants to achieve the same total profit gained. Whilst it would be ludicrous to suggest that 10% profit can be secured every week, a good method and execution by an experienced trader could achieve this average per week over a year no problem.

If not, myself and many others would be looking pretty sick.

There are many ways to skin a cat my friend.
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