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Unread 11th February 2010, 01:58 AM   #1
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Default Is Forex Trading Really Worth It?

I've been really interested in getting into Forex Trading.. I've seen products for currency trading all over clickbank although I probably wouldnt purchase a clickbank product. So I guess I'm wondering is, are any of you Warriors having luck with currency trading?

The learning curve seems pretty steep.. Is it really or am I just a bit intimidated?

Would you say Forex Trading is Risky?

Would it be worth it for me to start learning Forex Trading.. It can obviously be profitable but can a normal guy profit?
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Unread 11th February 2010, 02:44 AM   #2
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Default Re: Is Forex Trading Really Worth It?

what do you mean by worth it? Easy money? It's all about risk/reward. You can make about 40% to 50% per annum with bumps along the way. Decide if sitting in front of the machine 8 hours+ day is worth it.

Forget those B*S* trading robots for $99, $199 etc that prmosie to turn $1,000 into $2 million. LOL I really do not know who is the worse one? The scam creators (illegal sales pages) or the mugs who believe and buy into it.
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Unread 11th February 2010, 02:57 AM   #3
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Default Re: Is Forex Trading Really Worth It?

I've been a trader for over 20 years and have traded everything from stocks, to futures, to currencies(forex) so I feel qualified to say...

Stay far, far away from the Forex markets. Theres' really to much leverage which can work for you but it disasterous when it works against you. These are the largest markets in the world and are traded by resources from entire nations. (not individuals with dinky desktop software)
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Unread 11th February 2010, 03:40 AM   #4
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Default Re: Is Forex Trading Really Worth It?

Quote:
Originally Posted by searchnology View Post
I've been a trader for over 20 years and have traded everything from stocks, to futures, to currencies(forex) so I feel qualified to say...

Stay far, far away from the Forex markets. Theres' really to much leverage which can work for you but it disasterous when it works against you. These are the largest markets in the world and are traded by resources from entire nations. (not individuals with dinky desktop software)
I respect your years of experience, but with all due respect, I too feel somewhat qualified to speak on this briefly for I got into this business for a solid year.

For months, I struggled.

Not with the technical or fundamentals of trading, but the pure mental aspects of it. What I didn't know at the time, was that I was playing in a market more volatile than the NYSE, options, and futures combined.

The real market is liquid, and full of opportunity to make money. More than enough for everyone to make a fortune. But the biggest challenge is controlling greed (getting out like a pro when your ahead, and quitting when you are down).

Trading currencies is ALL about planning if you want to make money, and if anything, you'll get one hell of an education to help you grow ANY business. No kidding. Trading is what helped me in IM because of the intense and rigourous routine and training one must endure to get the big profit paydays you see in a lot of these phony clickbank forex products.

When I say you can plan how much money you make in a given day, I'm dead serious. You can also plan how much your willing to lose. And if your good and disciplined, you will NEVER lose more than you planned. And your winners will always overshadow your losers.

If trading currencies isn't one of the biggest mental challenges in the world, I don't know what it is. IM, copywriting...hell, even jumping out of a plane doesn't compare to the dangerous adranaline rush one could get from suddenly losing a $2000 account or gaining $500 in less than 2 hours (both of which happened to me)

Personally, when I quit, I did it when I was ahead. Not because I was losing money. Why? I hate sitting in front of the computer for hours a day waiting for my signals to trigger to go in.

The worst? waiting for the signal many, many days and turning out ot be a false alarm for the rest of the day. Meaning, you can easily wait hours...late nights depending on your timezone, to get in on a trade that looks promising and about 6 to 7 times out of ten - it would be a dud.

It came at a point where I needed to make a choice:

Become a professional or Quit.

No if's and's or but's. I refused to make it a hobby or be anythning less than professional, and I personally, wasn't passionate enough to stick with it and knew I'd be miserable putting so much work into it - although I was making hundreds.

I was at a crossroad, making money, and I decided to let it go. That's a decision you will inevitaby face now, or when you too figured it out.

But everyone isn't me. You aren't me. And the best way for YOU to decide if currencies is right for you is to open a dummy account, and try a small real one to see if it's something you are pasisonate about doing, because anything less imho, will make you lose your mind.

Not so for those who LOVE financial markets, they can do it all day long. I just personally can't. To tell you don't get into it is like saying don't do Affiliate Marketing. If it's you, it's you. Same for the markets. I just don't like them.

So, yes, FOREX is a VERY real and viable way to make money, if your willing to work BIG TIME on your mindset, controlling your emotions of fear and extreme ecstasy (from big winners)...you can succeed. It's tough, and I honestly can't recommend it to someone of little education and a very touchy personality.

