Forex Trading to make money

14 years ago

You can make lot's of money trading forex, but you must beware of the many charlatans who operate in that industry.

You are not going to achieve 20% gains month over month using 100:1 leverage, as many would lead you to believe.

But, if you are smart about it, work hard, and don't give up, you can make some solid returns...

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Alexa Smith Banned 14 years ago

Originally Posted by singhavn

I was wondering if anyone out here can throw light on forex trading. Are you guys also using forex trading as one of your ways to make money online.

I did make a living (just about) from it for about 9 months, but that was knowing quite a lot about it to start with (it's been my father's profession all my life, and I have - and have read - about 40 books on it!).

It's not easy, and the success-rate's low.

It requires great patience and discipline.

There's probably 50 times more "misinformation" than "information" out there, about forex trading. Some of it broadcast by people selling things, and some of it just believed by gullible/hopeful market participants who lack experience and know no better.

Originally Posted by One Cent Content

You are not going to achieve 20% gains month over month using 100:1 leverage, as many would lead you to believe.

That's for sure. I'd suggest that nobody without many years' experience should be trading with 100:1 leverage, because the accidents are all out there, waiting to happen, and overstaking and margin calls are the best way to have them wipe you out.
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RussRuffino

14 years ago

The Forex products available on Clickbank don't get anything like the results they claim. Just be aware. You're WAY better off spending your time creating value for your list than trying to invest in something as volatile as Forex.

We work in a business where money basically grows on trees if you know what you're doing...I would put your focus there.

R

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Alexa Smith Banned 14 years ago

Originally Posted by RussRuffino

The Forex products available on Clickbank don't get anything like the results they claim. Just be aware.

This is absolutely for certain.

They couldn't possibly: they're all based on "indicators".
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- Qamar 14 years ago
  
  Forex can be very lucrative ONLY if you can control your EMOTION!
  If you trade with your EMOTION like I used to....chances are forex is going to eat you up. (almost guaranteed)
  
  But if you have a steady trading system and STICK to it no matter what your EMOTIONS urge you to do...then FOREX can make you tons of MONEY.
  
  Thanks
  
  1 reply
  
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  myob 14 years ago
  
  I also have been a Forex trader for quite a few years. Lost a whole lot of money at first. My advice is don't listen to "experts", especially those who are merely trying to sell you Forex crap from Clickbank. LOL! And of course never over expose yourself to more than you can afford to lose.
  
  Paul Uhl
  
  Thanks
  
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- RussRuffino 14 years ago
  
  Alexa,
  
  Here's something really sad that I thought I should share:
  
  The FIRST product I ever promoted as an affiliate was a Forex product. I just threw up a squeeze page I got from Killer Video Squeeze Pages that came with a 5-part video course about Forex in exchange for the opt-in. They got e-mailed the link to a new lesson every 24 hours, and the lessons were basically a pitch for FAP Turbo.
  
  I started getting sign-ups right away, but then I got THIS e-mail:
  
  "Dear Sir,
  
  Can you please maybe send me transcript of videos? I have hearing problem since birth and cannot hear your video. I'm very sorry. I have a tiny amount of money I want to invest I've saved up for years, but I cannot hear your videos.
  
  Thank you so much,
  
  Milton"
  
  I seriously almost cried when I read that. I was like, you know what? F this. I'm not screwing this poor deaf guy out of his money by promoting some BS product I don't believe in. I wrote him back and told him to stay away from Forex and took down the squeeze page that day.
  
  From then on, I don't promote ANYTHING that I don't really believe in. Who needs that stuff on your conscience?
  
  R
  
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  1 reply
  
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  Juan Esteban 14 years ago
  
  Originally Posted by RussRuffino
  
  From then on, I don't promote ANYTHING that I don't really believe in. Who needs that stuff on your conscience?
  
  R
  
  You are so right there!!!
  
  I never promote one of those forex products or those anti-cancer ebooks that target so desperate people easy to scam.
  
  Thanks
  
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Zabrina

14 years ago

This is something I want to get into sometime, too. I tend to react with logic before emotions, so several people have commented that I'd make a good [insert soulless profession here]. :p

Those who have experience in the industry, any recommendations on books and websites to help a newbie get started?

Thanks
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Web Content By Jim 14 years ago

Originally Posted by Zabrina

Those who have experience in the industry, any recommendations on books and websites to help a newbie get started?

If you are looking for the absolute basics, I would recommend...

Forex Training Online: Learn Foreign Exchange (FX) Currency Trading
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- Zabrina 14 years ago
  
  Originally Posted by One Cent Content
  
  If you are looking for the absolute basics, I would recommend...
  
  Forex Training Online: Learn Foreign Exchange (FX) Currency Trading
  
  Great, thanks! I'll work my way through that.
  
  Thanks
  
  {{ DiscussionBoard.errors[3009330].message }}
- willN 14 years ago
  
  Originally Posted by One Cent Content
  
  If you are looking for the absolute basics, I would recommend...
  
  Forex Training Online: Learn Foreign Exchange (FX) Currency Trading
  
  ... Amen
  
  I lost 20k on forex, that was the learning curve. I do it now when I get at a loose end and I am profitable at it, but it won't replace my income.
  
  ...If only I had the 20k back sigh
  
  anyhow I digress, Babypips. It is free and it is awesome.
  
  There two ABSOLUTE things you MUST control in forex trading.
  
  #1) Emotions, while you are in a trade you need to be cold and calculating. Don't let the excitement of fear drive you to make stupid decisions. Time after time after time I hear people say "I was making a killing on a demo account, and then I went live and lost everything". That is the resuld of losing control of your emotions. It is one thing to trade for "fun" with play money, and quite another when you have something you worked for on the line. This is just like playing poker. The poker player with the smart cool head makes the right decisions and wins the game. The one who starts calling everyhand may win for a while, but in the end he will be had.
  
  #2) Money management. Any currency trader worth his salt will not risk more than 5% of his trading capital at any given time COMBINE. And that is with an almost sure thing. 95% + of your trades should be made using 2-3% of your total capital. This is for all active trades combine.
  
  and a final note. "The trend is your friend" Remember that
  
  Thanks
  
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  Owner of NicheProfitAcademy.com -Your Guide to Internet Marketing
  Owner of www.SalveoVita.com - A Complete Health and Fitness Community
  
  Newbies, you will want to check this out! I made it for you free of charge to help you get started here in the WF.
  The Newbies Complete Guide to the Warrior Forum!
  
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paulie888

14 years ago

Originally Posted by Zabrina

This is something I want to get into sometime, too. I tend to react with logic before emotions, so several people have commented that I'd make a good [insert soulless profession here]. :p

Those who have experience in the industry, any recommendations on books and websites to help a newbie get started?

I am a big believer in utilizing candlestick patterns for technical trading, which is somewhat of an art that is acquired through experience. This is a brief primer that should give you a good overview -
Forex Japanese Candlestick Patterns - Forex Trading Tutorial

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tee_emm

14 years ago

What is iforex?

Thanks
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Web Content By Jim 14 years ago

Originally Posted by tee_emm

What is iforex?

idontknow?

They are a forex broker...swing by Google and it will tell you all you need to know.
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cadirondo

14 years ago

Originally Posted by singhavn

I have just joined iforex and from tommorow I will be starting their training for one week. I was wondering if anyone out here can throw light on forex trading. Are you guys also using forex trading as one of your ways to make money online. Please share your opinions. Thanks

Hi there,
I'm a full time forex trader and have been for the last 7 years, I absoutely LOVE IT! I was fortunate enough to have been taught by a guy who worked on Wall Street. He's the best trader I have come across. We both have a trading room however I do not want to push it here as I don't want to seem as if Im using this thread to market it. If you have any queries then don't hesitate in sending me a pm or you can email me.

