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Who makes real money from forex?

  • #21
  • Dec 27, 2015 1:25pm Dec 27, 2015 1:25pm
Sorry on my phone typing this

it's hard to say. You gotta see board to know if you should stick or quit. Don't waste time where you learn a skill or education. I am working an EA to manage. Not a set and forget. and then I'm going to school. And only giving forex 10% of my thought compared to now.

I mean I have made real money though
My first year I took $600 to almost $4000. And most of that gain was in a couple months. You can bet I knocked it down to
$50 in no time.

I took a year off and traded again in 2014-2015 you can see my explorer Gettig the Hang.
I named it that because I found a focus and got the hang. Over leveraged a bit but I stuck with fundamentals entirely and traded mostly daily charts
You can see where my performance flattened. I lost focus by trying new strategies.
You need a plan. High enough leverage to respect but low enough to be safe.
You need focus. Forex was easy until I crisscrossed my mind. I am still in a rut.

I wanted to trade short term since I thought I could speed up winning. But if been negative since summer. If I stuck with slow daily swing trades I'd more than likely be positive.
  • #22
  • Dec 27, 2015 1:53pm Dec 27, 2015 1:53pm
Quoting pipartisan
Hi to all, reading your post I say "they're right"; but when I see hundreds of thousands threads on this forum and houndreds other like this I ask myself: is it a hobby? I couldn't think all people who spend houndreds of hours in coding EAs or testing strategy aren't seriously intentioned to ean real money! When you read, like in http://www.forexfactory.com/showthre...29#post8203829, how couln't I say "me too I'd like to earn real money for 3 years!" (if it's truth, of course)...
you fuc*er trying to sell something here.
go get commercial status first or get banned.
As Above, So Below
  • #23
  • Dec 27, 2015 3:33pm Dec 27, 2015 3:33pm
I started trading the Forex market back in 99. Suppose I am slow and it took me till around 2006-2007 before I finally turned a profit - in the "long" term = annual profit. In the proses I certainly lost most/all my savings.
Since around 2009 I have earned a living from the Forex market - and, was able to rebuilt a reasonable savings portfolio as well.
So, in reality, for myself this was about a decade long journey to become reasonably "successful" - in my own eyes.

It is not easy and, regardless of what most traders say, it takes a long time because you have to learn about the markets and, more importantly, about yourself.
If you are able to bring those together, profits will follow.
Good luck and a happy new year to all Forex traders out there.
  • #24
  • Dec 27, 2015 4:42pm Dec 27, 2015 4:42pm
Quoting jamalsabry
It is possible, but it got a lot of time(more than four years of my life) and health, in addition to cause Friends' ridicule. Finally I did it, I did it, this was important to me while nobody hopes. And then I reached to freedom. I left my official job, I work at home. And more important that, I and my family can go any where of the world and be sure I can earn money! and live there.
very interesting, of course. You really answered my starting quesiton.
I won't ask tou your personal "secrets", but could you share with us your favourite strategies? EAs? Martingale systems? Trend following?
I mean: you find a strategy and go ahead with that, or combine lot of strategies?
  • #25
  • Dec 27, 2015 4:56pm Dec 27, 2015 4:56pm
Quoting magnumfreak
I would spend 16+ hours a day on the weekends running trade simulations and watching how the markets moved. I would spend every free second I had during the week in front of the screen either trading or watching the markets. This meant that many days during the week I would only get 4 hours of sleep. I didn't mind because I knew that if I was willing to put in the time and EFFORT that eventually I would figure it out and begin to make money in Forex. Some called me obsessed, those people still get up every day and go to a job they hate. You must...
I've read books about FX, I bought online webinar, I read thousands posts on forums...can I ask you how do you train yourself?
As magnumfreak I also would like to build "my own" strategy, not simply reproduce something others do...
  • #26
  • Dec 27, 2015 5:43pm Dec 27, 2015 5:43pm
Quoting pipartisan
This tread was born from a discusion with my wife... she says every minute spent on forex trading is a minute lost, as nobody could never really earn anything from trading. Just temporary profit, but nothing sure in medium-long period. So..is there anyone available to share his trading experience, by this pojnt of view? Quantify real money invested and real profit..say per month? Could anyone say tjat, beetween profit and loss, at the end of a period you have real earning, as you work at office? That's a kind of poll and not know if this is correct...
Trading is a state of mind, and you need to have the mindset to become successful at it. Losses are inevitable in trading, so you need to be mentally prepared. Also, discipline in the main factor in becoming a successful trader. Learn from your mistakes, but more importantly, develop and learn your system. Other people's system may not be the right system for you, but you can learn from them and create your own. Don't opt for a Gray or Black box. You WILL NOT succeed using those.If you love the idea of trading, then start with simulation before you move on to mini trades and then big trades. You don't want to become part of the 90% who don't succeed right off the bat. To become a trader is a rather long process.Best of luckAK
  • #27
  • Dec 27, 2015 9:28pm Dec 27, 2015 9:28pm
Quoting pipartisan
{quote} I've read books about FX, I bought online webinar, I read thousands posts on forums...can I ask you how do you train yourself? As magnumfreak I also would like to build "my own" strategy, not simply reproduce something others do...

