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Who makes real money from forex?

  • #41
  • Dec 28, 2015 3:56am Dec 28, 2015 3:56am
Quoting q1200gs
And do you have to pay TAXES for your winnings?
Depends on the country you live in.
20 Pips a day keeps centerlink away
  • #42
  • Dec 28, 2015 4:04am Dec 28, 2015 4:04am
Quoting datdle
sorry, cld anyones can exlplain : what is long term in FX ? 1year ; 5 years, or 20years ?
I think it depends on which TF you are using. Weekly can go from 8-12 months, Monthly 2-3 years, 3 Month TF up to 6 years, etc,. These are the time period it takes for the trend to mature and often go into hibernation. Note: You will seldom get the right entry point, unless you use smaller TF (and other tools) to take the best possible position. As you should expect, there will be bumps along the way (or not), but if you have the support of the bigger TF, i.e. Daily w/ Weely support, or Weekly w/ Monthly support, your trend is valid. If you are a technical trader, pay attention to your midpoints, such as MACD 0 line, or the 50 line in Stochastic. That's where the main trend loses momentum, ranges for a certain period of time, then either continues its trend, with the support of the bigger TF, or will bounce back in the opposite direction when the main trend is in the opposite direction. In other words, if I am trading the Weekly TF long, and Monthly and 3 Month TF are Bear, the midpoint is pretty much the TP point. In a Bullish situation, the midpoint is where you add more contracts and let it ride another 4-6 months.

I think it is easier to trade long term when you are using the right tools and have calibrated your system to indicate the long term trends.

I hope that kind of answered your question.
  • #43
  • Dec 28, 2015 4:07am Dec 28, 2015 4:07am
Quoting magnumfreak
{quote} 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...
@Magnumfreak,

I sincerely thank you. It seems your advices are better then many books I read.
I also feel the desire of starting from blank chart and..be myself my indicator!
Unfortunately I feel lost and confused in front of price moovements which seem unreasonable..
Thanks also for the advice about metatrader and blank EA.

You are a kind of life teacher...

Thanks also to PaulDaemon and M.A.C.Doug...I didn't hope to find so real human feelings behind trade discussions!
  • #44
  • Dec 28, 2015 4:14am Dec 28, 2015 4:14am
Quoting magnumfreak
{quote} 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.
@magnumfreak
You talked about trend strategies, if I got well.
I also would like to know what do you think about grids and mathematical systems; As I couldn't be always in front of montor, they seems to me something you can set and review sometimes through the day..
But I'm really scared of martingale (I lost money in the past).
thanks
  • #45
  • Dec 28, 2015 5:25am Dec 28, 2015 5:25am
and the most important is OURSELF. can we make money from this? if can then continue it, if not then choose a. learn b. stop.
someone said it can, that statement will not make ourself can do the same and get same result.
someone said it can not, that statement do not have an impact even one digit to some one account.

so ask and dig ourself.

Merry Christmas and happy new year
we don't predict, we only ride
  • #46
  • Dec 28, 2015 6:21am Dec 28, 2015 6:21am
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...
Ha... I would say your wife is right on the face of it. But I can fine tune and defend the stance from my experience.

Patience & Money are the TWO big factors to be consistently maintained by the retail participants (Hope that is who are focused here). 99% participants lose either one on the way to achieve their goal ending up burning their fingers. Agreed! Nevertheless, those 99% retail participants may not have sizable capital to withstand the volatility too.

So, irrespective of any other factors if you have patience & money for the trade you are in then you could make a living. Remember, time is one factor which no one could predict hence, there is no scale for patience. Whereas, you could always foresee the want of money in a trade. We should be able to maintain the balance between the two.