If you want to become successful you have to master your Money managenment and psychology. If you can control these then you're almost there. Also, dont waste your money on expert advisors/robots. Learn as much as you can about price action/chart formations/candlestick patterns. This is how I begun and I now read charts with confidence snd execute a lot of succeddful trades. Also, NEVER risk more than 2% of your trading capital, and look for at least a 2:1 ratio.
Best of luck in your trading
cadi

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pchees

14 years ago

Hi

Have traded for over 10 years in FOREX. Took me a long time to get profitable.

Don't use robots. I agree with what other people have said. The market changes behaviour so one robot might work for a few weeks and then will lose all your money very quickly.

Other tips.

Practice with practice accounts

Money management / risk management is key

Look for multiple indicators saying the same thing at the same time so that they confirm the direction

Always assume you're going to fail, so protect yourself every time.

take your profits. Set a target and stick to it.

I wrote a manual a while back with some videos which you can find here. Its one of the sites that I have. All free.

But that's the reason I come on warrior forum to find new ideas to promote them.

Thanks
1 reply

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Alexa Smith

Banned 14 years ago

Originally Posted by Zabrina

I tend to react with logic before emotions, so several people have commented that I'd make a good [insert soulless profession here]. :p

And I'll tell you something even worse: they may be right.

Originally Posted by Zabrina

Those who have experience in the industry, any recommendations on books and websites to help a newbie get started?

Yes.

Website:
Joe Ross's site. There's a forum there, too (or there used to be, anyway).

Books:
"Trading For A Living" by Alexander Elder (very, very good writer)
"Beyond Technical Analysis" by Tushar Chande
"Trade Your Way To Financial Freedom" by Van Tharp
Any books by Joe Ross (expensive) - don't be put off by the fact that all Ross's material/teaching/books isn't specific to forex - it's all about charts, and forex charts are just like any other charts, except safer to trade because their markets are far less subject to manipulation

Key concepts:
(i) Don't listen to anyone who tells you that "technical analysis" is based exclusively on "indicators". It's what almost all people going into forex trading believe, and it's what the entire forex marketing industry has an incentive to get everyone to swallow, and it's nonsense. (It's forex's equivalent of article marketing's "duplicate content penalty", and you have to see through it, to get anywhere!).

(ii) Try to get your advice, when possible, from people who are not selling anything.

PS If you want to see some "non-indicator-based technical analysis" there are a couple of my annotated trades online, here and here.

[ 1 ] Thanks
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CyberSorcerer

14 years ago

Originally Posted by Alexa Smith

Books:
"Trading For A Living" by Alexander Elder (very, very good writer)
"Beyond Technical Analysis" by Tushar Chande
"Trade Your Way To Financial Freedom" by Van Tharp
Any books by Joe Ross (expensive) - don't be put off by the fact that all Ross's material/teaching/books isn't specific to forex - it's all about charts, and forex charts are just like any other charts, except safer to trade because their markets are far less subject to manipulation

I have to second buying anything from Alexander Elder and Joe Ross. I have learned a lot just from the books below from these authors.

Alexander - "Come Into My Trading Room - A Complete Guide To Trading"
Alexander - "Trading for A Living"
Joe - "Trading Futures By The Book"
Joe - "Trading Spreads and Seasonals"
Joe - "Trading The Ross Hook"

Granted, you'll put out a pretty pen for these books but if you're serious about it, as with anything in life, you will get your money's worth for sure.

[ 1 ] Thanks
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Alexa Smith Banned 14 years ago

Thanks, CyberSorceror.

I'd also recommend (for anyone interested in daytrading, obviously), "Daytrading" by Joe Ross, which is an updated and retitled version of an earlier book. Excellent, but probably the most expensive book I've ever bought, to be honest.
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schttrj

14 years ago

Originally Posted by Alexa Smith

And I'll tell you something even worse: they may be right.

Yes.

Website:
Joe Ross's site. There's a forum there, too (or there used to be, anyway).

Books:
"Trading For A Living" by Alexander Elder (very, very good writer)
"Beyond Technical Analysis" by Tushar Chande
"Trade Your Way To Financial Freedom" by Van Tharp
Any books by Joe Ross (expensive) - don't be put off by the fact that all Ross's material/teaching/books isn't specific to forex - it's all about charts, and forex charts are just like any other charts, except safer to trade because their markets are far less subject to manipulation

Key concepts:
(i) Don't listen to anyone who tells you that "technical analysis" is based exclusively on "indicators". It's what almost all people going into forex trading believe, and it's what the entire forex marketing industry has an incentive to get everyone to swallow, and it's nonsense. (It's forex's equivalent of article marketing's "duplicate content penalty", and you have to see through it, to get anywhere!).

(ii) Try to get your advice, when possible, from people who are not selling anything.

PS If you want to see some "non-indicator-based technical analysis" there are a couple of my annotated trades online, here and here.

I like this girl...Never have I seen anyone provide so much value information before...

Secondly, I am a forex trader for the last few months myself. Not an expert, of course. But yes, you sure can make SOME money over there.

Rule of the thumb: Never lose your brain!

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traderookie 14 years ago

Hi Singhavn and all,

Greetings from Singapore! I am very keen about IM and forex. This is my very 1st post and hope it can be of some value to you guys.

I am trading forex and is really crazy about technical and fundamental analysis. Can FX really make money? Yes! it is really possible.

See my last week performance at myforexjournal in kosmos-emporio dot com.
My last week performance that I had made $256.27 in 5 days, literally stress-free and definitely not fixated on screen. I don't trade big lots, just mini and micro. You might be interested to have a look.
Lastly, just for today, I am a little more daring, so is currently running as like this.

You can based on the table to know how little I started for my FX, but in no way am I a good trader. There are still so much to learn and understand.

I don't deny that FX is very volatile and there are so much garbage on the internet. I bought EAs that really disappoint me too. eg: FAP Turbo, Forex Megadriod, etc. In fact, I had developed my own EAs and indicators too. I am not selling them. I gave them to my close friends.

There are some websites which is very helpful to me as I am still learning and sharpening my skills.
informedtrades.com
in youtube, fxbootcamp channel

If you have time to read, Technical Analysis Explained is really a good book for your consideration.

Hope you can be successful in FX trading one day.

I am seriously looking into IM/SEM/SEO/affiliate marketing and hope that I can really learn something which really works from this forum!

God bless!
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singhavn

14 years ago

Originally Posted by cadirondo

Hi there,
I'm a full time forex trader and have been for the last 7 years, I absoutely LOVE IT! I was fortunate enough to have been taught by a guy who worked on Wall Street. He's the best trader I have come across. We both have a trading room however I do not want to push it here as I don't want to seem as if Im using this thread to market it. If you have any queries then don't hesitate in sending me a pm or you can email me.

If you want to become successful you have to master your Money managenment and psychology. If you can control these then you're almost there. Also, dont waste your money on expert advisors/robots. Learn as much as you can about price action/chart formations/candlestick patterns. This is how I begun and I now read charts with confidence snd execute a lot of succeddful trades. Also, NEVER risk more than 2% of your trading capital, and look for at least a 2:1 ratio.
Best of luck in your trading
cadi

Thanks for the kind support

Thanks

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Bill_Lawrence

14 years ago

Forex trading can be difficult for newbies. Without the proper training, I guarantee you will lose right away unless you're just lucky but the longer you play in the market without the proper training the more dangerous it becomes.

I can't speak for all clickbank products but I can speak for one that I found last year. It wasn't a EA or Robot. It was an actual course. I actually met the guy on facebook months before I knew he had a product on cb. He'd send me free videos of his live trades...the videos were amazing to say the least. Months later I googled his name and his cb product came up...he never tried to sale me anything and he didn't even mention he was a mentor in our conversations on fb...i found him in a forex group.

Im just saying not all clickbank products are scams and there's some genuine people out there who aren't trying to really capitalize on someone who doesn't know any better.

I walked away from the program because the mentor and I had a few differences one night but I'm not going to bash his product or service. His mentoring was better than most and I purchased a few mentoring programs.

