Have any of you had success trading Forex?

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Hello Warriors hope you are well.

I was wondering, have any of you had success trading Forex, and have you ever used a Forex trading robot? What do you think of them, are they all useless or are there some good ones out there. I see so many Forex systems on the Net, I am thinking that surely one of these must be worthwhile! I welcome all of your comments guys, thanks.
#forex #forex robot #success #trading
  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by AffiliateRg View Post

    have any of you had success trading Forex
    Hi Richard - I have, and I still do, in my own small-scale way - and I've been interested in it for a very long time (it's how my father's been making his living since before I was born, so it's kind of "part of my upbringing").

    Originally Posted by AffiliateRg View Post

    and have you ever used a Forex trading robot?
    No, never. Other than to play with and investigate - not in an attempt actually to trade with one!

    Originally Posted by AffiliateRg View Post

    What do you think of them
    I think they're nonsense, erroneously designed and based, purely backfitted and with no predictive value at all, and typically very deceptively and dishonestly marketed.

    Originally Posted by AffiliateRg View Post

    I see so many Forex systems on the Net, I am thinking that surely one of these must be worthwhile!
    Alas, no.

    (And by the way you could make exactly the same observation about roulette robots, but I hope and trust you don't need me to tell you that none of those is "worthwhile", so the chances of one of them being worthwhile actually has nothing to do with the numbers of them you see on the web).

    Not only won't one of them be worthwhile, but there's actually a reason they can't be, really.

    Unfortunately, in these days of fast, computerized back-testing, it's trivially easy to come up with "systems" which can be proven to have been fairly consistently profitable on historical market results. The fact that that's so doesn't in any way increase the probability of their continuing to be profitable over future market results.

    Here's the point: it's very easy (using software) to go through all the UK horseracing results over the last decade and show that when horse number 4 wins the first race at Epsom Downs on a Wednesday afternoon, it's been consistently profitable - overall - to back horse number 7 in the fifth race the following Saturday at Ascot. But it doesn't mean that it's a sensible thing to do next week, or the week or month or year after, because it's just an incidental correlation, not a causative one. Ok, this analogy is drawn from betting on "horse movements" rather than betting on "forex price-movements", but it's the same thing in that this, it seems to me, is also the exact underlying basis of all the forex trading robots I've ever seen (and that's actually quite a lot).

    The whole thing is a big fallacy. The reality is that anyone able to design one that actually worked would very easily be able to sell its signals to any hedge fund he liked, for tens of thousands of dollars per month. They wouldn't need to sell the "bot" for $97 on ClickBank and pay their affiliates 75% of that. It's all nonsense, and logically it has to be. These products' customers are just living in a dream-world (as gamblers tend to), and the vendors are simply catering to it.

    More here ...

    http://www.warriorforum.com/off-topi...ml#post6565670
    http://www.warriorforum.com/main-int...ml#post7691884
    http://www.warriorforum.com/main-int...ml#post4738599
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    • Profile picture of the author dotdash
      Alexa has nailed it (again).

      All I'd add is that you are considering looking at it as a away to make money be prepared to invest a lot of time, effort and education - at least 3 years before being profitable. Also be prepared to become very resilient and to work on yourself.

      One of the best things trading has done for me is the journey of self discovery involved in developing the mind set.

      Instead of robots learn how to meditate, this will help you trade to your full potential more than any system or method.
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      • Profile picture of the author rrayne20009
        Originally Posted by dotdash View Post

        Alexa has nailed it (again).

        All I'd add is that you are considering looking at it as a away to make money be prepared to invest a lot of time, effort and education - at least 3 years before being profitable. Also be prepared to become very resilient and to work on yourself.

        One of the best things trading has done for me is the journey of self discovery involved in developing the mind set.

        Instead of robots learn how to meditate, this will help you trade to your full potential more than any system or method.
        I am newbie forex trader and i do agree that it takes time,effort and determination to learn before you achieve success.Trading on demo really helps a lot before going to live trading and the existence of forex forums really helps your learning.

        Forex is a high risk high reward scheme to make legit money and success is measured by your ability to learn and acquire skill.
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      • Profile picture of the author leebelisar
        Originally Posted by dotdash View Post

        Alexa has nailed it (again).

        All I'd add is that you are considering looking at it as a away to make money be prepared to invest a lot of time, effort and education - at least 3 years before being profitable. Also be prepared to become very resilient and to work on yourself.

        One of the best things trading has done for me is the journey of self discovery involved in developing the mind set.

        Instead of robots learn how to meditate, this will help you trade to your full potential more than any system or method.
        At least 3 years? Oh my that is much longer than what I expected. I already set my mind that it should be only within 3 to six months of Forex learning and preparation. Anyway, I am investing my time, effort and education for this matter. I just can''t imagine that you need at least 3 years before you reap the fruits of your labor. I hope this won't happen to me. Thanks for sharing anyway.
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    • Profile picture of the author MrWolf
      Guys, don't believe everything what people say. I have more than 6 years experience in this, so trust me, I know what I'm talking about.

      It's easy to say that robots don't work, bla-bla-bla. The thing is, most people just don't know the "rules", yet they want to play the game.

      The main reasons why people lose money with robots are the following:
      - forex markets are not regulated, therefore, brokerages can - and will - play against you. (except ECN brokers)
      - everybody can write a simple script (call it "robot"), optimize it for the past and sell it. It may work for a short period of time, while the market will keep going the same way (ie. same characteristic) as it was going during the optimization period, but as soon as something changes, it will start to lose.

      Most people use these kind of scripts and brokerages and wonder why they lose money. Please, do you research first.

      Let me give you some directions of what you need to learn about:

      1. ECN vs non-ECN borkers: ECN brokers charge commission after trades, therefore they have no interest in trading against you. Their spread is much tighter than non-ECN broker's. When you select your broker, always check it's reputation in trading forums. You will find some trustworthy ones.

