how is making money in forex
- Thread starter forexse
- Start date
Forex trading transactions are estimated $ 4 Trillion per day. I think forex is the biggest business in the world. But a forex trader needs good forex trading experience to earn consistent profits from forex. I would suggest that you invest with reputed forex manager who will trade your money in forex on your behalf. But usually minimum investment is high for reputed forex manager. This will allow you time to learn forex trading at the same time you will earn good profits without any work. I had discussion with some people who are experienced forex traders but they have also invested with forex managers.
that is a terrible advice. The last person you want to get involved is forex managers. 99% of them are scumbags who churn your money to earn commissions.
I am talking about 1% honest and reputed forex managers. It takes some years of forex trading experience to earn profits from personal forex trading. Whereas if you invest with reputed forex managers you start earning profits immediately. A new forex trader can learn forex at the same time earn profits from forex managers.
I had a discussion with a person who has 15 years of forex experience (do not remember correctly). His 2 sons are forex traders. He has invested with 1 or 2 forex managers but he is still looking for more reputed forex managers to invest his money. There are other experienced forex traders who search for reputed forex managers.
forexse:
Nothing to be sorry about. I believe there are several traders here (ET) making real money trading forex. The Foreign Exchange markets offer many avenues for traders to participate in currency trading. Unfortunately most new aspiring traders, IMO, don't understand the complex structure and forces which move these markets. Times of day (global trading sessions), days of week (global economic reports), and weeks of month (monthly reports and futures expiration) is just an example of one of these forces, time.
bstay, wrote an excellent post on this thread; http://www.elitetrader.com/vb/showthread.php?s=&threadid=208652 that offers plenty of food for thought.
I'm not sure of the purpose of your thread, but if you're considering entering the FX markets, I suggest you do your homework and ask many questions.
yes it can be done, but count on a few years to learn it (10000 hours of screentime is NO exageration !) You'll think you are going crazy in the meantime (litterally ! And I am not alone in having had that experience !) getting beat up all this time if you want to get into near perfection level. You got to learn to read charts individually, and holistically into context with precise setups that assure you to get in. Then you gotta learn to actually trust these setups and act appropiately. That takes tons of time. There are simple things like 123's and 2B bottoms and tops that work but also a lot of the time don't, but you will be sitting a long time ideless in front of your screen if you trade only that on a 5 minute tf. So you'll need more and better setups, you'll need more sophistication and detail. I have at least 11 charts open ranging from 20 tick to 30 minutes. I have other templates where I regularly take peeks at higher tf's. Some here at ET are incredibly and consistantly good at this game; I don't count myself at that level (yet). I only started this a few years ago after being an option market maker not using any charts whatsoever so don't get confused by the fact I am here at ET allready since 2002. There are days I still get beat up for a few hours and have to work hard the rest of the day to get back to breakeven. But it will be the hardest thing you will ever have done to get somewhat there ... it's not for most people to be honest ... it takes an immense drive and passion to learn it ...
10000 hours of screentime comes to 900 days of screentime (approximately) if you spend 10 hours a day for screentime. Also there are Sundays and saturdays. So it would require some 3 years to learn forex trading.
I think a new forex trader can learn forex trading in 1 year but to earn consistent profits and develop a profitable trading strategy/system would require more than 3 years.