Make a living trading FOREX?

mjl, my only advise is to ignore those who tell you it cannot be done. Those who say this are loser traders.
I started demo trading Forex in May 21, 2008. Live money since September 2008.
And I already trade OPM. because I listen to no one but only myself and positive people. which create right environment to succeed.
Just learn from your mistakes, think and practice. Trade with low leverage and good risk control.
Aim to trade OPM if you have no own capital.

Good luck to everyone!
 
I find there is too much noise in trading anything less than 60 minute chart. Just simple support resistance, allows for reduced risk and much greater profit possibilities.
 
Quote from Handle123:

I find there is too much noise in trading anything less than 60 minute chart. Just simple support resistance, allows for reduced risk and much greater profit possibilities.
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And larger stops/smaller positions so it pretty much balances out against the tighter stops/larger positions of say a 15 minute chart trade (risk is calculated on % of equity anyway so in essence it makes no difference), plus there's more risk of data/news affecting a longer term trade by it's potential to change market sentiment whereas a short term trader (scalper) can avoid data releases altogether.

Plenty of profit in shorter time frames, 15 minute for example, you've just got to learn how to read them.

While you're waiting around for a trade set-up on your 60m chart, and when you've found one to see if the trade works out or not, I've had far more trading opportunities and probably been in and out a dozen times and banked profits which I believe makes scalping far more profitable overall.

Horses for courses, there is no 'right' or 'wrong' only profit and loss, it's whatever works for you :)
 
It is not worth the risk and time to that is required to trade full time and become successful as a professional trader.

It takes years of experience and overcoming many hurdles to become successful.

I finally realized that the best option is to find good autotrading expert advisors to trade forex so that you don't waste hours and a lot of your money trying to figure it out.

This way you can keep your current job while still having the benefit of making large % profits on whatever amount of money you decide to invest in. (the nice thing about forex is that you can start with only a couple hundred bucks)
 
Quote from andrewgust:

It is not worth the risk and time to that is required to trade full time and become successful as a professional trader.

It takes years of experience and overcoming many hurdles to become successful.
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yeah, risk and effort are way overrated. fuck trying.
 
Quote from spd:

yeah, risk and effort are way overrated. fuck trying.
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Have you ever read the book Rich Dad, Poor Dad?

In it he explains how you can't become an expert at every single thing that you want to do or every aspect of your business... there simply isn't enough time to be the best lawyer, best accountant, etc.

So, instead he suggests surrounding yourself or hiring the smartest people in all of these areas.

This is what I am talking about with trading. There are soooo many new people starting to get into forex trading and MOST of them unfortunately are not going to stick with it long enough to be successful for whatever the reasons end up being.

So, I am simply suggesting that people really ask themselves if they want to spend hours and hours in front of a computer to possibly become successful at trading.

A lot of people aren't realistic and are overly optimistic that they can quit their job and trade for a living.

Autotrading is a great alternative because you can continue working your regular job while still partaking in trading. And by finding a few good expert advisor programs, your are "surrounding yoruself" with the professionals who have already invested so much time into what you are just starting to try to do.

So, I am not saying you should not try. I am saying BE SMART with your time. The people who succeed are not the ones who work the hardest but the ones who work the smartest.
 
Quote from andrewgust:

Have you ever read the book Rich Dad, Poor Dad?

In it he explains how you can't become an expert at every single thing that you want to do or every aspect of your business... there simply isn't enough time to be the best lawyer, best accountant, etc.

So, instead he suggests surrounding yourself or hiring the smartest people in all of these areas.

This is what I am talking about with trading. There are soooo many new people starting to get into forex trading and MOST of them unfortunately are not going to stick with it long enough to be successful for whatever the reasons end up being.

So, I am simply suggesting that people really ask themselves if they want to spend hours and hours in front of a computer to possibly become successful at trading.

A lot of people aren't realistic and are overly optimistic that they can quit their job and trade for a living.

Autotrading is a great alternative because you can continue working your regular job while still partaking in trading. And by finding a few good expert advisor programs, your are "surrounding yoruself" with the professionals who have already invested so much time into what you are just starting to try to do.

So, I am not saying you should not try. I am saying BE SMART with your time. The people who succeed are not the ones who work the hardest but the ones who work the smartest.
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There isn't a programmer alive who would gift a profitable strategy - no less, an automated one - to anyone.

That stuff is better than gold and you think ur gonna stumble into anything of value on google? For free??

There's such things as curve fitting, inadequate sample size, and snake oil. All three apply.
 
Quote from andrewgust:


The people who succeed are not the ones who work the hardest but the ones who work the smartest.
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I agree, and the best place to start is by not giving your money away to scam EA sellers.

Go peddle your snake oil somewhere else, we ain't buying :)
 
Quote from achilles28:

There isn't a programmer alive who would gift a profitable strategy - no less, an automated one - to anyone.

That stuff is better than gold and you think ur gonna stumble into anything of value on google? For free??

There's such things as curve fitting, inadequate sample size, and snake oil. All three apply.
More...




I disagree as I have made money with autotrading programs.

However, I am not saying that these are the holy grail. Of course they have risk like any strategy. No one can predict the future, but if markets behave in a somewhat similar way long term, then you can make money long term as well.

Autotrading = an easy way to stick to a trading strategy long term without feeling like you need to risk a lot of money to make your time involved worthwhile.

Sometimes it takes 1 or 2 years or longer for a system to make big profits. A good system has the right money management so you can survive limited drawdown for a year or more and still be playing the game when the profitable trades roll around.

Patience is the key to active trading and autotrading is the easiest way for normal people to participate.
 
Quote from cabletrader:

I agree, and the best place to start is by not giving your money away to scam EA sellers.

Go peddle your snake oil somewhere else, we ain't buying :)
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Fine with me - code your own EA or find a free EA on the forums. It doesn't matter to me.

I just think that autotrading is the best option for newer traders and the smartest use of their time.
 
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