      2. Every brokerage has different data feed: It means, for example, you check EURUSD for the same given 1 minute period for 2-3 different brokerages, you will find different data. With other words, if you check the most precise data - tick data - you will find differences. Why is it important? Because, whatever data feed was used by the robot developer, the robot will be optimized for that feed only. Should you run the same on an other platform, you will use a different data feed -> it will most likely fail. For this reason alone, scripts you usually buy will most likey fail, because you will be using them on a different platform. Of course, you will never hear about this from any robot developer with obvious reasons.

      I'm talking from experience, it is possible to write a software what can successfully trade, but it takes much more than optimizing on historical data. Not to mention that whoever can write such programs surely won't sell it to public for 100$.

      You may check some PAMM accounts. On these kind of accounts, you can assign your account under a manager, therefore it will be traded on the very same platform/brokerage. Plus most of the times, the manager has to trade his own money as well.
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    • Profile picture of the author NellyColby
      Originally Posted by Alexa Smith View Post

      Hi Richard - I have, and I still do, in my own small-scale way - and I've been interested in it for a very long time (it's how my father's been making his living since before I was born, so it's kind of "part of my upbringing").



      No, never. Other than to play with and investigate - not in an attempt actually to trade with one!



      I think they're nonsense, erroneously designed and based, purely backfitted and with no predictive value at all, and typically very deceptively and dishonestly marketed.



      Alas, no.

      (And by the way you could make exactly the same observation about roulette robots, but I hope and trust you don't need me to tell you that none of those is "worthwhile", so the chances of one of them being worthwhile actually has nothing to do with the numbers of them you see on the web).

      Not only won't one of them be worthwhile, but there's actually a reason they can't be, really.

      Unfortunately, in these days of fast, computerized back-testing, it's trivially easy to come up with "systems" which can be proven to have been fairly consistently profitable on historical market results. The fact that that's so doesn't in any way increase the probability of their continuing to be profitable over future market results.

      Here's the point: it's very easy (using software) to go through all the UK horseracing results over the last decade and show that when horse number 4 wins the first race at Epsom Downs on a Wednesday afternoon, it's been consistently profitable - overall - to back horse number 7 in the fifth race the following Saturday at Ascot. But it doesn't mean that it's a sensible thing to do next week, or the week or month or year after, because it's just an incidental correlation, not a causative one. Ok, this analogy is drawn from betting on "horse movements" rather than betting on "forex price-movements", but it's the same thing in that this, it seems to me, is also the exact underlying basis of all the forex trading robots I've ever seen (and that's actually quite a lot).

      The whole thing is a big fallacy. The reality is that anyone able to design one that actually worked would very easily be able to sell its signals to any hedge fund he liked, for tens of thousands of dollars per month. They wouldn't need to sell the "bot" for $97 on ClickBank and pay their affiliates 75% of that. It's all nonsense, and logically it has to be. These products' customers are just living in a dream-world (as gamblers tend to), and the vendors are simply catering to it.

      More here ...

      http://www.warriorforum.com/off-topi...ml#post6565670
      http://www.warriorforum.com/main-int...ml#post7691884
      http://www.warriorforum.com/main-int...ml#post4738599
      Good point Alexa! You are totally right. I don't trust these robots myself and I think they are only scams.
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    • Profile picture of the author DarioMontesdeOca
      Originally Posted by Alexa Smith View Post

      Hi Richard - I have, and I still do, in my own small-scale way - and I've been interested in it for a very long time (it's how my father's been making his living since before I was born, so it's kind of "part of my upbringing").



      No, never. Other than to play with and investigate - not in an attempt actually to trade with one!



      I think they're nonsense, erroneously designed and based, purely backfitted and with no predictive value at all, and typically very deceptively and dishonestly marketed.



      Alas, no.

      (And by the way you could make exactly the same observation about roulette robots, but I hope and trust you don't need me to tell you that none of those is "worthwhile", so the chances of one of them being worthwhile actually has nothing to do with the numbers of them you see on the web).

      Not only won't one of them be worthwhile, but there's actually a reason they can't be, really.

      Unfortunately, in these days of fast, computerized back-testing, it's trivially easy to come up with "systems" which can be proven to have been fairly consistently profitable on historical market results. The fact that that's so doesn't in any way increase the probability of their continuing to be profitable over future market results.

      Here's the point: it's very easy (using software) to go through all the UK horseracing results over the last decade and show that when horse number 4 wins the first race at Epsom Downs on a Wednesday afternoon, it's been consistently profitable - overall - to back horse number 7 in the fifth race the following Saturday at Ascot. But it doesn't mean that it's a sensible thing to do next week, or the week or month or year after, because it's just an incidental correlation, not a causative one. Ok, this analogy is drawn from betting on "horse movements" rather than betting on "forex price-movements", but it's the same thing in that this, it seems to me, is also the exact underlying basis of all the forex trading robots I've ever seen (and that's actually quite a lot).

      The whole thing is a big fallacy. The reality is that anyone able to design one that actually worked would very easily be able to sell its signals to any hedge fund he liked, for tens of thousands of dollars per month. They wouldn't need to sell the "bot" for $97 on ClickBank and pay their affiliates 75% of that. It's all nonsense, and logically it has to be. These products' customers are just living in a dream-world (as gamblers tend to), and the vendors are simply catering to it.

      More here ...

      http://www.warriorforum.com/off-topi...ml#post6565670
      http://www.warriorforum.com/main-int...ml#post7691884
      http://www.warriorforum.com/main-int...ml#post4738599
      That's the best explanation I've seen anytime and anywhere about this, thank you very much Alexa. Sitting here reading your answer in less than a minute has summed up what most will learn in a lifetime about the Forex market.
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  • Profile picture of the author trader909
    Banned
    100% B*S*

    The ONLY people making money in robots are brokers and vendors.

    FORGET forex 100% unless you get in at a top trading bank.

    Retail = 100% lose money

    Apart from I.M. i've never come across so many, liars, cheats and scammers.
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    • Profile picture of the author leebelisar
      Originally Posted by trader909 View Post

      100% B*S*

      The ONLY people making money in robots are brokers and vendors.

      FORGET forex 100% unless you get in at a top trading bank.

