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

  • #221
  • May 5, 2015 8:03pm May 5, 2015 8:03pm
Quoting Myrmica
I am actually totally fed up with all that esoteric talk like "stick to your strategy", "use proper MM", "not the the strategy but your psychology is important", "cut losers and let winners run", blablabla... Not trying to offend anyone. But I get the impression that everyone is repeating the same phrases all over again and I wonder who of all those repeating that phrases is actually profitable at all? Having a profitable strategy at all is the main thing in the first place. Sticking to it, if I knew it was profitable would be easy. But which strategy...
"Cut losers and let winners run" + "use proper MM" + "stick to your strategy" + "your psychology is important" are profitable in and of themselves.

http://intel.harriman-house.com/trad...andom-entries/
http://www.automated-trading-system....-monkey-style/
http://www.automated-trading-system....on-randomness/

The rest imo, is just building on this edge. Price trends, and if you can exploit the volatility that accompanies the trend, you get to make money.

In retail FX, you can push this edge to the intraday time frame by employing leverage and tight stop-losses. That imo is the beauty of FX.

***

"The price change from say the 1st of January to the 31st of December for a particular exchange rate is 10, 20 or rarely 30 percent. If you sum up all price move- ments larger than 0.05% during the course of one year and deduct transaction costs, then you could, with perfect foresight, earn 1600% without lever- age - that is more than 50 times the risk of 30 percent, so a big opportunity to make money does exist. "
How to Trade, Richard Olsen
Build good relationships with others.
  • #222
  • May 5, 2015 8:37pm May 5, 2015 8:37pm
You cannot pretend to make a living from Trading FOREX, because you cannot predict the future.

If you want to make a living, you have to actually work. Work hard and work smart. Yes, both.

Do you like investing? Invest in real things.

Do not pretend to make money from trading thin air. Price Action, indicators, etc... Nothing of that will help you at all. All are lagging and a big fantasy to convince people that there is some kind of fictional technical analysis that will maybe help them some day, if they spend 10 years learning them. Everything a big lie and fantasy.

FOREX = Gambling.

But nevermind. You won't listen to me.

So called FOREX TRADERS are actually gamblers and usually stubborn people.

They won't stop until they lose it all. And even then, they will never come to the forums to complain that they just lose it all. Nobody here complains, but 99.6% of people lose money in FOREX. Exactly the same as in the Casino Scheme.

Brokers and Vultures steal people's money and people don't complain at all. They remain silent, because they are cowards. They don't even have guts to post in a forum. Bunch of cowards.

That's the truth.
The Black Swan: The Impact of the Highly Improbable
  • #223
  • Edited May 6, 2015 1:57am May 5, 2015 9:38pm | Edited May 6, 2015 1:57am
Quoting MapleLeaf
You cannot pretend to make a living from Trading FOREX, because you cannot predict the future. If you want to make a living, you have to actually work. Work hard and work smart. Yes, both. Do you like investing? Invest in real things. Do not pretend to make money from trading thin air. Price Action, indicators, etc... Nothing of that will help you at all. All are lagging and a big fantasy to convince people that there is some kind of fictional technical analysis that will maybe help them some day, if they spend 10 years learning them. Everything...

Hate to disappoint you good sir, but you can make good money trading FOREX on a consistent basis. I have been trading in one form or another for the last 40 years and have supported a very nice lifestyle from the income stream for the last 35 years. Forex has been an integral part of my trading process for most of that time. Beginning with currency futures and progressing to FOREX over 10 years ago.

Is it easy, NO. Is it the only source of my trading cash flow, NO, but it is a significant portion of it.

GREEN pips to you good sir and may you find your own path.

EDIT: After reading your profile and reading your bitter, bitter posts, it is obvious that FOREX is NOT for you, BUT that does not mean that it is not for others. Just because you have not been successful does not mean that others CAN'T be successful. Just as my personal success does not guarantee every one else's success.
  • #224
  • May 5, 2015 10:21pm May 5, 2015 10:21pm
Quoting SmoothTrader
{quote} Hate to disappoint you good sir, but you can make good money trading FOREX on a consistent basis. I have been trading in one form or another for the last 40 years and have supported a very nice lifestyle from the income stream for the last 35 years. Forex has been an integral part of my trading process for most of that time. Beginning with currency futures and progressing to FOREX over 10 years ago. Is it easy, NO. Is it the only source of my trading cash flow, NO, but it is a significant portion of it. GREEN pips to you good sir and may...
I can clearly see that you are so full of LIES.