If you tackle it right, you'll make hundreds and thousands, but forget about all those forex robots and software. The only thing I used was a proven system with HectorTrader, and he's the real deal (no plug). I got into that business BEFORE FOREX became a fad...

little do people know before buying that software through clickbank products that their dangerously putting thier money on the line ina market so liquid, they'll lose their shirt in less than seconds without REAL proper training.

If anything I suppose, it'll teach them a lesson and hopefully inspire them to keep moving forward and learn how to really do it, or like most, quit out of desperation.

This post went a little long, but I felt you deserved a REAL answer to decision that could either be the best decision or the WORST decision for you for the rest of your life.
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Unread 11th February 2010, 03:44 AM   #5
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Default Re: Is Forex Trading Really Worth It?

Trading forex requires alot of training and experience.

Take a look at some of these terms:

fibonnaci
pivot points
moving averages
doji candle
inside bar

This is but a small part of discretionary forex training and requires serious study before committing meaningful money. If you are serious get studying and open a demo account.

Do not commit money until you are consistently successful with the demo.

Even then you have to accept the fact that demo money doesn't replace trading real money and how that will make you feel. Psychology is probably 75% of successful trading.



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Unread 11th February 2010, 03:52 AM   #6
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Default Re: Is Forex Trading Really Worth It?

Yeah the learning curve is steep and yes it carries risk - just like PPC.....buying a home...

I was sorely tempted for a long time and took some trading courses, what ended my trading days was how I consistently lost money in my practice account.

Cheers,

Jonathan
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Unread 11th February 2010, 04:09 AM   #7
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Default Re: Is Forex Trading Really Worth It?

Quote:
Originally Posted by jitterbug978 View Post
I've been really interested in getting into Forex Trading.. I've seen products for currency trading all over clickbank although I probably wouldnt purchase a clickbank product. So I guess I'm wondering is, are any of you Warriors having luck with currency trading?

The learning curve seems pretty steep.. Is it really or am I just a bit intimidated?

Would you say Forex Trading is Risky?

Would it be worth it for me to start learning Forex Trading.. It can obviously be profitable but can a normal guy profit?

Just let me say, i back up some of my funds with this. Just setted up an account and put some EA into it.. I have no time to trade by myself.

But it brings some extra $$ every month :-)

Patrick
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Unread 11th February 2010, 04:13 AM   #8
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Default Re: Is Forex Trading Really Worth It?

If you are wanting to get into Forex trading and make some good money then there is only one person I know of who does 'extremely' well with it and has been in the business for a lot of years.

He offers training courses among other cool products. He's a Warrior members called Loz.

Check out his site here... Forex Mentor Program. Forex Signal Videos, Learn Forex With Forex Signal Mentor

I'd always be a bit wary when i comes to Forex as there is a lot of cr%p out there but I would have no hesitation at all for recommending this guy.

Andy
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Unread 11th February 2010, 06:17 AM   #9
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Default Re: Is Forex Trading Really Worth It?

Just had to throw in 2c

The learning curve is extremely steep and requires an insane amount of hard work before you make "easy money", as another warrior pointed out.

Software out there is Cr@p. My partner is a programmer and we have programmed a zillion EAs. None of the commercially available "robots" work. There are some EAs which work (or at least you can code if you know coding) but they require human skills as well.

A mentor is invaluable.

Is it worth it? I don't know about you. But it is not "Easy money". Nor is IM. Nor is anything in life.
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Unread 11th February 2010, 06:18 AM   #10
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Default Re: Is Forex Trading Really Worth It?

Cheers for the plug Andy.

@Jonathan

Maybe those courses was not teaching you the real way to trade.

About 10% of my members were trading for about 1-3 years and were going up and down and up and down all the time, some blew their account out many times over. As soon as they jumped on my course, they're doing much better.

The rest are all newbies, and most of those are doing great, and what makes it better is we have over 90 people in a skype group chat every day chatting about the strategies I teach them, amongst themselves, they all call out signals and the rest of the peeps in the group jump on their charts to see the buy or sell signal that was called out, and why it was called, and discussions go on from there.

Some of them are that good (which they don't really realize yet) they could start their own forex signal service
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Unread 11th February 2010, 06:26 AM   #11
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Default Re: Is Forex Trading Really Worth It?

yeh, Steven Lee Jones, Mark Trenton, Tom Strignano and many others all come out with crap EA's and none of them work.

Tom's manual strategies do, cos I've been using them as long as he has. Not that he taught me, I'm self taught.

I had an EA called "FX Price Action", unlike may others like Mark Trenton who claims to make $10-20k in a few days on a robot which didn't do that when I tried it, it blew a $1k account out of the water in the first two days. Same too with Steven Lee Jones EA's...

My FX Price Action worked great for 6 months, then it went into beta testing, then faced some problems during the xmas period, and within two months (nov and dec last year), it blew the account out due to too many losses... so unlike these other guys, I want to make sure they do work before releasing them out to the public.