      Retail = 100% lose money

      Apart from I.M. i've never come across so many, liars, cheats and scammers.
      Is this per your experience? If this is the case, then I do not see any good using Forex robots. I'll be manually trading then. Cheers. Thanks.
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  • Profile picture of the author Cobaki
    For a couple of weeks or so, I felt so interested to try Forex as I see a lot of people finding their fortune in the industry. However, a very close friend of mine lost a lot of money from it, around $1,800, so I don't think I will have the interest to try to enter the industry again.
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    • Profile picture of the author leebelisar
      Originally Posted by Cobaki View Post

      For a couple of weeks or so, I felt so interested to try Forex as I see a lot of people finding their fortune in the industry. However, a very close friend of mine lost a lot of money from it, around $1,800, so I don't think I will have the interest to try to enter the industry again.
      There are maybe reasons why your friend lose such big amount. Maybe he was not ready when he trade live. Or his knowledge and training about Forex trading were not enough to do it right. Losing money is just normal esp to new traders. But if you are still losing as your trading goes on, then maybe there is a problem with your trading strategy or the way you trade. Sufficient knowledge, skills, training and experience as well as good timing will help you to minimize, if not eliminated, the risk of losing your trading funds.
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  • Profile picture of the author niiche
    Originally Posted by AffiliateRg View Post

    Hello Warriors hope you are well.

    I was wondering, have any of you had success trading Forex, and have you ever used a Forex trading robot? What do you think of them, are they all useless or are there some good ones out there. I see so many Forex systems on the Net, I am thinking that surely one of these must be worthwhile! I welcome all of your comments guys, thanks.
    I am a full time forex trader for 10 years, i have never come across or heard of a robot that consistently makes money that is available to the general public.

    My own success is down to thousands of hours studying price action, apart from my knowledge of the markets i know every trade is still only a probability but with good money and trade management skills you can make a good profit even on a low win rate.
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    • Profile picture of the author leebelisar
      Originally Posted by niiche View Post

      I am a full time forex trader for 10 years, i have never come across or heard of a robot that consistently makes money that is available to the general public.

      My own success is down to thousands of hours studying price action, apart from my knowledge of the markets i know every trade is still only a probability but with good money and trade management skills you can make a good profit even on a low win rate.
      You've been trading 10 years so that's already a longer trading career. You are already an experienced trader, or might I say expert. You did not use a trading robot so it mean that you do your trade manually. Perhaps robots are really not good for traders. I might as well do the manual when I begin trading live. And work hard and study hard like you to make a good profit.
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  • Profile picture of the author Cobaki
    Having a Forex trading robot would be sick. That is the thing about money-making. It seems to be so simple for other people which makes us think that there are also simple ways to do it. When, in fact, there will only be two things that can make you successful in what you do. First, you have to study everything and earn your way to the top. Second, you have to be born rich to have the resources that you may need to go higher than where you already are.
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    • Profile picture of the author leebelisar
      Originally Posted by Cobaki View Post

      Having a Forex trading robot would be sick. That is the thing about money-making. It seems to be so simple for other people which makes us think that there are also simple ways to do it. When, in fact, there will only be two things that can make you successful in what you do. First, you have to study everything and earn your way to the top. Second, you have to be born rich to have the resources that you may need to go higher than where you already are.
      Cobaki you are the third person here to mention the dislikes about the Forex trading robot. While I agree that you have to study everything about Forex in order to succeed, I do not agree in your next statement that you should be born rich to have the resources to be at the top. Money and richness can be achieved if you study and work hard. If you are born poor, it does not necessarily mean that you won't be rich. I've known several people who haven nothing before but with hard work and perseverance they are very rich now.
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  • Profile picture of the author ivan2125
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    • Profile picture of the author bency888
      Originally Posted by ivan2125 View Post

      I don't trust the trading robot... Normally I will follow the expert before I invest and I have made some money @ GDMFX...
      What is GDMFX ya?
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      • Profile picture of the author ivan2125
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        • Profile picture of the author bency888
          Oh I see, what is the minimum to open an account in GDMFX? Any website to refer?
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          • Profile picture of the author Devilfish168
            I saw binary option always ad in those marketing sites,

            it seem a fast way to earn also lost money...huh?

            the way of trading is like betting

            choose up or down within a certain time period ..will close
            than if the stock index up and you happen to choose up
            you earn base on how much investment you put and the index.

            never try because ..in the first place , I still haven't reach this stage where by in IM earn quite a good earnings.
            if I do perhaps "might" try it but as usual I feel the risk is there of course.

            as we all investments surely there is a risk so do all business...
            no risk no gain.
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          • Profile picture of the author AndrewCavanagh
            Originally Posted by bency888 View Post

            Oh I see, what is the minimum to open an account in GDMFX? Any website to refer?
            Oanda.com

            They're now the biggest forex broker outside the
            main banks with I think over 500 million dollars
            on their books.

            No fees, tiny spreads (eg EUR/USD 1 pip or less), real time
            platform, no B.S.

            And you can trade with as little as 1 unit (it's not possible
            to go any lower than that) which makes it very easy to
            do cost averaging and have multiple positions in the
            market.

            You can also hedge by opening a sub account off your main
            account.

            And I don't think they have a minimum account.

