Making Money

hoodun

Newbie
6 0
Is it possible to make money trading forex?

Can anyone predict which way a price will be headed?

Are some people just lucky?


I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.
 

timsk

Legendary member
7,344 2,136
Hi hoodun,
Welcome to T2W.
Is it possible to make money trading forex?
Logic would suggest that someone somewhere is successful! However, the odds are heavily stacked against the retail trader.

Can anyone predict which way a price will be headed?
Some say they can; some say it doesn't much matter whether you can or you can't. However, pretty well everyone is agreed that what is critically important is that you have a robust risk and money management strategy that ensures you have an overall positive expectancy. (If you're not sure what this is, check out this Sticky: Essentials Of 'Risk & Money Management')

Are some people just lucky?.
Sure. Plenty of people simply got lucky in the late 1990s and made truck loads of money. Then they made the mistake of thinking that they were expert traders. When the dot com bubble burst - they found out they weren't half as good as they thought they were. Fortunes made were quickly lost.

I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.
What is it exactly that you 'don't get'? Breaking even is a whole heap better than losing money; it's a good platform from which to build.
:cool:
Tim.
 

NVP

Legendary member
37,536 1,988
Is it possible to make money trading forex?

Can anyone predict which way a price will be headed?

Are some people just lucky?


I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.

some don't get it even after 15 years .........:whistling
 

stefcio2002

Junior member
19 3
Is it possible to make money trading forex?

Can anyone predict which way a price will be headed?

Are some people just lucky?


I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.

You cannot predict with certainty which way a price will be headed, but you do not need it to be consistently profitable on forex. Read Mark Douglas "Trading in the zone", it s all explained there.
 

Wicked_Daddy

Active member
128 48
I've forced myself to accept that the forex market is completely random, total chaos, no rhyme or reason to any of it. And that actually makes total sense because it's a market driven by humans. When you are watching a chart, it's not price you are watching. You're watching human emotions at their extreme. Price is only the indicator of what the majority emotion is at the time. If you can figure out where the greed stops and the fear kicks in (and vice-versa) then you can ride those emotions like a pony.

And of course, you must keep your emotions out of it. Good luck with that!

The worst part (for me anyway) is that no one can teach you to master your own emotions. There is no holy grail for that. You have to become callused to the whole idea of trading. I believe that the supposed 10,000 hours of chart staring and trading is not to make you an expert, although you will gain considerable pattern insight. I think it's to make you numb to the process. Once you've stopped giving a damn what happens, you can trade more effectively.

I'd love to be bored with this... bored all the way to the bank.
 

gerryg

Established member
900 6
Is it possible to make money trading forex?

Can anyone predict which way a price will be headed?

Are some people just lucky?


I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.

Some businesses start to get out of losses in 5 and even in 10 years. They spend thousands and millions, time not of one person but the whole staff.

The way for big money is not a fast and easygoing. It's never late to return to fixed salary job for some boss without thinking much about trading pros and cons.
 

NVP

Legendary member
37,536 1,988
Forex is a big opportunity of earning money. But to make good money in this field you must know how to trade. Also you should choose a good a reliable broker. Mine is Forex Metal.

thanks for sharing that ..........
 

NVP

Legendary member
37,536 1,988
Is it possible to make money trading forex?

Can anyone predict which way a price will be headed?

Are some people just lucky?


I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.

dude you are a success by breaking even .........you are already getting into the top 3-5%

N
 

gerryg

Established member
900 6
Is it possible to make money trading forex?

Can anyone predict which way a price will be headed?

Are some people just lucky?


I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.


Breakeven means that you profit from your trading but it goes to covering transaction costs and charges. Have you tried to assess the frequency of slippage in your trades? Every pip cost you a penny and in news trading slippages it goes up to substantial amount of money. I was in the same situation as you before jumped from Exness to Tickmill. Try to play with brokers particularly on real accounts, I know maybe it's not the best advice, but it helped me a lot.
 

alexaherself

Established member
560 149
Is it possible to make money trading forex?

