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Is Forex trading worth it? If so, why?

  • #261
  • Edited 2:56am Jan 2, 2016 1:05am | Edited 2:56am
After reading some post here, I am interesting share my strory...

Trading forex for me is not for 5-10 per month, compared to the risk you facing, this is nothing....

You want 30-50% per years with less risk...?.. other real business is available out there

An opinion said that you must risk not more than 1-2% of your account but at the end your account blown anyway, you know the answer....Psychological matter

I 'have been trading for about 3 years, during the period, Lost totally almost 20.000 USD...., actually most of position maybe more or less 70% position win but huge lost in remaining trade....

The most interesting is when I grew account from 700 to 3600 usd within 1.5 month, but....3600 become 0 just within 4 days only.....when this thing happened I began hopeless and starting think what I have done,,,???

I was starting thinking, is there anybody out there really make money from this thing?...., I remember my friend also mentor in trading...at the starting of his trade, he made money consistently until he had a huge loss during GBP / USD crash more than 2000 pips couple years ago, after that he trade small capital not more than 200 USD, owww.....how come?....I think He is smart, knowing technical and fundamental very well, Dr of Science department, still loss confident to trade with big capital....one day I see his account with only 2 USD remaining.....
Another story from other friend...he losses all account after growing 1700 to 30.000 usd, similiar story....
I've read also similar story a trader who won million dollar finally loss all his gain, so I am thinking the ending of trading is always losing, the only winner is market mover, the one who able to make market moving to any direction they want...

One black swan like USD/CHF recently is enough to blow your account no matter how good technically you are...

Is there any real profitable retailers in Forex?.......
  • #262
  • Jan 2, 2016 1:19am Jan 2, 2016 1:19am
Quoting KucinkGaronk
Is there any real profitable retailers in Forex?.......
It would have been better to ask that question before embarking on your venture.

Anyway thank you for sharing your process.

Most of the successful speculators out there do not confine themselves to the currency market and also trade stock indexes, interest rates, agriculture, metals, energy, meats and softs.
  • #263
  • Jan 2, 2016 1:42am Jan 2, 2016 1:42am
A real job will make you more money than any trading venture in the forex
  • #264
  • Jan 2, 2016 3:10am Jan 2, 2016 3:10am
Quoting Atokys
{quote} It would have been better to ask that question before embarking on your venture. Anyway thank you for sharing your process. Most of the successful speculators out there do not confine themselves to the currency market and also trade stock indexes, interest rates, agriculture, metals, energy, meats and softs.
Because of this forex trading, I am not able to share proper attention to my Real business, the business is almost collapse, .....I waste my time and I also kill my business, ....

I believe, if technically my historical winning trade is more than 70% but still losses, the problem is Money Management.....
I hope I will change something to find something to recover those money losses and 3 years dedicated time.....

Good Luck everyone, Happy new year, ....

For your consideration, I 've read success story from a success businessman who started business (food business), starting not more than 200 USD, but after 5 years, annual sales grow to 200.000 USD.... This can't be achieved here in Forex with 5% monthly growth....I never know someone who able to grow their account from 200 to 200.000 ...many of trading plan to grow from 100 to 100.000 only presented at the forum but they gone anyway....

Let start to realize what actually we do and what we get....
  • #265
  • Jan 2, 2016 3:10am Jan 2, 2016 3:10am
Quoting Mingary
A real job will make you more money than any trading venture in the forex
Absolutely......
  • #266
  • Jan 2, 2016 3:41am Jan 2, 2016 3:41am
Setting real money goals in this business as a beginner is very dangerous - I believe setting real money goals can only be done after developing a system that works for you. It has been said many times over many years and not just here, the system that works is about consistent money management, meaning that each trade has to be alike, and that strategy (entry,exit,trailing and a mandatory SL) has to be the same - based on the rules of a system traded...
According to Socrates, there are three types of slavery which we could try to analyse to apply to modern ages:
- first type is to work for someone, 8+ hours a day (blue-collar employment system) - the worst kind of slavery in which we have 0 freedom - very often that system comes down to this: I work 40+ hours per week in order to save money to buy myself/my family and apartment in which I will live - what usually happens is I would have worked for the apartment in which I would spend less than 8 hours per day...this slavery is worst for majority of workers since we have the least freedom - try not to come to work this morning for whatever reason, and do it 2-3 times - 90% of employers will get you fired...Women after bearing a child after their maternal leave finishes often get fired...as I said - 0 freedom, purest form of slavery.
- second type is to work for yourself, by the philosophy as much as you work - that much you will have. This system has some freedom in itself, but still...you as your own employer are dependable of the market (supply,demand), costs, and all other fundamental accounting categories which can be easily shaken during crisis years...
- third type of slavery has the most freedom, but requires most responsibility (somehow it sounds logical to me) - and that system is called 'trading the financial markets'. Main mistake people make regarding financial markets is we think it can be done overnight, that we can start doing it immediately without practice (no harm in trying right?), borrowing money from friends/banks in order to start trading with a desired amount, trading the money we CANNOT afford to lose. Losses are a normal part of trading (as are with all aspects of economy and human life in general), but when we lose something we cannot afford - it is very hard to recover from that and it will always cloud our judgement...