            Kindest regards,
            Andrew Cavanagh
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          • Profile picture of the author leebelisar
            Originally Posted by bency888 View Post

            Oh I see, what is the minimum to open an account in GDMFX? Any website to refer?
            Hi there bency. I've been doing a demo account with GDMFX for more than two weeks now. I visited the Web site to check the minimum amount to open a trading account and its $100. And here is their Website. Hope this can help you. Cheers. Good luck to your trading as well. Hope we can learn from each other.
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      • Profile picture of the author leebelisar
        Originally Posted by bency888 View Post

        What is GDMFX ya?
        I am really glad that someone asked about GDMFX. I've been doing a demo account with this broker for more than two weeks now, though I also try other demo accounts with two other brokers. GDMFX is a global financial and brokerage firm that is licensed and registered as FSP of New Zealand, authorized representative in Australia and registered entity in British Anguilla to provide financial services.
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      • Profile picture of the author gerski
        Originally Posted by bency888 View Post

        What is GDMFX ya?
        GDMFX
        is a licensed and registered online brokerage.
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        • Profile picture of the author leebelisar
          Originally Posted by gerski View Post

          GDMFX
          is a licensed and registered online brokerage.
          Hi Gerski. Do you trade with GDMFX too?
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  • Profile picture of the author he_august
    Lost $1600 3 year back when trying a forex bot with a real money :<
    i guess, no autopilot money making machine except with hard work and dedication? :>
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  • Profile picture of the author Cobaki
    It is really not that easy to find success if we are going to take shortcuts. As what I have been repeatedly saying today, it is better to be safe than sorry. There are already simple ways to learn Forex. Why do we keep on making simple things simpler when the simple ones are already workable? Still, I never had my luck on Forex.
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  • Profile picture of the author EPoltrack77
    I first played with forex a couple of years ago. I accendently left a trade open on a friday evening with only 20 bucks in the account. Sunday evening when the markets opened back up I had over $570 sitting in my account! I've never seen money move so fast on with forex. Its how the banks used to make their money with our money until goverment changed it on them. you need to find a robot that can move with the trends. Very few robots on the marketplace do that today. Forex is some of the easiest and fastest money I have ever made online before!
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    • Profile picture of the author Cobaki
      Originally Posted by EPoltrack77 View Post

      I first played with forex a couple of years ago. I accendently left a trade open on a friday evening with only 20 bucks in the account. Sunday evening when the markets opened back up I had over $570 sitting in my account! I've never seen money move so fast on with forex. Its how the banks used to make their money with our money until goverment changed it on them. you need to find a robot that can move with the trends. Very few robots on the marketplace do that today. Forex is some of the easiest and fastest money I have ever made online before!
      You are really lucky! I swear, if my friends heard about this, they would wish they had the same luck as yours and they'll give Forex another try again. It is surprising to know that Forex bots are really helping. All of my colleagues think that they just make things worse. Maybe Forex is not really for them.
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    • Profile picture of the author leebelisar
      Originally Posted by EPoltrack77 View Post

      I first played with forex a couple of years ago. I accendently left a trade open on a friday evening with only 20 bucks in the account. Sunday evening when the markets opened back up I had over $570 sitting in my account! I've never seen money move so fast on with forex. Its how the banks used to make their money with our money until goverment changed it on them. you need to find a robot that can move with the trends. Very few robots on the marketplace do that today. Forex is some of the easiest and fastest money I have ever made online before!
      You are lucky. I've read some post here not suggesting the use of Forex trading robot. But in your case, it works. May I know what robot do you use? I'll put in to my list for consideration.
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  • Profile picture of the author Randall Magwood
    I tried my hand at Forex when i bought this product called "FapTurbo". In the demo version, it looked promising... looked like i was going to be making $50/day with a small investment.

    I signed up for the full version, put $200 in there... and only made $1 a day. It's not a bad product, i imagine that if you put thousands of dollars into it may work, but with a little bit of dough... no.

    Now trading Forex naturally by HAND?... no, i've never tried that.
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    • Profile picture of the author leebelisar
      Originally Posted by Randall Magwood View Post

      I tried my hand at Forex when i bought this product called "FapTurbo". In the demo version, it looked promising... looked like i was going to be making $50/day with a small investment.

      I signed up for the full version, put $200 in there... and only made $1 a day. It's not a bad product, i imagine that if you put thousands of dollars into it may work, but with a little bit of dough... no.

      Now trading Forex naturally by HAND?... no, i've never tried that.
      You never tried do your trading manually? Even when you were still a new trader? I'm going to give this Fapturbo a try, the demo version.
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  • Profile picture of the author Andrew Mak
    anyone tried gpsforexrobot? i think the concept make sense, i will try it one day.
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  • Profile picture of the author katiekate
    you really need to know what you're doing with forex, possibility of losing your money is high if you're not careful
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    be nice to yourself

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  • Profile picture of the author trader909
    Banned
    it' not forex....it's the short term over leverage most use that kill you.

    i tried to convince someone 5 years ago using 100X leverage was pure madness. he wouldn't have it....1 month later wiped out.

    Most new traders don't even know what risk management is...never mind use it. Jumping in risking 20% of capital on a trade...may as well go the casino.

    Binary Options = joke....AVOID
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  • Profile picture of the author Adie
    Since I joined etoro 4 months ago, my $50 initial investment is now $780 and I was ready to process my first withdrawal last week but I changed my mind. Before the shutdown, it it reached $890 but after the shutdown, it seems the market has stabilized. I think I am making some money. I have no plan to increase my investment.

    My plan is to have this account reach $10,000 and I only withdraw the amount in excess of this figure. I do both day trading and long term. I have success with day trading and I never used any robots. Just analyzing candle sticks, bollinger bands, and market news....
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  • Profile picture of the author Jacob Caris
    Forex can be risky if you aren't appropriately skilled in what you are trading. Also I wouldn't waste your time or money with Robots. There is no easy way to make money with Forex.
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  • Profile picture of the author trader909
    Banned
    I like at least 2.5:1

    NEVER trade binary options! Why?
    Key of sucessful trading is a good risk/reward ratio for each trade. This means that - no matter what you are trading (stocks, forex) - your potential gain MUST be at least twice as big as your potential loss.
    Binary options offer a 70-80% gain (in case of trading into the right direction) which sound great. BUT! When you will lose, you will lose 100% of your money. So your risk is 100% while your potential profit is 70-80%. This means that you must be right in 60% of your guesses only to break even. (6 times x0.7 Risk increments = +4.2 / 4 times 1 R loss = - 4R // result = 0.2 R win)
    but you see, people like this..high in ratios so marketers give it to them. People from my experience prefer action over making profits.
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  • Profile picture of the author Michael Franklin
    Years ago, I invested $500 into a forex account and watched it quickly dwindle over time as I didn't give myself ample time to learn the nuances behind good trades.

