Does anyone make money out of Forex Trading? | Forex Factory

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Does anyone make money out of Forex Trading?

  • #1
  • First Post: Jun 2, 2016 12:05pm Jun 2, 2016 12:05pm
Dear All,

First of all I would like to thank you all for taking the time to view this thread.

I don’t want to sound desperate but it’s been years I have been trying to figure out a way to make money out of Forex. Tested many strategies, seen some of the big names on forex factory, studied hundreds of articles, consulted many so called money makers but to no avail.
I am now broken and don’t know what to do with my life. Have a family dependent on me. Though I have a day job that supports my livelihood I have always dreamed of doing something big in my life and not just that I have worked hard to pursue it but I have not been able to make a dime out of my Forex trading venture.

All this pushed me to ask one question “Does anyone make money out of it’? Are their any GOD gifted people I am unable to match?
Please answer me if you are out there, inbox me or reply to this thread and for GOD sake try helping me out. Your 5 minutes won’t be wasted as I will also try to help others.

Thanks and grateful!
Ali
  • #2
  • Jun 2, 2016 5:13pm Jun 2, 2016 5:13pm
Yes,
There are many people who are making money from Forex.........All of them have one important character which is having control on what they are doing to make money,otherwise you will have an endless story of loss
atheer1
  • #3
  • Jun 2, 2016 5:21pm Jun 2, 2016 5:21pm
Hi teaseerali99,
First at all sorry for my English it is not on the best level. Secondly, do not give up your dreams about doing something big. Few years ago I was in same positions.
Answer on your question is for me easy - YES you can make money from forex but you need some knowledge to this. It is my point of view.
To not only speak about making profit, you can look at my portfolio (attached files). I am not professional but steel I can make a money. I do not trade only forex, so platform is little bit different and also you can find some shares, commodities etc. in my portfolio.
I wish you hundreds of pip
--stvorka---
Attached Image (click to enlarge)
Click to Enlarge Name: Portfolio.png Size: 67 KB
  • #4
  • Jun 3, 2016 1:47am Jun 3, 2016 1:47am
Nobody can help you.

If you want something done right, you have to do it yourself!

You really want make money? Then find your own way!

Most stuff on FF or of any guru & mentor here is BS anyway.

Watch the basic market, get familiar with it.
How it moves, it's real volatility and movements.

Use your money and leverage wisely.
Sit tight!
Then pick and choose.

It's just like a cockroach race - but with much more betting options.
  • #5
  • Jun 3, 2016 3:36am Jun 3, 2016 3:36am
Try not to system hop. A lot of systems are good at one particular thing rather than everything. So if you are applying methodologies to every pair at every time of the day, you will get very inconsistent results and get confused.

Confusion leads to mistakes which erode confidence and you then perceive the system is faulty and move on.

It will also help if you take notes and reflect on past mistakes so that you will not repeat them.

I follow the forexalien system for 2 years now and I'm only just seeing results now. My biggest problem is myself. cutting winners too early and jumping into trades too early then getting out and then seeing the setup work.

Mastering your emotions is half the battle.


Good Luck
"It's life, Jim, but not as we know it."
  • #6
  • Jun 3, 2016 3:49am Jun 3, 2016 3:49am
Guymontag is right, try to stick to one. There are as many possible combinations of indicators out there as there are people (especially if you consider you can change a lot of settings on each indicator).
Use one and master it. I've noticed that most people are successful when they stick to the basics (i.e. trend lines, support and resistance, fibs, patterns) and then one or two simple indicators for the trend.
That also works for me, i've been able to withdraw two times 5K now from my account in two months and keep a steady account. So I'm almost at the level where I can consistently create a good profit. I also know two professional traders who make a living.