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rain21

14 years ago

one of my friends doing this, but not online, very profitable

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Alexa Smith

Banned 14 years ago

Originally Posted by rain21

one of my friends doing this, but not online, very profitable

Now I'm intrigued: how can forex trading be "not online"?

I thought that before the advent of the internet, the only people who could do forex trading were investment banks and finance houses with direct-linked terminals to interbank transactions and prices? Even a local branch of a bank couldn't transact a currency exchange for a client without it going through their main office?

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cadirondo

14 years ago

Originally Posted by Alexa Smith

Now I'm intrigued: how can forex trading be "not online"?

I thought that before the advent of the internet, the only people who could do forex trading were investment banks and finance houses with direct-linked terminals to interbank transactions and prices? Even a local branch of a bank couldn't transact a currency exchange for a client without it going through their main office?

Maybe he collects vintage coins and sells them on ebay

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Alexa Smith Banned 14 years ago

Originally Posted by cadirondo

Maybe he collects vintage coins and sells them on ebay

Ah, but for the bullion value or the numismatic value?!
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Daveyz

14 years ago

Originally Posted by Alexa Smith

Now I'm intrigued: how can forex trading be "not online"?

I thought that before the advent of the internet, the only people who could do forex trading were investment banks and finance houses with direct-linked terminals to interbank transactions and prices? Even a local branch of a bank couldn't transact a currency exchange for a client without it going through their main office?

I think what he meant was that the guy does not place the orders himself through the online platform. You basically just make a call to your broker to place trades for you. Its quite common nowadays. Bankers will call you up telling you to buy xxx/xxx currency pair or currency options and you say ok and they execute. You don;t even have to know what a chart looks like.

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dvduval

14 years ago

I prefer to use cash back credit cards + high interest CDs. The combination of the two methods gets me greater than 5% return which is awesome in this market. Add to that google adsense and I'm doing quite well just with these things. I see no need to deal with anything that carries a risk of loosing money.

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noangel 14 years ago

I have been trading forex for around a decade and love it.

I did really well trading the news and still love volatile markets,
though many choose to stay out.

I have also written some programs and manuals, but have only
shared them with friends.

Traders are constant students, as the markets are always teaching
us something new. But, being a psychology major, I also know that
the markets are merely made up of people who are, for the most
part, trading on their emotions and this makes the market easier
to predict.

Lately I have been trading metals... gold and silver... because
since the little incident we had with the global economy, many
people are going back to where the real value is, which is metals.
Because paper money is predicted to convert back to it's real value.

"Cash is Trash".

Listen to what World renowned financial author of Rich Dad Poor
Dad, Robert Kiyosaki, has to say about Silver and his prediction
for the future.

YouTube - Silver Investment: Cash is Trash -...

Unfortunately, what has happened to the forex market, is that it has
been discovered by marketers as a lucrative niche. Many are trying
to tap into this, forgetting that real people, with real dreams are
believing every word they say and pinning their hopes on it. I can
usually immediately tell a website of a genuine trader, from that of
a marketer.

The story about the deaf guy really touched my heart and reminded
me of a very well-known trader/marketer (more marketer, than trader)
who for one of his many products (another red flag... if you have a
working product that does what you claim, why keep producing more...
unless you are primarily a marketer!). He received an email (all published
online) from a blind guy who bought his product and he asked for help
in "reading" the manual. He received a curt response saying he was
not in the business of transcribing his manuals into Braille. The emails
went back and forth with the blind guy remaining calm and dignified
and the seller becoming more abusive.

This really showed up his true character and caused many people to
unsubscribe from his list... so a somewhat happy ending was achieved.

I am not of the same belief that all robots and EAs are bad. I actually
really like them, though most are total rubbish, but that doesn't mean
that there aren't some diamonds in the rough.

I also like modified indicators that help a trader not have to be chained
to the charts and do some of the grunge work and allow me to get on
with other things.

Kind Regards,
Angela
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Qamar

14 years ago

If there is a good Forex product from Clickbank, It will definitely be Forex Trading Online | Forex ECN Broker (non affiliate)!
I can almost guarantee that the owner namedVahid is genuine and very knowledgeable. Those with serious interest in Forex go and get yourself educated from this guy before dabbling with forex. Don't waste your hard earned money trading forex when you have little knowledge on it. I have been there and done that.....and learnt my lesson.

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singhavn

14 years ago

I sincerely thanks all for their posts and giving their forex experiences. From what I read, it is clear that you can make a lot of money but at the same time can lose also. So it require risk which I think is their in any business. ----Big Opportunity-- Gives-- Big Risk-- Gives-- Big Money----. I don't at the moment have much knowledge on this way of making money but I am seriously on my way of learning it.

IForex is giving me one on one live phone call traning for free. So I will definetily be taking advantage of it. Here is my plan:

-I will start with $100 investment which is their minimum required deposit.
-I will spend atleast 14 days in practice account with my account manager till the point I am confident of going live.
- If I feel that it is not my cup of tea, I can anytime withdraw my $100 deposit or remaining balance. So I think I will be in the lowest risk position and is fair enough to try this out.

What do you think? Anything else I should be considering?

Thanks
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paulie888

14 years ago

Originally Posted by singhavn

I sincerely thanks all for their posts and giving their forex experiences. From what I read, it is clear that you can make a lot of money but at the same time can lose also. So it require risk which I think is their in any business. ----Big Opportunity-- Gives-- Big Risk-- Gives-- Big Money----. I don't at the moment have much knowledge on this way of making money but I am seriously on my way of learning it.

IForex is giving me one on one live phone call traning for free. So I will definetily be taking advantage of it. Here is my plan:

-I will start with $100 investment which is their minimum required deposit.
-I will spend atleast 14 days in practice account with my account manager till the point I am confident of going live.
- If I feel that it is not my cup of tea, I can anytime withdraw my $100 deposit or remaining balance. So I think I will be in the lowest risk position and is fair enough to try this out.

What do you think? Anything else I should be considering?

You might as well take advantage of all their free training. Is there any requirement to actually trade that $100, or can you withdraw it all if you decide you don't even want to start trading?

Thanks
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singhavn

14 years ago

Originally Posted by paulie888

You might as well take advantage of all their free training. Is there any requirement to actually trade that $100, or can you withdraw it all if you decide you don't even want to start trading?

I can withraw my account balance at any time by simply clicking on the withdraw buttom and it will be transfered to my bank account or cc. Just want to tell you my progress so far at the end of my first day in live practice account. I have made $28 in profit in 3 trades. I was trading in the $2000,$5000,$10000 lot. This is the first time I have traded and it isn't bad. I am the sticking to the simple system pattern that they have and I will not at the moment go into complications. Atleast that is what my account manager adviced me.

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DigitalBusker

13 years ago

Originally Posted by singhavn

I sincerely thanks all for their posts and giving their forex experiences. From what I read, it is clear that you can make a lot of money but at the same time can lose also. So it require risk which I think is their in any business. ----Big Opportunity-- Gives-- Big Risk-- Gives-- Big Money----. I don't at the moment have much knowledge on this way of making money but I am seriously on my way of learning it.

IForex is giving me one on one live phone call traning for free. So I will definetily be taking advantage of it. Here is my plan:

-I will start with $100 investment which is their minimum required deposit.
-I will spend atleast 14 days in practice account with my account manager till the point I am confident of going live.
- If I feel that it is not my cup of OTE]

One of the best sites is a blog forum - much like Warriorftea, I can anytime withdraw my $100 deposit or remaining balance. So I think I will be in the lowest risk position and is fair enough to try this out.

What do you think? Anything else I should be considering?

I had a go at this, but was completely undercapitalised.

I would strongly recommend a forum Trade2Win. If you are looking for online help.

Forex is simply someone selling to you, or buying from you, one currency for another. That person will work for a global banking organisation. These organisations are also known as market makers as, without them, it will be impossible to trade effectively online. His livelihood will totally depend on him making a profit and you making a loss, if you trade with him. (Only you won't know if you are trading with him or not, as you will both be behind computer screens. Problem is it does not matter which market maker you trade with. They all need to make a profit, obviously, or they don't have a business!)

