HOW CAN I MAKE MONEY FROM FOREX.
- Thread starter klavy
- Start date
Thanks but that's why I'm asking for help. Even if it'll take me some few months to be good, I'm ready. All I need is to know the basics and where to go so I can start from there.
You can start with BabyPips.
- Nov 25, 2017
- 11,570
- 7,545
Gambling is never a good idea if you don't know what you are doing - most of the time, even when you know what you are doing.
Best advice = stop dreaming and do something else.
Best advice = stop dreaming and do something else.
This.
I've been in Forex for close to 6 years now. Followed a lot of people. I've come across 15 different successful people who eventually burned their account. Yet to encounter a person who is consistent and know what they're doing.
Try 1-2 years, makes more sense. Find one strategy and stick to it.
Make 1-2 good trade is easy, what's hard is to be consistent in the long term.
Be very very discipline, pay extra attention to your money management.
Better yet, once you found a good strategy, automate it with EA to eliminate psychological issues.
Make 1-2 good trade is easy, what's hard is to be consistent in the long term.
Be very very discipline, pay extra attention to your money management.
Better yet, once you found a good strategy, automate it with EA to eliminate psychological issues.
Dilana
Power Member
- Nov 9, 2023
- 544
- 214
I have been in Forex for 4 years, and you gonna need at least 1 year to learn the basics, and many years to be able maybe to have a strategy that it could works for you but still you gonna need more time to adjuste that strategy to fit your situation, plus there's many variables you need set in order to start your journey in trading for example what is your goals what is your trade frame,the currencies you gonna trade and much more and that unfortunately gonna takes time to figure out, in addition the idea of automating any strategy for forex is myth, you can not do that it is next to impossible, at the end you can start even with 1 USD but make sure to have a trading account with a bank not those market maker broker that you see everywhere this days.
iRakic
Registered Member
- Jul 16, 2009
- 80
- 19
I would suggest you avoid Forex, especially if you are new to it. Try playing with demo accounts for some time and see how it goes.
If you watched all the gurutards that say you can make serious money in Forex, and they are selling courses on how to do it, then they probably make all money from selling courses and almost nothing from Forex.
If you watched all the gurutards that say you can make serious money in Forex, and they are selling courses on how to do it, then they probably make all money from selling courses and almost nothing from Forex.
winnersneverquit
Newbie
- Nov 28, 2023
- 39
- 17
Most important thing required to make good money from forex is good capital. So first accumulate as much capital as possible.
Vaklinov
Newbie
- Dec 21, 2023
- 4
- 1
Yes, without a capital everything is empty word.
- Jun 9, 2020
- 6,584
- 3,258
Making money from forex is also a skill, better to try to learn that skill from Udemy then invest in forex.
I started learning forex back in 2010 and been trading full time for the last 2.5 years. I will first answer the questions of OP and then comment on other posts.
1. As a small beginner trader you will need to use a broker. All brokers are criminals in disguise, but some are better than others. Just do your own due diligence and go with the one who has relatively good reviews. If you don't annoy them too much with your business, you'll be fine.
2. I don't think you can become a good trader in 1-2 weeks. 3-5 years is more realistic in my opinion, if you work hard and make conscious effort to improve. The learning curve is massive, don't underestimate it.
3. To make money in forex, you need to trade on the professional, not retail, side of the market. You also need to have a professional, not retail, strategy and also a professional understanding of how the forex market actually works. It's hard to explain what I mean in a few sentences, but just keep in mind that the information that you will find in the majority of courses, forums, books, videos, etc. is retail and it won't help you in making money from trading in any way.
4. Usually $200 is the smallest sensible amount, but some brokers have cent accounts as well, but they come with worse trading conditions. If you can't afford that or if you're from a poor country then you can go with a prop firm that has a good scaling plan and the smallest starting fee that I've seen was $60.
Now my comments about other people's posts:
- BabyPips may be the place to learn to trade, but it's not the place to learn to make money. These are totally different things, and most educators will only teach you how to consistently lose money because they get a kickback from brokers for your losses.
- I agree that gambling is not a good idea, but professional trading doesn't have anything in common with gambling. It can be a very flexible and lucrative one-man business if you know what you're doing.
