Who makes real money from forex? | Page 15 | Forex Factory

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Who makes real money from forex?

  • #281
  • Sep 3, 2016 2:50am Sep 3, 2016 2:50am
Quoting Parabaj
I think that out of every new twenty traders, there is perhaps only one who can really earn something from trading forex. Others are mostly just repeating the same cycle - open deposit, big hopes, trading with high lot, pray for safety, eventually get margin call...and then repeat.

More like 1 in every 10000 or 1 in 100000 make consistent money
  • #282
  • Sep 17, 2016 5:44am Sep 17, 2016 5:44am
Quoting Agnosios
{quote}
What is your point?
  • #283
  • Sep 17, 2016 1:08pm Sep 17, 2016 1:08pm
Quoting GodfatherSam
I thing that the one who have ample amount of patience and proper knowledge regarding the Forex, can be successful and make money through it.
Could not Agree more. Everyone is different, I started trading at beginning of the electronic revolution, spread on Euro were 13 pips back then. Used to carry a pager/a pager...Motorola was king of phones.

Took me 3 years to filter out all the crap books from the good ones. Luck was chance - found the right mentor/right books the real thing which our the books that are not selling.

2006 I said I will give it 12 months more If not I will find a job. 2016 still making 2% to 8 % no headache. You have to be well financed 50K minimum with 1% leverage,

Also importantly a good broker not a bucket shop. And a Custodian Bank. No way I would leave more then 10 k directly with a ECN. Thats why Custodian Bank fixes that problem.
  • #284
  • Sep 18, 2016 12:23am Sep 18, 2016 12:23am
Quoting PaulDaemon
{quote} Same goes for a regular business. If you do some research you'll find about 90% of restaurants fail within the 1st year. A friend of my lost 3 restaurants in a row, all went broke within 12 months. The fourth one took off and ended up making a profits of around 250k per year. If they gave up on the 1st attempt, number 4 wouldn't exist.
Hi PaulDaemon! You are such a great mind and one of the few Fx Traders I have come across on FF. I have literally read through all your posts on this thread. You have stroked the real reason so many fail and will yet fail in the field of Forex Trading - which is lack of requisite commitment of resources (mental and financial). Indisputably, achieving success in any field, in this world, requires education and experience, then comes the excess cash! But sadly, many would not want to go for the first two (education and experience), when it comes to FX Trading, but would desire to achieve the third (excess cash) - what a mirage!

Please, make no mistake about this truth - there is no substitute for hard work neither is there sentiment in reality! You can't trade Forex on a part time basis and become a George Soros or Stanley Druckenmiller! You must be kidding! Forex must be treated as a full-time business just the way you treat your full-time job. If you wouldn't, then stop expecting more from Forex Trading than you would from full-time job. You want to rob Peter to pay Paul? Absolutely, you wont get away with that when it comes to Forex Trading. Until this insanity is addressed, chances are the statistics of failed Fx Traders would hit 99.99%.

Now, I throw up a challenge to all those on this thread, show me any account history you have ever managed consistently for a period of at least three consecutive months, whether live or demo, then I will show you to what extent you can go when it comes to Fx Trading and any other Financial Market field in general.

Attached herewith is an account I personally managed from from April 2016 to June 2016 just to validate my challenge...
Attached File(s)
File Type: pdf FXPRO Financial Services Ltd Account Statement.pdf   963 KB | 568 downloads
Study and risk taking are the engine & fuel that will propel you to success
  • #285
  • Sep 18, 2016 3:11am Sep 18, 2016 3:11am
Quoting jecklom
{quote} Hi PaulDaemon! You are such a great mind and one of the few Fx Traders I have come across on FF. I have literally read through all your posts on this thread. You have stroked the real reason so many fail and will yet fail in the field of Forex Trading - which is lack of requisite commitment of resources (mental and financial). Indisputably, achieving success in any field, in this world, requires education and experience, then comes the excess cash! But sadly, many would not want to go for the first two (education and experience), when it...


What the problem is 99% of people who discover forex trading are looking for a get rich quick scheme and use high risk strategies to try and make a million out of 100 bucks and because of this they constantly loose then call it a scam, blame it on the brokers market makers "the big boys" etc... Lets face it we all looked at it in that way at the start.

Forex needs to be treated as a business and with the right mind set

I used to trade with demos and doubled my account month after month with occasionally loosing one. I set up the demos with 10k balance. Then would open a live account with 1k and loose it a week later.

Why?

Because I wanted not only to double my account in a month but I wanted to times it by 10. When I would sit at my pc all day and make 50$ it dont seem worth it. This is psychological and it really messes with you.

What changed it for me and to please my ego was to trade a 100k demo along side my 1K live account, and it worked. What i found is it dont matter in what way you trade or your strategy the most important thing is money management. The one thing that has worked me was to get rid of the leverage.

In jan this year I asked my broker to set up a demo so it never expires and I suggest everyone to do this. All the data from my demo accounts in the previous years are all gone but this way if you keep a demo going you can track your progress better. If you loose you demo you can re-fund more virtual money.

These days I dont have time to trade the demo as often because I have 2 live accounts that I concentrate on. But you can say my demo and live accounts reflect each other, although I am more cautious with my live accounts.

