Is anyone making money trading forex?

[Rufanuf]

Hi Throw,

I understand your frustrations about the lack of "profitable" traders coming forward and being honest about what they make. Lots has been said about this being personal so on and so forth, but even so it doesnt readily explain why KNOWONE ever comes forward and goes hands up to making a given figure out of the markets in a given time frame. What may better explain it perhaps is that all successful traders have learnt enough humility to realise that tomorrows another day, so even if youve been making good money for a decade, tomorrow could cause you real problems.

If your a beginner like us, its tough sometimes to remain faithful to the idea that its possible to make money in the market, its even tougher if you have a lot of synical voices around you at home as well (Like I have).

But I think if theirs one thing all knewcomers to FX trading know in thier gut, is that the market is not the same as a casino. It may attract similar characters, but that doesnt mean that knowone who trades (or gambles for that matter) wins (its statistically provable though that in a casino in the long term only the casino wins, but thiers still a winner!). If you spend enough time studying theories such as probability, and/or have looked at how a casino makes its money, then you begin to realise that the market actually represents an opportunity for you to become the casino owner. Now ask yourself, do casinos and bookies make money?

Its for this reason alone that I personally believe their are a number of people making fortunes out of the market. As one of the other contributors mentioned, the more capital you have the more power you will ultimately have to allow you to turn a profit, but the flip side of this is that the less capital you have the better chance you have of being forced to develop the deciplines of becoming a profitable trader, and ulitmately making a lot more money %wise than perhaps some of the bigger players. The big players can simply ride out almost any storm, us little guys just have to keep our stake sizes low and stick to our strategies, and simply look at the percentages we are making or losing and over what time frames. Ive traded profitably for the last 3 months over maybe 30 trades and made about £300 a month. In the last year as a whole I have lost about £3000, but most of that loss was on one silly rash mistake. So the way i figure is that when I stop making mistakes Ill start making money! But what constitutes a mistake when trading the markets can really only be learnt by making that mistake for real not in a demo account, or any other way, simply by losing the money!

Ruf

[raasko]

Ill tell you why there arent any successful traders coming forward...... Because they are successful. duh. Traders making 10k a month are either trading or they are out living laid in the shade drinking coronas on a beach somewhere. They would have no need to be on moneytec helping the very people that provide them with their fabulous paychecks. You want success stories? go to the fxcm contest winners section and see their trading statements..... $10,000-12,000+ in profits for alot of these guys. starting out with less than 5k, 1k the most. You can learn alot about their trading style, some trade a hundred times some maybe 10 times a month with similar results. i had a good run traded for a while and went from my $300 deposit to $3000 in 5 weeks then i got greeddy and blew my account. But i'll tell you what while i was being successful that month the last thing i had time to do was come to moneytec and read new strategies from unproven traders.... You wanna learn something thats proven, just go to fxstreet.com under knowledge and read and reread the articles and put them into use, you will do fine. easy

[cmarketbulltren]

hello

what i belive in trading forex everyone should have there own trading paln which fits to them with strict rules , pease make sure that nobody can give you trading plan which fits to you. where there is no place for ur emotions with displine this what most traders don't have , fallow the rules which use learn on ur own , said by experts , by ur words i understand that you want more money , yes defenately forex will give you if respect it with dispalne my email ssvenkateshb@yahoo.com
hope you become sucessfull trader
good luck

[cmarketbulltren]

hello

what i belive in trading forex everyone should have there own trading paln which fits to them with strict rules , pease make sure that nobody can give you trading plan which fits to you. where there is no place for ur emotions with displine this what most traders don't have , fallow the rules which use learn on ur own , said by experts , by ur words i understand that you want more money , yes defenately forex will give you if respect it with dispalne my email ssvenkateshb@yahoo.com
hope you become sucessfull trader
good luck

[cmarketbulltren]

hello

what i belive in trading forex everyone should have there own trading paln which fits to them with strict rules , pease make sure that nobody can give you trading plan which fits to you. where there is no place for ur emotions with displine this what most traders don't have , fallow the rules which use learn on ur own , said by experts , by ur words i understand that you want more money , yes defenately forex will give you if respect it with dispalne my email ssvenkateshb@yahoo.com
hope you become sucessfull trader

[ecs]

My 1.5 cents:

"Well - maybe they don't feel comfortable sharing their income with a stranger "

I really do not know what the reluctancy is for posting your profits/losses. These forums are fairly anonymous, are they not? Who cares if someone here know's how much you make or lose? Yes, we are strangers, and to me, that makes it all the easier to say how much someone makes or loses. So what? You do not know my real name nor will we ever meet in person.

