Making money in forex trading

[Thestealthgawd]

@Thestealthgawd What are u investing in and when?

Crypto is a good buy now. As for forex currently trading the ups and downs of gold. With small positions

 

[MisterF]

I've already tried paper trading just buy buying on the lows and selling on the highs and made some profits. Do you use any strategy to trade?

So share some stats.

How long did you paper trade? A day, a week, a month? More importantly, were you totally truthful and honest with these trades?

Pointless saying made some profits mate. You could have made $1 or $1k.

What I will say is don't risk more than you can afford to lose.

 

[usedusernameused]

Market is very unstable right now for any kind of trade.

 

[Wabz2020]

I have tried D.O, made some, lost some, but it all comes down to gaining experience over time, you don't need to buy anything, just keep practicing and hone your trading, then go live. Good luck

I’ve been living off of trading income for years now (since 2017) if you’re really interested in this I can help

Good progress if you're still in the game, most don't make it past few months, some even weeks,Lol. Do you trade Forex or B.O?

 

[Jim433]

So share some stats.

How long did you paper trade? A day, a week, a month? More importantly, were you totally truthful and honest with these trades?

Pointless saying made some profits mate. You could have made $1 or $1k.

What I will say is don't risk more than you can afford to lose.

I've tried paper trading with different amounts, i started an account with 3000$ and 1:100 leverage and doubled it in 2 weeks, then started randomly trading until i lost all. After that i also tried opening a 3000$ account with 1:500 leverage and with a lot of risky trades i turned it into 8500$ in just a few hours but lost everything with one trade. I've also tried with 200EUR and turned it into 500EUR in 1 day only using the 1m chart(10 trades profitable/0 losses) but i was too careless and i don't think i will be able to do it with real money. And the last time i tried paper trading i used 1000EUR with 1:500 and lost all(tried same way of trading as with the one i had 200EUR).

Currently, i am looking for strategies on youtube from different people and write them down to try them when the market opens again just to test which one is the best for me.

 

[DomBrave]

I traded few years back and the only advice I can give you is that, if you go in with half knowledge then you are setting yourself up for failure

 

[AmbrozialÉxtasis]

Could you share any tips? Do you need a lot to get started with Forex?

 

[HustleTong]

Followed.

 

[incomesurfer]

i am not a forex expert but here are some advice

1. Know how much you are willing to risk
- for example on a 500 dollar account, for a conservative trader he must only risk 1-2% of his total portfolio per trade after this he can now decide how much lot size he can buy base on his current capital
- I also suggest a 1:3 RRR per trade

2. study technical analysis, support and resistance, trends if its the is on an uptrend, sideways, downtrend.

3. Find which system/indicators work for you or which type of trader fits you (momentum, swing, scalping, day trading, position etc)

4. start with virtual trade 1st or paper trade

 

[ger81948]

Forex just means currency trading, which in itself isn't a 'scam' - that's like saying stock trading is a scam based off how certain companies market themselves. Forex is just way too saturated with shitty companies trying to sell shitty products so it gets a bad rep

I would agree with this. There is also no doubt that most traders lose their account when starting to trade. You need to learn some of the basics which includes price action. Sellers in Forex are making lots of money right now and having a plan which involves price action is critical. Times like this are when traders should be doing great. The odds are that you will lose your $500 unless you have a trading plan and stick to it. I agree with another post that said start with a demo account and make profits with that first. Then trade on a micro level so you don't over leverage and lose everything. It can be done but it will take patience and knowledge.

 

[sermon]

Guys any advice for day trading and scalping?

 

[Thestealthgawd]

Good progress if you're still in the game, most don't make it past few months, some even weeks,Lol. Do you trade Forex or B.O?

Forex. Never really got into B.O probably because I started profiting in forex and never looked at anything else except crypto and that’s because it was around the time bitcoin was booming

 

[kweiss]

I trade for 8 years now. I started with 1K. Made 20K, lost it all, made it back again, lost it all again and made it all again and more.

I was missing one thing and that is RISK MANAGEMENT. Trade less, trade small but make profits consistantly! That is the secret.