You can trade with "stops" or without "stops."

The market makers will run a book. That book will either be sell orders (of a currency) or buy orders (of a currency.) When they have enough sells or buys, they have to dump them i.e if they have been selling, they will now be buying back to cancel out the sell imbalance. They will be forcing market prices down, (to buy back at prices BELOW which they were selling.)

They are good enough to know where traders place stops and will take out those stops with sudden extreme price movements up or down, (they are making the market don't forget - that is they are making the prices - not God! You are dealing with humans - don't ever forget that!)

If your stop is taken out you just lost. If you don't use stops you better guess right which way the market is going.

My only other advice is buy when the market is going up and sell when it's going down. Do not fight the market it can stay stupid much longer than you can stay solvent. (That is a quote made up by someone else.) If you go through with it the only other thing I can warn you about is banker manipulation. Women do this to men all the time. If you are good at seeing this coming from a long way a way, you might have a 10% chance.

It is OK to lose a few $100 (hundred.) It is taking leave of your senses if you start to lose $1000's.

If you find a way through the fear and the hell of it let me know. Good luck!

Thanks
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Randy Engler 13 years ago

I second the recommendation for the "Trade 2 Win" forum, it's a great resource. I tried Forex trading for a while, but couldn't make consistent profits. That's one big advantage of Internet Marketing... the risk is very low. The worst case scenario is you don't make any money. With Forex, the risk is very high. Unless you have great discipline and money management techniques, chances are you will lose money.
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Daveyz

14 years ago

Originally Posted by singhavn

I have just joined iforex and from tommorow I will be starting their training for one week. I was wondering if anyone out here can throw light on forex trading. Are you guys also using forex trading as one of your ways to make money online. Please share your opinions. Thanks

I trade Forex for nearly 4 years already and i can tell you its certainly one of the hardest way to make money. The Forex market is dominated by pros all over and normally you will be facing against big players like central banks and hedge funds. In a way it is harder than stocks in my opinion but that being said, i know many that make a fine living in Forex alone.

My take is that learn Forex as much as you can but be prepared mentally because it can be quite taxing on you when you take inevitable losing streaks in your trades. I believe if you persevere hard enough in anything, you can definitely succeed

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Radcliff 14 years ago

Forex is a great way of losing money as well as making money.So be sensible with it.If you have a good business mind forex is for you.But don't keep over faith it it.It will help in a immense fall in your account.
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sloanjim

14 years ago

The huge problem is you are trading time for money...you aren't there working you do not make or lsoe money. Is that why you quit your job? To work even harder?

It's not exactly the Int. Marketing dream is it?

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uwa223 14 years ago

I started trading in 2002.
For the first 9 months, I was very profitable using a very simple system that included trend line breaks & bounces, support & and resistance breaks & bounce, 1-2-3 patterns and pivot points.

My forex trading was paying my bills and there was cash in the bank account at the end of the month.

Then I started spending time on forums; added a bunch of indicators to my system and forgot that simplicity was making me money. Soon my account was completely wiped out and back to the 8-5 I went.

A simple system and money management can make you money in forex. The worst thing you can do is to add a bunch of indicators to your system.

The best thing you can do it to learn trading patterns like the ones mentioned above and you will do find. Forget the indicators with the little red or green lights that tell when to buy or sell. The people who move the market don't use any of that crap.
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- Daveyz 14 years ago
  
  Btw believe it or not, there is NO WAY you can actually make money in the long run if you are using retail market makers platform. I won't get into the details but normally if you can use brokers that allows you to open an account for few hundred bucks, stay away from them. Basically what happens is that they can manipulate the prices against you so that you would still lose. Because market makers make money only when you lose, and they lose only when you win. So which side of the fence do you think they would want you on?
  
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singhavn

14 years ago

Originally Posted by sloanjim

The huge problem is you are trading time for money...you aren't there working you do not make or lsoe money. Is that why you quit your job? To work even harder?

It's not exactly the Int. Marketing dream is it?

My friend there is no easy money. You have to work hard and smart to make comfortable living whether you are doing job or running your business (even int mrktng). I am a full time int marketer for the last 4 years and always keep adding new ways to make money and forex trading will be one of them.

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singhavn 14 years ago

Drunkenmoney I will keep your and other's advice.
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paulie888

14 years ago

Originally Posted by drunkenmonkey

One of the most sensible posts in this thread.

Not one person has said it yet...but for the love of god...whether it's $100 0r $100,000 don't trade with real money until you understand the at least the basic emotive fundamentals of trading.

I paper traded for 6 months --->then traded with real money----> wiped out.

Paper traded for about 3/4 months again---->then traded with real money--->wiped out again.

Paper traded yet again--->got consistent---->made decent money---->got greedy (emotions)--->WIPED OUT!!

Then I finally learned--->making steady money---->still getting trades go against me--->but making more than I lose now so i'm pretty happy.

Well, That's it, all I got to say...I'm done.

DM

DM, thanks for sharing your experiences. I can definitely relate, and people who are contemplating forex trading should paper trade as long as needed until they feel comfortable enough to risk real money in their trades.

There is no "recommended" timeframe for this, as each person is different and of course it also depends on how much time and effort you're putting in daily into these practice trades! It's better to take all the time you need and get the hang of things, than try to rush in and end up losing your shirt on your very first few trades! Once you're emotionally scarred like that, it then becomes very difficult for you to approach trading rationally, and it may take you a long time to recover.

Paul

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Rukshan

14 years ago

Forex need a big investment to make a certain amount of profit. As a beginner you can learn basics to intermediate level from Babypips
You better to watch some video in Youtube. I have seen many tutorials.

Good luck!

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ashleytwo

14 years ago

Good luck. In forex like in IM you'll encounter many people selling "get rich quick" things, but you can also find a lot of free info online.

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cashflowprofit

14 years ago

Hello Everyone,

This is my first post and I am glad that I can find something to contribute about Forex which is one of my passions. Please excuse my long post.

I have been trading live and paper trading for about 7 years. I haven't lost even one account so far and that might itself be an achievement. However, Forex is a game of taking calculated risks and if you cannot pull the trigger with real money and keep in total control during the trade, you will never succeed.

I personally have read hundreds of Forex trading books, tested hundreds of system and at one time even developed software for Forex Traders. (which I could not unfortunately continue as it was a one man operation and taking a toll on my trading.)

One advise I can give for those who want to trade forex is that the market is a place of complete contradictions.

You can have a poor system, yet a proper risk reward ratio can have you quite ahead in the game, while a damn good system cranking out pips regularly can have one loss that can wipe out the equity.
I have seen fancy indicators fail and the age old support/resistance work like a charm. There are manual trading systems that are making money just as many as trade robots. Choose your poison wisely and stick to it.

Dont be fixated on indicators, pip counting and neglect money management and discipline.

A final contradiction : Forex isnt that hard, usually the simpler you keep things,more likely you are to succeed. However, if you have traded live with your money, you will be familiar with that churning feeling in your stomach telling you that you need to shoot that guy who says that Forex is easy.

Systems are like a glove, they fit the personality of the trader. There is no magic system, the promised land has a difficult road, but the journey is worthwhile.

IF you are still standing after 3 years of failing, and if you are willing to still go ahead, you will make it. There is just no substitute for experience.

My recommendation : read the book " Adventures of a Currency Trader" by Rob booker, classics of Forex trading. If you are unable to get it, hit me up offline.

Thanks
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singhavn

14 years ago

Just thought to share my today's performance in practice account. On one deal eur/usd I just made $4 profit and on other deal of gbp/usd I am currently running $60 loss. I am not closing (on hold)this deal till I come to profit.Let's see tomm. It's really exciting.

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paulie888

14 years ago

Originally Posted by singhavn

Just thought to share my today's performance in practice account. On one deal eur/usd I just made $4 profit and on other deal of gbp/usd I am currently running $60 loss. I am not closing (on hold)this deal till I come to profit.Let's see tomm. It's really exciting.

