Does anyone make money in Forex Trading?

[gibsonmh]

I'd like to know if anyone is able to make any money, consistently, in forex trading. I've been trying for three months now, and I find my self 70 pips down, and wanting to quit.

Are there any success stories out there anyone is willing to share. I see great opportunity in Forex, but I'm not sure I have the financial strength to bear with the losses I'm incurring.

[Burtakus]

If you can't bear the losses, then cut down your size to begin with.

[leonardb]

Hi Gibson,

Im a new trader myself, you can see my posts which is also in search of help from the vets

In short i think you have not looked around enough before trading. Only because of the questions i see you asking. moneytec.com is full of full-time day traders who make a living on just trading; i'd like to claim the job someday myself.

Im not being rude, but im repeating something i read somewhere.

Trading isnt for everyone. With high potentials of making alot of money come even higher risks; trading is one of them.

You should not be trading with any funds that you are depending on for your living. You should be trading with money that will not cause any financial damge if you lose it

I myself was a loser and lost almost everything, but it was money that i set aside for this and i will re-invest when im ready but most importantly with funds that i will not miss if i lose, well i do miss anything i lose; but you get the idea

good luck. look at my thread in this same section for more answers to some questions you may have.

[leonardb]

Just thought i'd share something that onlineidiot stated in another thread here in the beginners section

One last comment is imagine there were only ten people trading one particular currency in the world. Then your musings would probably be correct and there wouldn't be a lot of room for consistant profits because it isn't possible for every person to profit from trading. Some of those ten have to lose in order for the others to profit. But since forex is the largest volume trading platform and the most liquid in the world, the smaller guys like you and me and others here definately have the opportunity to profit consistanly and long term from trading foreign exchange.

[Truville]

While I agree with onlineidiot’s sentiment, I disagree on the reason. Yes, it is possible to make money in forex, but because of the volume? Unlikely. Think about it for a second. If forex was a cattle auction instead of a currency market, would you make “consistent profits” just because there were 2000 participants instead of 10? Isn’t the determining factor in both groups simply : skill in trading?

But to answer the thread question, yes people do make profits. I do. I know that MickMason does (and probably more than I do), and a few others on here do as well. It takes more than a few months, and more than 70 pips down, to learn.

[leonardb]

Originally posted by Truville
While I agree with onlineidiot’s sentiment, I disagree on the reason. Yes, it is possible to make money in forex, but because of the volume? Unlikely. Think about it for a second. If forex was a cattle auction instead of a currency market, would you make “consistent profits” just because there were 2000 participants instead of 10? Isn’t the determining factor in both groups simply : skill in trading?

But to answer the thread question, yes people do make profits. I do. I know that MickMason does (and probably more than I do), and a few others on here do as well. It takes more than a few months, and more than 70 pips down, to learn.

As one learns skill trading, one learns facts and different points of view im still new to this arena and was only quoting something that looked to make sense. I'd accept that i may some day disagree with alot of things i read, hear and what others may strongly feel, but im still learning and living until that point.

Im just clearing that im no expert, but it did look to make sense ..

[mrEURO]

A simple answer to the question asked by this thread creator....

Like everything on the face of this wonderful Earth, be it a business, a club, politics, messsage boards, restaurants........

...........Only about 5%.

As long as there are human beings, this will likely never change.

[gibsonmh]

Thanks to those who have replied. I agree, that maybe I rushed into things, but I have been studing the methods that are very often discussed in the different threads for the last two months. And for all my testing, none seem to yeild acceptable results. Most strategies I've investigated, and back tested, simply do not work.

I was just wondering what the results of others have been, as I really don't see a lot of the systems discussed yielding positive results. I was wondering if it was worth continuing....