Are there anyone who is profitable more than one year?

[akshay]

Hello Abesiki,

To answer your question, we've been profitable for more than a year. 25 months to be exact, since June 2002.

You can see our other thread at http://www.moneytec.com/forums/_showthread/_threadid-9259/_s- for a free month of our signals.

We feel to be successful, you need to develop a system, backtest it like crazy, trade based on it for an extended period of time until you're sure it's consistently profitable, then go all out.

If you can't develop your own system or do not want to, find someone who has and just follow them.

Success in forex isn't as impossible as some people make it out to be. We feel whatever you do or whichever system or chart you follow, you would do well to place stop losses at around 60 pips and limits at 120 or more pips or leave trades open for 24 hours at a time. Limit your losses and let your profits run.

However, stops too tight (below 60 in our opinion), would just cause you to be stopped a lot of the time, especially on volatile days, even if you went in the right direction, because the "powers that be" like fooling traders into thinking direction and trends have changed, and this causes most traders to hurriedly change their positions, then they lose again and finally they give up. It's a vicious cycle of emotional traders losing money over and over again to the "powers", no matter what they do. Don't be a victim, don't panic at the slightest sign of a move against your position, or you'll be screwed all the time!

Akshay

[merlin]

Originally posted by abesiki
I have heard many stories "how hard is to be permanently profitable in forex and consistently trading". Better do not touch it. It is a big players game. Some guys tell that it took for them many years and very painful years when they really started to make some profit. Stay away from FX, i do not suggest to anyone. etc.

I have traded demo account and i see it is quite hard to earn every week or month profits.

So, are here any traders who have been successful traders for long time? What helped you to achieve what you wanted? And how successful you are? Who are the best traders? What i need to do to get profit-making trader?

i have traded forex for years, and trade a fund for a living. you wont find many full time traders on forums, so it can be a bit deceiving as to how many people are actually making consistent profits. i have at least 20 associates that trade forex for a living, and most of them stick to a strict, well researched strategy. i am always preaching to the members at Forex Factory to read as many books as you can. that was the key for me. when you have the adequate knowledge base, learn to program and start developing models. you wont get rich buying systems or following blackbox signals. you have to get in there and get dirty, writing the code yourself, taking ideas that you read and turning them into code to see if they work. like anything worthwhile, you will run into every trial and tribulation in the book. dont let them stop you.

[redart]

Originally posted by merlin



i have traded forex for years, and trade a fund for a living. you wont find many full time traders on forums, so it can be a bit deceiving as to how many people are actually making consistent profits. i have at least 20 associates that trade forex for a living, and most of them stick to a strict, well researched strategy. i am always preaching to the members at Forex Factory to read as many books as you can. that was the key for me. when you have the adequate knowledge base, learn to program and start developing models. you wont get rich buying systems or following blackbox signals. you have to get in there and get dirty, writing the code yourself, taking ideas that you read and turning them into code to see if they work. like anything worthwhile, you will run into every trial and tribulation in the book. dont let them stop you.

Do you trade for a guy named Brent G? I wont give the last name to respect his privacy, but he is my buddy and he says he trades through a guy named Merlin…I presume there are not many forex traders named Merlin.

[merlin]

Originally posted by redart


Do you trade for a guy named Brent G? I wont give the last name to respect his privacy, but he is my buddy and he says he trades through a guy named Merlin…I presume there are not many forex traders named Merlin.

wow, small world!!! yes, BG has been with me for a few years. ive gotten to know him outside of business, and let me tell you, i am much to old and slow to party with that guy you also live in LA?