Has anyone traded at the forex market and made money?

anestelen

Junior member
36 0
Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.
 

Tenapenny

Experienced member
1,005 46

everyonerich

Experienced member
1,109 43
just want to let you know it took me at least 2 years of learning before seeing any money. until today.. im still very careful with my own money management
 

Windowsill

Well-known member
305 39
Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.
I geuss you wanted to know by lunch time so you could make the fortune in the afternoon.
 

£10kLoser

Established member
648 64
I have a client who claims to make a minimum $50,000 a month from Forex.

I've no reason to doubt him...

Personally, I prefer to trade other things. Forex is hyped up to be the THING and everybody wants to trade it!
 
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Black Swan

0 0
Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.
Yes thanks, I *win* nearly every day and the days I don't win are the days I don't engage with the market. As for sharing no thanks, nothing in it for me...:D Do like the rest of us; blood, sweat and plenty of tears...
 

zupcon

Experienced member
1,162 322
Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.
If you can give me one good reason why I should, then I promise I will.
 
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fxtrader85

Member
53 1
You won't last long with questions like that. You've seen the systems offering riches beyond your wildest dreams with only a little bit of investment capital and you think it's that easy, it's not...

READ, READ AND READ!! The thing that's so great about forex, trading full stop for that matter, isthe unlimited amount of information floating around about it. It's everywhere, websites, internet forums, trading sites etc. You don't have to have gone to Harvard and studied finance to become a successful trader, it's about finding a system that suits YOU, maybe tweaking it to your own particular preferences (whilst trading on a demo account or using penny shares of course), and then realising the sky is the limit. Think outside the box...

P.s. I'm in no way a master trader, I too am a newbie trying to find my way. But questions such as the one you've posed display an immaturity that shouldn't be present in ANY trader, existing or prospective. It's not a quick buck, it might be for some who master it really quickly and have a natural aptitude for trading, but most of us have to learn and train, and READ, READ and READ some more

I wish you well in your journey
 
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Longbond

Newbie
2 0
Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.
Here's my advice after trading for 15 years. Read everything you can get hold of. Try every technique that sounds promising. Don't pay big bucks to go to seminars or to purchase expensive software or books. Reduce all your learned experiences and best techniques to produce a plan that includes an entry, a close for profit, and a close to stop uncontrolled loss BEFORE each trade is placed. Back test your plan on at least two years of data. If your plan makes money, open a micro or a mini account and trade live.
 

RoryP

Junior member
27 0
I use a combination of these two strategies. Great technical and fundamental logic behind them both which IMO makes a great system.

Start there, also search out the james 16 and Jacko threads on forex factory.
 

RoryP

Junior member
27 0
You won't last long with questions like that. You've seen the systems offering riches beyond your wildest dreams with only a little bit of investment capital and you think it's that easy, it's not...

READ, READ AND READ!! The thing that's so great about forex, trading full stop for that matter, isthe unlimited amount of information floating around about it. It's everywhere, websites, internet forums, trading sites etc. You don't have to have gone to Harvard and studied finance to become a successful trader, it's about finding a system that suits YOU, maybe tweaking it to your own particular preferences (whilst trading on a demo account or using penny shares of course), and then realising the sky is the limit. Think outside the box...

P.s. I'm in no way a master trader, I too am a newbie trying to find my way. But questions such as the one you've posed display an immaturity that shouldn't be present in ANY trader, existing or prospective. It's not a quick buck, it might be for some who master it really quickly and have a natural aptitude for trading, but most of us have to learn and train, and READ, READ and READ some more

I wish you well in your journey
I agree with this however there is no substitute for chart time. Learning all of the theory under the sun still wont prepare you for trading. You have to see it to be in it, if you havnt spent hundreds, or thousands, of hours watching price action then you wil not be successfull in the long run.

Forex Tester - this program has helped me to really study the currency markets practically and in depth without risking a penny. Read the threads mentioned above, buy this program and start learning to see s & r levels, pinbars, fib retracements etc develop. Honestly chap, when it clicks, it all clicks.

Best of luck on your journey.

R
 

TraderNumber7

Well-known member
376 45
Yes - it is possible to derive long-term profitability by trading the currency markets. The primary reason why newbies to this particular market lose in such high percentages, has everything to do with: a) The failure to study the market and the data that it generates and b) Their misunderstanding of how to correctly apply Leverage and Money Management against what they learned about the data the market has to offer.

Then come the excuses and the failed attempts at solving the problem. Namely, people who slam FX after having lost their money, while never attending to "A" and "B" above. Then comes the Government. Namely, the proposed CFTC Ruling that all Retail Traders be limited to 10:1 leverage - or similar attempts to Regulate Success. Then comes the Bucket Shop Spread Manipulating FX Intermediaries (mostly taking the form of a 'Broker') who use their Dealing Desks to milk the Uneducated Newbie Trader in ways that include widening of the spread near stop levels - all the way to blocking traders from being able to log-in to their accounts - and every other dirty trick in the book.

Unethical Intermediaries. Uneducated Traders. Unwise Bureaucracies. These are the three giants to overcome, if you you plan to be a long-term successful Retail trader of the Forex. It can be done. It is being done. But, you must first be aware that the problem even exists, before you can solve it.

