Are you making a living trading FOREX?

themickey said:
I studied fx for a while as someone close to me attempted to convince me it was tradeable.
After a year of just looking at it (not everyday) I came to the conclusion there was no way I could get it to work. I had subscribed to Norgate fx EOD data.
Would that be correct?
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I guess you didn't give it enough of your time.
I don't use EOD data, I still use MT4 because it has free data and it also allows me to use my personal software + tools.

themickey said:
I imagine for profitable traders it would need to be very short term holds, like intraday stuff
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Not necessarily, the higher time frames are more predictable and many people would be trading them successfully.
But just like every other business, trading forex requires a lot of time and effort and people often think its easy and after a few winning days or weeks, they jump into deep water before they have even learned how to swim so naturally they drown....
 
themickey said:
I studied fx for a while as someone close to me attempted to convince me it was tradeable.
After a year of just looking at it (not everyday) I came to the conclusion there was no way I could get it to work. I had subscribed to Norgate fx EOD data.
I imagine for profitable traders it would need to be very short term holds, like intraday stuff.
Would that be correct?
More...
I would agree that it is more profitable on a shorter time frame. That is because there is an incredible amount of economic variables that come into play, the longer you are in, the more irrelevant your original analysis becomes.
 
Abbas Ali Khan said:
Forex is a trading place from where you can make money more and more if you can manage the money , but in practically traders lose because of low money management.
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In a prior thread you admirably mentioned trading FOREX for a long time and not being a profitable trader.

Because you are so sincere, I write this:

Most likely you will never be profitable trading FOREX.

Please study the answers people have given to my question and see how many are even claiming to trade for a living... count 'em up.

Please study all the believable answers in this thread. Please look for the ignorent answers.

Or better yet, please answer this question, even if only to yourself:

Why Would I Be Able to Become A Profitable FOREX trader?

I like your posts, sincerity and search for the truth.
 
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Abbas Ali Khan said:
Forex is a trading place from where you can make money more and more if you can manage the money , but in practically traders lose because of low money management.
More...

It would help if you could clearly say what edge you thought you could obtain over your opposition.

Please consider your informational disadvantage to the big players, costs that include the spread, inferior speed and poor executions, as well as who your opponents really are.. Umm... I hope it is not simply , I look at charts or I watch the markets and learn from what I see.

Or... better yet...if you simply said you know a professional FOREX for trader and he will let you work for him or he will mentor you because of a personal relationship. This would be surprising but excellent!

PLEASE do not count the numerous and humorous gurus-for-hire.

If I glance at this thread a year from now and see you achieved your FOREX goal, I will be shocked and incredibly happy for you.
 
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right now so many people think Forex is a money making place but its a professional business in practical. even though we have short term tendency about process but its should be long term approach.
 
Stephen Andrew said:
right now so many people think Forex is a money making place but its a professional business in practical. even though we have short term tendency about process but its should be long term approach.
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its very common human nature ,
human psychology this kind of. no way to avoid .
 
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