Can you really make a living from FX ?

[tstmarkt]

Trader01, I will get that book, thank you !

Did you catch the EUR\USD this morning ?

I missed the the rally at 1.1642 up to 1.1703 (sleeping) but DID ride it backdown to where its at right now at 1.1673

[tstmarkt]

Originally Posted by Trader01

Want to add one or more digits to that figure?

If so, then get yourself a copy of Technical Analysis of Stock Trends, 8th Ed. by John Magee, edited by Charles Bassetti.

Devour the chapters on Trendlines & Support/Resistance.

Then ravish the entire section on Reversal & Continuation Patterns.

For dessert soak up the entire chapters on Dow Theory.

Then come back here to this graveyard and have this same thread's infighting pariticipants fall to your feet and gush, "Master, guide us!"

I just order the book off Ebay ... for $39.00

[SonOfSoros]

Just downloaded the book from a russkie site .. and it cost $0 .. will report back how useful it was.

[tstmarkt]

Originally Posted by SonOfSoros

Just downloaded the book from a russkie site .. and it cost $0 .. will report back how useful it was.

You going to print that out ?

I enjoy a good read and take it with me where ever I go. I guess you'll be reading it from your monitor..

[mwbro]

Originally Posted by magoo

Cesar, dengkane, graemnash,

I wish you all the best in forex trading, but don't be too greedy. You surely do very well on forex at present, but what will be your performance record in 3 year ? I can't say that you will fail and lose money, but you cannot be certain to earn good money if you use 20x or 40x leverage. If you cross the road with your eyes closed, you cannot be sure to reach the other side. I'd say that at least 2 of you will be squashed by a truck.

Nonpiker is absolutely right, as always.

Graemnash, your pip average is not a calculation, it's a prayer. Hope God is listening to you.
Ok, 10 pips a day, 200 days/year. Leverage : x100, starting with 10000usd. Compute : your next 12 months return will be 190 million USD.
Congratulations! YOU are God.

Seriously, you can manage to earn 100% a year, with great discipline. Maybe you trade 5000 $ and can afford to lose 1000 on a trade. But would you take the same kind of risks with 50'000, or 500'000?

This thread is not subject to debates. Mathematical laws of the universe are not to be discussed, the can only be measured. If you target 300%/year, over-leveraging and over-trading, you WILL lose money with a probability of 99%. It is a scientific fact, not a piece of mind.

what was said above is very true especially, "over-leveraging and over-trading" this for sure will be the end of your career, this is a for sure sign you are trading in panic mode and not simply letting the trades run their course, a case of "gamblers fever"

[barnii]

tstmarkt - Seems that you are novice and trade only the demo account for few weeks max. month. Try to read more from experienced users and from web. Also make statistic of your trading for at least 4 months before you enter live.

My today link: Money Management

[tstmarkt]

Originally Posted by barnii

tstmarkt - Seems that you are novice and trade only the demo account for few weeks max. month. Try to read more from experienced users and from web. Also make statistic of your trading for at least 4 months before you enter live.

My today link: Money Management

Nice try but your wrong on all accounts.. I hope your market predictions are better that this. I have been trading a live account for almost a year and only trading 1 or 2 dollars per pip because I don't have the capital for more. That being said I am making money and learning more and more all the time. Within a year I will be trading at 5 dollars per pip and within two years maybe sooner 10 dollars per pip.

Sorry to disappoint you, you were probability hoping I was just another America fool but you’re wrong... Happy trading !!

[Trader01]

Originally Posted by tstmarkt

I just order the book off Ebay ... for $39.00

That's a good price -- I paid $70+ (international shipping).

Out of 84 books purchased and read it is the only one I did not give away after reading, examining & eliminating. However, in hindsight I wish I had not given away Reminisciences of a Stock Operator -- will have to buy it again.

I don't go the russkie route; I pay full price for my loot. That leaves the karma floodgates open for serendipitous windfalls.

One book that I am waiting to get my hands on is the upcoming release by Kathy Lien, Head of Research @ FXCM. She writes for Stocks & commodities, Currency Trader Magazine etc.; reading her insightful commentaries here and there thus far has rocket-fueled my striking ability and sharpened my weaponry exponentially.

God, do I love it so!