Ed

[chinaforex888]

Throw,

I trade successfully! I now do this as a career and had too many people wanting me to trade for them. So many that I couldn't manage it all myself. So I have recruited and continuously recruit that 1-2% of extremely successful traders to assist me in managing my client's money. I have money managers that make 11% per month for my conservative clients and I have other managers that make 100% per month consistently.

I also privately educate people on how to trade and am involved in several trading groups that meet weekly. At these groups there are sometimes 30-40 people at a meeting. I can teach a highly successful trading strategy (90% accuracy) but that only offers 10-15 opportunities per month and people are not interested! They want to be more active in their trading. Although 10 opportunities per month with 80-90% accuracy, if you double, triple... your lots that means very good money. But do you know what, people still resist. The following week I can ask how people did and most of the people that are implementing it have modified it to some degree. The question is why alter something that is so accurate? Because everyone wants to do it their way!

You have an opportunity to be successful in Forex trading, however it's what you do with knowledge of successful trader's that will determine to what degree. 90% of all Forex traders loose their account within the first 60 days of live trading. If you can stay in the game for 1 year of active trading (that doesn't mean have 3 month gaps between live trades) then you should have learned valuable lessons over that time that will assist you become more and more successful.

*One of my cleints (self trader) two weeks ago made $1,100 USD overnight on a mini account when the the GBPUSD took off upwards. The following day he made another 80 pips. He also caught most of the drop back down last night on GBPUSD. Are people making money in Forex? Yes, just ask my new client last week that had his $15,000 account make 8.5% in the last 3 days!

**With all of that, the question is: Throw, Will you make money trading Forex? Are you doing everything you need to do to be successful? Did you choose the right broker for your style of trading? Are you using the platform functionality and order types to their fullest potential? Are you ready in your heart to make money? Are you willing to have some loosing trades? Are you willing to put in the time that is needed to discover your own trading style? Do you have your money management rules established? If not, don't trade Forex, find something else to spend your time and money doing!!! If your answer is Yes, then jump - make a leap of faith and make it happen!!

***I would recommend asking your broker to reduce your leverage used to 20:1 if possible. If you don't have enough money to effectively trade at that level try not to go over 50:1 leverage. This is just another discipline and money management tool so that you don't over extend yourself in the market.

[tadpolefx]

I believe I am in the same boat as you. I started my interest in the forex in October 2004'. I learned everything I possibly could about the forex markets and set up a demo' account. My goal was to trade for a living but I knew it would require a major amount of education and screen time in order to reach it. I signed up for every free alert service I possibly could and most of them seemed to be filled with "empty" promises.
Then I ran across the book "Trading in the Zone" which I have now read 3 times over. It cleared up most of the fears and anxieties that were forbidding me from doing well in the forex markets. I started trading real money in February 2005'. I started out with $17,000 and I lost $5000 in the first three months. As you can imagine I was very frustrated. I almost gave up but then I realized that the one thing the book emphasized was that every trader needs a system with strict rules and guidelines. From this point on I searched for the system I felt most comfortable with. A friend introduced me to a website that gave a simple alert service based on trendline breaks. I started to use the service last month and I have almost erased my $5000 loss. I am also not getting greedy. I'll give you an example. This morning an alert came out to sell the British Pound at 8367. I waited until there was a clear trendline break and I took 6 of my 8 minis off the table at a profit of 25 pips. Then I moved my stop to break even and let my other 2 minis "ride" so to speak. I had already made $120 and the other two pips were in a situation in which they could not lose ....even if the price had decided to retrace to break even. But the currency kept heading lower and I made 50 pips with the other 2 minis. My total for the morning was $250 and I made a total of about 31 pips if you average it out. The currency is now at 8205 so it has moved a total of over 150 pips. Yeah, I know that I left a lot of pips on the table but the key is not to get greedy. The minute you do you lose. My goal is 10-20 pips a day so I exceded my goal ....I'm happy and I can enjoy the rest of my day.
My suggestion is that you learn as much as you can but KEEP IT SIMPLE. Find an alert system that you are comfortable with and that gives you clear, easy to undersatnd entry and exit signals. I will give you the website I use for the signal service (itifx.com). I suggest that you sign up for the 30 days free and use a demo account to start. I signed up for a demo acoount through GFT (gftforex.com) and now I trade real money through them. I have not been 100% happy with their platforn but mostly I have been satisfied. Plus a few of my friends use fxcm and they have not been very happy. I hope this helps and best of luck!