    It's very important to know what you're investing your money into. Since then, I have learned that the best investment is in myself.
    Signature

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  • Profile picture of the author trader909
    Banned
    "The big money is in the big moves."
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  • Profile picture of the author AndrewCavanagh
    I strongly recommend you read Bird watching in Lion country by Dirk DuToit...
    http://www.fxf1.com/english-books/Th...%20Country.pdf

    Then after you've read that buy his full course (which is a bargain
    at the current price).

    The robots, the idea you can make easy money with the push of a
    button and most of the methods being sold will just lose you money
    in the long term.

    On the other hand follow some good trading methods as you'll see
    outlined in Dirk's report and you'll give yourself an excellent chance
    of making money.

    Kindest regards,
    Andrew Cavanagh
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  • Profile picture of the author EllenMoore
    Originally Posted by AffiliateRg View Post

    Hello Warriors hope you are well.

    I was wondering, have any of you had success trading Forex, and have you ever used a Forex trading robot? What do you think of them, are they all useless or are there some good ones out there. I see so many Forex systems on the Net, I am thinking that surely one of these must be worthwhile! I welcome all of your comments guys, thanks.
    I know the promises supporting the use of robots are impressive, and you will not give up the idea until you test the system. Find a robot that allows you to trade without money or with really small amounts and test it.
    I've tried a few and was disappointed, so I am currently only trading a couple of hundred dollars a month. It's my way of quenching my thirst for gambling without losing.
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  • Profile picture of the author Justin Lavoie
    First time I played Forex I made 2400$ in 2 weeks with initial investment of 5000$. The more I learned about Forex and trading, the more I started losing...until I was down a couple hundreds of my initial investment......took my money back and ran with it.
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  • Profile picture of the author J50
    The only people who make money from automated forex trading, probably have multiple Ph.D's in such things as mathematics and computer science.
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    • Profile picture of the author AeroBuilders
      Originally Posted by J50 View Post

      The only people who make money from automated forex trading, probably have multiple Ph.D's in such things as mathematics and computer science.
      I know about a dozen full auto professional forex traders and none of them have a Phd (those who make $250,000 a year or more only from their automated trading profits). Several have programming backgrounds and the rest all come from a range of backgrounds. None of them are what I would say the "quant" type guys (stong math backgrounds). I find the more logic based calm and "thinking" types do very well with automated system development and deployment. The flashy action seeking gambler types SUCK at automated trading, I have never seen anyone with this mentality make it.

      It all comes down to a persons willingness to spend the time necessary in the "details" of their system development, and the ability to work through a lot of credible testing. Of all those I know who trade very successful automated systems, the BEST win:loss ratio is around 63% monthly (with a minimum 2:1 Reward:Risk ratio per trade). Systems that say they can do 70% or better ongoing month after month win:loss ratios are usually either total BS or very very short lived. I know $75 million to $225 million sized fund managers and they usually hit mid 50% or slightly better win:loss ratios to make their consistent yearly returns. Their money management is their real edge more so than their win:loss ratios.
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      Seeking JV partners for Forex Trading products

      Forex Trader & Trade System Builder / Health & Wellness Expert / Sport Aircraft Builder

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  • Profile picture of the author leebelisar
    Originally Posted by AffiliateRg View Post

    Hello Warriors hope you are well.

    I was wondering, have any of you had success trading Forex, and have you ever used a Forex trading robot? What do you think of them, are they all useless or are there some good ones out there. I see so many Forex systems on the Net, I am thinking that surely one of these must be worthwhile! I welcome all of your comments guys, thanks.
    Hello. Forex trading is one of the fast growing opportunity to make money online. Its very lucrative. But you need sufficient knowledge and training to do this. Its a process per the Forex sites that I visited. I am actually a newbie trader and I have a classic account with gdmfx. I signed up to take this rewarding opportunity. I do not trade live yet because I'm still doing a demo account. But it looks like that I'll be trading manually. I've read something about trading using a robot and it looks like that its not good to a newbie like me.
    Signature

    Proud Royalista

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  • Profile picture of the author desley
    Hi,
    I agree - using a robot for FX trading is a recipe to lose money big time - so is binary options - the gamblers paradise of FX trading - will get a better return at the poker machines than from binary options!

    If you want to do FX trading, learn to trade FX the proper way; invest in a good training course.

    I'm a trainer by trade and I can tell you from an independent trainer's perspective - LTG Goldrock is the best training I've ever come across. Short videos which are very clear, concise and to the point and in understandable bite size pieces. You might pay heaps for it, however there are no ongoing fees and charges if you take out their platinum membership; and you'll learn how to trade FX the proper way. The support is absolutely fabulous - one can ring up as often as one likes; one can also each night access the live training room and listen and learn from a highly experienced trader which trades to place and also for approximately 1 hour he delivers a training session after the live trades section. There are also face to face training days as well. They didn't receive the Award for being the top FX training company in the world for nothing I can assure you.

    (I spoke to a friend of mine this week who I found out was trying to learn FX trading and the course he paid for is pathetic and doesn't give even remotely half of what I have with the LTG Goldrock membership.)

    If you want to be a trader - I also recommend you pick up the book (can get from Amazon) - Trading in the Zone. This book will assist you to develop the right mindset to trade effectively, patiently and consistently and hopefully profitably.

    As one respondent said - trading FX is trading in probabilities. One has to come from the mindset that every trade that is placed could potentially be a losing trade. It's how you handle the losses that's important and equally important is how you manage the risk.

    Why waste your $$$ on a robot when the FX market is 24/5 and trends can change very quickly. A robot can't do that. A robot can't predict news announcements and how same will impact on the FX market.

    Get a Go Markets MT4 account - free to open. Get some genuine training and trade in small amounts to get used to things. You can even use the demo account for one month to get a handle on the platform and charts etc. Then trade live; once you have a better idea of what you're looking at as until you trade live you'll never know what you are capable of - totally different to trade live than trade via a demo account.

    Remember - start small. Yes you can have wins. You can also have losses. The strategy is to have more wins than losses so you that consistently make a profit. If you think you're going to be making thousands each week when you start, think again.