1) Educate yourself about what drives this market.

The best traders in this business are Pattern Traders. Why? Two reasons: a) There are virtually an unlimited number of trade-worthy patterns that have yet to be discovered. b) Discovery of your OWN trade-worthy patterns makes them unique and less vulnerable to broad or generalized attack by Retail Intermediaries using tactics designed to target those using most conventional trading techniques. Some of the best patterns, have yet to be discovered. You Educate yourself by studying the Price Behavior (market data) and learning what patterns repeat, why they repeat and when they have the highest probability for repeating.

2) Hunt for a reliable Retail Intermediary.

Unless you have $25 Million, you won't be able to open an account with Deutsche Bank and start trading on their AutobahnFX platform and truly engage the Interbank market directly. Unless you can open an account with Barclays at between $300k to $1 Million, you won't be able to use their BARX FX platform. You need millions to open up accounts at UBS, USBC and Standard Chartered Bank, as well - all for the privilege of trading directly with the Interbank system. Therefore, before you become highly successful in this business, you must learn how to cut your teeth at the Retail level which means finding yourself a least of squares Broker or Intermediary with a good platform and No Dealing Desk Intervention. They do exist, but they are definitely in the vast minority.

3) Create a repeatable Edge and stick to it.

Whatever you do to determine when to enter the market, you must do so with an Edge that few others have or know about. This requires homework on the data. Your Edge is what keeps you ahead of the crowd and better than the average 60% win rate. A good Edge will place you in the 80% win rate category and the best Edges out there will place you into the 90+% accuracy rate.

4) Exhibit Discipline within a Systematic Approach.

Trading without discipline is exactly like driving while drunk. You stand no more than a 50% chance of success. Execute discipline while implementing the Edge in number 3 above, that you developed as a direct result of your Education in number 1 above. Everybody is a Systems Trader even those who think they trade purely on Fundamentals. If you trade on Fundamentals, then your "system" is to trade "with fundamentals," it is just that simple. You systematically use Fundamentals to execute trades - that's still a system. So, don't let anybody tell you that just because you don't have a PhD.D in Applied Mathematics and are not an Object Oriented programmer, that you somehow are not a systems trader. Any rule that you apply to trade execution and/or trade logic - is by definition, a Trading System. It can be manual or it can be automated, but it is still a systematic approach to trading based on decision making and decision making is nothing more than a set of protocols which is nothing more than a system.

Once you truly learn these lessons, then you'll be browsing these types of forums looking to share this same or similar advice to other people asking the question: Who is making money trading the currency markets? :)

Answer: People that have learned these lessons. ;)

TradeSMART. :smart:
 
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TraderNumber7

Well-known member
376 45
I use a combination of these two strategies. Great technical and fundamental logic behind them both which IMO makes a great system.

Start there, also search out the james 16 and Jacko threads on forex factory.
Jacko? I watched him go virtually broke on the FXCM site a couple of years ago, is he still around? [of, course - we could be talking about two entirely different Jaco aliases, no doubt]
 

DionysusToast

Legendary member
5,963 1,498
There are 2 theories you may want to consider

Theory 1:

Find a 'pattern'/indicator/price action set up. Look for that set up over and over and over again and trade it every time it occurs. Apart from the initial work on finding the pattern, there is no decision making required on your behalf. If you fail, it is for psychological reasons. You can apply your pattern in all markets because probability is on your side.

Theory 2:

Theory 1 is bullsh1t but is the most commonly held belief amongst people who are actually not making any money but claim to be. Turn off the internet and find out what drives prices.
 

TraderNumber7

Well-known member
376 45
Turn off the internet and find out what drives prices.

What drives price is contained within the data. Mathematically: the Domain called Driver contains Price Action. Mathematically: Price Action cannot exist outside of the Domain that created it. Such a silly notion would be considered Non-Causal for Price Action and since Fred Hoyle was dead wrong (Steady State Theory is not plausible), the dominant thought of the day is that all things must have a Causality except for those things that are Infinite.

Thus, the market is NOT infinite and therefore, MUST have Causality.

Bingo - just like that, the notion that price has no structure, when price action is causal of structure (lol!) is exposed for what it is; a total misunderstanding about what truly drives price.

The data contains the driver. Not the other way around. Price has no choice but to move in one of three (3) directions across one binding dimension: Up/Time, Down/Time or Horizontal/Time. Thus, "price" must have boundary layers defined by Magnitude and Time. Both Magnitude and Time, give price its Structure.

Therefore, P(t) ~ Height(sub-p) * Length(sub-p)/t, alas: the Price Structure.

Now, the smart trader is only concerned with the location P(t) within the structure, the condition of the structure itself and the probability for P(t) to move to another location within the structure.

Accurately calculate the trend, combine that trend with the current location of P(t) within the structure; wait [patiently] for high probability P(t) launch points where P(t) - Trend = Price Structure Stabilization and Bingo - you get very high probability trades on a consistent basis by understanding that Patterns do exist and they do repeat.
 
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