I do have one that is not for sale, which cost me over $50k for it to be developed, which is being used now to help a bunch of people, currently we're up by $46,000 or so in 8 months on a $126k starting balance. We're hoping in the next 2-3 years it will hit the $1 million mark.



Quote:
Originally Posted by ash107 View Post
Just had to throw in 2c

The learning curve is extremely steep and requires an insane amount of hard work before you make "easy money", as another warrior pointed out.

Software out there is Cr@p. My partner is a programmer and we have programmed a zillion EAs. None of the commercially available "robots" work. There are some EAs which work (or at least you can code if you know coding) but they require human skills as well.

A mentor is invaluable.
Quote:
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Is it worth it? I don't know about you. But it is not "Easy money". Nor is IM. Nor is anything in life.
Forex is easy, most people approach it the wrong way. Just like IM, or SEO, Keyword research, all of it is dead easy.

Unless you're taught by the right person, no matter the niche, it will be easy to do, otherwise you're up the creek without a paddle.
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Unread 11th February 2010, 06:48 AM   #12
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Default Re: Is Forex Trading Really Worth It?

Forex market is volatile.You can make a lot of money if you know what you are doing.
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Unread 11th February 2010, 06:50 AM   #13
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Default Re: Is Forex Trading Really Worth It?

There's a perception that the Forex market is extremely risky - more so than other markets like equity.

This is a flawed perception for many reasons. One reason for the existence of this perception is the high leverage levels that forex brokers offer.

Now if you know nothing about forex and start trading, you will start sharing this perception because of the lure of using high stakes (relative to your account size) to rake in big money in one go. Couple high stakes with high leverage and you have a perfect recipe for disaster.

This kind of behaviour is similar to try your had with PPC without knowing anything about it. If you start putting money in PPC without knowing how it works, chances are very high that you will lose your money. And just as fast as you would lose by trading forex with high stakes and high leverage.

The other side is true as well. Just like PPC, if you know what you are doing, chances are very high that you WILL make money from Forex.

The key thing is to take a disciplined approach and use good money management while trading.

This might sound simple but I guarantee that when you get down to it, you will realize just how difficult it is to stay disciplined.

A thing about robots. Don't use robots. Period.

Currency markets, due to their very nature and dependence on day to day events, are extremely volatile and unpredictable. Any robot which will work for Month X or Year X, WILL result in losses sometime in the future.

So I guess what I'm trying to say is that there is a very real possibility of making money in forex trading but nothing more than any other business opportunity.
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Unread 11th February 2010, 07:21 AM   #14
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Default Re: Is Forex Trading Really Worth It?

Quote:
Originally Posted by jitterbug978 View Post
I've been really interested in getting into Forex Trading.. I've seen products for currency trading all over clickbank although I probably wouldnt purchase a clickbank product. So I guess I'm wondering is, are any of you Warriors having luck with currency trading?

The learning curve seems pretty steep.. Is it really or am I just a bit intimidated?

Would you say Forex Trading is Risky?

Would it be worth it for me to start learning Forex Trading.. It can obviously be profitable but can a normal guy profit?
It's extremely risky. It requires tough nerves, lot of money and ability to stay emotionless.

It really is a dog eat dog world.

I've invested in Forex through a broker I know and fortunately didn't gain or lose anything. Crisis started and he couldn't apply the techniques any more.

Be careful and aware. If you want to master Forex yourself, you will have to invest a lot and probably will not be able to do IM as a side job. The thing in Forex is - whenever someone wins money, someone else loses it.

Furthermore, all the big banks are doing and sharks like George Soros as well. You will be competing against these people.
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Unread 11th February 2010, 08:01 AM   #15
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Default Re: Is Forex Trading Really Worth It?

Quote:
Originally Posted by LetsGoViral View Post
It's extremely risky.

Sorry, that it nonsense.

It's ONLY risky if you DONT KNOW WHAT YOURE DOING! Period!


Quote:
Originally Posted by LetsGoViral View Post
It requires tough nerves
No it don't, it only takes nerves if you don't know what you're doing. trading on emotions is NOT a good idea!

trading mechanical strategies removes the emotional ties.

That's what I teach my students.

Quote:
Originally Posted by LetsGoViral View Post
lot of money .
NOT TRUE!

A person can get started for as little as a dollar.
A dollar looks like $100 on a micro account, trade for as little as 1 cent a pip.

$100 looks like $10,000 in your account on a mirco.

Quote:
Originally Posted by LetsGoViral View Post

I've invested in Forex through a broker I know and fortunately didn't gain or lose anything. Crisis started and he couldn't apply the techniques any more.
What has the crisis got to do with it? Nothing. the forex markets are no different than they were back 10 years ago, it moves up, it moves down.

