Is anyone making money trading forex?

[chinaforex888]

Originally Posted by Summerset

Are any of yr groups available to join over the internet ?

Unfortunately not yet, but will be in the next 2 months. If anyone is interested I can get you copies of the discussions as we are recording them.

[Summerset]

Originally Posted by chinaforex888

Unfortunately not yet, but will be in the next 2 months. If anyone is interested I can get you copies of the discussions as we are recording them.

If its not too much trouble, please mail them to ahmadtawfik64@yahoo.com
I am also available at ahmadtawfik64 , yahoo IM, in case U hold yr group discussions across a yahoo chat group.

[question]

The fact that people are getting defensive and aggressive in their replies only goes to show that a) they've drank too much of the kool-aid or b) they are trying to scam you into their "trading" system.


The fact that 90% of traders lose money only goes to show that trading is not a get-rich-quick scheme and more than likely you WILL fail. It is very difficult, though not impossible, for the little guy to make money in FOREX. Instead, he will probably not trade or blow out his account.

[USAWrestler]

I will be at some point.

[jrinvestors]

My input:

Been trading forex since Dec of last year (2004) and I can say that it is not an easy game if you dont: 1) have enough money and, 2) are not disciplined. My first 2 trades I made over 20% return, so I thought it was pretty easy, only to have my account wiped out 3 times. But every time I got wiped out I realized that I had made the right trades, but too early. I was getting wiped out before the trades turned in my favor, so I came to the conclusion that I did not have enough money in my account.
So here is my suggestion (and i am not revealing my strategy as i am still polishing it [it is picking tops and bottoms]):
If you have less than $5K, dont trade, if you have between $5 and $15K trade with a mini account ($10K, $25K lots) no more than that. Use stops and/or average down (or up) at wide intervals. If you have more than $15K then i guess you can go with regular lots, but be very carefull. It is my belief that if you have more than $100K then you dont have to worry about stops, just average down (or up) sporadically and the trade eventually will turn positive.
The point made by chinaforex888 about people wanting to be more active in the market is very true. I find myself making less trades and not forcing them and making money (FINALLY!!!). The amounts are not huge but are about 20-30% of my portfolio.
I believe it can be done (trading forex for a living) as I was able to double my account twice and triple it once, but lost it because lack of discipline and a plan.
My suggestion to throw and the newbies is to plan your trade, plan it again, research it and then trade your plan.
It is tedious, boring and time consuming, but until you have a plan you will not make it. There is no Holy Grail, only different ways to make it in the market, you just got to find your own.
Ricardo

[awcapital]

My experience has been NOT to look for the "holy grail" system (incidentally there's the holy grail indicator ). Rather, one must have a good risk management strategy. Its all about capital preservation. Always put stop losses and limit orders for full or part profit takings. Put simple risk management strategy such as only risking 2-3% of float at a time, never have more than 4 (or whatever number) trades open at the same time and go back to paper trading once you have x amount of losses in a row. And etc, etc. Then, you can make lots of money on a consistent basis.

[godzilla]

Originally Posted by phildunn

If u cannot accept failures, better don't try trading in your life, u will be very disappointed

I agree with you totally. Investing is like a game- you lose some, you gain some. To be in this game, one need to keep on learning and trying. Just dont give up.

Angus
http://www.globalcurrencynetwork.com
There is plenty of money to be made out there....ONLY IF WE KNEW HOW!

[streetwise]

I feel that fx for the single trader is very difficult , it is more suited for those with large funds and ability to get into the interbank market .

in addition , I find the volatility of the wrong kind .

I certainly agree that making money in ANY market is hard to say the least .

BUT some of us have done it , and therefore deserve the respect of being listened to.

In the stockindex futures market it is indeed possible to make to some big returns from 6/10 - 1 return on capital , with limited risk .