Do you make a living trading FOREX? The answer is NO.

You don't make money trading RETAIL FOREX. That's a Fact.

If you have read my posts like you say, you can see that I challenged everyone here several times to take my bet, and NOBODY could ever take it, because they know they will lose.

Nobody can take my bet, because they know they will lose. Nobody here can make a living trading RETAIL FOREX. That's for sure.

If you have read my posts like you say, go ahead and take my bet.

The 99.6% number is not my opinion, it is the TRUTH based in Official Retail Forex Brokers Numbers reported to the Government.
The Black Swan: The Impact of the Highly Improbable
  • #225
  • May 5, 2015 10:55pm May 5, 2015 10:55pm
thanks for this post

I believe, it is hard work to become a successfull Trader one day
  • #226
  • May 6, 2015 12:27pm May 6, 2015 12:27pm
Everything is possible, but not everyone are capable of achieving success. That said, one will definitely fail by default if they don't even try.
  • #227
  • May 7, 2015 9:59am May 7, 2015 9:59am
Discussion is continuing here.

I think if you don't treat Forex as a "get rich quick" opportunity, but slowly develop over time and increase your account to a level that can create sustainable income, that might be possible.
  • #228
  • May 11, 2015 4:37am May 11, 2015 4:37am
I think that you can definitely make good money in Forex. How well or bad you do really depends on you though. What do you treat forex as? a hobby or your job? How fast do you want to make money? do you have realistic views as to the level of investment and return you want. There are many things you need to consider before asking the question of whether you can make a living or not. I 100% believe you can make a living out of this.
  • #229
  • May 11, 2015 5:47am May 11, 2015 5:47am
Quoting MapleLeaf
You cannot pretend to make a living from Trading FOREX, because you cannot predict the future.
Sorry, I can not agree. From the correct statement ('you cannot predict the future'), you make a wrong conclusion. The correct conclusion is that forex trading system should provide income in any future (ie, for any price movement of the currency pair you are trading).
  • #230
  • May 21, 2015 8:01am May 21, 2015 8:01am
Full time work = full time results.
Part time work = part time results.
No work = no results.

I think 1 of the biggest killers in this industry is the expectation that we can make big bucks, expect the market to give us their money while doing little to no work.
That was the mind set I came in with (click few buttons and we're all set for the $$) but thank God few traders knocked it into my head for me.
  • #231
  • May 21, 2015 9:51am May 21, 2015 9:51am
@pawpaw1000

In the first example diversified investment was mentioned.

I tend to agree that "you can make a living from investing/ trading"; but would be really challenging to put all eggs in one basket, especially when it comes to FX.
  • #232
  • May 21, 2015 12:13pm May 21, 2015 12:13pm
As much as I feel I shouldn't post my personal views on this subject, I'm going to anyway.

Forex is a market, and markets make up every single business in the world. If you are in the business of electrical appliances, for example, you see a product and you know what the fair value of that product is (what you can sell it for). Your aim is to find that product then at a better price, maybe by way of sourcing it from somewhere else, bulk buying, or simple negotiations. This is business. Plain and simple.

In fact, there is a tweet from Lord Sugar, a very popular one where someone asked him how he made his millions. How did he start? He simply replied something along the lines, "Bought goods for 100, sold for 200. Bought goods for 200, sold for 400."

This is a market of currencies instead of electrical appliances of anything else you might be in. This makes it very simple to actually be consistently profitable, if you're thinking the right way.
  • #233
  • May 24, 2015 12:37am May 24, 2015 12:37am
Quoting MapleLeaf
{quote} The 99.6% number is not my opinion, it is the TRUTH based in Official Retail Forex Brokers Numbers reported to the Government.
Source please, it could be very helpful for me.
A good strategy for trading is... the opposite of having a bad strategy.
  • #234
  • May 24, 2015 10:52pm May 24, 2015 10:52pm
Quoting MapleLeaf
{quote}The 99.6% number is not my opinion, it is the TRUTH based in Official Retail Forex Brokers Numbers reported to the Government.
If so, where's the source ??
all i know is only less than 1% traders survives daytrading Equities, and after 15+ years who knows the number might be ...
I see it all in between ...
  • #235
  • May 24, 2015 11:15pm May 24, 2015 11:15pm
few years before i thought trading was easy and can learn within 3 month but it takes 3 to 5 years to learn successful trading strategy but sure there is some profitable methods .. experience is mater
  • #236
  • May 24, 2015 11:53pm May 24, 2015 11:53pm
Trading can be a gambling casino..

it is same like u scalping to 21 jackport
  • #237
  • May 25, 2015 12:12am May 25, 2015 12:12am
Quoting Thx
{quote} If so, where's the source ?? all i know is only less than 1% traders survives daytrading Equities, and after 15+ years who knows the number might be ...
Without source how can I know if this is true?