Who ever tells you that a crisis is hard to trade in, like when 9-11 happened, or when Oil went up, or what ever, just don't know what they are doing.

the technical analysis if done properly, will tell you what will happen next.

in a webinar last week I did for my students, I showed them a 700 pip move and told them where it would end up, and we've just reached that 700 or so pip level.

Quote:
Originally Posted by LetsGoViral View Post
Be careful and aware. If you want to master Forex yourself, you will have to invest a lot and probably will not be able to do IM as a side job. The thing in Forex is - whenever someone wins money, someone else loses it.
Dude, you do not need a lot of money... what ever circles you have been going in, jump out of it, cos you've been fed a lot of nonsense.

Quote:
Originally Posted by LetsGoViral View Post
Furthermore, all the big banks are doing and sharks like George Soros as well. You will be competing against these people.
No you're not, you're not really competing against anyone but yourself.

it's not a competition, it's not a race to see if you can make a million in a year.

It's about keeping your composure, keeping your cool, trading when you should trade and leave it alone when you shouldn't trade.

Master that, you're on your way to the top 5% of those who win...

Take out greed, and you'll be in the top 1%
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Unread 11th February 2010, 08:05 AM   #16
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Default Re: Is Forex Trading Really Worth It?

Quote:
Originally Posted by Kul View Post

Currency markets, due to their very nature and dependence on day to day events, are extremely volatile and unpredictable.

Unpredictable? really?

When I've uploaded a video to amazon, I'll show you HOW PREDICABLE THEY ARE!
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Unread 11th February 2010, 08:23 AM   #17
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Default Re: Is Forex Trading Really Worth It?

I'm going to throw my two cents in....


A lot already has been said but to confirm Loz on most of his points.

I trade with GFTforex as well as Foex.com, I started an account with $250 to just "play" around in the marketplace and take a step on the learning curve.

First... It's Risky...

That is a bull comment made by most newbies in the marketplace cause they don't know what they are doing. I find it safer since I can't trade what I don't have in margin. You invest $250, you either will lose $250 or make more. Yea, sure each trade can be risky, but what you trade is what you can lose.

It's also called Risk Management. You place your limits, your stops, you say what you want to lose, what you want to profit. With every trade I know my exact risk, nothing more, nothing less.

You need a lot of money.

That is also a lie, I started with $250. Traded with discipline on obvious movements and over a month worked the account to $500, then in three months worked it to $1,500.

You can start with $250 with most brokers using a mini account and trading only 10,000 and below.

It's stupid to just start out with $2,500 and start trading 100,000 lot sizes.

In fact, if you really want to just play around, you can look into Forex Trading | Forex Trade | FX Trading | Currency Trading with their $25 micro account trading lots of 1,000. You invest around $5 or so per trade, but it is a great learning experience.

+++++++++++++++++++++++++++++++++++++

The markets are extremely predictable, especially in the past few days. Learn about trend lines, learn about the indicators, learn the fundamentals behind the markets and read the news.

A simple trading method....

You don't have to trade everyday, I have had movements of 100-200 PIPS in one day, but I knew it was going to make that movement and so I was able to profit large on it with a large leverage.

Watch the support and resistance levels.

Anyways, my maybe three cents.
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Unread 11th February 2010, 08:25 AM   #18
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Default Re: Is Forex Trading Really Worth It?

so why not just tone the leverage down to 3:1? Just becasue Fapturbo b*S everyone with fake scren shots showing what can be done with 100:1+ leverage doesn't mean you have to be a gambler
Quote:
Stay far, far away from the Forex markets. Theres' really to much leverage which can work for you
Best to throw all this crap away in the bin. NO HEDGE AT ALL

a
Quote:
ke a look at some of these terms:

fibonnaci
pivot points
moving averages
doji candle
inside bar
Loz. I am surprised the F.S.A. in the UK have not come knocking on your door with your outrageuos claims. Here's the man claiming to make what was it $1M+ Per month ($12M+ per annuum) trading forex.........Still claiming this? Yet here you are...........:-(
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Unread 11th February 2010, 08:25 AM   #19
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by askloz View Post
Unpredictable? really?

When I've uploaded a video to amazon, I'll show you HOW PREDICABLE THEY ARE!
This was posted in the context of robots and their utility.

If trading manually, there definitely are ways to read the market and ride in the same direction. If that weren't the case, forex would be the same as gambling, which it is not.
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Unread 11th February 2010, 08:26 AM   #20
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Default Re: Is Forex Trading Really Worth It?

well I see there are a lot of newbies in fx here who no idea about risk management. You beleive all the hype. You can't trade forex less than $10,000....oh screw it. Go on jump in and learn the hard way.
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Unread 11th February 2010, 08:30 AM   #21
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Default Re: Is Forex Trading Really Worth It?

sloan....

