Can you really make a living from FX ?

[Knoxy]

Dan,

If you didn't reverse the trade you've probably been stopped by now. I also took the short on 1 May and took the loss on 4 May. I wasn't game to take the long trade signalled by HMA as everything tells that the EUR is strongly overbought. I'll wait for short entry with fingers crossed for next time. From backtesting EURUSD appears one of the least suited to this method, anything involving JPY, GBP and AUD seem better.

Must admit last week knocked me about. After doing well on the AUD and GBP long trade run up, I shorted both early in week and then didn't reverse. Living in Aus I heard so much commentary that the rates wouldn't rise that I believed it and suffered the loss the push into mid 0.77s caused. No idea why I didn't reverse GBP, idiot.

Should have just listened to the charts and that's why I really need the autotrading.

Cheers and good trading
David

[Dan S]

Yes, I was stopped on fridays NFP.

Thank you again Knoxy.

I traded also the gbp/jpy long with a trailing 150 pip SL.
Unfortunately I got stopped on yen data much too early.

But I took a short on friday hoping for a longer ride

[hugo_trader]

Originally Posted by magoo

Rockinride,
You took my post the wrong way. So I'll explain my joke to you, because you take it too seriously.
I don't think it's easy to live from forex trading, unless you start with a huge capital.
But with a huge capital, you can earn your life in many different ways but forex.
Forex is no exception, no easy money. It's a very risky market where sometimes risk may pay. But you're right, my post is humorous. It's even ironical...who starts with 2 millions???

Tstmarkt you are dreaming. Sorry, but nobody makes 50 pips a day. Constant 50 pips a week yet, is aiming very very high.

Nobody makes 50 pips a day?? BIG LOL

[T.Sanders]

Originally Posted by hugo_trader

Nobody makes 50 pips a day?? BIG LOL

Isn't this hilarious!

Nobody makes 50 pips a day!!!!! Oh, okay, I guess I've been living in a dream world of somesort??????????

What complete, COMPLETE imbeciles.

That's what's funny about Moneytec, you can find nuggets of gold on the same plate where you find complete and total ignorance.

People making posts that have NO CLUE what they are talking about, and yet stating it like it's a total fact! LOL
LOL LOL LOL!!!!!!!!!!

[BENEX]

...that's encouraging news for me, especially that I'm fresh to this industry. I need something to hold on too, to dream, and to finally reach my goal as trader so I can leave the "service industry", that I been in for more than 18 years.

[SeanB]

If you can't manage to even get atleast 20 pips over two days, then there's a major problem! I think there's alot of people that have traded demo, gone live and been burnt and then created a wall and say it's not possible because they weren't successful.
Having that happen could mean one of two things, trading isn't for you or you just didn't put enough hard work in. Get your strategy and money management working and it's possible. Also if you are heart-broken after your first loss and aren't sure about getting back in, rethink about doing trading. All of us have taken a big hit in our early years, losing money is a lesson, learn from it and move forward with the new knowledge. Persistance, knowledge and hard work pays.

Being a trader doesn't happen overnight, it's years. This isn't a get rich quick scheme, sorry to tell you. As someone also said, there's no holy grail. Be prepared to lose money but plan to gain more than your losses. Ever heard of the saying, it takes money to make money? That includes spending it/giving to hit stoplosses.

[4xis2ez]

Originally Posted by tstmarkt

Since posting my question, I have read a number of books and I have a few more still to read. I am now able to consistently make profits and will slowly move up my margins. My intermediate plan is to be making a few thousand dollars a week by the end of 2006. Long term plan here is still unclear but can see myself making 5 - 10 thousand a week a few years from now.

Well, hows it going? It is now near the end of 2006. Have you answered your original question?

[tstmarkt]

Yes, you can make a living from FX.

you need:
1. account size min $20,000.
2. I would say most ppl take 3-4 years before they make consistent profits.>


From my experience so far it’s very hard work and does take years to master for some ppl, most will fail.


My recent lesson was surfing the forums seeing what other ppl are saying about the market, this just confused the h e l l out of me, it caused me to make some major mistakes.


Now I only focus on my own analysis I no longer read anyone’s predictions; now I am making much better calls.


At this time, I am making close to 50 pips a day on average but I am not close to making a living yet, I see a few more years of trading still before me.


I recently increase my account to 10,000 dollars and have taken a few hits, so over all I am down but I and constantly learning and have made good progress. With the larger account I have learned a lot more about MM and how important it is. The other thing that I am working on now my exit strategy; letting you profits run is SO important.


My biggest loses happen during news and trying to pick tops/bottoms adding to a losing trade hoping to finally catch the top.

- I trade with much smaller amouts during NEWS, I no longer try to pick tops/bottoms, I never add to a losing trade and I have tight stops and DON'T move it! GET OUT AND REVISE YOU ANALYSIS.