I'm not sure what the current balance is on your practice/demo account, but one of the classic newbie mistakes is to not set a predefined stop loss before entering a trade. I have talked to and interacted with many experienced traders before, and just about every one of them has emphasized the importance of setting a stop loss before you even enter a trade.

I certainly hope you're doing that, because hanging on to a trade in the hope that the prices will bounce back is what typically causes newbies to lose a lot of money on their accounts. You have to accept the fact that you simply cannot win 100% of your forex trades, no matter how good you are. In my opinion, this is probably the most important trading axiom that you have to come to grips with.

Paul

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INDEXTRADER

14 years ago

Originally Posted by singhavn

Just thought to share my today's performance in practice account. On one deal eur/usd I just made $4 profit and on other deal of gbp/usd I am currently running $60 loss. I am not closing (on hold)this deal till I come to profit.Let's see tomm. It's really exciting.

Hi, I am new here so was just looking around and found this.

STOP TRADING NOW!! - Go back and re-work your stop loss plan

If you are holding on and waiting for profit you are on the wrong track and will blow up (speaking from first hand experience)

It's not about being right, its about being profitable, so you must cut your losses and let your profits run. You are doing the opposite. Taking a $4 profit and letting a $60 loss run. Yes it's only small money but you are developing a bad habit. You should have cut the loss and perhaps reversed your position if the trend has changed. To see how bad this is just add zeros. In percentage terms you have a $400 profit and a $6000 loss.

There are no magic indicators, no secret systems worth $5000, just the basics. You will have more losses than wins so your wins must be bigger than your losses. That's all there is too it.

The hard part is the dicipline to take the loss and this is the downfall of many traders. Trade to a plan and stick to it.

Dont give up on trading but know when to give up on a trade that goes against you.

If you havent done so already learn about position sizing too. Very easy but often neglected.

Good Luck.

[ 1 ] Thanks
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Alexa Smith

Banned 14 years ago

Originally Posted by INDEXTRADER

You will have more losses than wins

This is by no means necessarily true.

There are some "relatively straightforward" trading systems in which the win/loss ratio is about 75/25. They're suitable for people with the discipline and patience to await exactly the right trading conditions rather than forcing themselves to trade every hour of the day or every day of the week.

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hh66 14 years ago

Originally Posted by Alexa Smith

This is by no means necessarily true.

I partly agree with this.

I think the most important elements of all have to be the trader's knowledge and personal "style", as without those two vital components no "system" in the world will make money for you... consistently.
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INDEXTRADER

14 years ago

Originally Posted by Alexa Smith

This is by no means necessarily true.

There are some "relatively straightforward" trading systems in which the win/loss ratio is about 75/25. They're suitable for people with the discipline and patience to await exactly the right trading conditions rather than forcing themselves to trade every hour of the day or every day of the week.

I would like to backtest one of these - where can I find them?

Most traders I know work on 2:1 profit to loss and are happy with 40-50% win/loss ratio. Then its just a matter of turnover and so it can be more profitable than trading less often at 75/25. It depends on what the 75/25 systems profit to loss ratio is, as well as number of trades signalled per year. Its all about expectancy, position sizing and turnover. Profit = expectancy x turnover. Same as IM, it's a numbers game.

Also why are so many scared of forex. Its liquid, doesnt gap, the sharks arent interested in trying to eat the tadpoles, they chase eachother. Small fish can just go along for the ride.

A chart is a chart and if you can interpret them you can trade anything from forex to stocks to indexes to futures. But due to liquidity, tight spreads, low volatility and size of market, forex might just be the safest place to start. Stocks that gap and have big break outs on news and rumours are much more dangerous IMHO.

Singhavn, while paper trading tests your system it doesnt let you get to know your psychological response to real wins and losses. Once you get your system right, trade with a small live account to see how you handle winning and losing real money. This is critical to success. Many traders blow up at this point because they just cant pull the trigger when its real money. Suggest also reading some trading psych books such as Let the Trade Wins Flow.

Thanks
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Alexa Smith Banned 14 years ago

Originally Posted by INDEXTRADER

I would like to backtest one of these - where can I find them?

In any major investment bank or financial institution with its own proprietory trading department, I think. Or in the courses and books of Joseph Ross's trading school, the books of Dr Alexander Elder and some others. They're generally systems professionals use, not systems which readily lend themselves to the promotion of products/services online by affiliates and other internet marketers.

I don't say the profits are always enormous, of course: nothing is that easy. But to announce that "you will have more losses than wins" as a sweeping generalisation is really entirely inaccurate, you know?

I traded forex myself for nearly a year as my main income-source, though I freely admit it wasn't a great income, with about a 76%/77% strike rate. (I should probably mention that I'd had the benefit of being taught a simple, high-strike-rate trading system by my father, whose full-time profession for nearly 25 years has been forex trading.)

You're welcome to see a couple of my trades here and here, if you wish.
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AeroBuilders

13 years ago

Originally Posted by Alexa Smith

This is by no means necessarily true.

There are some "relatively straightforward" trading systems in which the win/loss ratio is about 75/25. They're suitable for people with the discipline and patience to await exactly the right trading conditions rather than forcing themselves to trade every hour of the day or every day of the week.

I have traded full time now since 2003 (my primary income source) and I built several very successful strategies in my years of trading (and I traded in a fund for a few years). The best month I have ever had was 68% Win:Loss ratio for all my intraday trading in a full month averaged. Most months I average around 61% to 63% Win:Loss ratio, but the key to my consistent income is my REWARD:RISK ratio. I have an average Reward:Risk ratio of 1.87:1.0 with all my trading targeting 2:1 or 3:1 set ups minimum.

The point here, if you can hit about 55% W:L ratio (or better) and have an average R:R at 1.5:1.0 (or better) you are GOLDEN! You only need to be right about 55% of the time to make a LOT of money in trading.

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singhavn

14 years ago

Originally Posted by INDEXTRADER

Hi, I am new here so was just looking around and found this.

STOP TRADING NOW!! - Go back and re-work your stop loss plan

If you are holding on and waiting for profit you are on the wrong track and will blow up (speaking from first hand experience)

It's not about being right, its about being profitable, so you must cut your losses and let your profits run. You are doing the opposite. Taking a $4 profit and letting a $60 loss run. Yes it's only small money but you are developing a bad habit. You should have cut the loss and perhaps reversed your position if the trend has changed. To see how bad this is just add zeros. In percentage terms you have a $400 profit and a $6000 loss.

There are no magic indicators, no secret systems worth $5000, just the basics. You will have more losses than wins so your wins must be bigger than your losses. That's all there is too it.

The hard part is the dicipline to take the loss and this is the downfall of many traders. Trade to a plan and stick to it.

Dont give up on trading but know when to give up on a trade that goes against you.

If you havent done so already learn about position sizing too. Very easy but often neglected.

Good Luck.

Yes you are right and I realise that. I have lost my entire practice account virtual money on this trade. This is the most important lesson I have learnt. I am still in the learning phase and I swear will not go live till I am 100% confident. Thanks all for posting and sharing your knowledge.

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Daveyz 14 years ago

The best way to learn Forex for free is through Babypips.com. If you would like to participate in more advanced discussions on forex and trading systems, you can go to ForexFactory.com.

Alot of great stuff in these 2 forums alone.
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paulie888

14 years ago

Originally Posted by singhavn

Yes you are right and I realise that. I have lost my entire practice account virtual money on this trade. This is the most important lesson I have learnt. I am still in the learning phase and I swear will not go live till I am 100% confident. Thanks all for posting and sharing your knowledge.

Refer to my post above. It's critical that you set predefined stop loss limits before you enter any trade, and also not use any more than 10% of your account balance on any single trade.

These simple rules are easy to ignore, but doing so can very easily cause you to lose your entire balance very quickly.

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traderookie 14 years ago

One of the most important thing is your broker.

