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Who makes real money from forex?

  • #121
  • Feb 16, 2016 8:08pm Feb 16, 2016 8:08pm
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  • #122
  • Feb 16, 2016 8:43pm Feb 16, 2016 8:43pm
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...
Your wife is concerned that you may be able to afford a mistress from making money from forex.
Shes wrong.
You probably can afford more
  • #123
  • Feb 17, 2016 12:19am Feb 17, 2016 12:19am
Quoting PaulDaemon
{quote} According to the 2015 wealth pyramid only .7% of the worlds population hold over $1 million each. 7.4% hold between 100K and $1 million. So the top 5% think differently from the rest and its why they succeed. https://www.youtube.com/watch?v=EyhOmBPtGNM
So the top 5% think differently from the rest and its why they succeed.

Totally not true.

"Rags to riches" ==> Success happens when opportunity meets luck (... a lot of luck)
  • #124
  • Feb 17, 2016 2:41am Feb 17, 2016 2:41am
Quoting bagman
{quote} I dont think that is entirely true. If you are born affluent then you are more likely to end up successful. Trump is the son of a real estate developer. If he were born as the son of a janitor there would probably not be a trump tower.
Yes that is true but there are also those who are born into success and end up street bums.

This company http://www.perecorp.com.au started out in 1984 with only one old rundown gas station and now owns 160 sites though out south Australia.

Why is it that a no body can go from nothing to the biggest in such a short time. Now-a-days if you dont have the OTR logo (OTR is the equivalent to 7-11) on your gas station you dont have business.

There are many cases of "rags to riches" stories all around. Mostly though is about service to the masses. If you can find a way to service the masses you will make it. Forex on the other hand is different in a way that you need the capitol FIRST to make the money. Which most of us havent got. If you are patient enough you can build $1000 into hundreds of thousand over a few years BUT do we have the patients for it?

Like any business it take sometimes many years to be successful. Getting off the track, you might want to be the greatest guitar player in the world but that could take 10 to 20 years.

If we had $100,000 to trade with and made 5% per month its enough money to have a sustainable income. Yes thats right not many of us have on here have that kind of money we can risk, but there are many other people out there that do.

If you can hold a $1000 balance and consistently grow it at least 5% per month you will have those "Others" knocking at your door.
20 Pips a day keeps centerlink away
  • #125
  • Feb 17, 2016 3:05am Feb 17, 2016 3:05am
Quoting Mingary
{quote} "Rags to riches" ==> Success happens when opportunity meets luck (... a lot of luck)
Totally agree
hence plenty here package and pedal luck for a living, some buy it, others make their own
  • #126
  • Feb 17, 2016 9:54am Feb 17, 2016 9:54am
In my humble opinion if you just develop a good risk management system to minimize your loses, learn to be patient and enter the market at the right time, you will surely squeeze some real pips. Simplicity is key. If you learn not to lose you are already wining.
  • #127
  • Feb 18, 2016 1:17am Feb 18, 2016 1:17am
The traders who never give up, have good mind, always reconsider their trading strategy, perform risk control plan and keep learning, if you want to make real money, the above mentioned should be necessary.
  • #128
  • Mar 2, 2016 7:47pm Mar 2, 2016 7:47pm
forex is a very big business. we can benefit a lot from this business and also anyone can benefit from this business if we have a lot to learn and practice trading well, for that we should be able to trade with a maximum
  • #129
  • Mar 3, 2016 2:35am Mar 3, 2016 2:35am
Hello, I'm brand new here and have come seeking help, I cannot start my own thread so will tag along this one which seems pretty generalised. I have recently started trading forex, first on a demo account and at the moment for real. During my 4 months of trading on the demo, I made a relatively small but pretty consistent profit, probably winning 30-40% of trades with risk:reward in the region of 1:1 - 1:5.

Now I trade with real money, I seem to lose above 90% of trades. It's quickly destroying my account and I can't work out why I am getting this number as a price can only go up or down, which should result in a success rate of closer to 50%. I have made in excess of 100 trades so this can not be down to bad luck.

If anybody here once found themselves in this position but got out, please any advice would be greatly appreciated

Thanks for your time.

James
  • #130
  • Mar 3, 2016 6:50am Mar 3, 2016 6:50am
Quoting jim85
Hello, I'm brand new here and have come seeking help, I cannot start my own thread so will tag along this one which seems pretty generalised. I have recently started trading forex, first on a demo account and at the moment for real. During my 4 months of trading on the demo, I made a relatively small but pretty consistent profit, probably winning 30-40% of trades with risk:reward in the region of 1:1 - 1:5. Now I trade with real money, I seem to lose above 90% of trades. It's quickly destroying my account and I can't work out why I am getting this...
My humble advised to u leave forex and try some commodities like gold.Second develop a strategy and apply each and every time...And finally remember my signature...
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -409
  • #131
  • Mar 3, 2016 8:40am Mar 3, 2016 8:40am
Traders who realise that the simplest strategy can make money. Very Complex strategy's also make money.

