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Is Forex trading worth it? If so, why?

  • #561
  • Feb 23, 2016 4:12am Feb 23, 2016 4:12am
Quoting jmtini
Really? Do kindly share with us your 15 min a week profitable system, please!
Hmm, ok.

1. When price exceeds the 4 week high, close short postion and go long.
2. When price exceeds the 4 week low, close long position and go short.

Its not my system though. Give this guy the credit when you're raking in the pips.

Attached Image
  • #562
  • Feb 23, 2016 5:32am Feb 23, 2016 5:32am
Quoting Atokys
{quote} Hmm, ok. 1. When price exceeds the 4 week high, close short postion and go long. 2. When price exceeds the 4 week low, close long position and go short. Its not my system though. Give this guy the credit when you're raking in the pips. {image}
Richard D. Thank god he arrived on this planet. A godsend to traders.
  • #563
  • Feb 23, 2016 6:45am Feb 23, 2016 6:45am
Quoting Atokys
{quote} Hmm, ok. 1. When price exceeds the 4 week high, close short postion and go long. 2. When price exceeds the 4 week low, close long position and go short. Its not my system though. Give this guy the credit when you're raking in the pips. {image}
Wise man by the way
  • #564
  • Feb 24, 2016 5:59pm Feb 24, 2016 5:59pm
Hi There,

Are any of you traders able to disclose where to get the information regarding the four week high and the four week low ?

Cheers !!!
  • #565
  • Feb 25, 2016 3:57am Feb 25, 2016 3:57am
Quoting rammer13
Hi There, Are any of you traders able to disclose where to get the information regarding the four week high and the four week low ? Cheers !!!
Visual inspection of a chart displaying weekly prices tends to do the trick.
  • #566
  • Apr 15, 2016 4:15am Apr 15, 2016 4:15am
Quoting Matt098
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.
I totally agree Matt. You can profit in Forex. Patience and knowledge do work.
  • #567
  • Apr 15, 2016 5:40am Apr 15, 2016 5:40am
Quoting Giganntor
{quote} I totally agree Matt. You can profit in Forex. Patience and knowledge do work.
Of course, mate. There is no such issue in rule for me. Cheers
  • #568
  • Apr 15, 2016 6:06am Apr 15, 2016 6:06am
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 am being successful trading Forex for a while, and every day I say myself ¨follow de rules, keep the discipline, accept the losses as a part of the business, your strategy is a winner and if you follow the rules it is no way to lose...etc¨.
But, the only thing still scares me is that one day I lose, I lose again, and then I start a spiral of losses just because I´ve lost couple times and I am not able to stop trading for that day...I repeat and repeat and repeat myself once and again that it doesn´t ever have to happen to me...but I am still scare of MYSELF.
I don´t say you have to love the losses, but you have to accept them and also you have to understand they are part of the winning process, same than feeling pain is part of the healing, wrinkles are necessary to live, you are going to fall down some times if you run every day, or you are going to cry even being happy...
Loses ALWAYS will come, if you can not swallow them, you can NOT be a trader..., because SUCESSFUL traders LOSS almost every day....
The only way to avoid losses is...let me guess...QUITTING!
  • #569
  • Apr 15, 2016 6:26am Apr 15, 2016 6:26am
Quoting forexintradi
{quote} I am being successful trading Forex for a while, and every day I say myself follow de rules, keep the discipline, accept the losses as a part of the business, your strategy is a winner and if you follow the rules it is no way to lose...etc. But, the only thing still scares me is that one day I lose, I lose again, and then I start a spiral of losses just because Ive lost couple times and I am not able to stop trading for that day...I repeat and repeat and repeat myself once and again that it doesnt ever have to happen to me...but I am still...
Only taking loses r not guarantee to success. First and foremr u hay a eining strategy and thoroughly tested back tested and preferbly on big time frame above 4 h .Fix lot abd risk size.Then let the,market do best .Avoid news time .
Trade fearless not careless...
  • #570
  • Apr 15, 2016 8:08am Apr 15, 2016 8:08am
Quoting forexintradi
{quote} I am being successful trading Forex for a while, and every day I say myself follow de rules, keep the discipline, accept the losses as a part of the business, your strategy is a winner and if you follow the rules it is no way to lose...etc.
So do I. Exactly.

