Forex Trading to make money

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.

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.

This is absolutely for certain.

They couldn't possibly: they're all based on "indicators".

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

Forex Training Online: Learn Foreign Exchange (FX) Currency Trading

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

idontknow?

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

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.

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!

Thanks for the kind support

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 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.


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

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?

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.

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.

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.

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.

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

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.

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

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.

you said absolutely correct.

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.

:-)

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.....

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.

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!

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.

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

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.

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).

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