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Who makes real money from forex?

  • #241
  • Aug 9, 2016 6:58am Aug 9, 2016 6:58am
Quoting GodfatherSam
{quote} Yeah...! While trading, you may face loss, but with each loss you gain something more precious than money and that is Experience, which could be useful in your next trade.
I agree with you completely! experience is really the best teacher in every sphere of our life
  • #242
  • Aug 9, 2016 9:39pm Aug 9, 2016 9:39pm
This "game" is so easy that few people understand.. like a dumb ass human driven by the EGO, we complicate everything and lie to us every day..

In the end Trading is a disciplined, Compound number, pattern recognition game.. PERIOD NOTHING ELSE !!

YOU are the one who fail every time you: change/test "new" strategies, dont respect the rules and let your dumb ass EGO get in the way and tells you what to do because is "best"

2 years full time trading, is the only thing i do; i have an apartment 2 nice cars (1 scratch build jeep) and i live a decent life..

Stop the copy-paste madness you read every time that is all over he internet and start thinking about this points.. Think outside the box; maybe and then you will be sucessfull


HINT: is not hard at all, stop thinking like you
  • #243
  • Aug 10, 2016 3:30pm Aug 10, 2016 3:30pm
Quoting havo
This "game" is so easy that few people understand.. like a dumb ass human driven by the EGO, we complicate everything and lie to us every day.. In the end Trading is a disciplined, Compound number, pattern recognition game.. PERIOD NOTHING ELSE !! YOU are the one who fail every time you: change/test "new" strategies, dont respect the rules and let your dumb ass EGO get in the way and tells you what to do because is "best" 2 years full time trading, is the only thing i do; i have an apartment 2 nice cars (1 scratch build...
Nice very very I am 200% agreed with you dear.. Nice looking a guy like u....
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Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -297
  • #244
  • Aug 11, 2016 2:01am Aug 11, 2016 2:01am
Quoting Mingary
Invariably, you hear about "who makes real money" only on hearsay and rumors. Such as "My Neighbor told me that his colleague at work knows someone who has a cousin who his making a killing at forex" If you care to dig a little deeper you will find that the reality for forex retail traders is utterly dismal. For example: https://www.youtube.com/watch?v=_ZgV0fWGWmM
Guy at 2:51 - "Beginners can do extremely well from trading even if they have no experience as long as they're given a new strategy"

I shudder!
  • #245
  • Aug 11, 2016 10:02pm Aug 11, 2016 10:02pm
Quoting Mingary
{quote} "that fashion" ? they could not find one decent trader ...only losers and scammers ? Not even one genuine success, perhaps to balance the character set ? "You hear about it in that fashion because making money in the markets is almost considered cheating the system" - I agree. "Who is going to walk around talking about that all day?" Ok.. who ?
No one with half a brain.
If you are good at something, never do it for free--Joker
  • #246
  • Aug 11, 2016 10:55pm Aug 11, 2016 10:55pm
Quoting jmn5611
{quote} No one with half a brain.

Half a brain ? Indeed, this is pretty much all the retail forex trading population
  • #247
  • Aug 12, 2016 9:58am Aug 12, 2016 9:58am
Quoting Mingary
{quote} Half a brain ? Indeed, this is pretty much all the retail forex trading population
Well if that's your view, at least you know why no one who may have worked years to get profitable is not going to just splatter it all over the web.
If you are good at something, never do it for free--Joker
  • #248
  • Edited 10:32am Aug 12, 2016 10:15am | Edited 10:32am
Quoting jmn5611
{quote} Well if that's your view, at least you know why no one who may have worked years to get profitable is not going to just splatter it all over the web.
I am sure someone, somewhere, is making a killing trading the forex from his mom's basement if he is still young. Or, from his son's basement if the old man is retired and already lost all his pension to forex.
Way off and clear out of sight... that is why we never see any retail forex trader "who may have worked years to get profitable"
I think the only time you might see them is when they are out to get a real job.
  • #249
  • Aug 12, 2016 12:43pm Aug 12, 2016 12:43pm
I think that the real money doing forex brokers
  • #250
  • Aug 12, 2016 3:24pm Aug 12, 2016 3:24pm
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 place, otherwise I apologize. Thanks!
Quoting jmn5611
{quote} Well if that's your view, at least you know why no one who may have worked years to get profitable is not going to just splatter it all over the web.
Couldn't agree with you more Jmn5611!

