I think they're both over on ForexFactory aren't they?
Make a living trading FOREX?
- Thread starter mjl
- Start date
I think they're both over on ForexFactory aren't they?
Quote from andrewgust:
Funny HaHa or Funny Queer?
or in my case: Funny because I'll be laughing all the way to the bank with trading profits
Funny haha and guess what, the joke's on you
Not really, no.
What I can say is I have a friend who used to work at a large (300+ employee) online forex firm, and he says that nearly 100% lose their capital within 6 months//////
Ok, I have no doubt it is a truth. But why those guys lost all their capital within 6 months?
I have no doubt there are few reasons for this:
1. They used a way too much leverage.
2. bad money/ risk management
3. they had no system that has an edge
From my own experience, all of my really big draw downs came from using too much leverage.
I started thinking that leverage is a trap set by brokers to take our money.
It is absolute poison, at least from my point of view, since I trade not my own money
Ok, I have no doubt it is a truth. But why those guys lost all their capital within 6 months?
I have no doubt there are few reasons for this:
1. They used a way too much leverage.
2. bad money/ risk management
3. they had no system that has an edge
From my own experience, all of my really big draw downs came from using too much leverage.
I started thinking that leverage is a trap set by brokers to take our money.
It is absolute poison, at least from my point of view, since I trade not my own money
How does one succeed in Forex? You need access to large amounts of capital, insider knowledge, millions of $ in trading technology, and millisecond execution speed///////
It is not so. All you need is yourself.
No insider information is needed, but yes, we need other people money.
I was thinking I can put aside $10 000 and start trading and making money from here. Fat chance! I gotta make 10% monthly at the very least to be self sufficient within few years. Isn't it much better to make few % a month consistently with low DD and get OPM to trade? It would take much less time to start earning for a living!!!
It is not so. All you need is yourself.
No insider information is needed, but yes, we need other people money.
I was thinking I can put aside $10 000 and start trading and making money from here. Fat chance! I gotta make 10% monthly at the very least to be self sufficient within few years. Isn't it much better to make few % a month consistently with low DD and get OPM to trade? It would take much less time to start earning for a living!!!
Good Idea, I think I will start my own hedge fund. Who wants to be the first to get started?! Only $1 Million minimum. 2% up front and 20% of profits.
I take Visa or Mastercard or paypal
You do not have to start hedge funds, there are already companies that attarct OPM for emerging traders.
Yeah, edge and money management/ risk control is everything. But it can be done of course.
It is just not everyone is made for this.
Like not everyone can swim like Phelps
People gotta be realistic, some can and some cannot do it. It is a matter of thinking/ psychology, attitude and character.
Yeah, edge and money management/ risk control is everything. But it can be done of course.
It is just not everyone is made for this.
Like not everyone can swim like Phelps
People gotta be realistic, some can and some cannot do it. It is a matter of thinking/ psychology, attitude and character.
Where are these companies? What is the process a trader must go through to be given OPM to trade?
<p>
Not true, at all (save the >99% failure rate).
FX is a technical market, like any other market - stocks, bonds, futures, index futures etc.