It's very possible, but 90 - 95 % just give up even before they reach the mid way point towards financial independence. It takes years. Not days, weeks or even months. Years.
  • #7
  • Jun 3, 2016 4:02am Jun 3, 2016 4:02am
Quoting taseerali99
Dear All, First of all I would like to thank you all for taking the time to view this thread. I dont want to sound desperate but its been years I have been trying to figure out a way to make money out of Forex. Tested many strategies, seen some of the big names on forex factory, studied hundreds of articles, consulted many so called money makers but to no avail. I am now broken and dont know what to do with my life. Have a family dependent on me. Though I have a day job that supports my livelihood I have always dreamed of doing something big in...
I think you or anyone else who seeks a similar info should get the gist of the answer you seek. Yes, there're faceless no-name traders at home that makes a good living, Yes it take years of hard work to get there and NO nobody will hand it on a platter to tell you how they did it. If you found it on the net you won't be here on forums asking these questions.
  • #8
  • Jun 3, 2016 4:03am Jun 3, 2016 4:03am
Attached Image (click to enlarge)
Click to Enlarge Name: gbp jpy june 3.png Size: 37 KB


Have a look at price action in the past 12 hours alone...esp at opening times

This is all you need to trade... not time lagging indies that repaint to tell you what you can see from a chart..good luck
Onwards and upwards...
  • #9
  • Jun 3, 2016 4:50am Jun 3, 2016 4:50am
Quoting taseerali99
Dear All, First of all I would like to thank you all for taking the time to view this thread. I dont want to sound desperate but its been years I have been trying to figure out a way to make money out of Forex. Tested many strategies, seen some of the big names on forex factory, studied hundreds of articles, consulted many so called money makers but to no avail. I am now broken and dont know what to do with my life. Have a family dependent on me. Though I have a day job that supports my livelihood I have always dreamed of doing something big in...
Hi - I've sent you a pm.
Cheers
Pharley
  • #10
  • Jun 3, 2016 5:15am Jun 3, 2016 5:15am
There is no question that some people make money out of forex trading... Not just money but fortunes!

Look no further than star global macro hedge fund managers like George Soros, Paul Tudor Jones, etc... There are countless stories of HF making billions from bets in the currency market:

http://www.investopedia.com/articles...ncy-trades.asp

I do not know where you are coming from, from how long you have been trading, or what are the strategies you tested. But I can suspect you have not focused your energy on the right market principles, at least not the ones that HF managers are focusing one.

Try to learn how markets really works, what makes HF risk billions of their own money on the currency market (tips: it is not technical indicators, forex robots, getrichquick trading systems) and try to emulate them...
  • #11
  • Jun 3, 2016 5:20am Jun 3, 2016 5:20am
Yes u do but in few conditions.
Try to get your average winner = average looser...
Back tested your strategy if its confirm 70 % win ...
Below this waste of time and $$$$$$$
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -301
  • #12
  • Jun 3, 2016 5:26am Jun 3, 2016 5:26am
read charts & price actions..look what price do .dont trade what you think.trade what you see..good luck for you
  • #13
  • Jun 3, 2016 6:03am Jun 3, 2016 6:03am
Read this FF thread (especially the opening post): http://www.forexfactory.com/showthread.php?t=582673

OR

Just have a look at this screenshot from the above thread:
Attached Image
  • #14
  • Jun 3, 2016 6:33am Jun 3, 2016 6:33am
Quoting The-Flipper
It's just like a cockroach race - but with much more betting options.
I have read your analogy a few times and really dont understand what is common between trading and cockroach race could you explain a bit further , what do you find similar?