A successful Forex System whether it's Manual or Automated will have unique characteristics which would take years to develop.

If a person were to create an invention that is unique that beats the competition... however it took years to make, countless hours, money, time away from family, enormous stress... why would they expose the method used to make the invention... to individuals that are not willing to put in the work, and their own time to do the same?

Anyone can be successful at Forex, the money is lucrative but what the majority fails to realize is that the amount of time, and effort it will take to become successful cannot be compared to a Day Job or even Multiple Jobs.
If a person lacks self control, patience, and good work ethic I don't believe they will last long in the Trading World. A person should first develop internal qualities such as patience, discipline, emotional control, and good work ethic before they attempt to do something as difficult as Trading.

Outside influences such as family and friends can negatively impact ones journey to success. I was told countless times to give up, I'm not capable, I'm wasting time by numerous people close to me, their perspective told them that what I was doing was not going to work, however they could not see/understand MY perspective.
At times I would believe them and this would reduce my output, I would slow down, I would think less, and my System Research and Development would suffer. But over time I learned that I must have enough self control to pick and choose what external factors would affect my thinking process, I began to no longer care about the opinions of others in regards to my Trading System development. That is a part of my personal story, and goes to show how something such as Emotional Self Control does play a role in developing any career.
To the OP if your wife and you are having a conversation, discussing that it may not possible to benefit from Trading, ask yourself does that conversation help you develop or improve your trading?? Should you even be thinking about such a thing or should you be spending that time developing and working on your trading? These types of questions will make or break an aspiring Trader, either commit yourself 100% and put Trading first or quit, the level of competition is fierce self doubt and wasted time will prevent success.

On another note, take the following as an example:
If you wanted to be an athlete, would you go to an athlete and ask what their secret is? What if you wanted to be a successful Business person? How about a Doctor? At the end of the day there is no "secret" to success in for any career including Trading. There is simply passionate dedication which some mistake for curiosity. Your dedication must be superior to that of your competitions, just visual how many people would love to be a Professional Trader.

I developed well over 150 Trading Systems, and numerous variations of each Trading System. All of which failed given enough time. However, after I had accumulated enough experience, improved my intellect, and just as importantly developed my Internal qualities (patience, self control, work ethic... ) things began to come together smoothly.
Today I am a successful Trader and have been for sometime. I am very happy with my financial success, however I will be honest the journey to get to this point had many many more disappointments than I could have ever imagined than when I first started, it is a miracle that I made it. I have lost money, friends, family, and time. All of which I sacrificed to allow myself to dedicate more time towards developing my Trading System. I have learned one very important lesson, it's been said time and time again but it's one of those things that a person learns through personal experience not through someone else's experience. Money will not make you any happier. You have a wife and hopefully a family, so spend time with them.