Just something to mention in reality when you are putting on $100 million dollar trades there will be alot of slippage to deal with and you will find your orders may not even be filled. Its easy done with a demo because there is noone on the other side to take your trade.
20 Pips a day keeps centerlink away
  • #286
  • Sep 18, 2016 4:16am Sep 18, 2016 4:16am
Quoting PaulDaemon
{quote} What the problem is 99% of people who discover forex trading are looking for a get rich quick scheme and use high risk strategies to try and make a million out of 100 bucks and because of this they constantly loose then call it a scam, blame it on the brokers market makers "the big boys" etc... Lets face it we all looked at it in that way at the start. Forex needs to be treated as a business and with the right mind set I used to trade with demos and doubled my account month after month with occasionally loosing one. I set up the...
Sublime truth!
Study and risk taking are the engine & fuel that will propel you to success
  • #287
  • Sep 19, 2016 3:32am Sep 19, 2016 3:32am
On one hand more often than not people do lose money because they lack knowledge, experience and/or they have a hard time dealing with their anxiety. On the other hand scams do exist and some of them are pretty egregious too. Take the HSBC chiefs, who were recently charged with rigging the forex market back in 2011 because they had insider knowledge, lied to their clients, overbilled them and walked away with millions from their scam. Scammers do exist, unfortunately, and a lot of them make lot of money off other people's naivete.
  • #288
  • Sep 19, 2016 4:59am Sep 19, 2016 4:59am
People definitely make money. If others can, you can too. You may just have to work harder than them.

The fact of the matter is it's a zero sum game. So someone is coming out with profit
  • #289
  • Sep 19, 2016 12:33pm Sep 19, 2016 12:33pm
Quoting tradability
{quote} More like 1 in every 10000 or 1 in 100000 make consistent money
maybe, In any case, I don't want to become one of these loosers..)
  • #290
  • Sep 19, 2016 2:05pm Sep 19, 2016 2:05pm
nobody wants to become one but most will end up in that pile
  • #291
  • Sep 19, 2016 2:07pm Sep 19, 2016 2:07pm
Quoting mlawson71
On one hand more often than not people do lose money because they lack knowledge, experience and/or they have a hard time dealing with their anxiety. On the other hand scams do exist and some of them are pretty egregious too. Take the HSBC chiefs, who were recently charged with rigging the forex market back in 2011 because they had insider knowledge, lied to their clients, overbilled them and walked away with millions from their scam. Scammers...
Absolutely... your job as a trader is to overcome any difficulty to make money not from scamming but from trading.
  • #292
  • Sep 20, 2016 12:26am Sep 20, 2016 12:26am
To everybody else - if someone is making real money from trading which is completely scalable, do you really think they have the time or interest to sell trading "systems"?
  • #293
  • Sep 20, 2016 3:51am Sep 20, 2016 3:51am
Quoting tradability
{quote} Absolutely... your job as a trader is to overcome any difficulty to make money not from scamming but from trading.
True. However most traders out there lose money to scams, rather than profit from them.
  • #294
  • Sep 20, 2016 7:42am Sep 20, 2016 7:42am
Most of the traders make money, almost about 80% of them, but they need to understand that you cannot just enter the market and start making profit, you need enough patience and discipline to make more money with Forex.
  • #295
  • Oct 6, 2016 11:36pm Oct 6, 2016 11:36pm
anyone can make money in forex, having increased trading skills will allow us to manage capital well. for that, we need to have a good trading skills before engaging in the forex because forex is high risk
  • #296
  • Oct 7, 2016 12:07am Oct 7, 2016 12:07am
Quoting GodfatherSam
Most of the traders make money, almost about 80% of them, but they need to understand that you cannot just enter the market and start making profit, you need enough patience and discipline to make more money with Forex.
Right you might have some shorterm sucsess and beginners luck but in longetrm(One year or more) to be profitable one needs money managment and discipline. I see that some traders who are trading for many years have only 60% win rate but their loses are small compared to wins cause they use stop loss to avoid big loses.
Doubt kills more dreams than failure ever will.
  • #297
  • Oct 10, 2016 9:22am Oct 10, 2016 9:22am
Firstly let me mention that have I been in the "FX world" for quite some time. Not as a trader though, I have worked with some of the most well known retail & institutional FX brokers. To answer your core question "Who makes real money from forex?" the answer is painfully straight forward
  • #298
  • Oct 11, 2016 4:49am Oct 11, 2016 4:49am
Yes off course any one can make money on fx but there are many factors in making money for short term or long term basis and also it depends on the available funds and understanding of the trader. However the states show that losing ratio in fx is more than winning ratio, So only enter the market when you are confident of your skills.
  • #299
  • Oct 12, 2016 4:47am Oct 12, 2016 4:47am
BUT! If you can't handle the stress or you lack the required time (at the right time of the day) or you are plain and simple not capable of seeing entries or exits in such a setup there is absolutely no sense in trading like that.
  • #300
  • May 3, 2017 8:38am May 3, 2017 8:38am
There is no certainty since, Forex is a decentralized market! So, no one can expect here fixed income! I have almost 5 years trading experience but till now I am learning! In addition, right now I am making here 15% minimum monthly income, even sometimes I make double profit; whatever I just use trading opportunities according to my strategy, I don’t believe trading target!
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