Are you serious, watch your words.... because you can.

http://www.idearag.com/forex.JPG

I'm pretty sure, that shows my lot sizes above....hmmm, it's called micro.
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Unread 11th February 2010, 08:54 AM   #22
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Default Re: Is Forex Trading Really Worth It?

^^^

....sure you can open an account with $50 I think...I know all about Micro accounts......GEEZ.

What I was tryign to get across is you can't make any decent money until you get upto$10,000+... 4% per month of $10,000 is only $400. Ideally you need $100,000+ But newbies, like your-self, will try to make $500+ on a $500 account. Using massive leverage and going bust. It's a cert.

SERIOUSLY........you aren't talking to a Greenhorn here. I see it all the time. People rush in believing what the liars are telling them. Basically gambling. Losing the lot...then promoting other peoples crap in order to make thier losses back. (see the FX affiliate link)


And as for certain people pretending they make masive sums and have systems that have no losses.....CRIMINALS
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Unread 11th February 2010, 08:55 AM   #23
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Default Re: Is Forex Trading Really Worth It?

Well done Sherlock......that was a superb pisece of Detective work.

Quote:
sloan....

Are you serious, watch your words.... because you can.
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Unread 11th February 2010, 08:56 AM   #24
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Default Re: Is Forex Trading Really Worth It?

LMC: Anyhow I thought you just secured $1M+ in venture captial? so why are you messing around with a couple of thousand $$'s in retail forex?
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Unread 11th February 2010, 09:02 AM   #25
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Default Re: Is Forex Trading Really Worth It?

sloan,

One, I never said I was moving a thousand dollars, I just gave it as an example for newbies to dip in and see what they can do.

Two, I misunderstood your post, thought you were calling me a liar.

Three, I appreciate the comments on my detective work.

Four, Please read that information on the VC again, if you read it one more time you will see that I only get 15% of that, and you don't just receive a check, that is a process....

Five, It's called income streams.
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Unread 11th February 2010, 09:04 AM   #26
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Default Re: Is Forex Trading Really Worth It?

Alexa I believe you do not trade fx any longer? What was the reason for giving up? for me it was the thought of spending the next 20 years glued to the quote machine all day. It's not the life I want.
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Unread 11th February 2010, 09:05 AM   #27
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OK LMC no problem.....my arguement is not with you.
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Unread 11th February 2010, 09:07 AM   #28
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Default Re: Is Forex Trading Really Worth It?

Look it doesn't sound like you really want to trade forex. It sounds like you want to make some money. and beleive me there are much better ways to make it. If you haven't even started trading forex.........then it's best not to start. Unless your burning ambition is to trade? But it doewn't sound like it.

One thing you are 100% right on......keep clear of all those fake CB products. Still, many on here seem happy to promote them as they pay out a decent commission. :-(

Quote:
I've been really interested in getting into Forex Trading.. I've seen products for currency trading all over clickbank although I probably wouldnt purchase a clickbank product. So I guess I'm wondering is, are any of you Warriors having luck with currency trading?

The learning curve seems pretty steep.. Is it really or am I just a bit intimidated?

Would you say Forex Trading is Risky?

Would it be worth it for me to start learning Forex Trading.. It can obviously be profitable but can a normal guy profit?
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Unread 11th February 2010, 09:16 AM   #29
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Default Re: Is Forex Trading Really Worth It?

reading this thread, it's no wonder there are so many casualties in the Forex markets!

I've been making over $20K a year now for the past several years in forex( more for fun rather than a serious business). I have a simple strategy and very basic set of rules I follow.

I trade the eur/usd on a daily chart using exponential moving averages and a trendline. I always trade in the direction of the trend. Moving average crossovers and trend line breaks on the daily charts give me my cues to change trade directions. I usually trade from Jan. till May, take a break over the summer, then trade from September till years end. If you look at the charts, you'll see that most of the choppy/directionless trading occurs in the summer.

I'll lose a few hundred pips from time to time on "whipsaw" trading action, but the 700-1000+ pip trending moves more than make up for it.

My advice, avoid the "robots" like the plague. Been there, done that...have blown accounts. Find yourself a simple strategy that doesn't require you to sit behind the computer all the time. I usually only peek in on the markets once or twice a day.

There are many strategies that will work. You have to go into forex trading realizing that losses will be a part of the game...think of them as "business expenses".

Once you find a system that gives you the "edge", you must combine that with strong money management skills, or you'll be doomed. To be successful, you must stick to your "plan" and leave emotion out of it.

pearson
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Unread 11th February 2010, 09:37 AM   #30
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Default Re: Is Forex Trading Really Worth It?