I have shared my opinion and experience as usual, I hope this does not offend anyone, instead I hope it can help out whoever stumbles across it
Lots of Love
Rparm
A Positive Mind, and Positive Spirit lead to True Happiness
  • #251
  • Aug 12, 2016 5:40pm Aug 12, 2016 5:40pm
Quoting Rparm
{quote} Couldn't agree with you more Jmn5611! A successful Forex System whether it's Manual or Automated will have unique characteristics which would take years to develop. If a person were to create an invention that is unique that beats the competition... however it took years to make, countless hours, money, time away from family, enormous stress... why would they expose the method used to make the invention... to individuals that are not willing to put in the work, and their own time to do the same?
From personal experience, one of the reasons are close to things you've mentioned in your post but it's still slightly different. I don't care if people put in work before, what I do care about is MY time and the success rate of sharing. Most people think they can take it and copy it. It's not just common in trading though. If you read the knowledge platform quora, you'll see plenty of people asking for business ideas on how to become a billionaire, believing you just have to mechanically copy some secret to success. Considering that the world is actually not full of billionaires I conclude that they couldn't be further from the truth. Let it be business or trading, it doesn't really matter. Successful ideas are not a mechanical set of rules to be copied over and over again. In business and in trade they are strongly connected to your time, timezone, mindset and the current market situation and your ability to optimize your rules.
I mentioned it before, in public and in private. I trade like an engineer. New problems arrive on a regular basis simply because the market changes - swings are faster, slower, bigger, smaller ... there are almost always patterns though. I isolate and analyze these things and act accordingly. I could certainly mentor people on that but I simply can't tell them the secret to my success because there is no (secret).
What I could do, is to teach them a few tricks to stay calm, focused, ahead of the "game" and a few technical things on when and where I put my trades, their biggest problem though is their mindset and their expectations. Many people are actually so helpless, they do not even realize the power of small winnings and compounding. To be brutally honest here, they need to learn A LOT more than just trading. Starting with math, how to control their own state of mind and so on ... doable? Certainly. Is it probable for people who have a history of failure at much simpler tasks? Probably not.
I attended a seminar held by dukascopy europe in London last year, one of the visitors actually asked something along the lines of "what is 20%". Teaching these people trading rules is useless, they already failed in secondary school and should mind their intellectual gap before trying something with finance.
  • #252
  • Aug 12, 2016 10:11pm Aug 12, 2016 10:11pm
Retail trader makes money but the Broker makes more money... IMHO
i worshipped... Momentum
  • #253
  • Aug 14, 2016 12:21am Aug 14, 2016 12:21am
Your wife is only right if you let her be. If you put in the time and effort you can succeed. I don't see why your wife would be so pessimistic about it unless your neglecting her because of it.. or losing thousands of dollars. If you're not doing those things I don't see the big deal. I am new like you too and many people around me don't think I will succeed or that this is doable but honestly have they spent as much time as you or me learning this? probably not.
  • #254
  • Aug 14, 2016 12:51am Aug 14, 2016 12:51am
Quoting Mingary
{quote} I am sure someone, somewhere, is making a killing trading the forex from his mom's basement if he is still young. Or, from his son's basement if the old man is retired and already lost all his pension to forex. Way off and clear out of sight... that is why we never see any retail forex trader "who may have worked years to get profitable" I think the only time you might see them is when they are out to get a real job.
I think most retailers make some classic mistakes like getting caught up in the indicator mill. I can also understand your cynicism after you have been on this site for awhile to watch scammers build a client base and them shepherd them off to a site where they can be introduced to their IB. I have watched two prominent members do this in my time here. So it is easy to say that there are NO traders that make money.

