I have heard this "almost 100% lose their money" from people before and it seems a little hard to believe. I actually interviewed at the old CBFX in Boston a few years ago and the individual running the trading desks told me the same thing. I have been quite profitable trading spot FX for almost 2 years now and I am now full time. Taking the plunge to OPM here in about month also. I always wandered what these firms think of consistently profitable traders like myself. I used to think if it really is that rare maybe they would just call me up and offer me a job. Hasn't happened yet.
Make a living trading FOREX?
- Thread starter mjl
- Start date
I have heard this "almost 100% lose their money" from people before and it seems a little hard to believe. I actually interviewed at the old CBFX in Boston a few years ago and the individual running the trading desks told me the same thing. I have been quite profitable trading spot FX for almost 2 years now and I am now full time. Taking the plunge to OPM here in about month also. I always wandered what these firms think of consistently profitable traders like myself. I used to think if it really is that rare maybe they would just call me up and offer me a job. Hasn't happened yet.
I agree, it does take hard work, money, and time. I actually think it took me longer then most. I traded FX for two years before I got consistently profitable. And before that I traded many other markets with varying degrees of success. I lost lots and lots of money and spent a lot of time staring at these frickin' monitors. However if this career continues to take off it will be worth it.
Hey Guys...I found this pretty cool article about trading for a living:
How many Forex traders desire good, consistent gains? Of course, we all do right? The answer is an overwhelming , "yes." Well, the question comes up, "Why is it that so many traders lose all they have?" I am a straight up kind of person. In turn, I like people to be the same way toward me. So let me get right to the point. Here are the 5 ways to make a living trading Forex.
Just prior to that, allow me to explain a little about who I am. I lost a great deal of money in the market when I did not have a great deal of money to lose. In the end, I walked away with just 25% of what I began with a year before. Sound like the kind of person you want to learn from? Read the rest of the story! I took a break and observed from the side lines. Slowly, I began to objectively assess what went wrong. The funny thing was things turned around for me pretty quickly. My strategies were clear. I noticed how fear and greed had a major impact on my Forex trading. Over time I accumulated the funds to get back in the Forex market and this time I was ready to go. As the old saying goes, "The rest is history." I am now doing very well and winning is the exception rather than the rule. Can you make a living trading Forex?" The answer is, "Yes, you can make a living trading Forex."
Let's check out why my Forex trading turned around. Let's look at the 5 ways to make a living trading Forex.
I never lost my hunger.
Yes, determination is a big part of the success recipe. A person that refuses to give up is a person bound for victory!
The Art of Perseverance.
Determination is vital but you will take some losses on your way, it is extremely important to stay positive and never stop believing in yourself.
Mistakes are Learned Lessons.
Only the unwise and foolish keep repeating the same mistakes.
Keep Perspective While Taking a Time Out.
The time out enabled me to look at my strategies objectively and modify it for the future. This is very important. Staying unemotional and looking at what went wrong was huge.
I found a Really Good Trading Platform.
The most important aspect in Forex trading. If you want to do well on the Forex market then you need a reliable, trading platform. I look for a trading platform with no hidden costs and competitive spreads. If you want a really good trading platform that allows you to start trading with as little $50, gives live quotes (real time) and requires no software or downloads, click on the link at the bottom of the page. I think you'll be glad you did.
How many Forex traders desire good, consistent gains? Of course, we all do right? The answer is an overwhelming , "yes." Well, the question comes up, "Why is it that so many traders lose all they have?" I am a straight up kind of person. In turn, I like people to be the same way toward me. So let me get right to the point. Here are the 5 ways to make a living trading Forex.
Just prior to that, allow me to explain a little about who I am. I lost a great deal of money in the market when I did not have a great deal of money to lose. In the end, I walked away with just 25% of what I began with a year before. Sound like the kind of person you want to learn from? Read the rest of the story! I took a break and observed from the side lines. Slowly, I began to objectively assess what went wrong. The funny thing was things turned around for me pretty quickly. My strategies were clear. I noticed how fear and greed had a major impact on my Forex trading. Over time I accumulated the funds to get back in the Forex market and this time I was ready to go. As the old saying goes, "The rest is history." I am now doing very well and winning is the exception rather than the rule. Can you make a living trading Forex?" The answer is, "Yes, you can make a living trading Forex."
Let's check out why my Forex trading turned around. Let's look at the 5 ways to make a living trading Forex.
I never lost my hunger.
Yes, determination is a big part of the success recipe. A person that refuses to give up is a person bound for victory!
The Art of Perseverance.
Determination is vital but you will take some losses on your way, it is extremely important to stay positive and never stop believing in yourself.
Mistakes are Learned Lessons.
