Does anyone make money in Forex Trading?

[TheSundanceKid]

Wow, someone actually makes a profit with 4XME? I've never actually used the software, but had the general impression that it was useless from comments on this forum.
Your take it your friend must have good MM skills. I guess as long as you know how to handle risk, you can make any system profitable to some degree. I think it also helps that she trades during the best time of the day too.

Good Trading,

Sundance

[gregh285]

newbies,
some very good comments there to take on board. I am now making money consistently using a system i have developed to suit myself, i feel this is the best path for someone to take. It has taken me the best part of 3 years to be CONSISTENT week in week out trading for a living. I have made profits along the way but have also counted losses. I will have been a member on here 3 years in Feb and it seems like a week, so do not get disheartned over the learning process, it is a extremly difficult business to master.

My best advise to take a system that works and suits your trading style, there are proven strategies on the boards and the best i have seen and the easiest worked for the beginner are:
SIBKIS system and 1713 formula, they are both profitable. Signal providers like FXmaster are fine but it more advisable to trade on your own "to put yourself in the pool by yourself" to see how you react to various market situations.
Try not to flip strategies or you end up chasing your tail for the holy grail (like the poetry). Tend to stick with 1 or 2 systems and treat them religiously.

Watch for expensive "make a million" black boxes and get yourself used to good charting like meta or ESig, these are invaluable tools. U will hear this a zillion times but money management is key to success in this business, do not chase bets, overtrade or let your discipline fail u and youll be OK.

[bratzdoll]

Sundance -
Actually, I know a number of people who are profitable using 4XME in my local traders group. It is a little bit different way of analyzing trades than tech analysis, but trading principals of money management, discipline/consistent application of the rules, cut losses, let winners run, watch for chart patterns, etc., are all like any other charting software. Trading is trading - only the analysis method differs.

[leonardb]

My answer was kind of vague and i appologize ..

What i meant was with the proper strategy system, study, discipline and living up to JUST the risk tolerance you promised to yourself, and nothing more; i think anyone can..

Making a living? yes, i could never see myself doing it yet, but with my recent experience and learning more and more on every next trade .. i think it takes time to just develop a strategy that will almost have me trade almost mechanically. Because you will know the key elements to place a trade, exit a trade and completely sit out.

I think someone else said this. After some time and knowing "what it takes to trade effectively" this will become like breathing or mechanical.. no need for indicators .. those who dont develope what it takes or atleast a lead will always struggle, because every time they press that mouse button to open a trade they dont know the expectency of the trade and thats bad.

This is what i am working to develope as of right now in my demo trading, its important i think even before asking how much i am putting at stake before trading; expectency

With these elements you can stay clear of many or minimal losses.

If your the type though to always find yourself making the same mistakes over and over again in life .. you may bring the same habits over into trading.. i think ive read a few posts of individuals going on their 4th and 5th deposit in an attempt to "find the right system to trading" .. thats pathetic..sorry

Good luck ..

do i have the right idea?

Please understand that im new to trading myself and learning all the time about this, but im a quick learner and even quicker adapter to an enviroment. i can make reversals when i dont see my own trend not working, i can take the loss and change up ..

[gibsonmh]

leonardb, thanks very much for your input, and for all the others who have taken the time to respond.

It seems like there is some hope to be found. I guess I was convinced it should be easier that I've found it to be. ( Yes, I do know nothing in life is easy ). I let myself get led astray by the 4XME presentation I went to.....

Thanks for the tips on money management also. I've decided to switch to trading a mini-account and develop my risk tollerance and my strategies more.

Thanks again!

[Croesus]

Originally posted by pipLick
If you are looking for forex direction with 70% certainty I have found the http://www.ForexTradingOracle.com to be the best. And even better it's Free.

Ehi pipLick, first post, first advertising yet?
Too much premature!

[stoneroses]

gibson,

dont give up. there is a real chance to make money. you have to be disciplined and dont rush into a trade,

hope you are doing okay.

[rob]

Originally posted by Croesus

Ehi pipLick, first post, first advertising yet?
Too much premature!

And not only that you should wait till you have a profitable month
January Total pips: Minus 597