Nichecowboay so what kind of leverage are you using on your trades? Can't be high with these stops in place?

Yeah I too like end of day. It's the only way I would do it now. I think 8 hours watchng prices go up and down is a waste of a life.

Are you concerend about overnight gaps, news events etc?

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I'll lose a few hundred pips from time to time on "whipsaw" trading action, but the 700-1000+ pip trending moves more than make up for it.
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Unread 11th February 2010, 09:40 AM   #31
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Default Re: Is Forex Trading Really Worth It?

Read up on the CFTC warning:

CFTC Consumer Advisory: Foreign Currency "Forex" Fraud

The CFTC #1 warning for consumers:

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No matter what you're told, Forex trading is risky.
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Unread 11th February 2010, 09:53 AM   #32
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Default Re: Is Forex Trading Really Worth It?

no it's not..really. It's the leverage you employ that is risky. If I trade on no leverage it's really quite dull. If I take the same trade with 100:1 leverage I am gambling and it can be addictive. All these robots you see gamble. They show when it comes off. Ignoring all the losing ones that will wipe you out.
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Unread 11th February 2010, 10:07 AM   #33
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by lowjo View Post
Yeah the learning curve is steep and yes it carries risk - just like PPC.....buying a home...

I was sorely tempted for a long time and took some trading courses, what ended my trading days was how I consistently lost money in my practice account.

Cheers,

Jonathan
Well I don't see PPC as a risk at all. I see it as purely mathematical.

And a house to me is an investment.. I would never put myself in a situation to where buying a house was a risk.
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Unread 11th February 2010, 10:56 AM   #34
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by sloanjim View Post
so why not just tone the leverage down to 3:1? Just becasue Fapturbo b*S everyone with fake scren shots showing what can be done with 100:1+ leverage doesn't mean you have to be a gambler
Dude.

Toning down the leverage does absolutely nothing, except restricts the amount of trades you can do cos it will cost you more to open it up.

reducing your leverage means you need to be extra patient, and also restricts the ability to hedge your trade should you go in the wrong way and counter act it with a 3rd trade to slice off the losses with the new gains.

I also teach this to my students, how to turn a negative into a positive.

Quote:
Originally Posted by sloanjim View Post



Loz. I am surprised the F.S.A. in the UK have not come knocking on your door with your outrageuos claims. Here's the man claiming to make what was it $1M+ Per month ($12M+ per annuum) trading forex.........Still claiming this? Yet here you are...........:-(
The FSA and all the rest of the alphabet soup people can kiss my ugly rear end for all I care.

They have no jurisdiction over me... Why?

first off, I live in a different country and always moving around.

Seconly, I trade offshore with offshore companies.

And so what If I make more than a Millionaire a year, I didn't know this forum was for poor people only?

Stop with your silly comments and snide remarks please.
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Unread 11th February 2010, 11:01 AM   #35
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Default Re: Is Forex Trading Really Worth It?

OMG, are you serious?



Quote:
Originally Posted by sloanjim View Post
well I see there are a lot of newbies in fx here who no idea about risk management. You beleive all the hype. You can't trade forex less than $10,000....oh screw it. Go on jump in and learn the hard way.
How are you learning when everything you have said is WRONG!

http://img691.imageshack.us/img691/9660/fxopen.png

Taken directly off of FXOPEN website.

if you decided to look around you can trade with various other fx brokers for the same amount more or less.

man, you have a good way of discrediting yourself when it comes to knowing ANYTHING about forex.

I guess you're learning the hard way now?

come on man, please... think before you type.
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Unread 11th February 2010, 11:06 AM   #36
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by askloz View Post
I do have one that is not for sale, which cost me over $50k for it to be developed, which is being used now to help a bunch of people, currently we're up by $46,000 or so in 8 months on a $126k starting balance.
Which means you're still down by about $4000. Anyway if you can trade with the forex co's short-term then great. I find the rollover trades ridiculous for the trades I want, which are long-term multi-month trades.

It always seems that they charge the most for the trades which are the most obvious.

While you don't really need a lot of money to trade, the risk/reward ratio is the same whether you trade with lots of money or less money. If you don't have enough capital, the risk of "something" happening between the time you press the button, and the order reaches the server, is a lot greater.

As it is, no online broker will guarantee fills.
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Unread 11th February 2010, 11:06 AM   #37
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by sloanjim View Post

What I was tryign to get across is you can't make any decent money until you get upto$10,000+... 4% per month of $10,000 is only $400. Ideally you need $100,000+ But newbies, like your-self, will try to make $500+ on a $500 account. Using massive leverage and going bust. It's a cert.
It's not certain.. it's certain you'll lose it if you dont know what you are doing.