NO strategy will make money everyday. The skill is realising when your strategy is not going to make money and staying out the market. If you can't identify the days when your strategy won't work, then at least have a daily loss limit.

There is no such things a a consistently profitable strategy, only consistently profitable traders.
  • #132
  • Mar 3, 2016 9:05am Mar 3, 2016 9:05am
Jim, I don't have information on your trading style and strategy. However, you may need to trade less and use multi-time frame for trade analysis and set-up. Prepare a good trading plan showing specific principles/rules for trade setups, entering and closing trades, and R:R. Your use of 1:1 RR will not be helpful, go for at least 1:2 risk-reward ratio. Patience is key in this business, never rush to enter trades. It will also be good if you try to figure out what you are doing that leads to too much trade losses.

KP

Quoting jim85
Hello, I'm brand new here and have come seeking help... During my 4 months of trading on the demo, I made a relatively small but pretty consistent profit, probably winning 30-40% of trades with risk:reward in the region of 1:1 - 1:5. Now I trade with real money, I seem to lose above 90% of trades. It's quickly destroying my account and I can't work out why I am getting this number as a price can only go up or down, which should result in a success rate of closer to 50%. I have made in excess of 100 trades so this can not be down to bad luck. If...
Do your homework, follow the footprints of smart money
  • #133
  • Mar 3, 2016 11:19am Mar 3, 2016 11:19am
​Thankyou Mohsinali, Brixton and KeenPips, your replies help to steer me toward learning what I need to know, and developing the trading strategy that I currently use.
No doubt the main causes of my failings so far are; Discipline, patience, insufficient stop loss sizes, trading too large a position for my account and jumping into trades that have already taken off.

I will improve
  • #134
  • Mar 3, 2016 2:15pm Mar 3, 2016 2:15pm
Quoting jim85
Hello, I'm brand new here and have come seeking help, I cannot start my own thread so will tag along this one which seems pretty generalised. I have recently started trading forex, first on a demo account and at the moment for real. During my 4 months of trading on the demo, I made a relatively small but pretty consistent profit, probably winning 30-40% of trades with risk:reward in the region of 1:1 - 1:5. Now I trade with real money, I seem to lose above 90% of trades. It's quickly destroying my account and I can't work out why I am getting this...
Carry on with the demo account and use a trade copier to your live . FXBlue is free and works very well for me. I currently copy from an ecn demo to 3 live accounts. I set it to "trade at market" so to avoid any dubious broker manipulation, slippages etc. I don't know how you trade, but if your targets are fewer pips, you losing on live may not be because of you. I have seen some really scary stuff that brokers do and the only way you can tell is to watch separate accounts side by side, which I have done.
  • #135
  • Mar 3, 2016 2:19pm Mar 3, 2016 2:19pm
I trade just for extra income, I have another paid job. I wonder if anyone trade for living, they can be homeless in anytime
Risk comes from not knowing what you're doing.
  • #136
  • Mar 3, 2016 3:00pm Mar 3, 2016 3:00pm
Quoting jim85
​Thankyou Mohsinali, Brixton and KeenPips, your replies help to steer me toward learning what I need to know, and developing the trading strategy that I currently use. No doubt the main causes of my failings so far are; Discipline, patience, insufficient stop loss sizes, trading too large a position for my account and jumping into trades that have already taken off. I will improve
Very good. Many green pips to you.

KP
Do your homework, follow the footprints of smart money
  • #137
  • Mar 3, 2016 3:48pm Mar 3, 2016 3:48pm
Quoting dragonexpert
I trade just for extra income, I have another paid job. I wonder if anyone trade for living, they can be homeless in anytime
There are some traders on FF who make living from forex and I am sure they make it well , I prefer part time trading but I wont be absolute sure you go homeless trading if you have the right mechanisms appropriate for trading in place as some good traders have here
  • #138
  • Mar 3, 2016 4:05pm Mar 3, 2016 4:05pm
Quoting Sarah121
{quote} There are some traders on FF who make living from forex and I am sure they make it well , I prefer part time trading but I wont be absolute sure you go homeless trading if you have the right mechanisms appropriate for trading in place as some good traders have here
I am curious, who ?
  • #139
  • Mar 4, 2016 4:31am Mar 4, 2016 4:31am
Quoting Mingary
{quote} I am curious, who ?
http://www.forexfactory.com/dancingphil
  • #140
  • Mar 4, 2016 5:52am Mar 4, 2016 5:52am
Quoting jen101
{quote} http://www.forexfactory.com/dancingphil
Indeed that is funny ...
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