My father (who introduced me to trading, for which I will be eternally grateful), has made so good after 2008, trading S&P500 compounds which have, as you all know, made almost 350% ytd. In 2015 I noticed he started setting real money goals - and he lost it all...my conclusion is: setting real money goals is dangerous because you start chasing something that cannot be done in the desired number of cases which leads to overtrade, and finally, it leads to incorrect trades which deviate from your system...

I have learned from his mistakes (for which, unfortunately, I'm also grateful) and today I trade with constant success (for a year now) and I have set myself a goal to stop working in the abovementioned first type of slavery by the end of 2016...There isn't a strict deadline, it wont have to be exactly end of 2016, it can be earlier, it can be later than that and I'm AWARE of it...

To be clear, I don't want to talk crap about people who work for 8+ hours a day, it's just the way world works and I accept it (I work 10 hours per day myslef atm) - but if there is a small chance I wont have to work 40 years in order to receive 400$ monthly pension when I get old - I will take that chance.
  • #267
  • Jan 2, 2016 3:41am Jan 2, 2016 3:41am
Quoting KucinkGaronk
{quote} Because of this forex trading, I am not able to share proper attention to my Real business, the business is almost collapse, .....I waste my time and I also kill my business, .... I believe, if technically my historical winning trade is more than 70% but still losses, the problem is Money Management..... I hope I will change something to find something to recover those money losses and 3 years dedicated time..... Good Luck everyone, Happy new year, .... For your consideration, I 've read success story from a success businessman who started...
No wonder only 5% of people make it when people are so delusional... to trade forex or stocks or anything else with 200usd or even 2000usd and trying to turn that into fortune is freaking ridiculous... people are so delusional...
  • #268
  • Jan 2, 2016 3:46am Jan 2, 2016 3:46am
Quoting KucinkGaronk
I believe, if technically my historical winning trade is more than 70% but still losses, the problem is Money Management.....
Based on what you have shared, it looks like the problem facing you and your friends who have experienced sudden devastating losses would be risk management.

Maximizing win ratio may be detrimental to maximizing profitability. Many managed futures programs would normally have win rates of about 30% while being overall profitable.
Quote
For your consideration, I 've read success story from a success businessman who started business (food business), starting not more than 200 USD, but after 5 years, annual sales grow to 200.000 USD.... This can't be achieved here in Forex with 5% monthly growth....I never know someone who able to grow their account from 200 to 200.000 ...many of trading plan to grow from 100 to 100.000 only presented at the forum but they gone anyway.... Let start to realize what actually we do and what we get....
Studying the stories of successful speculators is a better idea if you want to succeed at speculative trading.

Again, I do not see why people seek to exclusively brand themselves a 'Forex Traders'. Other markets exist too, you know.
  • #269
  • Jan 2, 2016 3:47am Jan 2, 2016 3:47am
Quoting DemoAntares
Setting real money goals in this business as a beginner is very dangerous - I believe setting real money goals can only be done after developing a system that works for you. It has been said many times over many years and not just here, the system that works is about consistent money management, meaning that each trade has to be alike, and that strategy (entry,exit,trailing and a mandatory SL) has to be the same - based on the rules of a system traded... According to Socrates, there are three types of slavery which we could try to analyse to apply...
This was really enjoyable to read. Thanks, and I agree on all the points you made
  • #270
  • Jan 2, 2016 3:59am Jan 2, 2016 3:59am
Trading forex is easy if you dont greedy, especially trading with a swap-free account , making 30% in a year is never a problem .

But to make $$ more than that , you should have developed a mindset that you are trading against your broker , all the things you should concern is how to outplay he/she sitting on the otherside of the table , like playing a Chess Game,( A unfair poker game instead if you are not using hidden/mental stoploss/take profit)
  • #271
  • Jan 2, 2016 4:05am Jan 2, 2016 4:05am
Quoting Sandmann
{quote} This was really enjoyable to read. Thanks, and I agree on all the points you made
Thanx for the kind words...I would like to note I don't agree with your statement about 200 or 2000 dollars starting balance - I think one can succeed even with that starting amount - but of course all the prerequisite conditions have to be met - years of experience, hundreds of hours on paper money etc etc..not to mention the still mind (psychology)...It doesn't matter what amount of money you're starting with - what matters is the correct trades. Correct trades consistently = account grows. By what percentage account will grow depends of the system and time frame. Sometimes I need one month to grow my account for 5% since I trade daily candles exclusively and I don't remember last time I took a profit within 3 days after I entered a position...And all my profits are similar like that with a few exceptions, like for example shorting eur/usd at 1.39 and riding it for 2 months (brokerage earned quite a lot on overnight fees )