Do select a ECN-STP broker. One who don't trade against you and does not resort into tricks to 'wear you' till you wanna get out of your position, then just after you are out, the price went according to your direction!

If you are serious about this, one of the broker to consider is Oanda. It has good and fast Java platform. It is very transparent on its trading book and as far as I know, they don't manipulate the price.

Oh yes, they offer one of the best spreads around and in addition, their quotes has been widely used by many companies and money broker.

Finally, with your trading account, you can have multiple denominations so that you can transferred the cash to whichever bank account or currency they support.
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singhavn

14 years ago

Originally Posted by paulie888

Refer to my post above. It's critical that you set predefined stop loss limits before you enter any trade, and also not use any more than 10% of your account balance on any single trade.

These simple rules are easy to ignore, but doing so can very easily cause you to lose your entire balance very quickly.

Thanks for pointing

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Vince L

14 years ago

Good Question and even better info.

I've always wondered about Forex but have been too skeptical of all the products (robots & systems) to buy into it. I figured the only solid repeatable method was education/experience.

Thanks for all the insight and responses on here.

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JBorhez

14 years ago

You are correct VINCE L!

Investment institutions would be paying millions of dollars for these robots if they actually worked. Don't you think?

I've been trading in the Forex market for 1 year and have been patiently learning through education and experience.

Great posts!!

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Thomas Michal

14 years ago

Originally Posted by JBorhez

You are correct VINCE L!

Investment institutions would be paying millions of dollars for these robots if they actually worked. Don't you think?

I've been trading in the Forex market for 1 year and have been patiently learning through education and experience.

Great posts!!

They do. Look into high frequency trading, these are programmed algorithms (usually in c++) that predict macro market trends and account for almost 70% of investment bank trading.

P.S. YOU CANNOT BUY THESE ON CLICKBANK

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JBorhez

14 years ago

Originally Posted by Thomas Michal

They do. Look into high frequency trading, these are programmed algorithms (usually in c++) that predict macro market trends and account for almost 70% of investment bank trading.

P.S. YOU CANNOT BUY THESE ON CLICKBANK

Checked it out! Thanks!

Algorithmic trading - Wikipedia, the free encyclopedia

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QuickSurf

14 years ago

Originally Posted by Thomas Michal

They do. Look into high frequency trading, these are programmed algorithms (usually in c++) that predict macro market trends and account for almost 70% of investment bank trading.

P.S. YOU CANNOT BUY THESE ON CLICKBANK

Yup... in the capital markets, institutions don't really have tons of people sitting there making trades like many people think, it's primarily done by "bots" and monitored....however these are not your "clickbank bots" lol. Clickbank + Forex = scam, actually I don't know how any of the Forex bot sellers haven't gotten in trouble as every single one of them is a scam and will lose money.

Instituions can make so much money and manipulate the market so easily even if just scalping, few pips here and there, b/c the amount of $$ and volume they are dealing with is insane.

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traderookie 14 years ago

There is a website which teaches forex trading for free.
I am certainly not an affiliate with them.
They are very thorough and even have videos in youtube to learn more properly.

Go informedtrades dot com to learn more!

Hope this is useful for you.
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- Star Riley 14 years ago
  
  Websites that teach FOREX for free have a connection to some platform and or an affiliate for someone selling something. Even the free accounts / practice accounts have people upgrade and paper trade.
  
  Think like IM we offer FREE to get a person into the net then drive them through our sales funnel Forex is no different but when you investing $2000 and expecting magic results its like buying Kern or some other top marketer who is making money's product for $2000 and thinking money will come as a result, without hard work and commitment the results will match the 95% who never make any real money.
  
  Forex or Internet or Opening up a franchise its all the same only the dedicate make money!
  
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myron92 13 years ago

I have been trading forex for 2 years, my first year I made the biggest mistake and tried to live on the money I made from trading.
Don't make the money you gain in forex to be your only income you would have to much emotions involved and you can't trade properly

stick to to your trading plan and never change your rules

learn a couple of currencies and see how they move and understand how to trade it

if you need any pointers send me a pm, I know some guys doing really well in forex I can point you to them if you like
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Thomas Michal

14 years ago

Most of the people I know in FOREX also buy scratch-off lottery tickets and cigarettes.

unless you have discipline, great market/trading knowledge, better news sources than cnbc and AT LEAST 10k among a few other things it's a suckers game.

if you really want to get good go study and get your series 3 and 34 licenses. This way you can at least lose other peoples money.

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ekxstores

14 years ago

fxcm has the lower spreads than most (spread is the difference between bid and ask). forex trading is also alot of fun and if you are a great trader can earn lots of cash.

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AeroBuilders

13 years ago

Originally Posted by ekxstores

fxcm has the lower spreads than most (spread is the difference between bid and ask). forex trading is also alot of fun and if you are a great trader can earn lots of cash.

Just so everyone knows - FXCM was BUSTED for trading against their clients accts! Go look at how bad they got fined (as other Forex brokers did too) so do your research when you pick a Forex broker. Many of these junk brokers who trade against their own clients are termed - bucket shops - LOL!

I use MB Trading for all my Forex action and they are pretty good to trade through.

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gai001 14 years ago

I agree. Forex is not a business or even investing. It's speculation which is much the same as gambling.
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success1618 14 years ago

Very true, in almost all instances markets are suit and tie gambling rig. The problem with the industry of Stocks and Financial Markets is that the players are rarely the ones making the money, its the brokers and software companies that sell reactive technical indicators that only tell you what the market has already done, that make all the money. If your serious about getting involved with the stock market, knowledge is key. Empower yourself and you shall have success, unless you have knowledge and insight you are really just gambling.

At the same time, markets are directly connected to the pulse of finance, so the reality is there is no bigger or more powerful game. Real Estate, Jobs, even network marketing could never even compare on the scale of potential for loss or gain.

If your interested in markets, and want to save yourself 20 - 100k and 5+ years pain and frustration. I recommend you look up a methodology called "Trading Harmonically". Sorry can't post links yet, I'm still a little new here, but that should definitely get you off in the right direction.
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alphaxyz

14 years ago

forex trading is not a place for the faint-hearted that's for sure. probably the best way to trade the market is to let the pro handle your account (if you're a newb). the second best way is to learn trading yourself but make damn sure that you learn from the best/profitable ones who have genuine interest to help you out. otherwise you will be the feeder of fresh cash to the experienced traders.

the pool is not shark infested it's t-rex infested and they certainly know no mercy IMHO.

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singhavn

14 years ago

Originally Posted by alphaxyz

forex trading is not a place for the faint-hearted that's for sure. probably the best way to trade the market is to let the pro handle your account (if you're a newb). the second best way is to learn trading yourself but make damn sure that you learn from the best/profitable ones who have genuine interest to help you out. otherwise you will be the feeder of fresh cash to the experienced traders.

the pool is not shark infested it's t-rex infested and they certainly know no mercy IMHO.

you said absolutely correct.

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CaesarSEO

14 years ago

The first method that I was going to try to earn money online was Forex. Thank God that I didn't start and got into IM. And we are talking about one and half month back here.

I am now happy with IM and with the fact that I've earned $139 so far with affiliate marketing. I would probably have lost much more than $139 with Forex, I'm not good at pulling the trigger.

Hope you good luck man, Forex always looked interesting, but I don't think it's for me.

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myob

14 years ago

Originally Posted by aldovacano

Forex is brutal, you can earn lots of money, but be careful , forex business is not about feelings

Forex is all about feelings; it's fundamentally what moves the market. You need to understand most people do trade using their underlying emotions. That's why "robots" and "technical indicators" can make it a brutal experience.

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hh66

14 years ago

Originally Posted by myob

Forex is all about feelings

Sounds like the female forex you're on about there... :p

I do agree, and I think that Aldovacano is also right, and
i'm sure he was referring more about the need to remain
emotionally aloof (in a trade) than anything else.

:-)

Thanks
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myob

14 years ago

Originally Posted by hh66

Sounds like the female forex you're on about there... :p

I do agree, and I think that Aldovacano is also right, and
i'm sure he was referring more about the need to remain
emotionally aloof (in a trade) than anything else.