I have students who have never tried forex before in their life, opened up a live account with $100 and turned it into $300 within 2 weeks.

Why?

Because my approach to trading WORKS!

Man, I've been doing this for 12 years.

Quote:
Originally Posted by sloanjim View Post
SERIOUSLY........you aren't talking to a Greenhorn here. I see it all the time. People rush in believing what the liars are telling them. Basically gambling. Losing the lot...then promoting other peoples crap in order to make thier losses back. (see the FX affiliate link)


And as for certain people pretending they make masive sums and have systems that have no losses.....CRIMINALS
Hey, I've never pretended I've not made a loss.


I even lost $40k just before Xmas. I should of taken the profits, but I left it open and went to Atlantic City for two weeks for xmas break.


But the main thing is, i kept within my money management, and I started with 10K, it's now up to $206,000 right now in 3 months.
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Unread 11th February 2010, 11:11 AM   #38
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Default Re: Is Forex Trading Really Worth It?

.

Quote:
Originally Posted by DanPE View Post
Which means you're still down by about $4000. Anyway if you can trade with the forex co's short-term then great. I find the rollover trades ridiculous for the trades I want, which are long-term multi-month trades.
Nope...

Dude, sorry if I didn't make myself clear enough.

"which is being used now to help a bunch of people"


I've been using it for myself for years, and already churned out 8 figures with it

Quote:
Originally Posted by DanPE View Post
It always seems that they charge the most for the trades which are the most obvious.
Nah mate, that has nothing to do with it.

Quote:
Originally Posted by DanPE View Post

While you don't really need a lot of money to trade, the risk/reward ratio is the same whether you trade with lots of money or less money. If you don't have enough capital, the risk of "something" happening between the time you press the button, and the order reaches the server, is a lot greater.

As it is, no online broker will guarantee fills.
No it's not. The reward to risk ratio is different ALL the time, based on leverage size and the amount of risk of your balance in percentage you use to trade with.
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Unread 11th February 2010, 11:19 AM   #39
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Default Re: Is Forex Trading Really Worth It?

Can't speak for anyone else, obviously, but my little forex experiment was the quickest 5 large I ever lost. A friend of mine -- a smart guy with an advanced degree in international economics -- kind of got addicted and lost 50 large, plus his house and his family.

If you're going to do it, start small and quit if you lose all your money.
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Unread 11th February 2010, 11:34 AM   #40
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by askloz View Post
The reward to risk ratio is different ALL the time, based on leverage size and the amount of risk of your balance in percentage you use to trade with.
What I mean is, all other things being equal, someone with $125K will make more than someone with say $10K. You normally would have the same exposure for both (percentage-wise,) in fact everything else is the same, you only make more because 10% of $125K is a lot more than 10% of $10K. So the risk/reward ratio, if you followed the same strategy for both, would result in the 125K account gaining much more than the 10K account. This is what I meant, the Risk/Reward ratio is the same, you don't need more money, but you can make more money with more money.

Also, if you followed the same strategy, the same leverage, and something "happens" between the time you press the button and the time it's accepted by the server, you could wipe in one trade if your order got accepted but your stop loss didn't trigger for whatever reason. For large accounts, this is not as much a concern as it is with small accounts.

So again, while you don't need a large account, it certainly helps.

The rollover costs might have nothing to do with how you trade, but it has everything to do with mine. The more obvious it gets, the more they charge.
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Unread 11th February 2010, 11:40 AM   #41
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by sloanjim View Post
what do you mean by worth it? Easy money? It's all about risk/reward. You can make about 40% to 50% per annum with bumps along the way. Decide if sitting in front of the machine 8 hours+ day is worth it.

Forget those B*S* trading robots for $99, $199 etc that prmosie to turn $1,000 into $2 million. LOL I really do not know who is the worse one? The scam creators (illegal sales pages) or the mugs who believe and buy into it.
The days of forex being unregulated will be coming to a close in the near future.

I would love to see how these scam artists are able to keep their sales the same when they are not allowed to guarantee anything, mention risk in the same capacity as the mention reward, and have to send in their promotional materials to the NFA to get approved.

I do not have too much experience in Forex so I won't bash it besides how people guarantee all these millions with their "robots" or whatever.

I find many of my clients/prospects I speak to come over from trading forex explaining how they were burned by a "system" and how they were guaranteed to be millionaires by brokers and people selling forex-related products.

I will assume, as with any trading, in order to be successful you must have have the mental aptitude for trading, money management, and LOVE doing your due diligence in research.

I am in futures and futures options, and I would say 9 out of 10 people that come over from equities or are new to trading as a whole will fail. Many will rush in and try to day trade their entire account the minute it is opened and receive a margin call shortly after.