Then I also "know", that USA Government was responsible for 9/11, that toothpaste is made to control population, and that Ovni's are part of the Illuminati conspiracy to take over the world, that's what I know, it's enough.

I also know that most of the people in any area "fail" at something, but if you don't keep trying and learn, you won't be succesful at anything.

If I keep learning and trying, I'll be closer to the 1% "you know", than to the 99% I already am part of.

Quoting Nfp
Trading can be a gambling casino.. it is same like u scalping to 21 jackport
Gambling is different, when you gamble you know the odds, but you don't know what are the chances. When you trade you know the odds, and you know the chances. For Example, when Greece had this event last year, what were the chances of it economy? Do you know how could it influence the erupean economy? Don't you think that could point the chances of it?

I would like to know better english....

BTW, there's a lot of people (a lot that you can actually watch on TV), who gamble on casino (profesionally, the only thing they do) and the live from it, they mastered techniques (chances, oportunities, "stop losses", and so on).

I can't wait to receive casino lessons for one month, and then go to the casino to become rich.
A good strategy for trading is... the opposite of having a bad strategy.
  • #238
  • May 25, 2015 12:30am May 25, 2015 12:30am
Quoting PowerTrade
{quote} Without source how can I know if this is true? Then I also "know", that USA Government was responsible for 9/11, that toothpaste is made to control population, and that Ovni's are part of the Illuminati conspiracy to take over the world, that's what I know, it's enough. I also know that most of the people in any area "fail" at something, but if you don't keep trying and learn, you won't be succesful at anything. If I keep learning and trying, I'll be closer to the 1% "you know", than to the 99% I already am part of. {quote} Gambling is different,...
IMO, if trading was more like gambling in a casino, then maybe fewer traders will lose and we will see more winners. After all they can't ban you from trading like they can ban card counters from casinos.

It's precisely because it's not a well-defined game that makes it difficult. Not only do you have to create the casino conditions on your own (make your own rules of the game based on facts and reason), but you also have to do the counting/edge (play the game and win).

If you create the wrong game, you are guaranteed to lose. (martingale, grid systems, averaging down are some obvious ones.)

If you create the right game, then you maybe have a 1-2% edge, so over 10,000 trades you may win and that takes a whole lot of patience and skill.
Build good relationships with others.
  • #239
  • May 25, 2015 12:56am May 25, 2015 12:56am
Quoting shellsnail
{quote} IMO, if trading was more like gambling in a casino, then maybe fewer traders will lose and we will see more winners. After all they can't ban you from trading like they can ban card counters from casinos. It's precisely because it's not a well-defined game that makes it difficult. Not only do you have to create the casino conditions on your own (make your own rules of the game based on facts and reason), but you also have to do the counting/edge (play the game and win). If you create the wrong game, you are guaranteed to lose. (martingale,...
Even when I don't agree with you, and I don't have any experience, I thank you for discussing like a gentleman (I've seen a couple of douchebags on this forum).

Your demo account showed there's a way, I keep thinking there's a techinque, I have one technique that last week gave me 4% when I followed the rules, and I lost 4% when I didn't.

There's a way man, there's people living from this, I just have to persever in this, demo account is great, it will let me train.

The strategy that gave you like 35% on demo, has to work live; SL are your friend, and of course luck, if you got luck, then you just move SL and don't turn TP on, but if odds are against you, you just SL.
A good strategy for trading is... the opposite of having a bad strategy.
  • #240
  • May 25, 2015 1:01am May 25, 2015 1:01am
Quoting PowerTrade
{quote} Without source how can I know if this is true? Then I also "know", that USA Government was responsible for 9/11, that toothpaste is made to control population, and that Ovni's are part of the Illuminati conspiracy to take over the world, that's what I know, it's enough. I also know that most of the people in any area "fail" at something, but if you don't keep trying and learn, you won't be succesful at anything. If I keep learning and trying, I'll be closer to the 1% "you know", than to the 99% I already am part of. {quote} Gambling is different,...
i agree with you...but..majority of trader has no idea what he/she doing...
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