Can you really make a living from FX ?

[mrbrint]

what would you say is the greatest benifit of the book, what did you get from it

[ajhardesty]

Originally Posted by mrbrint

what would you say is the greatest benifit of the book, what did you get from it

Four things:

1. The perspective of a commercial trader.
2. Several well defined TA strategies.
3. Discussion of fundamental strategies.
4. A full chapter (over 150 pages) devoted to the major currency pairs with an economic overview, monetary policy, characteristics, and indicators for each.

This book provides the big picture of Forex from all sides along with plenty of detail on strategy and techniques. I've read dozens of books on Forex, but this is the first one where I actually walked away feeling I had a really good understanding of the market and how to apply it to daily trading.

IMHO, this book along with Trading in the Zone by Mark Douglas are the two best Forex books ever written.

[mrbrint]

Oh great well Ill definitly check it out already got trading in the zone and its awesome. Thanks

[Knoxy]

Interesting thread. I'm a newbie but can see in trading forex you need to dream of making a living at it, its a strong driver to overcome the hurdles. Feel I'm close to doing this. After hitting my low point (lost nearly 50% in first 8 months), I've turned things around in 4 months. So from $13k in Nov my balance now $44k.

I trade 18 pairs, use 4h charts and only spend 1h per day reviewing trades. So far have only used 0.5 lots with maximum stops 150 pt (2 - 5% risk). Strike rate is 77%. If I can make over $7500 per month trading half lots risking less than 5%, its easy to see possibility of making $20k or more per month soon. I'm increasing now to full lots, will move on from there.

I know.... early days, will need to see if I can continue to exceed 1500 pt per month.

No-one will believe 238% profit in 4 months. Take 4h GBPJPY chart and add 25 period Hull Moving Average (HMA) with slope coloured for up and down. Add Stochastic Momentum Indicator (SMI) with settings 39,6,75 and signal line 15. See if the chart tells you anything!

[licho11]

Hi, Knoxy.


Could you please send Stochastic Momentum Indicator (SMI) for MT4 if avialable.
Thank you.

[patat]

Hello there tstmarkt

Yes it is possible to make a living from forex trading. It took me 3 years and a lot of losses before I got there. All in All I have been trading for 6 years and I do make a living for the last 3 years. Consistently. I do not make millions but I am able to provide for my family and I do not have to work for a boss.

You can read my posts on the topic elswhere in this forum if you like.

[bobnat]

Originally Posted by Knoxy

Take 4h GBPJPY chart and add 25 period Hull Moving Average (HMA) with slope coloured for up and down. Add Stochastic Momentum Indicator (SMI) with settings 39,6,75 and signal line 15. See if the chart tells you anything!

What is a Hull moving average?

[weissdawg]

There are definitely many people who make a living trading forex. There might not be a lot of them on this website, but it is very possible. I am doing it right now, and I've only been trading for 2 years. The last 2 years of my life have been an intense study and observation of various markets (including forex). I am not making a very good living at the moment, but I make enough to get by, and grow my account. Soon enough, I'm confident that I'll be pulling plenty of money out of the market to live off of and still grow my account.

It is a very challenging task, though. No doubt about it. Anybody that wants to be able to do this, better be determined and patient. I believe most people are capable of successfully trading currencies, if they are patient and determined.