Only the unwise and foolish keep repeating the same mistakes.
Keep Perspective While Taking a Time Out.
The time out enabled me to look at my strategies objectively and modify it for the future. This is very important. Staying unemotional and looking at what went wrong was huge.
I found a Really Good Trading Platform.
The most important aspect in Forex trading. If you want to do well on the Forex market then you need a reliable, trading platform. I look for a trading platform with no hidden costs and competitive spreads. If you want a really good trading platform that allows you to start trading with as little $50, gives live quotes (real time) and requires no software or downloads, click on the link at the bottom of the page. I think you'll be glad you did.
Mediocre platitudes, sounds more like a sales pitch for something than serious advice.
Oh here you go, "click on the link at the bottom of the page. I think you'll be glad you did.".......yawwwwwn
lol, this bit made me laugh though "....I am now doing very well and winning is the exception rather than the rule.....". Now that bit I can believe
Just an article I read - not mine 
Notice I deleted the link
Notice I deleted the link
Quote from forexprofits:
Just an article I read - not mine
Notice I deleted the link
Don't get me wrong I wasn't finding fault with you for posting it!
I don't think any one bank has the ability to manipulate the forex market to such a degree as you imply. The banks are competing against each other, program versus program... if they were all on the same program one of them would figure it out and burn the others big time. There is no conspiracy taking place by some prime-master programmer. That's not to say it isn't one very fast market and not for amateurs.
Your problem is not an evil program trying to eat your lunch. It's more a matter the sheer complexity of the fx market and just what a currency actually is. Money is the air the markets breathe. There are so many different forces acting in this market and that it does not seem to subscribe to the basic human logic of how a thing should be traded. Forex is more like the weather really, as they say the EUR/JPY is the barometer of the global economy, but you don't see anybody crying conspiracy when the weather doesn't do what is expected. A single stock on the other hand can be a very basic thing like a game of poker. You know the how many cards there are, you know the players. Find the table you want to sit at and play it how you like it.
There is money to be made in forex, but unless you can trade big options interbank then forecasting is not going to do it for you. The best prop traders in the bank are right less than 30% of the time. Scalping in forex on the other hand can be quite and easy and a lot of fun. You could compare it to windsurfing really. Go with the flow of things. You do need execution speed and a level playing field which you will not find through any online broker. They will scalp you all day long, and when the market makes a violent move and you throw in a market order, you will be last to get filled, they will east you completely. If you want to scalp fx you can do it in the futures market. I use X-Trader and on the CME. My execution speed is instantaneous and I trade directly with the biggest market makers rather than through a broker who trades with them, why add this layer and a crappy online trading platform... The CME offers equal access, fair play, and a level playing field. Scalping forex is fun. I have a lot of education but what I have realized is using less is more in this market. Go with the flow, be patient, catch a wave, and retire for the day, keep it simple, trade what you see, leave your ego out of it and don't try to do what nobody can by predicting the future, it's impossible. If you want to play poker, trade single stocks.... If you want to ride the fx waves, get X Trader and have fun!
Your problem is not an evil program trying to eat your lunch. It's more a matter the sheer complexity of the fx market and just what a currency actually is. Money is the air the markets breathe. There are so many different forces acting in this market and that it does not seem to subscribe to the basic human logic of how a thing should be traded. Forex is more like the weather really, as they say the EUR/JPY is the barometer of the global economy, but you don't see anybody crying conspiracy when the weather doesn't do what is expected. A single stock on the other hand can be a very basic thing like a game of poker. You know the how many cards there are, you know the players. Find the table you want to sit at and play it how you like it.
There is money to be made in forex, but unless you can trade big options interbank then forecasting is not going to do it for you. The best prop traders in the bank are right less than 30% of the time. Scalping in forex on the other hand can be quite and easy and a lot of fun. You could compare it to windsurfing really. Go with the flow of things. You do need execution speed and a level playing field which you will not find through any online broker. They will scalp you all day long, and when the market makes a violent move and you throw in a market order, you will be last to get filled, they will east you completely. If you want to scalp fx you can do it in the futures market. I use X-Trader and on the CME. My execution speed is instantaneous and I trade directly with the biggest market makers rather than through a broker who trades with them, why add this layer and a crappy online trading platform... The CME offers equal access, fair play, and a level playing field. Scalping forex is fun. I have a lot of education but what I have realized is using less is more in this market. Go with the flow, be patient, catch a wave, and retire for the day, keep it simple, trade what you see, leave your ego out of it and don't try to do what nobody can by predicting the future, it's impossible. If you want to play poker, trade single stocks.... If you want to ride the fx waves, get X Trader and have fun!
this is so amazingly funny!!!
how bout trading old knitting yarn spools