Quoting forexintradi
{quote} But, the only thing still scares me is that one day I lose, I lose again, and then I start a spiral of losses just because Ive lost couple times and I am not able to stop trading for that day...I repeat and repeat and repeat myself once and again that it doesnt ever have to happen to me...but I am still scare of MYSELF.
A great thesis. That is all about psychology.
And, Yes, you are right about the thing in bold. Completely right.
I am fighting myself and still finding a method to be calm, to be uninvolved emotionally, if I have loss.

Some pictures of success trading (either growing account details or complete profitable trades pictured and saved) are very welcomed; they are vital for me to look at them, to recover my mental condition and ability to trade further.

Quoting forexintradi
{quote} I dont say you have to love the losses, but you have to accept them and also you have to understand they are part of the winning process, same than feeling pain is part of the healing, wrinkles are necessary to live, you are going to fall down some times if you run every day, or you are going to cry even being happy... Loses ALWAYS will come, if you can not swallow them, you can NOT be a trader..., because SUCESSFUL traders LOSS almost every day.... The only way to avoid losses is...let me guess...QUITTING!


Best
D.P.
Hunting High and Low
  • #571
  • Apr 16, 2016 6:28pm Apr 16, 2016 6:28pm
Trading is definetely worth it who doesnt want to have a shitload of money
  • #572
  • Apr 16, 2016 6:54pm Apr 16, 2016 6:54pm
Quoting mohsinali
{quote} Only taking loses r not guarantee to success. First and foremr u hay a eining strategy and thoroughly tested back tested and preferbly on big time frame above 4 h .Fix lot abd risk size.Then let the,market do best .Avoid news time .
I assume you were highly intoxicated when you wrote this???
  • #573
  • Apr 16, 2016 7:09pm Apr 16, 2016 7:09pm
Quoting Matt098
One day I just decided to make money on Forex and it yields results.
One day I just decided all young babes would want to have sex with me. And it worked - now I get more tail than Sinatra. Then I decided all my trades would be epic, and my name would be legend in the world of trading. Did it happen? Yes. Because I decided. And so on....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #574
  • Apr 16, 2016 11:09pm Apr 16, 2016 11:09pm
The problem is that most people jump into trading with absolutely no knowledge, and think they will be rich in a few months.
Bulls are stupid Animals!especially when Im short!
  • #575
  • Apr 17, 2016 3:53am Apr 17, 2016 3:53am
Quoting roughtrader
The problem is that most people jump into trading with absolutely no knowledge, and think they will be rich in a few months.
Yes, people think they will get rich quick trading forex. It's the biggest misconception and why most traders lose!

Honestly it's how I found forex back many years ago. I think I came across some website saying I could turn $100 into millions in just a few months. I opened a demo account and made a lot of paper profit quickly just to lose it all even more quickly. I then realized I needed some help and found a signal service that looked like this....

This weeks signals.
-GBPUSD
-USDJPY
-EURUSD

The signals didn't even say if i was supposed to buy or sell. So I bought at 1 standard lot. 1 standard lot on 3 trades is a lot of risk on a 10k account as you may know! I didn't even know what 1 lot meant! My 2nd week trading and my first first week with the service I turned a $10k account into $16,500. I thought the combination of me with this service was god like. I then opened up a real $1k account and lost it the next week using the service. I was completely gullible after that first experience of making so much profit. All it takes is one experience making quick profits in trading and you're hooked. Everything I found about forex was get rich quick. Unfortunately it's still almost the same case today! No one wants to make 5% per month! They want to make 50%. What they should understand is 5% is amazing! It took me way to long to figure out that 5-10% per month is in the bracket of the top traders in the world. If 5-10% consistently is so hard no wonder 30-50% consistently is basically impossible.
  • #576
  • Edited 6:21am Apr 17, 2016 5:08am | Edited 6:21am
Quoting Cubbybgood
{quote} I didn't even know what 1 lot meant!

