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Is Forex trading worth it? If so, why?

  • #541
  • Feb 11, 2016 8:16pm Feb 11, 2016 8:16pm
Quoting cat
Is forex Trading Worth it? If so, why? If it makes you money, yes. If it looses you money, no. If you do it for the love of it, then it makes you money. If you do it because you want to be rich, it's usually hell.
You come to a crossroads if you're losing money because quite frankly, IT SUCKS.

You then decide whether you want to keep going down your current path of losing, or if you are going to change to make it work.

It just depends how badly you want it.
  • #542
  • Feb 18, 2016 4:09am Feb 18, 2016 4:09am
I think I can relate with your story to an extent,
Soon after I discovered Forex trading I became enticed by the possibility of becoming a millionaire overnight – the dream that we all have! And luckily for me, I understood that the most important aspect of anything is the fundamentals, you can't expect to build a skyscraper if the foundations aren't solid.
But things didn't go well though, so took a short break away from Forex after the loss of my money consistently to focus more on school and stable income sources – at that point in time, I definitely didn't see Forex as a stable income source and I believe this should be established before an individual starts to trade.

But later though I rekindle that interest, and my replying to this post is proof that am enjoying in life gradually! I think what most of us need is adjustment in the way we do things, the way we think, learn, practice and trade!
  • #543
  • Feb 18, 2016 8:34am Feb 18, 2016 8:34am
Sure is worth.
Forex teaches many lessons of life. I was taught faith in yourself.
Patience in making money :-)
Knowledge, of course. One day I just decided to make money on Forex and it yields results.
  • #544
  • Feb 19, 2016 12:12am Feb 19, 2016 12:12am
Quoting Dyekid217
{quote} There are successful traders who only trade daily/weekly/monthly and look at charts every so often. Once a day/once a week etc. Only the ones who think dropping down time frames to catch the smaller moves end up stressed out and with blown up accounts. If you can't successfully trade a long term chart there is no chance in hell you are going to be good at trading a smaller time frame. The thoughts of most newer traders are flawed from the beginning. In order to scalp the market you must make decisions at a rapid pace... on longer term you...
Very nice. Also a very important thing is consistent.Cheers..
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -766
  • #545
  • Feb 20, 2016 2:53pm Feb 20, 2016 2:53pm
Quoting Giganntor
{quote} I quit. After 9 years? Disaster? The real disaster is that you didn't have the guts to tough it out. That is the disaster. 9-5 work?? 100% profit??? That is not profit that is a death of your soul. Working 9-5 is sad. Unfortunately you didn't have what it takes to succeed in Forex. This isn't a catfight. This isn't a brawl. This is a war. Apparently you never read Sun Tzu the "Art of War". That is the first book you need to read to succeed in Forex. Later.
Giganntor - please - show your MyFxBook, please!
Let us be pleased!

Thank You !
  • #546
  • Feb 20, 2016 2:59pm Feb 20, 2016 2:59pm
Quoting wayn
I think I can relate with your story to an extent, Soon after I discovered Forex trading I became enticed by the possibility of becoming a millionaire overnight the dream that we all have! And luckily for me, I understood that the most important aspect of anything is the fundamentals, you can't expect to build a skyscraper if the foundations aren't solid. But things didn't go well though, so took a short break away from Forex after the loss of my money consistently to focus more on school and stable income sources at that point in time, I definitely...
learn, practice a n d after all you QUIT !!!! = this is forex! Sorry...
  • #547
  • Feb 20, 2016 3:09pm Feb 20, 2016 3:09pm
Quoting DemoAntares
{quote} Took me "only" 5 years and 15k burned USDs
Nearly just like me... !
  • #548
  • Feb 20, 2016 3:42pm Feb 20, 2016 3:42pm
Quoting Mingary
{quote} My apologies for the late reply. I have a real job that is very demanding.
Oh - no money from the forex? Being in a real job.... )?
  • #549
  • Feb 21, 2016 3:10am Feb 21, 2016 3:10am
Quoting Agnosios
{quote} Oh - no money from the forex? Being in a real job.... )?
That's right ..
I dare you to find anyone who does not have a real job in order to support their trading habit.
Trading the forex is like having your financial life on Meth.
  • #550
  • Feb 21, 2016 4:26am Feb 21, 2016 4:26am
Quoting cat
Is forex Trading Worth it? If so, why? If it makes you money, yes. If it looses you money, no. If you do it for the love of it, then it makes you money. If you do it because you want to be rich, it's usually hell.
Great said.

Additionally I would say that you should come to the state of loving your looses as well. It is very difficult and it takes time to understand and accept it deeply. Usually it is the main thing that takes for years.