Just what do you mean by "the female forex"? I stated:

Forex is all about feelings; it's fundamentally what moves the market. You need to understand most people do trade using their underlying emotions. That's why "robots" and "technical indicators" can make it a brutal experience.

All of the most successful traders have learned to capitalize on that fact. Emotions regarding reaction to forex technicals are very predictable.

Thanks
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traderookie 14 years ago

I agree too that FX trading is much the same like Internet Marketing, you are dealing to people with emotions.

For forex trading or trading in any instrument, technical analysis is the art of uncovering the emotions of the market, namely greed and fear.

It came be as simple as buy low, sell high. Or Buy in Fear, Sell in Greed.

Hope it helps!
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GoldenEye 13 years ago

Couldnt the most successful forex traders around here just set up a membership site so we can trade alongside them ?? I would subscribe to that.........no seriously.....
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smartdoctor

14 years ago

as a small fish you dont want to teach yourself to swim alongside the sharks you wonna get swallowed! all the same resilience in everything you undertake pays you handsomely after sometime.

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Big__Lebowski

14 years ago

if you like to gambling play poker forex is much less profitable

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CDE-IM Consulting

14 years ago

Hi guys,
I'd like to buy this forex program.From the official site it is hard to believe that such an annual profit of 13,000% is possible by using the Stock Assault 2.0 software, Whenever I read such a bold claim my scamometer device immediately raises a red flag. Is Stock Assault scam or not? Did anyone of you buy it and make profits?

Thanks and Happy New Year:-)

Thanks
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Alexa Smith Banned 14 years ago

Originally Posted by CDE-IM Consulting

Is Stock Assault scam or not? Did anyone of you buy it and make profits?

Hi CDE-IM, your question would perhaps be more appropriately asked, and is certainly more likely to attract responses, in its own thread in the "Reviews" part of the forum than in this thread.
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- CDE-IM Consulting 14 years ago
  
  Thanks Alexa but this is my first time in a Forum. I appreciate your advice. Have a Great 2011!
  
  Cristiano
  
  Thanks
  
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INDEXTRADER

14 years ago

Thanks for the charts Alexa. Very interesting money management. On chart 1 your original stop looks to be 70 pips (assumimg below 3) and you took profits at 45 pips by pyramiding out early. So your risk/reward is opposite to what most preach but your high win/loss ratio makes it profitable.

I'm off to do some back testing.

Happy New Year!

Thanks
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Alexa Smith

Banned 14 years ago

Originally Posted by INDEXTRADER

On chart 1 your original stop looks to be 70 pips (assumimg below 3) and you took profits at 45 pips by pyramiding out early. So your risk/reward is opposite to what most preach but your high win/loss ratio makes it profitable.

On chart 1 my original stop is 102.32 (the level of the 3-point) with an entry long at 102.65, so the stop-loss is 33 pips (that's 102.65 - 102.32), not 70.

Happy New Year!

Thanks
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CDE-IM Consulting 14 years ago

Since you've been so kind to me I'm sorry but I can't find the way to write a new thread or a question. As I told you I'm a complete newbie in forums. Would you be so kind to help me please?
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INDEXTRADER 14 years ago

Originally Posted by Alexa Smith

On chart 1 my original stop is 102.32 (the level of the 3-point) with an entry long at 102.65, so the stop-loss is 33 pips (that's 102.65 - 102.32), not 70.

Didnt you have 2 contracts, ie 1 exit at 15 pip and the other at 30 so if your trade had gone wrong you would have lost 2x 33pips or have I misunderstood?
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- Alexa Smith Banned 14 years ago
  
  Originally Posted by INDEXTRADER
  
  Didnt you have 2 contracts, ie 1 exit at 15 pip and the other at 30 so if your trade had gone wrong you would have lost 2x 33pips or have I misunderstood?
  
  Do you really regard a 2-contract deal with a stop-loss at 33 pips as being the same as having a 70-pip stop-loss?
  
  (But no, to answer your question, I didn't have "2 contracts": it's not actually relevant to any of the points I made, but since you ask, I don't trade in "contracts" at all. I live in the UK, so it makes more sense for me to enter my positions as spread-bets instead, because profits from those are tax-free, here, which of course makes an enormous difference to the bottom line. The dealing costs are no higher, that way, and both the customer service and industry regulation are much better from the trader's perspective, too. I also don't like trading on platforms in which the person controlling the funds and the spread is my counterparty in the transaction).
  
  Thanks
  
  1 reply
  
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  INDEXTRADER 14 years ago
  
  Originally Posted by Alexa Smith
  
  Do you really regard a 2-contract deal with a stop-loss at 33 pips as being the same as having a 70-pip stop-loss?
  
  Financially it can be if you are taking profits half way, but letting losses run full. I know your stop was 33 pips. What I am interested in is risk to reward ratio of $$$ not pips. (70 was my guess not knowing exactly where your stop was. Most traders put the stop under the low not at it)
  
  Your trade panned out so you made 45 pips. 1 exit at 15 pips and 1 at 30 pips.
  
  Call it contracts or whatever. You closed half your position at 15 pips and half at 30 pips for a full position profit of 45 pips.
  
  So 1*15+1*30 =45 profit. Had the trade failed you would have had a full position loss of 1*33+1*33 = a relative 66 pip loss even though your stop was 33.
  
  Reward = 45 pips ( $45 or $450 or $4500 etc)
  Risk = 66 pips (-$66 or -$660 or -$6600 etc)
  
  So your system profits are smaller than your losses.
  
  Even so, if you get a win/loss ratio of 60% or more it is still profitable so your 75% win/loss makes it profitable for you.
  
  What I am trying to demonstrate to the newbie traders is that survival and profitability is more than just win/loss ratio. Its about the combination of win/loss ratio and risk:reward ratio and position sizing.
  
  eg a system with a 2:1 reward:risk only needs a 59% win/loss ratio to make more money than your system at 75% win/loss, and will break even at 34% win/loss whereas you need 60% win/loss to break even (assuming your reward:risk is 45:66).
  
  Thanks
  
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  Alexa Smith Banned 14 years ago
  
  Originally Posted by INDEXTRADER
  
  Had the trade failed you would have had a full position loss of 1*33+1*33 = a relative 66 pip loss even though your stop was 33.
  
  Wrong.
  
  That would have been the position had the entire trade failed and I hadn't adjusted my stop-loss or closed part of the position at any stage.
  
  Which is, of course, not the same thing at all.
  
  Thanks
  
  1 reply
  
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  INDEXTRADER 14 years ago
  
  I couldnt find anything in your sample trade posts about your stop adjustment strategy so I (wrongly) assumed it was fixed.
  
  The 3rd bar fell lower than 102.50 and you were still fully in with more than a 15 pip loss, yet you took partial profits at 15 pips.
  
  So how would have you adjusted it if the 4th and subsequent bars just kept heading south?
  
  Thanks
  
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darkmaster

14 years ago

Great tips found here, i would like to thanks for that,

Secondly, even i am looking forward to go into this business, so i would be glad if someone here who is already with good experience and will to can offer training for forex trading ?

--
D

Thanks

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xrvel

14 years ago

I tried forex before. Won $1000, but lost $2500.. Now i'm out. Actually you can go to forex forum to get lot of information.

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Brandon Jones

14 years ago

I heard about fellow that were generating thousands each month Trading Forex. Just beware not to lose your pants in there when you're starting out.

Thanks
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alphaxyz

14 years ago

Originally Posted by Alexa Smith

This is by no means necessarily true.

There are some "relatively straightforward" trading systems in which the win/loss ratio is about 75/25. They're suitable for people with the discipline and patience to await exactly the right trading conditions rather than forcing themselves to trade every hour of the day or every day of the week.

what you said is true. in forex you either go for high probability trade or go for high risk/reward ratio trade. there is nothing in between. the first one refers to the chance that a trade will turn out to be profitable; the higher the better. the latter might have a lower chance but when you strike gold you might recover your losses and even more.