Happy trading!!!
Aravinth Raj
  • #47
  • Dec 28, 2015 8:27am Dec 28, 2015 8:27am
Quoting Fradix
{quote} I think this is the best answer I've read in this thread. (If this were Facebook, I'd just click on "Like").


ps thats how we click "like" here.
BTC Return This Year: na
  • #48
  • Dec 28, 2015 8:36am Dec 28, 2015 8:36am
Quoting jmn5611
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...
I don't see why it should be one or the other. A healthier balance would be to keep your job and trade at the same time.

You retain your stable income. You get to tailor a strategy for optimal growth based on your own risk tolerance. And your day job keeps you busy enough to avoid the temptation of dabbling in intraday forex silliness. Win-Win.
  • #49
  • Dec 28, 2015 9:22am Dec 28, 2015 9:22am
Firstly let me mention that have I been in the "FX world" for quite some time. Not as a trader though, I have worked with some of the most well known retail & institutional FX brokers. To answer your core question "Who makes real money from forex?" the answer is painfully straight forward. Only a handful of people . Don't want to bust your bubble here but chances are you are going to be in loss in the long term as most of the traders, who typically believe they will be the exemption. Having known the industry inside out i would strongly recommend to look for some alternatives in your search secondary income...

I hope this helps
  • #50
  • Dec 28, 2015 10:02am Dec 28, 2015 10:02am
Quoting M-z
Firstly let me mention that have I been in the "FX world" for quite some time. Not as a trader though, I have worked with some of the most well known retail & institutional FX brokers. To answer your core question "Who makes real money from forex?" the answer is painfully straight forward. Only a handful of people . Don't want to bust your bubble here but chances are you are going to be in loss in the long term as most of the traders, who typically believe they will be the exemption. Having known the industry inside out i would strongly recommend...
People by their nature set themselves up for failure at the game of speculation. Case in point, as of this posting, the thread just above this one reads "Martingale EA. Almost can't lose!"

Retail brokers just need to cup their hands and collect the money. Who can blame them?
  • #51
  • Dec 28, 2015 10:23am Dec 28, 2015 10:23am
to make real consistant money, only use technicals on h1 and up. anything lower is speculation
  • #52
  • Dec 28, 2015 10:24am Dec 28, 2015 10:24am
Quoting Bicarus
to make real consistant money, only use technicals on h1 and up. anything lower is speculation
Anything higher is also speculation.
  • #53
  • Dec 28, 2015 10:27am Dec 28, 2015 10:27am
Quoting Bicarus
to make real consistant money, only use technicals on h1 and up. anything lower is speculation
It's all speculation regardless of time frame.
  • #54
  • Dec 28, 2015 10:35am Dec 28, 2015 10:35am
Quoting pipartisan
{quote} @magnumfreak You talked about trend strategies, if I got well. I also would like to know what do you think about grids and mathematical systems; As I couldn't be always in front of montor, they seems to me something you can set and review sometimes through the day.. But I'm really scared of martingale (I lost money in the past). thanks

Never really looked at either (grid or martingale). You can certainly trade 4hr and above if you can only look at the screen a few times a day. Due to larger stops you just need to reduce your lot size to keep your risk small. I know people who trade daily and weekly charts. With weekly my friend checks the charts Sunday night makes his adjustments and then is done until the next Sunday night. He won't even open a chart during the week. I am way too OCD to be able to do that. LOL! But I cannot argue with the trading style as he does well trading forex and stocks this way.
  • #55
  • Dec 28, 2015 11:11am Dec 28, 2015 11:11am
Quoting M-z
the answer is painfully straight forward. Only a handful of people
+1
  • #56
  • Dec 28, 2015 2:02pm Dec 28, 2015 2:02pm
First of all, I haven't read everything in this thread and as soon as the typical forexfactory negativity kicks in I'm out.

