Does anyone make money in Forex Trading?

[ERA]

Saw this quote on their website:-

' There are to many overleveraged investors chasing after inflated promises of instant riches. This is NOT what we are about.'

To true.

As Rob pointed out their performance is minus 597 for the first week of the year. 'Instant riches' doesn't look being a problem here.

[edmundm]

Originally posted by gibsonmh
I'd like to know if anyone is able to make any money, consistently, in forex trading. I've been trying for three months now, and I find my self 70 pips down, and wanting to quit.

Are there any success stories out there anyone is willing to share. I see great opportunity in Forex, but I'm not sure I have the financial strength to bear with the losses I'm incurring.

You are fortunate to lost 70 pips only. I knew traders who wiped out their account in two months.

The most important factor in trading successfully is DISCIPLINE, aside from a profitable trading system, good money management and trading skills.

Have a good weekend.

[gibsonmh]

Thanks to all who have taken the time to reply. I've followed some of the advice I've received here and tried to temper my enthusiasm ( read, think before I trade ). Today has been one of my most successful yet! I'm up 26 pips in my real account! Last weeks drop in the Euro caught me off guard. Now that the market has settled down some, I'm feeling much more confident about the trades I'm making.

I don't remember where I read it, but "plan the trade and trade the plan" does work!

Thanks again!

[Croesus]

Originally posted by gibsonmh
I'm up 26 pips in my real account!

Good Gibson!
But watch out! To worry about a 70 pips in red and to feel "I got it" for 26 pips in black is a bit excessive to me!
Better you think that you will donate some more to the markets, in the sake of your own growth!
Are you ready to accept some more losses?

God speed!

[autofx]

Learn to think for yourself, and be confident.

You will encounter those who will encourage you, and those who will try to make you feel badly because not every one of your trades is a winner.

How you handle your losses define you as a trader. Whether you keep taking swings and reach the place where strong winning periods no longer surprise you will determine whether you come out the other end as a real trader or not.

Find some methods that make perfect sense to you, and which you know will do well in certain market conditions -- well enough that the drawdowns in poor market conditions will not hurt you much.

Real winning strategies are boring. They don't generate winning trades all the time, and some of them don't even generate large winning trades, but over time, they make more than they lose.

[gibsonmh]

Autofx,

Thanks for the words of encouragement. I'm certainly not letting yesterday's success go to my head. I am finding being disciplined about the trades difficult, though. The emotional aspects of trading are definately more difficult to control than I expected.

[autofx]

gibsonmh,

It's good you acknowledge that.

Learn to sleep on demo trades, is my advice to you.

Enter trades before you go to bed every night during the trading week, with stop and limit orders in place, and go to sleep!

When it's no longer a big deal to you to do that, you are on the path to some of the psychological conditioning you'll need to live the trading lifestyle.

[jmallx]

I started trading in 2004 and went sideways for several months. Then I finally got a steady system, then learned about moneytec forums, and (can you believe it took me so long) learned about the FX news release calendar.

I used to say, WTF??? a 40 pip movement (Nonfarm payroll data).

I successfully traded a live money acct from 400 to 1,400 and then overtraded / overleveraged it to nothing in Late October / Early November.
Took me about 1.5 months to go from 400 to 1,400 and less than a week to kill it (trading about 5 hrs a day).

DISCIPLINE was my problem.
I remind myself before every trade now that I AM NOT A GAMBLER and that I will NEVER EVER BET THE FARM.

If I had of stuck with my strategy / plan (which was and is valid that account would probably be 5K now.

It really sucked to have to save up some cash to go back into the market, all the while demo trading my strategy, seeing consistent profits and knowing that it was my BET THE FARM mentality that killed me and not my strategy.

Also, I still have a little bit of "I have to place a trade today" mentality. When that gets the better of me (I'm ashamed to say it still does". I make that position very small and miniscule.

Also, I suggest you subscribe to StormyGold's Forex calls list. He gives great positions / recommendations on weekly support and resistance levels.