Bottom line is, know what you are doing before you start trading!
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Unread 11th February 2010, 11:52 AM   #42
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by SurviveUnemployment View Post
Can't speak for anyone else, obviously, but my little forex experiment was the quickest 5 large I ever lost. A friend of mine -- a smart guy with an advanced degree in international economics -- kind of got addicted and lost 50 large, plus his house and his family.

If you're going to do it, start small and quit if you lose all your money.
I guess that's why people say "never invest with money you can't afford to lose."

Did you make money with the dummy accounts?
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Unread 11th February 2010, 11:59 AM   #43
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by JEL0221 View Post
The days of forex being unregulated will be coming to a close in the near future.
Hopefully.

Quote:
Originally Posted by JEL0221 View Post
I would love to see how these scam artists are able to keep their sales the same when they are not allowed to guarantee anything, mention risk in the same capacity as the mention reward, and have to send in their promotional materials to the NFA to get approved.
Some of them are incorporated in other countries (or are moving to other countries.)
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Unread 11th February 2010, 12:07 PM   #44
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by DanPE View Post
Hopefully.



Some of them are incorporated in other countries (or are moving to other countries.)

I have actually heard from many in the industry that the NFA will be over-seeing forex along with the futures markets.
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Unread 11th February 2010, 12:11 PM   #45
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Default Re: Is Forex Trading Really Worth It?

yeah it means nothing when it comes to trading look at LTC, Nierderhoff, and who was that last scammer in investing......geez why an't I remember his name... mister 1% per month....

Quote:
a smart guy with an advanced degree in international economics -- kind of got addicted and lost 50 large, plus his house and his family.
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Unread 11th February 2010, 12:14 PM   #46
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Default Re: Is Forex Trading Really Worth It?

Dear Loz,

you told everyone on this forum (and i'll dig it up if I havbe to) you make SEVEN FIGURES a month PROFIT trading forex.........now..think long and hard about this.

Would you like to ammend your past statements a little then? Or shall I digg thast post up?

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But the main thing is, i kept within my money management, and I started with 10K, it's now up to $206,000 right now in 3 months.
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Unread 11th February 2010, 12:18 PM   #47
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Default Re: Is Forex Trading Really Worth It?

i do not think this is possible. NFA = Futures. Forex is inta bank trading nothing to do with futures.

One of the biggest dangers in this bizz is your broker. They can basically do anything...and often they do. So it does need some kind of regulation. The banks do not trade through retail FX brokers...

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I have actually heard from many in the industry that the NFA will be over-seeing forex along with the futures markets.
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Unread 11th February 2010, 12:21 PM   #48
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Default Re: Is Forex Trading Really Worth It?

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Well I don't see PPC as a risk at all. I see it as purely mathematical.

And a house to me is an investment.. I would never put myself in a situation to where buying a house was a risk.
LOL L.T.C. were a bunch of academics who pretended they had mathemetically controlled the markets until they went BOOM in I think it was 1997. Remember it? "The smartest guys in the room" It's always the same cycle. Brains think they can outsmart meotion...but it's the other way around. Always will be. Tech bubble 1999....?

If you bought a house with 0 down in 2007 I'll bet you'd be thinking a little differently.

RISK....keep it small.

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There are bold traders.
There are old traders
But there are no old bold traders.
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Unread 11th February 2010, 12:39 PM   #49
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Default Re: Is Forex Trading Really Worth It?

i am beginning to think this guy is a bit of dreamer....Maybe he can predict this fridays Euro lotto numbers then as it is a triple rollover 120M+ :-) no doubt he has a piece of software that can do that AND more for just $97...;-)

Quote:
Originally Posted by askloz http://www.warriorforum.com/images/buttons/viewpost.gif
Unpredictable? really?

When I've uploaded a video to amazon, I'll show you HOW PREDICABLE THEY ARE!
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Unread 11th February 2010, 12:52 PM   #50
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Default Re: Is Forex Trading Really Worth It?

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Originally Posted by sloanjim View Post
i do not think this is possible. NFA = Futures. Forex is inta bank trading nothing to do with futures.

One of the biggest dangers in this bizz is your broker. They can basically do anything...and often they do. So it does need some kind of regulation. The banks do not trade through retail FX brokers...
I know NFA is primarily regulating futures right now, but I have heard through the grapevine(more than a few) that NFA employees have indicated the NFA has been trying to be the regulatory authority over forex.

Whether this will happen or not, I have no clue. Ideally, I would like to see both the CFTC and NFA oversee forex but CFTC does not have that jurisdiction as a government regulatory agency. The NFA is a private regulatory agency.

I really do hope they do get regulation over forex, especially as you mentioned the brokers tend to be crooks. As a futures broker, I feel it on my end when prospects coming from forex have been burned by their broker before and are very skeptical to trust a trading broker in general.
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