    Hope this assists.

    Good luck
    Signature
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    • Profile picture of the author AeroBuilders
      Yes - stay far away from robots and most EA's. I only trade automated systems that I have developed myself. I have been shifting more of my trading to full auto since those systems can cover more markets realtime, and then can be scaled up faster than typical discretionary systems.

      Some of the better manual systems out these days are the "Forex Successful Traders" money map system and tools out of the Miami area, and I would also suggest checking out ForexFactory.com (share trade ideas and to see what systems other traders are using).

      After many years of trading, I finally have an automated system that will do 200% to 300% annual returns - while trading a strong win:loss ratio and a very robust "sharpe ratio" on all major currency pairs. It takes many years to have breakthroughs in your trading system development, but when you do have a significant breakthrough all the time spent is worth it!
      Signature

      Seeking JV partners for Forex Trading products

      Forex Trader & Trade System Builder / Health & Wellness Expert / Sport Aircraft Builder

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    • Profile picture of the author jawmeister
      Originally Posted by desley View Post

      Hi,
      I agree - using a robot for FX trading is a recipe to lose money big time - so is binary options - the gamblers paradise of FX trading - will get a better return at the poker machines than from binary options!

      If you want to do FX trading, learn to trade FX the proper way; invest in a good training course.

      I'm a trainer by trade and I can tell you from an independent trainer's perspective - LTG Goldrock is the best training I've ever come across. Short videos which are very clear, concise and to the point and in understandable bite size pieces. You might pay heaps for it, however there are no ongoing fees and charges if you take out their platinum membership; and you'll learn how to trade FX the proper way. The support is absolutely fabulous - one can ring up as often as one likes; one can also each night access the live training room and listen and learn from a highly experienced trader which trades to place and also for approximately 1 hour he delivers a training session after the live trades section. There are also face to face training days as well. They didn't receive the Award for being the top FX training company in the world for nothing I can assure you.

      (I spoke to a friend of mine this week who I found out was trying to learn FX trading and the course he paid for is pathetic and doesn't give even remotely half of what I have with the LTG Goldrock membership.)

      If you want to be a trader - I also recommend you pick up the book (can get from Amazon) - Trading in the Zone. This book will assist you to develop the right mindset to trade effectively, patiently and consistently and hopefully profitably.

      As one respondent said - trading FX is trading in probabilities. One has to come from the mindset that every trade that is placed could potentially be a losing trade. It's how you handle the losses that's important and equally important is how you manage the risk.

      Why waste your $$$ on a robot when the FX market is 24/5 and trends can change very quickly. A robot can't do that. A robot can't predict news announcements and how same will impact on the FX market.

      Get a Go Markets MT4 account - free to open. Get some genuine training and trade in small amounts to get used to things. You can even use the demo account for one month to get a handle on the platform and charts etc. Then trade live; once you have a better idea of what you're looking at as until you trade live you'll never know what you are capable of - totally different to trade live than trade via a demo account.

      Remember - start small. Yes you can have wins. You can also have losses. The strategy is to have more wins than losses so you that consistently make a profit. If you think you're going to be making thousands each week when you start, think again.

      Hope this assists.

      Good luck
      If anyone is thinking of following the advice of desley, I would strongly urge you to google LTG Goldrock & do some research yourself. If you come across a site called LTGGoldrockReview.net, it is worth reading all the comments on it before you commit to anything
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  • Profile picture of the author brenda221
    My mom tried a few forex methods but she never really got the hang of it and eventually gave up. Honestly, I thought about studying it a little more in depth but I just didn't have the time for it and I was afraid of all the negative stories about people losing a lot of money. If anyone has some good suggestions for beginners though, it would be greatly appreciated. ...as long as it won't lead to losing thousands of $$.
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  • Profile picture of the author mootonandy
    End of day trading is pretty easy, but you need a large account size to make it worthwhile, a least a few 10's of £ or $, you can make 10% a month quite easily when you get good at it.

    A lot of people are attracted to intra day trading because they think they can make money faster but most people find day trading very difficult - mainly because they get screwed up emotionally due to having to take multiple losing trades inside 1 day.

    You are only supposed to risk 1% of your capital on any one trade, so imagine you are day trading and you have about 4 losing trades in a row, are you going to feel like carrying on?
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by mootonandy View Post

      You are only supposed to risk 1% of your capital on any one trade
      Well ... this necessarily depends on your strike-rate, doesn't it?

      There are certainly plenty of people who successfully do this for a living and expose 2% (even 2.5%) of their capital to risk on each individual trade.

      If you have a simple intraday system with a 72% strike-rate, a 15-pip TP and a 25-pip SL, net of dealing costs, for example (many people will look askance at systems with bigger SL's than their TP's, but there are such systems and they can be steadily profitable, if their strike-rate is high enough), that's going to net you 380 pips clear over 100 trades, and with only 28% losses you'd certainly want to stake more than 1% of your account per trade, wouldn't you?

      With 28% of losing trades, then statistically, out of 650 consecutive trades you have a (considerably) less than 1% chance of losing 10 consecutive trades, so risking 1% of your account on each individual trade would surely be excessively conservative (even by my standards, and forex traders don't come much more risk-averse than I am!).
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      • Profile picture of the author mootonandy
        Originally Posted by Alexa Smith View Post

        Well ... this necessarily depends on your strike-rate, doesn't it?

        There are certainly plenty of people who successfully do this for a living and expose 2% (even 2.5%) of their capital to risk on each individual trade.

        If you have a simple intraday system with a 72% strike-rate, a 15-pip TP and a 25-pip SL, net of dealing costs, for example (many people will look askance at systems with bigger SL's than their TP's, but there are such systems and they can be steadily profitable, if their strike-rate is high enough), that's going to net you 380 pips clear over 100 trades, and with only 28% losses you'd certainly want to stake more than 1% of your account per trade, wouldn't you?