There are only 3 questions that must be answered to be successful at trading.
1. Go long?
2. Go short?
3. Get out?

Only one can be true at any given moment in time. What you need to do is define the parameters that answer those questions. I cannot do that for you. Support and resistance? Price action? Indicators? Whatever you decide works and fits your trading style. I, for one, cannot trade support and resistance. That does not mean I do not believe it works. I also do not trade multiple pairs and longer time frames (i.e. greater than 3 minute candles). How I trade works well for me. Most people think I am insane. LOL!

What I did was take every indicator every trend line everything off of my charts. Started with a blank slate. I went through and marked every significant price movement or change in direction. Red vertical lines for downtrends, green vertical lines for up trends. Then one by one I would add things to the chart to help me see when those price movements were about to happen or just starting to happen. Over time I started getting really good at assessing whether or not the addition was worthwhile or it just added to the confusion. The only stipulation I put on my experimentation is that it could not include a custom indicator. This was mostly do to the fact that nearly all of them are just some derivative of the basics. When you add something to a chart, don't be afraid to be very critical of its value. Not only do you need to look at whether or not the addition to the chart is giving you good signals when the movement is about to change, but look at in between those times. Did that addition also signal too early? You should also look for cases when the new addition forces you to miss trades that would have been money makers for you. If you see unexpected price movement take the time to find out what caused it (News, geo-political event, etc).

Once you have the basics of your system figured out. WRITE THE RULES THAT WILL ANSWER THE THREE QUESTIONS ABOVE. I don't mean in your head. I mean on a sheet of paper, preferably in a logbook of some sort. Now the real work begins. It is very easy to pick out price changes when you can see as far to the right of the current bar as you want, what you must test is the trade-ability of your system by running it on a simulator. This is what I would do on the weekends. You don't need to go out and buy one if you already are using metatrader. Simply create a blank EA (an ea that does absolutely nothing) and then run it in the strategy tester. Now as the tester runs, pause it every time you would go long, short or exit a trade by marking them the same way you did when you were building your system. Analyze your results. Log every positive and negative pip count. Once you see that YOU can make the right choices you will begin to build belief in your trading ability along with your system. From this point on, you MUST initially test any changes to your system by comparing it to the same period of time you did for the initial test. It is the only way to accurately asses whether the addition to your system is helping or hurting your results. It does you no good to add something if the net result is a reduction in the total number of pips gained.

Hope this helps. Time for a nap, hopefully London is more willing to play than Tokyo tonight.
  • #28
  • Dec 27, 2015 9:58pm Dec 27, 2015 9:58pm
Systems are shit and they only work for a short period. The only way to trade is by fundamentals and use technicals for entry by candle stick patterns, support and resistant lines, Fibonacci and by gut feeling . Just waiting waiting waiting for the right moment. Depending on what country you live in will depend on how much you need to make to sustain yourself. For example here in Australia for living cost I need $1000 AUD per week. In Italy may be different. To make $1000 per week I need to have a account large enough to trade with higher volumes. If the target is $200 per day you need to determine what sizing you need per the amount of pips you are looking for in the trade. If you want 20 pips then your size would be 1 lot plus spread. So your account will have to be large enough to cover negative equity of no more than 3-5% of your opening balance. Once you have made some profit a larger DD is ok.

It is said that only 5% of traders make money and all others either break even or are losers.
To trade you need the full support from your wife, so you can trade with peace of mind, there would be nothing worse than loosing money then having a fight with your wife about it. I had found at the start trading with small amounts of money is useless make just $20 a day doesnt do good for your psychology and I took risks trying to make a million out of $1000. It just doesnt work.

For my advice dont read too many books because these authors dont make money from trading they only make money from selling their books products systems ect... And if they do make money from trading its only because they have a million dollar account and they teach how they make $10k per month on their million dollar account and if you have only $1000 or even $10,000 its no way of making enough money for an income using their system.