To the op: haven't you heard that most people on our forum are making tons of money. Judging by the threads I have seen through the years, the more appropriate question should be " Who is not making money from Forex ? " . Because if I take word for word everything that is written here, we are probably the one and only left human beings that are still struggling with a regular job, and not drinking a nice cocktail on some sunny beach and dragging a 10 pip trailing stop with a mouse click every few minutes.
  • #15
  • Jun 3, 2016 6:57am Jun 3, 2016 6:57am
I think every trader has been in your shoes. I won't tell you a "fool proof" system. I decided I would stop trading many pairs and ONLY trade 2. I trade NZD/USD. Picked this pair because it was half the cost of the others. I trade AUD/USD also because it usually mirrors NZD. I set out to know everything that moves these pairs. For example Japan buys milk products from New Zealand..so if the milk prices come out high the Kiwi goes up because Japan pays a higher price. So japan will effect the Kiwi. Example..awhile back Japan had an earthquake about a day before milk prices came out. Milk was high..BUT the Kiwi went down because of the earthquake. Australia follows the same rules. Last Wed Australia had 2 major events at 6:30 pm. Both were bad..So I waited for the knee jerk and opened to sell at 7264. The pair consolidated at 8:30 pm and I closed the trade at 7231. That left 33pips minus the entry so 30 pips resulted. Now if you look at the chart I could have made more, but I chose the safe route. I haven't traded again. I will watch the NFP. Also Aud and NZD are laggers..meaning they trader a few minutes after the numbers come out. I have set my stop and profit at 15 pips so all I have to do is click if I feel it's going up or down. If I totally screw up I still will have 15 pips left from early trade. So 15 X how many lots will give profit for week. Worse case.I'll still end with $3,750.(15X25lots) That's all. I have had a few great trades and you will also.
  • #16
  • Jun 3, 2016 8:33am Jun 3, 2016 8:33am
Quoting taseerali99
Dear All, First of all I would like to thank you all for taking the time to view this thread. I dont want to sound desperate but its been years I have been trying to figure out a way to make money out of Forex. Tested many strategies, seen some of the big names on forex factory, studied hundreds of articles, consulted many so called money makers but to no avail. I am now broken and dont know what to do with my life. Have a family dependent on me. Though I have a day job that supports my livelihood I have always dreamed of doing something big in...
Here you can find some good advices about MM, brokers and general info but nobody will share his winning strategy. So as The-Flipper says don't be dependent.
  • #17
  • Jun 3, 2016 8:59am Jun 3, 2016 8:59am
Hi guys, I've just started off. Still a rookie, obviously. I'm just 19. Iim handling my friends account. I made profit the first month and now I'm down, I'm reading all about price action. Can anybody please help me? Give me guidance?
  • #18
  • Edited 4:42pm Jun 3, 2016 4:24pm | Edited 4:42pm
Quoting taseerali99
Dear All, First of all I would like to thank you all for taking the time to view this thread. I dont want to sound desperate but its been years I have been trying to figure out a way to make money out of Forex. Tested many strategies, seen some of the big names on forex factory, studied hundreds of articles, consulted many so called money makers but to no avail. I am now broken and dont know what to do with my life. Have a family dependent on me. Though I have a day job that supports my livelihood I have always dreamed of doing something big in...
Rule nr. 1 on the path to successful trading: Leave ForexFactory behind. ;-)

1) I think that most people come here with the idea that they want to be a trader for a living, they want to make 1-5k/day etc.
2) Then they start following gugus or "well respected members" who seem to know their thing right? The truth is that 95% of the gurus are not what you want them to be. They might make some money trading but in most cases a vast amount of their income comes from selling something...

Nevertheless here are some stuff that I can recommend to you:
- Rocky (user) on FF. He is a great guy.
- Go on twitter, start following prop-firms. Try to lean how they think. What tools they use and how. (Strategy is not important.)
- Listen to "chatwithtraders" (just google it)
- Read some books (Market Wizards, Mind over markets, Trading in the zone, One good trade etc.)

And leave this crappy forum behind ;-)

Also you can watch some of these:
https://www.periscope.tv/bjb_FutexLive/1yoKMYzDBLOKQ
London Prop-trader making some comments. Just compare the way he talks and thinks about markets and the way the plebs. talks and thinks here... You will soon see why you don't progress...
It's all psychology...
  • #19
  • Jun 3, 2016 4:31pm Jun 3, 2016 4:31pm
Quoting pharley
{quote} Hi - I've sent you a pm. Cheers Pharley
Well done Pharley

TSD
  • #20
  • Jun 3, 2016 6:20pm Jun 3, 2016 6:20pm
Put what ever indicator you want on 1D chart on every pair and trade it same like you trade lower timeframes. Place your trades with stop loss 100 pips at the end of US session when bar is nearly finished and turn off your computer.
Check tomorrow at same time.
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