        With 28% of losing trades, then statistically, out of 650 consecutive trades you have a (considerably) less than 1% chance of losing 10 consecutive trades, so risking 1% of your account on each individual trade would surely be excessively conservative (even by my standards, and forex traders don't come much more risk-averse than I am!).
        All these "if's" and stats are all very well but intra day you are going to end up being dominated by your emotions, even men.

        I think you have to be psychologically abnormal to be good at intra day trading, there are only so many consecutive 1% or even 2% losses you can take in a row before your emotions start to take over.

        Open up a $500 mini account and lose most of it then see what I mean, end of day trading is a much more sensible option.
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        • Profile picture of the author Alexa Smith
          Banned
          Originally Posted by mootonandy View Post

          I think you have to be psychologically abnormal to be good at intra day trading
          When you look at any activities from which about 1%/2% of the participants, traditionally, are said to be able to make a living, I'd imagine that that could perhaps be argued about all of them? So I certainly won't dispute that.

          Originally Posted by mootonandy View Post

          Open up a $500 mini account and lose most of it then see what I mean
          Thanks - but I got through "that kind of phase" many years ago.

          Originally Posted by mootonandy View Post

          end of day trading is a much more sensible option.
          Not for me, thanks - I don't sleep so well when I have positions open overnight: but each to his own.
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  • Profile picture of the author adelewilliams
    Banned
    Trading money is a risky job. Therefore, i would certainly not buy a robot to manage such things. If i would do something wrong, I would like to think that is made because of me, not because something else. This is how you learn from experiencing.
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  • Profile picture of the author cuie
    If you compare potential risk: downside is losing ALL of your money, I'd say there are more lucrative methods of making money which have the same upside potential.
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  • Profile picture of the author beasty513
    Hello.

    Yes, some success was had.

    Thing was to trade when certain world event shifted in my favor.

    Like Black Friday.
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  • Profile picture of the author SaraHendren
    Forex can work. I made a few money myself, but I was investing too much time, so eventually I dropped it. I am sure that one can make nice profit after they understand some marketing strategies.

    I just didn't have the patience.
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  • Profile picture of the author asuran
    I just talked with one of my friends over the phone and we also agree that every strategy without giving a value even if it is not about marketing to people but to make money via robots always backfires somehow.

    I've seen it many times with forex robots.
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  • Profile picture of the author rrayne20009
    I'm a newbie and still on my way of learning and acquiring some skills in forex.I do believe that success in forex follows learning.
    I am joining forex forums and uses a demo account to build-up my knowledge and skills.
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    • Profile picture of the author Gil Doer
      There's a company named TastyTrade (tastytrade.com) that discuss contrarian trading strategies.

      The cool thing is they do live shows every weekday... while the market is open.

      They do trade more stocks than forex however in my opinion they're extremely reputable.

      Tom Sosnoff is the founder and starts the day off. He's also the creator of TOS (Think or Swim) platform and sold it to TD Ameritrade some years ago for $600M.)

      I'm no expert in retail trading but be careful though, you might get addicted
      Signature

      Gil...

      Genius is ninety percent perspiration and ten percent inspiration.

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  • Profile picture of the author socialentry
    Careful where you thread

    Most forex brokers are really bucket shops.
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    • Profile picture of the author leebelisar
      Originally Posted by socialentry View Post

      Careful where you thread

      Most forex brokers are really bucket shops.
      That is why selection of a Forex broker is very crucial. There are a lot of scams out there.
      Signature

      Proud Royalista

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  • Profile picture of the author socialentry
    Careful where you thread

    Most forex brokers are really bucket shops.

    Most of the retail forex traders end up losing money.
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  • Profile picture of the author Young Financier
    There's really only one way for your average retailer trader to make money not only in Forex but in stocks and futures as well and that is by doing what the institutions are doing. I'm not gonna get into the methodology to doing such because that's the basis of my trading system but that's the only way. Anything else is a shot in the dark.
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  • Profile picture of the author trader909
    Banned
    no edge in forex.....stocks you have many points you can view to see if he probability is very high of making profits. Forex is almost pure random price movements intra bank.

    I know a few people make millions in stocks, none in forex / futures. Except the brokers.

    Day trading = waste of your life!
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    • Profile picture of the author Young Financier
      Originally Posted by trader909 View Post

      no edge in forex.....stocks you have many points you can view to see if he probability is very high of making profits. Forex is almost pure random price movements intra bank.

      I know a few people make millions in stocks, none in forex / futures. Except the brokers.

      Day trading = waste of your life!
      You do know that the biggest names on Wall Street earned their start as Fund Managers by making millions in the Futures and FX market, right? Particularly, Paul Tudor Jones...who turned $300k into $125M by the late 80's and who was the first financier to earn $100M in annual income from futures trading. Another example would be Richard Dennis who in 10 years turned $1,600 into $200M by trading nothing but futures. I can name many others who have made millions in both markets. A friend who brought me into trading made his first million trading futures at the age of 22.

      But....if that's what you want to believe, I can't stop you. Just don't end up on the other side of one of my trades.
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      • Profile picture of the author rrayne20009
        Originally Posted by Young Financier View Post

        You do know that the biggest names on Wall Street earned their start as Fund Managers by making millions in the Futures and FX market, right? Particularly, Paul Tudor Jones...who turned $300k into $125M by the late 80's and who was the first financier to earn $100M in annual income from futures trading. Another example would be Richard Dennis who in 10 years turned $1,600 into $200M by trading nothing but futures. I can name many others who have made millions in both markets. A friend who brought me into trading made his first million trading futures at the age of 22.