Keep trading demo until you make consistent profit then show your wife what you can do. There is nothing wrong with trading demo its the same as live.
20 Pips a day keeps centerlink away
  • #29
  • Dec 27, 2015 10:08pm Dec 27, 2015 10:08pm
Quoting pipartisan
This tread was born from a discusion with my wife... she says every minute spent on forex trading is a minute lost, as nobody could never really earn anything from trading. Just temporary profit, but nothing sure in medium-long period.
You have a very smart wife. Ask her what would be the best and fastest way to earn money and retire early and direct all you energy towards that goal together.
BTC Return This Year: na
  • #30
  • Dec 28, 2015 12:44am Dec 28, 2015 12:44am
Quoting pipartisan
This tread was born from a discusion with my wife... she says every minute spent on forex trading is a minute lost, as nobody could never really earn anything from trading. Just temporary profit, but nothing sure in medium-long period. So..is there anyone available to share his trading experience, by this pojnt of view? Quantify real money invested and real profit..say per month? Could anyone say tjat, beetween profit and loss, at the end of a period you have real earning, as you work at office? That's a kind of poll and not know if this is correct...
Trading should not be a way to make a living starting out. It will cause too much stress and that will cause you to over trade or over leverage. Either one of these things will eventually be fatal. Trading should be a hobby until that hobby can support you by double what your current income level is with your job. This should be calculated on a yearly basis. So if you make 50,000 dollars a year on your job, you need to clear 100k in profit before you would consider a transition. You can trade full time and work a full time job if you live in the right country and set your trading rig up properly. If you do not live in one of those countries with a rock solid high speed internet infrastructure, then you will have to swing trade, and calculate your positions before you go to bed, or before you go to work. You profits should still exceed twice what your annual income at your job would be before you even consider a transition.
If you are good at something, never do it for free--Joker
  • #31
  • Dec 28, 2015 12:45am Dec 28, 2015 12:45am
Why you dont lean on short term / temporary profit for long term purpose ?
  • #32
  • Dec 28, 2015 1:04am Dec 28, 2015 1:04am
@pipartisan

Trading is not sitting on the screen.. You must make a skecth (trading plan) every day, and use indicators that really you understand. .. You will not spend your time on the screen. You can enjoy your life.

Good luck...
  • #33
  • Dec 28, 2015 1:12am Dec 28, 2015 1:12am
look at my positions now hahahah there is money but you need a look long term and to be patient
have a nice day all please
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  • #34
  • Dec 28, 2015 1:25am Dec 28, 2015 1:25am
Quoting pipartisan
This tread was born from a discusion with my wife... she says every minute spent on forex trading is a minute lost, as nobody could never really earn anything from trading. Just temporary profit, but nothing sure in medium-long period. So..is there anyone available to share his trading experience, by this pojnt of view? Quantify real money invested and real profit..say per month? Could anyone say tjat, beetween profit and loss, at the end of a period you have real earning, as you work at office? That's a kind of poll and not know if this is correct...
your wife is 100% correctNo one makes money long term in the forex
  • #35
  • Dec 28, 2015 2:03am Dec 28, 2015 2:03am
sorry,
cld anyones can exlplain : what is long term in FX ? 1year ; 5 years, or 20years ?
  • #36
  • Dec 28, 2015 2:05am Dec 28, 2015 2:05am
Quoting Mingary
{quote} your wife is 100% correctNo one makes money long term in the forex
If you honestly believe that why are you trading?
  • #37
  • Dec 28, 2015 2:18am Dec 28, 2015 2:18am
Took me 15 years, yes 15, to become profitable...by far, the business where I invested the most time, and hard studying...
But I must say it was always fun, I run my own business from my house, and trade forex...I enjoy making 1 Euro and 1000...like a game, but serious..very.:nerd:

My first clue: be aware of stop running, and use it to your advantage...donīt trade any close to news...unless you trade weekly charts...start there, after that, play your game...fibos, trendlines,SR, indies...whatever suits you..

Have fun...and yes, my wife hates it too...her problem...she enjoys the $ though...
  • #38
  • Dec 28, 2015 2:19am Dec 28, 2015 2:19am
Quoting Mingary
{quote} your wife is 100% correctNo one makes money long term in the forex

You are 100 % wrong...
  • #39
  • Dec 28, 2015 3:37am Dec 28, 2015 3:37am
And do you have to pay TAXES for your winnings?
  • #40
  • Dec 28, 2015 3:51am Dec 28, 2015 3:51am
Quoting M.A.C.Doug
{quote} You have a very smart wife. Ask her what would be the best and fastest way to earn money and retire early and direct all you energy towards that goal together.
I think this is the best answer I've read in this thread. (If this were Facebook, I'd just click on "Like").
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