Of course, going in first trade with 200 bucks starting balance is a pain, if for example SL size is 50 dollars...so trading should be adjusted to that in order to decrease the SL, which in the abovementioned case of daily candles wouldn't work for me. I could take a maximum of 3 consecutive loss trades which my system doesn't allow with the starting balance of 200
  • #272
  • Jan 2, 2016 4:21am Jan 2, 2016 4:21am
Quoting KucinkGaronk
{quote} Absolutely......
Real job give u limitedBut trading unlimited.A advice for friend'sNever put all eggs in one basket.If your account grown withdraw some Also try some metals like gold and oilI guaranteed u not be in trouble u define hope this work.
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -766
  • #273
  • Jan 2, 2016 4:33am Jan 2, 2016 4:33am
Quoting mohsinali
{quote} Real job give u limitedBut trading unlimited.A advice for friend'sNever put all eggs in one basket.If your account grown withdraw some Also try some metals like gold and oilI guaranteed u not be in trouble u define hope this work.
Agreed - if system works on a certain timeframe, start practicing it on the same timeframe on other securities. Paper money is your bestest friend - I sometimes don't even look at the stock ticker I trade - I just trade it since it satisfies my parameters. Don't care if it's gold, oil, soy beans, apple, intel, cocacola, vix, etf's, currency pairs etc...Of course a certain amount of liquidity HAS to exist in order for most systems to have reliability.
  • #274
  • Jan 2, 2016 4:35am Jan 2, 2016 4:35am
Thank you for all response, I realize the bigger balance the smaller grow target will be...at least I know that some friends here have good trading, it should motivate me to do better.....
  • #275
  • Jan 2, 2016 4:41am Jan 2, 2016 4:41am
Quoting mohsinali
{quote} Real job give u limitedBut trading unlimited.A advice for friend'sNever put all eggs in one basket.If your account grown withdraw some Also try some metals like gold and oilI guaranteed u not be in trouble u define hope this work.
Thank you for the advice, never tried trading commodities exept gold....I will try it
  • #276
  • Jan 2, 2016 4:45am Jan 2, 2016 4:45am
Quoting DemoAntares
{quote} Thanx for the kind words...I would like to note I don't agree with your statement about 200 or 2000 dollars starting balance - I think one can succeed even with that starting amount - but of course all the prerequisite conditions have to be met - years of experience, hundreds of hours on paper money etc etc..not to mention the still mind (psychology)...It doesn't matter what amount of money you're starting with - what matters is the correct trades. Correct trades consistently = account grows. By what percentage account will grow depends...
I was more referring to beginner traders (<3 years of experience) and I didn't say it's impossible, but it is definitely not the way to go. If you have years of experience and a lot of money on the side and plan to prove yourself that you can turn 200usd into a reasonable amount that's a different story, but NOT as a beginner. You have all kinds of pressure when you lack experience and moreover your expectations are above the sky limit which seems to be the case above. You need to be able to live of something and if you have a loosing streak you'll start to panic etc... and doubt your system, and jump to another system and there goes your trading account. Obvious same old scenario.
  • #277
  • Jan 2, 2016 4:46am Jan 2, 2016 4:46am
Quoting KucinkGaronk
Thank you for all response, I realize the bigger balance the smaller grow target will be...at least I know that some friends here have good trading, it should motivate me to do better.....
I suggest you don't get motivation based on other peoples' trading and especially statements. We could all be just trolls spilling wisdom here like vast majority actually is - I know it because I was one of them few years back.
Try to get motivation on reading trading manuals, studying candle patterns, different indicators etc etc...being motivated by an unknown person saying stuff here or anywhere else is dangerous to say the least...try to have a certain distance from all of this - at least that's what I think worked for me. I hope it can work for you too.
But I know what you meant - thanx, and I wish you a successful 2016!
  • #278
  • Jan 2, 2016 4:48am Jan 2, 2016 4:48am
Quoting Sandmann
{quote} I was more referring to beginner traders (<3 years of experience) and I didn't say it's impossible, but it is definitely not the way to go. If you have years of experience and a lot of money on the side and plan to prove yourself that you can turn 200usd into a reasonable amount that's a different story, but NOT as a beginner. You have all kinds of pressure when you lack experience and moreover your expectations are above the sky limit which seems to be the case above. You need to be able to live of something and if you have a loosing streak...
Agreed.
  • #279
  • Jan 2, 2016 4:50am Jan 2, 2016 4:50am
Quoting KucinkGaronk
{quote} Thank you for the advice, never tried trading commodities exept gold....I will try it
the German Stock Index DAX is worth looking at. It moves ok from the technical perspective, and this is where most of my EAs run.

good luck
  • #280
  • Jan 2, 2016 4:53am Jan 2, 2016 4:53am
Quoting DemoAntares
{quote} I suggest you don't get motivation based on other peoples' trading and especially statements. We could all be just trolls spilling wisdom here like vast majority actually is - I know it because I was one of them few years back. Try to get motivation on reading trading manuals, studying candle patterns, different indicators etc etc...being motivated by an unknown person saying stuff here or anywhere else is dangerous to say the least...try to have a certain distance from all of this - at least that's what I think worked for me. I hope it...
thank you mate, I think technically I know already...but it is about how to beat my self, my ego...control my emotions...success for you too....
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