        But....if that's what you want to believe, I can't stop you. Just don't end up on the other side of one of my trades.
        Hi there!I also heard about George Soros.Soros made the most out of his apprentice to help him break the Bank of London and put the British pound into its knees. The most successful trades he made earned him at least $1 billion.

        source:The Best Forex Traders of All Time You Should Know about
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        • Profile picture of the author Young Financier
          Originally Posted by rrayne20009 View Post

          Hi there!I also heard about George Soros.Soros made the most out of his apprentice to help him break the Bank of London and put the British pound into its knees. The most successful trades he made earned him at least $1 billion.

          source:The Best Forex Traders of All Time You Should Know about
          Yep. Soros' trade in which he made a $1 Billion in less than a month shorting the British Pound had to be one of the greatest trades ever. That goes to show you the potential of the Forex market.
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        • Profile picture of the author leebelisar
          Originally Posted by rrayne20009 View Post

          Hi there!I also heard about George Soros.Soros made the most out of his apprentice to help him break the Bank of London and put the British pound into its knees. The most successful trades he made earned him at least $1 billion.

          source:The Best Forex Traders of All Time You Should Know about
          George must be very lucky and knows how to place his trade in a very perfect timing. Similarly, he must be very well versed about Forex market and Forex trading. I hope I can follow his trading footsteps.
          Signature

          Proud Royalista

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  • Profile picture of the author leebelisar
    Originally Posted by AffiliateRg View Post

    Hello Warriors hope you are well.

    I was wondering, have any of you had success trading Forex, and have you ever used a Forex trading robot? What do you think of them, are they all useless or are there some good ones out there. I see so many Forex systems on the Net, I am thinking that surely one of these must be worthwhile! I welcome all of your comments guys, thanks.
    Good thing that Tony aka TeamGlobal provided this Forex discussion link from other thread. Its nice to see the discussions here. Its really helpful to a new trader like me. Going back to your post, in my case, being a newbie, I am not trading live yet. Still I am using a demo account, which is actually for more than two weeks now. May I ask, is Forex trading robot just like EA or this is the automated trading software? Thanks.
    Signature

    Proud Royalista

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  • Profile picture of the author HenryLatourrette
    I'm publishing my forex journey with a demo account at my blog Forex Trend Follower

    I'm currently -5% since I started the account a month ago. Anyway, I'm trying to get some traffic to the blog and hopefully I earn some cash so I can invest in forex again.

    Last year I lost almost 2,000 USD while trying out a few strategies and copytrading. I saw 1,000 USD going to 0 in a night when I copied a metatrader signal that had too much more capital than mine, so... that was the main mistake I did.

    Be careful, go slowly. I've also lost too much money once with "Google Cash System" , so IM and Forex are not very different. Specially with PPC.
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    • Profile picture of the author leebelisar
      Originally Posted by HenryLatourrette View Post

      I'm publishing my forex journey with a demo account at my blog Forex Trend Follower

      I'm currently -5% since I started the account a month ago. Anyway, I'm trying to get some traffic to the blog and hopefully I earn some cash so I can invest in forex again.

      Last year I lost almost 2,000 USD while trying out a few strategies and copytrading. I saw 1,000 USD going to 0 in a night when I copied a metatrader signal that had too much more capital than mine, so... that was the main mistake I did.

      Be careful, go slowly. I've also lost too much money once with "Google Cash System" , so IM and Forex are not very different. Specially with PPC.
      Sorry to hear the sad part of your story esp the trading one. My sympathy goes well to you my friend. But good thing that it looks like that you'll never give up in Forex. I've read you wanna try it again. That's good. There is no harm in trying. I hope you already learn from your mistakes and looking forward that it won't happen again. Good luck.
      Signature

      Proud Royalista

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    • Profile picture of the author rrayne20009
      Originally Posted by HenryLatourrette View Post

      I'm publishing my forex journey with a demo account at my blog Forex Trend Follower

      I'm currently -5% since I started the account a month ago. Anyway, I'm trying to get some traffic to the blog and hopefully I earn some cash so I can invest in forex again.

      Last year I lost almost 2,000 USD while trying out a few strategies and copytrading. I saw 1,000 USD going to 0 in a night when I copied a metatrader signal that had too much more capital than mine, so... that was the main mistake I did.

      Be careful, go slowly. I've also lost too much money once with "Google Cash System" , so IM and Forex are not very different. Specially with PPC.
      Thank you very sharing your experience and cautionary advice.
      Yes,we should take forex seriously.We should not rush our trading and plan a very good strategy that we can use.
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  • Profile picture of the author paull3000
    Hey there,

    I am a Forex trader making a decent living out of it. And now new to this Internet Marketing Business.

    I can tell you a few tips to avoid the main pitfalls in trading:

    1. Study a lot first. Grab all the information you can
    2. Simultaneously start trading demo, at least for 3 months. There you will find how hard it is to make money, and then keep it.

    3. Start trading live with a small $500 account. Only to feel how hard it is to lose real money.

    4. After you have consistent profits move to a little larger account. Let's say $2,000-$5,000

    5. If you are profitable for another 2 months then you can start trading with a bigger account.

    6. You will have losing trades, that is normal. But if you apply a winning strategy in the end you will make profits.

    Take this time as training to learn the craft. It is not a get rich quick scheme.

    To make consistent profits you need to work hard, specially in your own emotions, it's the hardest part.

    I am planning to launch a course on Forex trading sometime in the close future and I am building a list for that. In the meantime I am giving away videos with my favorite strategies for trading.

    You can learn about my story and the course here:
    The Forex Power Course - Home

    ask me any questions if you have them.
    regards

    Paul
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  • Profile picture of the author Misztik
    I have been trading for a living for over 4 year now and am wondering if there are some people interested in learning how to trade. I have a very profitable and easy to follow strategy
    that can bring 100-200 pips easily/day , trades with very good risk to reward ratio and am thinking about writing a book on the system. I'd probably charge a few hundred $ for the
    strategy and would provide support as well. If there is enough interest I'd open a thread in for sale section. Thanks.
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  • Profile picture of the author rafsco
    I do trade Forex and I find it very easy...now.
    I make money every month but i remember when I started I did lost money and bought useless courses. Now I find it so simple. The major problem with newbies is over expectation. If you are trying to make a million dollar with 50 bucks, no way. If you are trying to make 100 bucks/month with 1k then you can do it.
    I personally use only support/resistance lines, trend lines, 4h, 24h charts. That's it. Forget all the indicators. I remember, when I started, the most difficult thing for me was not to trade. Now I have enough discipline to do the right thing.
    Good luck.
    Signature

    Joe Falcade
    Make Money with greedyjoe.com

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