Lol, I still remember my first trade, random lot size, no SL / TP. I simply closed the trade with huge profits when I woke up the day after.
  • #577
  • Apr 17, 2016 6:36am Apr 17, 2016 6:36am
Forex is really worth it. It's better to wipe a million dollar demo account than first live account. Wiping first live account reduces self-confidence. Still demo trading; I have traded many strategies. The latest am in now is GBPAUD - Channels setup. I got in when candle broke out of the channel on 22nd February - daily time frame. It over 1500pips with two positions. On Friday Australia released employment/unemployment change which were really good,while BOE kept their interest rate. I added third position, all with Stop Loss, with no take profit/target. I want them to run. Another thing I can add here is that I used to quickly close my positions for fear of loosing. The story has changed now after I went back to read over and over about Fibonacci. When price retraces, I immediately bring out Fibonacci, using resent swing high and swing low. Fibonacci is almost a self-fulfilling. Sometimes Bearish Engulfing or Dark Cloud Cover is formed below 38.2%, 50.0% & 61.8% before price continues in the previous direction. I sometimes add position at this levels. Same with Bullish Engulfing for uptrend continuation. We can be among 5% consistently profitable traders. I have tried different leverage. Currently on $500 with leverage 1:100 and $1000 with leverage of 1:200. $500 account up now to $1200 ,while resent $1000 up to $1100 . I have also resently learnt how to use Gold chart to trade EURUSD, USDCHF & AUDUSD. AUDUSD has been bullish because last February bullish candle was very strong on Gold chart. Forex is complex ,but we become used to it when we continue to try over and over. I conclude again that forex is worth it
Make all mistakes in demo and rain in pips in live account
  • #578
  • Apr 17, 2016 4:56pm Apr 17, 2016 4:56pm
Quoting Cubbybgood
{quote} Yes, people think they will get rich quick trading forex. It's the biggest misconception and why most traders lose! Honestly it's how I found forex back many years ago. I think I came across some website saying I could turn $100 into millions in just a few months. I opened a demo account and made a lot of paper profit quickly just to lose it all even more quickly. I then realized I needed some help and found a signal service that looked like this.... This weeks signals. -GBPUSD -USDJPY -EURUSD The signals didn't even say if i was supposed...
My alias is No one! I'm happy with a minimum of 3% per month and have achieved this for about 6 months. Another 6 or so months of achieving this and I will be strongly considering leaving my normal job.
Hope for the best, prepare for the worst.
  • #579
  • Apr 17, 2016 6:15pm Apr 17, 2016 6:15pm
Yes, I agree about being happy with smaller risks and profits. 1% a week or about 4 to 5% a month, as stated in the opening post, would put you among the worlds most profitable traders. Unless you are some sort of savant, you need to realize how unlikely it is that you will beat all the worlds best traders over the long haul. More likely, you'll bust your account trying. Can you really make 1% a week on average? If you can, do it. If you can't, accept 1% every two weeks. That still puts you well above the mean point of all the worlds professional traders. That's not a bad place to be if you ever want to do this for a living, don't you think?

As far as tales of glory and woe, I have the tear stains and broken dreams like everyone else who has ever tried to do this for a living. Is it worth it? If you truly love trading, it's worth it. But if you are just doing it for the money, there are plenty of other ways to make money that are a lot easier for most people and leave the soul less scarred. Of course, that's just my own humble opinion. Best success to all.
  • #580
  • Apr 17, 2016 6:20pm Apr 17, 2016 6:20pm
Quoting dab
{quote} My alias is No one! I'm happy with a minimum of 3% per month and have achieved this for about 6 months. Another 6 or so months of achieving this and I will be strongly considering leaving my normal job.

That's very good! I have had an average of about 10% per month for over 12 months now. I had one losing month of 7% out of the 12 months. Can't win every month you know. It's important to minimize those losses based on your monthly average. For example, if you're making 3% per month it may be wise to cut your losses at -1.5% or -2% so you can pull the month out at break even or a bit of profit.
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