Yes - otherwise institutional traders wouldn't be earning their 7-figure salaries/bonuses.

Can anyone predict which way a price will be headed?

Yes, but only as a probability-function, not with certainty.

To say the same thing in other words, and as an example, people can predict pretty confidently that out of 100 very similar situations, the price will be headed in a specific direction 65% of the time; but for an individual instance, they can't predict any more, in this context, than that the price has "a 65% chance" of being headed in that direction.

Are some people just lucky?

I suspect not, in this context, but it's a complicated and almost philosophical question which depends on what you mean by "lucky".

I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.

Look at how far you were from breaking even during the first 3 months of those 3 years and how much improvement there must have been for you to be breaking even now: if you extrapolate that improvement over another 3 years, you'll be getting it by 2018, I think? :)
 

tomorton

Legendary member
8,144 1,222
Hi hoodun - Yes its possible to make money trading forex but only because these markets are not random - at least, not all the time and not in every timeframe, but that's all the edge we need. Just take a look at EUR/USD using daily charts for last 6 months or weeklies since last May.

With a persisting trend pattern that strong, I'm sure you've learned enough to make money from that.
 

Forexaxe

Newbie
4 0
Is it possible to make money trading forex?

Can anyone predict which way a price will be headed?

Are some people just lucky?


I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.

Forex is a business like any other business. To be able to make money on the Forex market you need to educate yourself. Find yourself a reliable trading strategy, then stick to the rules of your strategy with discipline. Albert Einstein once said: "you have to learn the rules of the game and then you have to play better than anybody else"
 

billyjean

Active member
120 5
Breakeven means that you profit from your trading but it goes to covering transaction costs and charges. Have you tried to assess the frequency of slippage in your trades? Every pip cost you a penny and in news trading slippages it goes up to substantial amount of money. I was in the same situation as you before jumped from Exness to Tickmill. Try to play with brokers particularly on real accounts, I know maybe it's not the best advice, but it helped me a lot.

some traders may depend only what any brokers write upon their website about their trading condition, in real practice sometimes it's goes very different. for example slippage, yes indeed each pips are valuable asset for any long run traders, and real trading condition are crucial. test and research brokers condition are require before goes seriously trade with them, I also jumped use Tickmill ecn after several attempt with other brokers, I still use different brokerage services till now, but in matter of news event situation their ECN account are give more valuable pips on my trade, by not giving much trouble as slippage. as exness account I drop my account when they had silly leverage shift during friday, which a total disadvantage for one who hedge their entry position. as for tickmill their only flaw with gold swap, so it's better to use daily trade system when plan on gold trading with them.
 

VeerTrade

Junior member
47 1
Is it possible to make money trading forex?

Can anyone predict which way a price will be headed?

Are some people just lucky?


I've been trading for 3 years just recently switched to a real account. I break even. Thats it. A lot of work for nothing. Some would say I am a success because I'm not losing. I don't get it.

I think you have had a good few responses here.

When it comes to making money you have to be realistic. Most people just laugh when I say to just aim for 10% a year to start with, they want to get rich quickly and earn an amazing income by risking very little. It just doesn't happen that way no matter what marketing ad you have read!

You will hear stories of people making vast sums of money very quickly, for those I will say are lucky. You don't hear how they over leveraged and then blew their account soon after.

If you are break even then you are doing very well! There is a fine line between break even and making a profit.

The easy part is the trade plan. Finding a strategy that can give you an edge isn't hard to come by.

The hardest part is implementing it and this is more often than not due to ill discipline and not being able to control your emotions.

For profitable day traders, most of the days will be bad. They will be making a small loss, breaking even, small wins then they will have the odd day where they do really well. The saying keep your losses small and letting your winners run is generally how most trade. Most people cannot handle this as they think it is their right to earn money every day!
 

fxstrategist

Established member
603 16
Being successful in trading, either Forex or any other market is about accuracy. It doesnt really matter how much leverage you are using or risking, if you are not accurate, it will just take you longer to blow your account, but at the end you will blow it. Risk management is important, dont get me wrong, but most important is accuracy.
 
 
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