What I will say is that there are no traders that make the same amount of money each and every month. As a result it is an unwise thing to try to live off of Forex unless you are in the second or third world, or have a trading account greater than 100K US. That said, there are traders that meet those criteria.
If you are good at something, never do it for free--Joker
  • #255
  • Aug 14, 2016 4:56am Aug 14, 2016 4:56am
it is not the system (no matter which one) - most impact has the traders mindset, donīt trade manual if you arenīt in a good mood, donīt force it, use the flow, trade what you see not what you expect.
every system can have perfect times / worse times depending on rhythm of the markets.
just do it
  • #256
  • Aug 14, 2016 5:02am Aug 14, 2016 5:02am
Quoting thodie
it is not the system (no matter which one) - most impact has the traders mindset, dont trade manual if you arent in a good mood, dont force it, use the flow, trade what you see not what you expect. every system can have perfect times / worse times depending on rhythm of the markets.
I am very curious about the EA side of trading. Are EA's reliable? I'm honestly probably never going to touch EA's since I am new to the currency market and would prefer myself over a robot losing or making me money. I see you said don't trade manual id you aren't in a good mood though. Is there ever a time where everyone would be in agreement that EA's are ok and useful? Once again i'm new and just trying to learn as much as possible. It would seem every thread I click on to I develop another question and another. Thanks again any help is greatly valued.
  • #257
  • Aug 14, 2016 5:04am Aug 14, 2016 5:04am
Quoting Rparm
{quote} {quote} Couldn't agree with you more Jmn5611! A successful Forex System whether it's Manual or Automated will have unique characteristics which would take years to develop. If a person were to create an invention that is unique that beats the competition... however it took years to make, countless hours, money, time away from family, enormous stress... why would they expose the method used to make the invention... to individuals that are not willing to put in the work, and their own time to do the same? Anyone can be successful at Forex,...
Certainly... Very we'll said...Some addition from my side.The results getting batter after u have faith what u do and what to do. I mean if u lost 50 pip u have not to worry about that because u have confidence that sooner or later u have acchived it again. So this comes minimum 12000 hours practice ..... Also u should not risk more then you achieved.... In trade..M.
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -297
  • #258
  • Aug 14, 2016 5:10am Aug 14, 2016 5:10am
Quoting mohsinali
{quote} Certainly... Very we'll said...Some addition from my side.The results getting batter after u have faith what u do and what to do. I mean if u lost 50 pip u have not to worry about that because u have confidence that sooner or later u have acchived it again. So this comes minimum 12000 hours practice ..... Also u should not risk more then you achieved.... In trade..M.
Speaking in regards to not risking more then you achieved do you think it would be smart to bank certain profits each month as opposed to just growing and growing my portfolio size. For example(im sure my numbers will make no since, im new to trading not sure what an average monthly return is for a profitable trader at the specific example i use) if I have $30,000 USD in a trading account and make $10,000 in a month would it be reasonable risk management to withdraw the $10,000 USD out of my brokerage account and into the bank as pure profit and then continue trading with the $30,000 USD, with a return goal of around the same but never dramatically increasing since my account size would stay the same?
  • #259
  • Aug 14, 2016 5:14am Aug 14, 2016 5:14am
Quoting Subliminal
{quote} I am very curious about the EA side of trading. Are EA's reliable? I'm honestly probably never going to touch EA's since I am new to the currency market and would prefer myself over a robot losing or making me money. I see you said don't trade manual id you aren't in a good mood though. Is there ever a time where everyone would be in agreement that EA's are ok and useful? Once again i'm new and just trying to learn as much as possible. It would seem every thread I click on to I develop another question and another. Thanks again any help...
made my first steps in coding around 2012 and it opened my eyes in terms of trading/systems/indicators...
i needed years, this was very time consuming too, so there is no "fast and easy answer" and you most likely wonīt find it
in the EURUSD tread of this forum. Donīt expect a developer to give away a good profitable expert advisor, there are thousands for free - and that is what they are worth.

So watch out snake oil sellers and super hot systems without a trade explorer or account statement. There are already some well known manual trading strategies on FF that can work, i use some details of them in my robotīs, so nothing special at all / no holy grail thingy.
just do it
  • #260
  • Aug 14, 2016 5:17am Aug 14, 2016 5:17am
Quoting thodie
{quote} made my first steps in coding around 2012 and it opened my eyes in terms of trading/systems/indicators... i needed years, this was very time consuming too, so there is no "fast and easy answer" and you most likely wont find it in the EURUSD tread of this forum. Dont expect a developer to give away a good profitable expert advisor, there are thousands for free - and that is what they are worth. So watch out snake oil sellers and super hot systems without a trade explorer or account statement. There are already some well known manual trading...
What i figured I see some of the snake oil in the commercial section already. How do people honestly fall for PROFITABLE INSTANT RICHES systems for only a couple hundred dollars? I really wonder how much some of those guys selling those garbage EA's are making. Thanks for explaining and confirming my thoughts all the help is appreciated.
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