I have never worked for someone else so the idea of a classic 9 to 5 job is quite foreign to me. I started my first business short after I left school. I'm a business man but my main income is trading since quite a while now so to answer that question

Quoting pipartisan
at the end of a period you have real earning
yes!
But if my annual profit would be some lousy 10 or 20 percent I wouldn't do that. Don't get me wrong, the thing is I'm not a fund nor a billionaire. 10% is a pretty good return if you're managing those freaking amounts of money but it's not for a 5 or 6 digits account (if you're calculating in risk and time).
Still, many people (I assume your wife is one of them) won't believe that success is possible as long as you don't bring the bigger money home. Don't blame her for that, most people are brainwashed by society and that stupid believe in what they usually call real work (mostly understood as producing something or offering a service). The almost typical believes people have about trading/traders (fast money and so on) are not exactly helpful either.

Yes, many (most) people lose. That topic was discussed to death, resurrected and killed again several times here in the forums. I don't care for those numbers. Many startups, big businesses, nail saloons and hair cutters go bust as well with their so called "real work". If trading is your thing and you're good at it, do it. If not, leave it.

The reason I trade: lower investment required, no business bullshit, no business partners, investors, customers or employees driving me crazy oh and I can actually be flat (not invested at all). And one thing many people here won't believe: I can actually control my risk much better as a trader.
Talking about a business: being good at what you offer is probably much less than 10%. There are many things you can't control, you can only guess them (shop location and rent development probably one of the greatest obstacles, employees aside). Call it an informed guess if you like but bottom line is: they (businesses) are all gambling (too). Like someone else mentioned: go long, go short, exit and maybe stay out is what traders do which is much simpler if you ask me.

Honestly though, it was relatively easy for me and I do not know the reasons for the advantage I had but in the end it's a profession that needs to be learned and with learning I do not mean mechanical stuff only, there is a rather big emotional component and also discipline is required.
  • #57
  • Dec 28, 2015 3:38pm Dec 28, 2015 3:38pm
Quoting JensG
First of all, I haven't read everything in this thread and as soon as the typical forexfactory negativity kicks in I'm out. I have never worked for someone else so the idea of a classic 9 to 5 job is quite foreign to me. I started my first business short after I left school. I'm a business man but my main income is trading since quite a while now so to answer that question {quote} yes! But if my annual profit would be some lousy 10 or 20 percent I wouldn't do that. Don't get me wrong, the thing is I'm not a fund nor a billionaire. 10% is a pretty...
Great post and I think your last sentence really sums it up. Self control, a sound trading edge, respect for forex will go along way. It really is as simple or hard as you make it.
  • #58
  • Dec 28, 2015 5:15pm Dec 28, 2015 5:15pm
I'm really happy for this thread, thank you all...someone really make money with trading, and consider it as a job.
Can I ask them if they prefer one solid strategy, or compine a lot of strategues at the same time?
And honestly they earn more from scalping or large timeframe trading?
  • #59
  • Dec 28, 2015 6:28pm Dec 28, 2015 6:28pm
Quoting pipartisan
I'm really happy for this thread, thank you all...someone really make money with trading, and consider it as a job. Can I ask them if they prefer one solid strategy, or compine a lot of strategues at the same time? And honestly they earn more from scalping or large timeframe trading?
I'm a short term trader but the thing is: pick what fits your ability (mental and technical wise). The reason for me being short term (in that order):
1. I'm very good at it
2. It fits my personality (I like, well actually I require, a fast ack or nack from the market)
3. More chances every day so no worries about missed opportunities and a smoother equity growths

Especially 2. and 3. are also helpful in keeping up my discipline AND they also reveal some of my mental weaknesses due to burning my fingers quite a few times in related situations in business before. Frankly speaking: We're all damaged goods in the end.

I'm on the 1m chart btw.

BUT! If you can't handle the stress or you lack the required time (at the right time of the day) or you are plain and simple not capable of seeing entries or exits in such a setup there is absolutely no sense in trading like that.
  • #60
  • Dec 28, 2015 7:37pm Dec 28, 2015 7:37pm
Quoting magnumfreak
{quote} It's all speculation regardless of time frame.
it sure is !!
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