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Who makes real money from forex?

  • #141
  • Mar 5, 2016 7:48am Mar 5, 2016 7:48am
Quoting jen101
{quote} 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...
Hi Jen and Jim.....Do you refer to stop hunting or some other stuff? And yes I agree that Demo trade is different. It's emotionally easier, so you let trades run longer, thus many trades become winning......Then the stop loss. Who puts tight stop loss on demo??? Hence the difference. The real account risk makes you execute stops, and trim profits......then a bit of stop hunting to really cut your account down.
Beware of robber banks (RB), bad advisors.
  • #142
  • Mar 5, 2016 8:39am Mar 5, 2016 8:39am
Quoting Not-KPMG
{quote} Hi Jen and Jim.....Do you refer to stop hunting or some other stuff? And yes I agree that Demo trade is different. It's emotionally easier, so you let trades run longer, thus many trades become winning......Then the stop loss. Who puts tight stop loss on demo??? Hence the difference. The real account risk makes you execute stops, and trim profits......then a bit of stop hunting to really cut your account down.
I have been trading long enough now not to be affected by the emotional or other differences between live and demo. Anyhow, the way I trade is set and forget, meaning I use pending orders to enter with fixed SL and TP, so the trade will either go one way or the other.

I have explained it further here http://www.forexfactory.com/showthre...78#post8794878 and here http://www.forexfactory.com/showthre...22#post8794922
  • #143
  • Mar 5, 2016 10:28am Mar 5, 2016 10:28am
If I were you OP, I would ignore Mingary. I don't really know what's the deal with him, but he seems to go out of his way to talk about the losing traders (which are the entirety of them) in nearly every FF thread. He seems to have lost his motivation somewhere down the road and there is no way he is gonna get it back apparently. A bit sad, but he gladly WILL ignore every TV interview, news channel, article etc etc. that you throw at him and probably say it's fake or will put on a tinfoil hat and smell some non-existing conspiracy theory.

However, there are successful traders out there and you can find interviews on TV and such on them. The ones I have seen were not rich by any means, but they did make a living of trading. It's definitely possible.

One of the most important things I have learned is that there are losing days, losing weeks, and even losing months, but that doesn't mean your strategy doesn't work. The most important thing is probably patience and confidence in your system (IMHO).
  • #144
  • Mar 5, 2016 1:23pm Mar 5, 2016 1:23pm
Quoting AcerPhoon
If I were you OP, I would ignore Mingary. I don't really know what's the deal with him, but he seems to go out of his way to talk about the losing traders (which are the entirety of them) in nearly every FF thread. He seems to have lost his motivation somewhere down the road and there is no way he is gonna get it back apparently. A bit sad, but he gladly WILL ignore every TV interview, news channel, article etc etc. that you throw at him and probably say it's fake or will put on a tinfoil hat and smell some non-existing conspiracy theory. However,...
I like to think of Mingary as a venue for me to put out more positive and encouraging messages about succeeding in Forex trading or trading in general. His negativity talk just motivates me more to put out more positive messages.
Make your losses in demo. Earn your profits live.
  • #145
  • Mar 5, 2016 4:43pm Mar 5, 2016 4:43pm
Quoting AcerPhoon
If I were you OP, I would ignore Mingary. I don't really know what's the deal with him, but he seems to go out of his way to talk about the losing traders (which are the entirety of them) in nearly every FF thread. He seems to have lost his motivation somewhere down the road and there is no way he is gonna get it back apparently. A bit sad, but he gladly WILL ignore every TV interview, news channel, article etc etc. that you throw at him and probably say it's fake or will put on a tinfoil hat and smell some non-existing conspiracy theory. However,...
Just curious... what "TV interview, news channel, article etc etc" / "they did make a living of trading." are you referring ?
  • #146
  • Mar 5, 2016 4:52pm Mar 5, 2016 4:52pm
Quoting Forexia
{quote} I like to think of Mingary as a venue for me to put out more positive and encouraging messages about succeeding in Forex trading or trading in general. His negativity talk just motivates me more to put out more positive messages.
Something like this ?
It is said that in ancient Rome some cities condoned and supported the local drunks so the youth would be made aware of the dangers and misery of excessive drinking.
  • #147
  • Mar 5, 2016 7:03pm Mar 5, 2016 7:03pm
Quoting Mingary
{quote} Something like this ? It is said that in ancient Rome some cities condoned and supported the local drunks so the youth would be made aware of the dangers and misery of excessive drinking.
So you are the local drunk I guess? LOL
Make your losses in demo. Earn your profits live.
  • #148
  • Mar 6, 2016 9:29am Mar 6, 2016 9:29am
Hi, I hear alot of people talking about trading on Demo platforms until they know that they can generate profit, however I have concerns about lots of stories I have heard about demo platforms being hedged in the trader's favour to get them to trade the real thing. Are these rumours at all founded?

