Is anyone making money trading forex?

[jrinvestors]

to emphasize what I said on my previous post about having patience and money to make it in forex trading, I'll give you my latest trade on AUD/USD from Sept 22-28. I had gotten a buy signal from my system and this is how it turned out to be (where you see the price entered twice it means that i bought 2 contracts [i am using a 25K contract size]):

Prices paid
7664 -- 7656 -- 7635 -- 7634 -- 7627 -- 7619 -- 7610 --
7595 -- 7582 -- 7582 -- 7576 -- 7555 -- 7555 --7538 --
7538

I had a total of 15 contracts and i got out of some of them with stops as the price was going down. Anyways, my avg was .7598 and after the trade was done I had a total loss of around $1000, should i had hold on to it (forgetting stops, and holding it for max profit), i would have netted (today's high [9/29/05] of .7623) $937.50.
that to me shows that you need discipline, money and stick to your plan.
I know some will say that you need stops , that you can't pick tops & bottoms and I agree, but my idea is with time you can make up your losses and net a nice profit if you wait and have enough cushion to hold you while you are losing. Of course there are other things to take into consideration (the cross, fundamentals, news, etc).
Right now I have sold the nzd/cad at the following prices
8072 -- 8093 -- 8118 -- 8142 (avg is .8106)
i covered 2 of the contracts @ .8093 and i am covering the other 2 (if mkt allows) @ around .8080, actually just came in very close around 2pm and i would have gotten out, but was not in front of my computer (the low was .8076). If i get the price i want on my last 2 contracts i will net around $160 not bad for a day's work.
I'll keep u posted
Ricardo

[awcapital]

Originally Posted by jrinvestors

to emphasize what I said on my previous post about having patience and money to make it in forex trading, I'll give you my latest trade on AUD/USD from Sept 22-28. I had gotten a buy signal from my system and this is how it turned out to be (where you see the price entered twice it means that i bought 2 contracts [i am using a 25K contract size]):

Prices paid
7664 -- 7656 -- 7635 -- 7634 -- 7627 -- 7619 -- 7610 --
7595 -- 7582 -- 7582 -- 7576 -- 7555 -- 7555 --7538 --
7538

I had a total of 15 contracts and i got out of some of them with stops as the price was going down. Anyways, my avg was .7598 and after the trade was done I had a total loss of around $1000, should i had hold on to it (forgetting stops, and holding it for max profit), i would have netted (today's high [9/29/05] of .7623) $937.50.
that to me shows that you need discipline, money and stick to your plan.
I know some will say that you need stops , that you can't pick tops & bottoms and I agree, but my idea is with time you can make up your losses and net a nice profit if you wait and have enough cushion to hold you while you are losing. Of course there are other things to take into consideration (the cross, fundamentals, news, etc).
Right now I have sold the nzd/cad at the following prices
8072 -- 8093 -- 8118 -- 8142 (avg is .8106)
i covered 2 of the contracts @ .8093 and i am covering the other 2 (if mkt allows) @ around .8080, actually just came in very close around 2pm and i would have gotten out, but was not in front of my computer (the low was .8076). If i get the price i want on my last 2 contracts i will net around $160 not bad for a day's work.
I'll keep u posted
Ricardo

Dollar cost averaging (which is what you did) is very popular with a lot of traders. I just think that it's the "old fashion" way of trading. With the availability of stops and guaranteed stops I don't see the value in dollar cost averaging.

Firstly, in your example, the AUD actually bounced back from a downward trend. Hence you could make money. What if it continues to go downwards. When do you exit?

Secondly, wouldn't it be better to buy all 15 contracts all at once and put a stop loss size to the size of what you are willing to lose in the trade. Also you can back test systems and adjust stop losses such that it would be large enough for bounces to occur without being taken out of the trade too early.

Lastly, transaction costs of going in and out 15 times instead of one. Especially with such low trading volume 25K at a time.

My 2 cents

[cbattles]

Originally Posted by Rufanuf

...that have found a system using massive leverage that may work for a while, but that is ultimately flawed and will crash. We all know its entirely possible to get 100% returns in a few hours if we take big risks with our account...

That's just it. It's all about risk profile as it pertains to money management. Why does everyone think that just because you have huge gains, you have to crash and burn 2 months later? If a trader consistently and without fail works within the same risk profile, sometimes that trader will hit a streak and produce a massive gain, sometimes he will go into a period of drawdown. However, just because you're utilizing an aggressive risk profile doesn't mean that you'll crash and burn in 2 months.

I do agree that in these contests, the risk profiles are probably EXTREMELY aggressive, and not for the everyday trader - but that doesn't mean that they didn't back it down a bit after the contest and continue with only a mildly aggressive money management strategy.

[cpitard]

I have been gambling for years; and FOREX is a gamble. The first rule in any new game is to learn it. Therefore, play to lose. That is, play in the smallest amounts and in the safest manner to lose the least. if you happen to win, well, the unexpected sometimes happens; but if you lose, you actually win because of the cheap knowledge that you have gained.
Remember, fundamentals for direction, technicals for points of entry & exit.

[vandals]

i earned about 150usd or less per week....pretty little as i am a part timer. Have a full time job in the day

[paxtoyou]

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Thanks much,
Steve

[mrbrint]

Yeah I think it is definitly better longer term to be more conservative overall. I mean in the Canadian stock market last year the market moved over 22%. I probably made somewhere around 25% and my father did 30%. With forex I dont care if I make 2% a month or 10% or 1000% its all good because it is part of my overall strategy. Unfortunatly I am never right more than 40-60% of the time anyways but I make my living in the markets and I make other people money in the markets. However that came at a cost of learning how it all works and how to make money instead of lose it like alot of people do. What matters to me is to make money, bottom line. If I can do it anyone can (if they want to learn).

[IamWealthy]

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