Best
D.P.
Hunting High and Low
  • #551
  • Feb 21, 2016 5:22am Feb 21, 2016 5:22am
Quoting Dr.Phoenix
{quote} Great said. Additionally I would say that you should come to the state of loving your looses as well. It is very difficult and it takes time to understand and accept it deeply. Usually it is the main thing that takes for years. Best D.P.
I don't think I could ever learn to love my losses. I could learn to accept them, but love them? I can't imagine doing that.
  • #552
  • Feb 21, 2016 5:39am Feb 21, 2016 5:39am
Quoting mlawson71
{quote} I don't think I could ever learn to love my losses. I could learn to accept them, but love them? I can't imagine doing that.
It is a part of your business, your business costs, if you like. Of course they hurt, but if you like what you are doing, you shoud promote your business, having incidental expenses.

Best,
D.P.
Hunting High and Low
  • #553
  • Feb 21, 2016 6:01am Feb 21, 2016 6:01am
Quoting Agnosios
{quote} Nearly just like me... !

Me too. Wow 15k is a popular figure it seems!

Guys as a fairly experienced trader (who can say that he has really learned the hard way!), my input is this:

1/ Firstly the fact is that unless you have a hefty trading account balance one is at a huge disadvantage if you want to make a living at this game otherwise it's just a hobby. But that again is a big problem. One needs to devote enough time, and at the correct time of the trading day to be successful and most small traders are not doing it. That said, If you can devote 3 solid hours a day - from 6.30am to around 9.30am (GMT) I think one could do quite well. It's by far the best time to trade.

2/ One needs an effective system that relies on pips rather then leverage to make a profit and IMHO this is absolutely VITAL!!

3/ Scalping using high leverage is so dangerous - very few have the ability or mental strength to be a successful scalper - that includes me. Many say "oh, I only want 10 pips a day" and they try to scrape 2 pips here and 3 pips there, etc. A recipe for disaster
  • #554
  • Feb 21, 2016 6:12am Feb 21, 2016 6:12am
Quoting jmtini
One needs to devote enough time, and at the correct time of the trading day to be successful and most small traders are not doing it. That said, If you can devote 3 solid hours a day - from 6.30am to around 9.30am (GMT) I think one could do quite well.
An oddly specific recommendation to make considering that one could also come out ahead by just devoting the entirety of 15 minutes per week.
  • #555
  • Feb 21, 2016 10:41am Feb 21, 2016 10:41am
Of course forex is worth full for me . I do work daily 2 to 3 hours as a part time trader , I am making reasonable amount of profit from my investment . I think forex is best business for all people . We should work here to make earning , I hope forex will not disappoint th people who are passionate and hard working.
  • #556
  • Feb 22, 2016 3:06am Feb 22, 2016 3:06am
Quoting Dr.Phoenix
{quote} It is a part of your business, your business costs, if you like. Of course they hurt, but if you like what you are doing, you shoud promote your business, having incidental expenses. Best, D.P.
I admit it has never occurred to me to look at it this way. I'll have to think about it, thank you for the advice.
  • #557
  • Feb 22, 2016 5:11pm Feb 22, 2016 5:11pm
Quoting Atokys
{quote} An oddly specific recommendation to make considering that one could also come out ahead by just devoting the entirety of 15 minutes per week.
Really? Do kindly share with us your 15 min a week profitable system, please!
  • #558
  • Feb 22, 2016 8:54pm Feb 22, 2016 8:54pm
Quoting jmtini
{quote} Really? Do kindly share with us your 15 min a week profitable system, please!
I trade less than 15 mins a week. Profitable ofc. People need to stop thinking of forex like it's an entity to which we need to dedicate all of our waking hours. Once you know what you're doing, more than 15 mins of "effective trading" per day is probably an overkill. Of course, weekends is when I dedicate a few hours where I mark the potential areas where price will come to me so I enter
Trading should be boring. And profitable. If it's not boring, you know you still have a lot to do.

Cheers.
  • #559
  • Feb 23, 2016 4:18am Feb 23, 2016 4:18am
Quoting mohsinali
For new bies. Do against u want... if u want buy then sell and if u want sell then buy but dont forget place stop.... Success secret for free ..
Thank you for your free secret. And how long does such newbies magic work? To bad but I probably a little bit old for that secret. I've already use tech and fundamental analysis for trading. IMHO
As for me wherever you are beginner or experienced trader you should understand - your decision is your money.
  • #560
  • Feb 23, 2016 4:58am Feb 23, 2016 4:58am
Quoting mlawson71
{quote} I don't think I could ever learn to love my losses. I could learn to accept them, but love them? I can't imagine doing that.
How is it possible at all?
I agree with you.

Dr.Phoenix thanks for good advice.
But for me and I think for many unworkable. Lose real money no one likes.
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