Originally Posted by myob

Forex is all about feelings; it's fundamentally what moves the market. You need to understand most people do trade using their underlying emotions. That's why "robots" and "technical indicators" can make it a brutal experience.

yes. more accurately emotion/bias. but there's one more thing...calculated risk. robots do have the edge in trading but it's not the typical robots we see everyday in the CB. no individual trader can afford to lease this kind of robot let alone buying it

Originally Posted by CyberSorcerer

I have to second buying anything from Alexander Elder and Joe Ross. I have learned a lot just from the books below from these authors.

Alexander - "Come Into My Trading Room - A Complete Guide To Trading"
Alexander - "Trading for A Living"
Joe - "Trading Futures By The Book"
Joe - "Trading Spreads and Seasonals"
Joe - "Trading The Ross Hook"

Granted, you'll put out a pretty pen for these books but if you're serious about it, as with anything in life, you will get your money's worth for sure.

the mother of all technical indicator is the candlestick because 1) it is used by everyone across the trading world (fx, futures, options) alone or with other mathematical/statistical indicator(s) 2) it simplified price history readings. and the book that will feed new trader's appetite would be Stephen Bigalow's Profitable Candlestick Trading.

Originally Posted by Brandon Jones

I heard about fellow that were generating thousands each month Trading Forex. Just beware not to lose your pants in there when you're starting out.

true. it can be used to increase capital fairly quickly but the opposite is also true. that is why the 10% rule applies here (do not use 10% of your total cash in bank and then of that 10% use only 10% to 15% so you don't run out of capital quickly).

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Richnana

14 years ago

Bill Poulous's affiliate program was paying $700.00 commission for a Forex Profit Maximizer trading couse...with "limited" offering.... I wish I had known there was so much interest on the forum for Forex Trading.

Scared to death of this way to make money myself but if you choose to go with Forex stick your finger in the water to see if it's hot before jumping in.

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johninmn

14 years ago

Just my 2 cents.....

I don't know anyone who has consistently made a living trading the FOREX. Some have had good months and some even had a decent year, but noone has made it their full time job for an extended period of time. I have a friend who is CPA and he studies harder than anyone I know and he couldn't make a consistent living trading the Forex after years of trading. He dragged me to a Forex meeting group he attended bi-weekly. This group was full of bright people, engineers, professors, etc.. and they couldn't make it work. I think someone mentioned it earlier in this thread but I believe individual traders make up less than 20% of daily Forex volume. The rest is made by large institutions. These guys move the market along with major news events. You can study all the Fibionacci (spelling?) charts and you might get in on a major trend every once in a while. But I think you either have to be a damn genius or completely removed from emotion to be a successful Forex trader.

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gforexsignals 14 years ago

Yes. We are a group of forex traders with more than 10 years experience in forex market and we can say that we make the living from Forex. All you need to do is to find a system and stuck in it. Don't search everyday another system, indicator and so on. Practice for at least 6 months, respect the money management rules (don't try to earn more then 15% per month), learn to control the emotions and you will make a living from that and do not believe in automated systems like robots. Another important thing is that no one is moving the market in the direction wanted...this is another rule...: you need to follow the market, not vice-versa
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FogHorn

14 years ago

Originally Posted by singhavn

I have just joined iforex and from tommorow I will be starting their training for one week. I was wondering if anyone out here can throw light on forex trading. Are you guys also using forex trading as one of your ways to make money online. Please share your opinions. Thanks

Forex is extremely competitive now, you need outstanding keywords to rank. Adsense keywords are definitely the go as many forex keywords now command over $10 a click.

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indiatext

14 years ago

Fore Trading is not as easy as running an online IM business. You need to be very careful at your moves.

Best of Luck.

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Cyberkntsean

13 years ago

Great Thread, it should be a WSO..!

A couple of things:

You can read all the book and learn all the tactics and theories but, there is more to foreign currencies than pieces of paper, there are people and lifestyles there as well.

Get to know the economies of the currencies that your are trading, learn what they sell, how they function and how the people make a living.

A lot of the countries have their news in English, just google it...

Also,

There is a FREE, quick-reading daily e-letter on world currencies and economic trends that comes out every morning Monday to Friday:

The Daily Pfennig

You can subscribe to get the news letter in your email on the Left Side of the page.

Thanks

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Dholno

13 years ago

Originally Posted by olajideola

let me say that i have been trading forex since they "invented" retail forex trading.

slowly but surely you will start to make gains. read as many books as you can find and check my signature for a list of reliable forex brokers

You are misleading people. If there is one thing in the internet that has a bigger failure rate than IM is in Forex. Don't touch that if you don't know what you are doing, have a decent capital and are willing to expend the next 4 years (if you survive the first 6 months) "learning" the ropes.

Only among the registered brokers with the SEC (Security Exchange Commission) , the report failure rate of retail day traders is over 93% last year. If you want to start some Internet business don't be a fool and look somewhere else.

However, if you want to explore a desperate niche to sell ebooks, affiliate links, or etc. Forex is in the top 3 list. Just my 2 cents.

DH

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bobbobson

13 years ago

If you're willing to devote the next few years of your life to studying forex, and have a decent amount of capital to start off with, then yes this could be for you. If you want to see a return any time soon, then no.

Think about it - You wouldn't get a job as a city broker without years of experience to back it up, so why would you suddenly be qualified to trade forex with no experience?

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michaelcorvin

13 years ago

FX is a great way to make money. But you need to make sure you are getting the proper training. You need to understand both fundamentals (where the market is, politics, current events) and the technicals (understanding how to read charts, support, resistance).

And having a trading plan in advance is going to be the difference if you make it or break it. The problem with most FX traders is that because the potential for gain is so great they tend to overleverage. Meaning...they risk too much. Do not risk more than 2% of your account balance on any one trade and dont risk more than 3% of your account balance at any one time between multiple trades.

ALWAYS USE A STOP LOSS based on strong technical analysis. Losing trades is part of the game. Just make you calculate the losses as part of the game.

DEALING DESKS - Most of you reading this have NO IDEA how deep the rabbit hole goes when it comes to the dealing desks, the retail companies you have your FX accounts setup. They do control the price quotes you are being given when trading. Most dealing desks realize that 90% of FX traders lose money so when you go long GBP/JPY they are going short GBP/JPY - If you start winning too much...they tend to get pissed off and can manipulate your prices forcing you to hit your stops. And unless you have a $5MM bank account and can trade directly to a large bank like Deutsche Bank (NOT the DB retail desk) you will have to trade the a retail platform. I HIGHLY suggest FX Solutions. They are the only company I have worked with in the retail FX market that has proven themselves honest.

Hope this helps

Michael

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Marhelper

13 years ago

I have experience doing it and have done very well but BE VERY CAREFUL and paper trade first.

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hamzah3

13 years ago

I've an experience of trading in financial markets of 8 years.The thing which sets apart forex is very high leverage and a Lot of misinformation and false promises.Just learn by reading some good books and don't be misguided by people who advise you to use a leverage of 50:1 or 100:1

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SeeSharp

13 years ago

If you try to do forex trading you have to be very careful and keep track of the values all the time, you can get rich with it but also lose lots of money.
Don't invest too much in the beginning and watch how it works out for you.

Cheers

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MarcWalton

13 years ago

Hi, It took me 3 years to finally master forex trading & it was a very bumpy, often stressful ride. It is NOT easy and there is a very high failure rate as with most online ventures. The biggest problem is people fall for the "get rich quick hype" & the $99 robots. Its a business, it takes a lot of hard work patience & discipline but for the few who succeed it can be highly profitable. There's a link to my free ebook below for those who are interested BUT you will not get rich quickly. If that is what you are looking for then forex is not the solution, best of luck, Marc

whoops I must have made a mistake with my signature! Anyone who needs any help, advice or the book, send me a message

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Forex Trading to make money

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