how is making money in forex

I have been in front of my screen like 11-12 hours most days. So it basically comes close ... 3 years seems about right ... but you need to focus on these hours ... not just looking ... it's an active thing
 
I've been trying, part-time, since approx 2007. I have a business to run, so it's not easy to put more than a couple hours a day into screen time, and I've taken a few month-plus breaks.
I trade micro-lots, 0.50 cents per pip, and I've been margin-called on a couple occasions. At one point last year I had actually built the account from $200 to over $2800, then revenge-traded the bastard right back down to $43.00.
Am I a "trader"? No. Do I "trade"?. Perhaps.
Never claimed to be more than a piker, and trust me, the market will humble you much more than some of the posters here.:D

David
 
Quote from cvds16:

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 ...
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Well said!
 
Quote from bearice:

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. [/B]
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What are some good methods you would recommend to learn Forex trading in a year? I've been researching forex for a little over 3 months and have just worked on practice accounts.
 
Quote from cvds16:

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 ...
More...
exactly! Couldn't have said it better myself. It can really burn you out by the end of the learning curve. But once you have it down and understand how the markets operate it becomes as easy or complex as you want to make it.
 
I've blown out 4-5 accounts in the learning process. The key is to start small and stay small until you become consistent. That way by the time you get good you haven't put yourself in such a deep hole you can't get out. It was worth it though. I've spent more than 10k hours(5 years) and have learned more about how the markets operate than the majority (and there are still guys out there who would clean my clock any given day of the week). HOWEVER, it's rare I lose money on a given day now. I have my strings of losses but when I lose I know it's just a matter of time before I make it back... With interest. I will say this, once youre profitable the amount of money it cost you to learn the game is insignificant. You'll make everything back much quicker than you lost it.
 
1. no one will be more care about making money for you than yourself.
2. patience, waiting for right setups, then no fears to execute your plans.
3. be flexible, not opinionated.
4. it is lot hard work, strange hours, reward is also sweet.
 
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