Quoting Eonfx
hi, your wife has genuine concern do not leave your day job to trade fx unless you know what you doing, demo trade for long time to understand and confirm that you can really make money from this market, please do not risk real money until you are 100% sure about profits you will generate, I have seen many people losing money and losing whole family some times. please dont do any thing stupid and love your family much. good luck. to be honest after having a decent and proven system you will need decent money to start with, if you start with too...
  • #149
  • Mar 6, 2016 1:21pm Mar 6, 2016 1:21pm
Quoting GeneFX
Hi, I hear alot of people talking about trading on Demo platforms until they know that they can generate profit, however I have concerns about lots of stories I have heard about demo platforms being hedged in the trader's favour to get them to trade the real thing. Are these rumours at all founded? {quote}
That is not true. Demo trading is valid only when u adopt a strategy and continuously applied to get results or make a habits of trade..Cheers..
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -557
  • #150
  • Mar 6, 2016 3:21pm Mar 6, 2016 3:21pm
Quoting Kilian19
{quote} In my opinion earning long term in forex/trading is possible but it bothers me a lot that I do not create real value with my work. Taking away money from some people without creating a good or offering a service does not feel satisfying and worthwhile. Trading and only being responsible for yourself is great as well. You don't have a boss you have to report to and interact with real people on a daily basis is not necessary. This leads to trading can become a really lonely occupation and I wished that I would be sitting in a room with other...
Just so you know you DO create some value while engaging in forex trading. We are actually providing information and helps increase liquidity and orderflow to the market no matter how small that might be. With each trade we do, we provide what's called price completeness and help enhance price efficiency for the currency pair(s) that we trade and also at the same we provide liquidity to the market even through our brokers. During the SNB crisis when all the big bank LP's bailed on the market and shut down the price feed we retail traders were the only ones there maintaining the market (although to our detriment and not really our choice and we only ended up being taken advantage of by those LP's and brokers) with the orders there buying and selling from/to the market IF we had actually been present directly on the market and not through our brokers. AND the most important of all, with our trading endeavours, we have created a huge multi-BILLION dollar retail forex industry that was never there before and we created millions of jobs around the world in brokerages, hardware/software/platform development, investment education, investment advising/blogging, regulatory enforcement and lawmaking, litigation and even this forum were all created because of our endeavour and our courage to seek out a better way to create wealth for ourselves and our family instead of meekily handing our money to others. Last time when the CFTC wanted to increase the leverage on retail forex trading, congressmen were involved and actually sent petition on our behalf to the CFTC to voice our concern. Retail forex industry is not the little shops here and there that you see on the internet with the flashy tagline that you see 15 years ago, we are a truly established industry right now and are a force to be reckon with. It's just a bit ironic that we are the one who created this Retail Forex industry and yet we are the bottom feeder with everybody getting a piece of us scamming us, short-changing us and even the regulators try to come up with regulations limiting our opportunities all in the name of "protecting us".

True the real value of our trading comparing to doctors and firefighters is minuscule but it's not completely non-existent. We are NOT just simply taking money away from people like you said. We made an speculative investment based on our analysis of the market, price movement with no insider information or any other special and privileged information nor do we engage in any market-manipulating behaviour like price-colluding or front-running. Every single pip of profit we make, we make them fair and square; there is nothing to be ashamed of. Honestly for all the time and the efforts that we have put in in studying the market, establishing our strategies, researching about trading methods, and the thousands of times that we lost and cried, we are worth every single pip of our profit when we do make them. And if you are ever lonely, just come to this forum and chat and also remember there are millions of us around the world all doing the same thing all in the same boat, cursing the same time. And we are all in this together.
Make your losses in demo. Earn your profits live.
  • #151
  • Mar 7, 2016 7:42am Mar 7, 2016 7:42am
How much time a week for how long should I expect to invest until I am self sufficient? Is it better to trade fundamentals or technical or both? I have read a lot of good articles on what moves the market so I feel like I understand fundamentals but I haven't a clue about technicals so I really need help. This article I found really useful for fundamentals

https://forexfit.wordpress.com/2016/...forex-markets/
  • #152
  • Mar 7, 2016 12:04pm Mar 7, 2016 12:04pm
Quoting ForexJamioi
How much time a week for how long should I expect to invest until I am self sufficient? Is it better to trade fundamentals or technical or both? I have read a lot of good articles on what moves the market so I feel like I understand fundamentals but I haven't a clue about technicals so I really need help. This article I found really useful for fundamentals https://forexfit.wordpress.com/2016/...forex-markets/
For timeframe, you should expect at least 3-5 years to learn the ropes about trading. Some people have done it less than that and some people have needed longer than that to be self-sufficient in trading. It all depends on you but that's the average. During that time period while you are learning about trading, you should expect no income and even losses and you should expect to put in 8 hours a day each day each week like a full-time job and sometimes even weekends. During this time period, you will have to observe the market, learn about the fundamental phenomenons that move the market as well as the technical analysis of the price movement of instruments; you would need to understand both fundamental and technical analysis to succeed in forex trading. Whether it's better to trade fundamentals or technical will depend on your trading style, trading capital and money management goals that you have set for yourself. Generally fundamental is for longer term trading and technical is for shorter term trading. You don't want to go short term on fundamental unless you have LOTS and LOTS of cash on hand and not afraid of burning it.

