Forex day trading
- Thread starter ngn
- Start date
Quote from mogul:
but you *only* need 10 pips per day to become a millionaire!! how hard is it to get 10 pips per day when the market moves at least 150 pips in a day!!!
if you don't believe how easy it is to get at LEAST 10 pips per day, just go over to m o n e y t e c where there is nothing but in- depth discussion of how many systems give you at least 10 pips, fully automated!!
Moneytec?
Isn't that the site were everyone is multi millionaire?
Rickshaw Man, you made a 50% return in 18 months using 50 to 1 leverage. I know because you said that in another thread. At the time I didn't bother to say anything, but now I think that I must. Your performance is the equivalent of a hedge fund that traded only forex making about a 10% return in 18 months using 10 to 1 leverage. Approximately. Such a hedge fund would have lots of problems attracting clients. Sorry to burst your bubble. Most of what Spike500 said is correct.
Regards,
Deptrai
Regards,
Deptrai
Read my post I mentioned "Ideas" in relationship to this Forum, not MTrader.
UNINVITED you are stuck on burning people that say anything about FOREX.
I think FOREX is a great way to make a living, and many Day Traders that I know are interested in it.
Mountain Trader is positive on it, and I am, DEAL WITH IT.
The more people that get interested in it, guess what happens the industry will change, spreads will narrow, and 5 years from now we will be talking about a 1/2 pip spread being to much to pay for a trade.
What is your AGENDA here?
What are you trying to do? Warn people about Bucket Shops?
HAHAHA, you noticed the obvious 1 minute screen, but you didn't noticed it's an FXgame account! To be a trader, you need to develope a keen sense of detail.
Also I notice that Rickshaw man had a similar account image posted up in another forum, but he cut off the FXGame label. At that time, I didn't say anything because there is no real proof that it's from a demo account even thought I assumed it is from demo account, because oanda's demo account gives you 100k to start. So 50% return on 100k is like the result of his account in the image.. 150k. Here is the link and his conversation of the account. And the attached snap1 file is his other demo account image in the this link below.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=54281&perpage=6&pagenumber=403
Again, to be a trader, you can't be sloppy. If you had also just cut off the FXgame and this posting won't be here.
Don't mean to flame anyone.. just like to show the truth to others.
And no, nlslax, you should thank ME for the wake up call.
I also think Forex is great, better than options in someway. I have even set up a Forex site within the last week, which I hope will generate Google Adsense revenue for me, because I do think Forex will grow.
But MountainTerd is making unproven claims and doesn't mention the RISKS of Forex.
Yes this thing has been great to trade with IB ever since DBKFX started quoting. I'm getting over half my fills from DBKFX now. I think a lot of traders wrote off IdealPro when the effective spread widened to 2-3 pips, and they haven't rediscovered it (yet) with the effective 1-2 pip spread on EUR/USD. With this lower spread I concur that the commission becomes far less significant.
It's nice to see knowledgeable posters and pro traders such as TGM, late_apex, deptrai, mahras and a few others posting in these forums.
First of all, you cannot prove a claim on this site, and the other point, if there were NO RISK, then there probably would not be any reward.
Everybody on this site and other Trading sites understands (of if not they should), that yeah, if you can make $500 per day, you could certainly lose 500 per day.
You have to sign an account agreement and the fine print clearly states you can loose all your money.
I have talked to traders I have known for years, across the country, one guy took an account from 5k to 40k in about 5 months, he is very astute, a real student of trading, and he's been in Forex about a year and a half. He "graduated" from stock trading, and futures.
I saw the account, now he could be lying, but he cannot lie, about his house, his toys, his multiple screens in his TAKE OVER THE WORLD Trading Room.
What will screw up Forex though is the guys out there selling the Black Box Software, that are screwing people out of 4k to 8k, for nothing but a MACD study, and esignal feed.