Try paper trading first. Find a few indicators you can work with. Never ever use 2-3 indicators that measure the same thing. Because if they all give you a wrong signal, then you get it multiple times or more wrong.

I made a lot of money in 2019 on the markets. Trump helped out a lot with his tweets and comments. But I lost a lot during the corona crash in Feb 2020. There are times you will make money and times you will lose money. You have to know that preserving capital is key to survival in this business.

Good luck!

 

[Andreyc]

Forex isn't good.. try another method...

Very very hard with forex

 

[BableFx]

Forex is profitiable and you can start with $500 dont listen to people that say you cant start with this although to make yourself rich over night from this would be almost impossible unless you can predict the future, Ive been trading forex for a number of years now and ventured into the Expert Advisor side of things about 18 months ago i now have an EA (developed in house) that does very well considering the markets last week due to corona was all over where most EAs failed mine did not i made a ROI of 4.8% with a pretty low drawdown so anything is possible.

Learn Price action its king in this game theres so much to take into account also news plays a big and vital role more so on different timeframes look on youtube for how the markets work start with lets say support and resistance that will give you a pretty good foundation to work from i hope you found my information beneficial if you want to ask anything else just ask i will try and help where i can.

 

[ger81948]

If you go into Forex with $500 and want to get rich or make a living from it, you are probably better off in a casino. I'm not saying you can't make money in forex. I have traded forex for a long time. I've been burned and have learned there is no easy and fast way to make a killing. It's like IM and life in general. You have spend a lot of time learning about the markets and price action. Demo trade until you're confident of your strategy. You can't just buy and sell at highs and lows unless you're psychic. Patience grasshopper. Uh oh, showed my age there.

 

[BableFx]

If you go into Forex with $500 and want to get rich or make a living from it, you are probably better off in a casino. I'm not saying you can't make money in forex. I have traded forex for a long time. I've been burned and have learned there is no easy and fast way to make a killing. It's like IM and life in general. You have spend a lot of time learning about the markets and price action. Demo trade until you're confident of your strategy. You can't just buy and sell at highs and lows unless you're psychic. Patience grasshopper. Uh oh, showed my age there.

I think this is very good advice and you are very correct you certainly wouldnt be able to make a living out of $500 without taking huge risks but it has been done, I think if you started with $500 and compounded it over a year after the 1st year you could potentially make a living out of trading the year following.

I too have lost fortunes in this market and it has been a very traumatic learning curve for me financially hence the reason my EA is based quite largely on money management as this is vital

 

[YujinTan]

I trade for 8 years now. I started with 1K. Made 20K, lost it all, made it back again, lost it all again and made it all again and more.

I was missing one thing and that is RISK MANAGEMENT. Trade less, trade small but make profits consistantly! That is the secret.

Try paper trading first. Find a few indicators you can work with. Never ever use 2-3 indicators that measure the same thing. Because if they all give you a wrong signal, then you get it multiple times or more wrong.

I made a lot of money in 2019 on the markets. Trump helped out a lot with his tweets and comments. But I lost a lot during the corona crash in Feb 2020. There are times you will make money and times you will lose money. You have to know that preserving capital is key to survival in this business.

Good luck!

Man actually is first week of March, those on sell is laughing whereas those scrap , hold on buy get screw . I think this month a lot really get screw by the virus , same for stocks even IM , drop ship, etc . Let hope is getting at least better since coming to new month April, finger cross.

 

[kweiss]

I think this is very good advice and you are very correct you certainly wouldnt be able to make a living out of $500 without taking huge risks but it has been done, I think if you started with $500 and compounded it over a year after the 1st year you could potentially make a living out of trading the year following.

I too have lost fortunes in this market and it has been a very traumatic learning curve for me financially hence the reason my EA is based quite largely on money management as this is vital

Are you the owner of BableFX and are you in anyway related to the user samad97?

 

[BableFx]

Man actually is first week of March, those on sell is laughing whereas those scrap , hold on buy get screw . I think this month a lot really get screw by the virus , same for stocks even IM , drop ship, etc . Let hope is getting at least better since coming to new month April, finger cross.

I didnt think anybody noticed lol, if people are in sells the market seems to be treating them well.