In terms of resources, there are plenty of technical analysis materials on the Internet. The best place to start learning about the very basic technical analysis is www.babypips.com and go through its mini educational course and it will give you a basic idea. After that, Investopedia.com is another very good source for learning technical analysis. The site contains various articles discussing in-depth of various indicators and technical tools that you can use in analyzing the price movement. A great place to learn about Candlestick patterns which is very useful in trading is http://candlecharts.com/candlestick-...tick-patterns/ created by the Father of Candlesticks himself Steven Nison who learned the candlesticks from Japan where candlestick patterns techniques originates from.

Good luck and enjoy the journey!
Make your losses in demo. Earn your profits live.
  • #153
  • Mar 7, 2016 8:57pm Mar 7, 2016 8:57pm
anyone can make money in forex trading as long as it has good skills, with increased skills will help us to be able to improve trading results. the rich, the poor, women, men can make money in forex trading as long as it has good skills
  • #154
  • Mar 23, 2016 4:39pm Mar 23, 2016 4:39pm
Quoting tianxingjian
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.
I admire your short and smart post. Also Forexia above. Respect. May I add : read the news, pick a good mentor, don't be greedy. Trade with little.
Beware of robber banks (RB), bad advisors.
  • #155
  • Mar 27, 2016 4:33pm Mar 27, 2016 4:33pm
Well I have a few mentors and bought some trading strategies along the way but never made any money I must say, in that what ever money I
make ends up losing all, until I started reading the Forex factory forum and came across the G-string ea by Samer.
This ea has built my account on a steady increment, very thankful.
  • #156
  • Mar 27, 2016 11:36pm Mar 27, 2016 11:36pm
do yo know who makes money from forex?? 1) brokers 2) forex mentors and gurus 3) EA providers 4) small tiny group of FX traders......99.99% of wanna be FX traders just keep losing money...
  • #157
  • Mar 28, 2016 7:42am Mar 28, 2016 7:42am
Quoting GeneFX
Hi, I hear alot of people talking about trading on Demo platforms until they know that they can generate profit, however I have concerns about lots of stories I have heard about demo platforms being hedged in the trader's favour to get them to trade the real thing. Are these rumours at all founded? {quote}
Well from what I have experience during my early days I opened account with a broker who did not have a demo account and was trading 1 lot size, which resulted in my account being wiped out. No matter what system, ea etc you should always run it with a demo account. This will prevent you losing your trading capital.
As Fxdaytrader said once, if you have a trading system with no stop lose your broker can not run down your position, this is what have been mentioned. How true it
is I don't know, it is better to be safe than sorry.
  • #158
  • Mar 28, 2016 3:16pm Mar 28, 2016 3:16pm
Quoting pipartisan
Thanks to all, I have a real job, but it's not enough for my family..so trading is the only thing I found in this year to increase a little my earnings... The problem is you haven't the whole life to test your strartegies, so after some tests (say some months) you try with real money, with very small account (say 200 EUR), and you say: if it works well, I'll invest more! But after some win, you begin to loss, so you stop this strategy and begin again with demo, with an other strategy... Therefore I'm asking myself: what is the secret of anyone who...
You have answered your own question. You test, it fails, you try something else. You need to pick one method and learn it because in the eyes of the market every trader is equal. What makes the method or system effective is not the method or the system it's the trader. Adopt it, baby it, learn it inside out and stick with it. There is no secrets. There isn't something special someone else know that makes th profitbale it's the fact they adopted a method and learned where, when and why it works bcause nothing works all the time. YOU CANT CONTROL THE PRICE AND WHERE IT'S GOING OR WHAT IT'S GOING TO DO SO THERE ONLY OPTION LEFT. FOLLOW IT.
  • #159
  • Mar 28, 2016 5:14pm Mar 28, 2016 5:14pm
regarding the question from the thread the answer has to be big money makes big money.
90% of all private traders do lose sooner or later.
in order to be profitable consistently, you have to have the right mindsetting, no pressure and a good moneymanagement.
I think you have to be super honest to yourself and before starting to trade with real money you should put as much time as you can into trading with demo money.
Personally i trade forex and cfd for about 4 years now and 2015 was the first year i had more winning than losing month.
no one should expect to much.
It really takes time and nothing is worth more than gathering experience.
  • #160
  • Mar 29, 2016 12:20am Mar 29, 2016 12:20am
Trading is hard. I think it gets marketed and sold as being easy, but it isn't. It's really hard. The hardest part is learning about yourself.

What you get out of it depends on what you put into it. You can make money, but to be honest, you just have to do it because you want to. If you enjoy trading then putting in the time won't be the issue. If you're smart and passionate the rest will fall into place.

Be wary of scams, especially with education programs. Trade small live accounts, learn, and just keep going until one day it all comes together and starts making sense.
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