- It's not possible to automate a professional trading strategy, because it can only be used together with a professional understanding of how this market works, and robots can't think. The idea of a simple mechanical robot-like strategy is a fantasy. However, I do have a profitable EA running but its return in % is very small compared to manual trading (because I need to leave plenty of room for drawdowns) and it only works because of certain favorable economic conditions that we currently have. It wouldn't have worked 3 years ago and it will continue to work only while the conditions last. So EAs are just side hobbies. Manual professional trading is the only way to grow your account fast.
- Well said about mass-market FX gurus. Don't learn from them. If they knew how to make money in trading, they would be doing that, instead of running an "education" business. Because this business will never be more profitable than actual professional trading. True professional traders do not promote any courses, do not advertise their lifestyle and certainly do not share their secrets to the mass public because what they know actually works.
- Capital is not the most important thing in trading and if you accumulate a lot of capital before you learn to make money trading, most likely you will lose it all when you finally start trading. The most important thing is knowing what you do and being a good trader. Understanding what's going on the market and making smart decisions. Money comes as a side effect of being a good trader, and if you're a good trader then you will grow your account quickly and you won't need big starting capital. Besides, it's much safer to use broker's money than your own.
- Udemy is also not the place to learn professional trading. No professional trader would ever use that platform to teach other traders.
1. As a small beginner trader you will need to use a broker. All brokers are criminals in disguise, but some are better than others. Just do your own due diligence and go with the one who has relatively good reviews. If you don't annoy them too much with your business, you'll be fine.
2. I don't think you can become a good trader in 1-2 weeks. 3-5 years is more realistic in my opinion, if you work hard and make conscious effort to improve. The learning curve is massive, don't underestimate it.
3. To make money in forex, you need to trade on the professional, not retail, side of the market. You also need to have a professional, not retail, strategy and also a professional understanding of how the forex market actually works. It's hard to explain what I mean in a few sentences, but just keep in mind that the information that you will find in the majority of courses, forums, books, videos, etc. is retail and it won't help you in making money from trading in any way.
4. Usually $200 is the smallest sensible amount, but some brokers have cent accounts as well, but they come with worse trading conditions. If you can't afford that or if you're from a poor country then you can go with a prop firm that has a good scaling plan and the smallest starting fee that I've seen was $60.
Now my comments about other people's posts:
- BabyPips may be the place to learn to trade, but it's not the place to learn to make money. These are totally different things, and most educators will only teach you how to consistently lose money because they get a kickback from brokers for your losses.
- I agree that gambling is not a good idea, but professional trading doesn't have anything in common with gambling. It can be a very flexible and lucrative one-man business if you know what you're doing.
- It's not possible to automate a professional trading strategy, because it can only be used together with a professional understanding of how this market works, and robots can't think. The idea of a simple mechanical robot-like strategy is a fantasy. However, I do have a profitable EA running but its return in % is very small compared to manual trading (because I need to leave plenty of room for drawdowns) and it only works because of certain favorable economic conditions that we currently have. It wouldn't have worked 3 years ago and it will continue to work only while the conditions last. So EAs are just side hobbies. Manual professional trading is the only way to grow your account fast.
- Well said about mass-market FX gurus. Don't learn from them. If they knew how to make money in trading, they would be doing that, instead of running an "education" business. Because this business will never be more profitable than actual professional trading. True professional traders do not promote any courses, do not advertise their lifestyle and certainly do not share their secrets to the mass public because what they know actually works.
- Capital is not the most important thing in trading and if you accumulate a lot of capital before you learn to make money trading, most likely you will lose it all when you finally start trading. The most important thing is knowing what you do and being a good trader. Understanding what's going on the market and making smart decisions. Money comes as a side effect of being a good trader, and if you're a good trader then you will grow your account quickly and you won't need big starting capital. Besides, it's much safer to use broker's money than your own.
- Udemy is also not the place to learn professional trading. No professional trader would ever use that platform to teach other traders.
- Aug 5, 2022
- 706
- 255
Amen
- Jun 15, 2019
- 8,923
- 4,409
Don't use real money. Start with a demo account. The prices are the same as live, but the money isn't real. I think that's the best way to learn. etoro has this feature. I'm sure other platforms have it as well.
If you have consistent wins over 3 months, then you can put in $$. Don't get greedy. 3 months is a minimum
If you have consistent wins over 3 months, then you can put in $$. Don't get greedy. 3 months is a minimum
Black coder 009
Newbie
- Jan 16, 2023
- 16
- 8
Listen to this guy.
PixelZero
Junior Member
- Apr 26, 2023
- 106
- 32
On the contrary, best advice is to know that it's gonna take you a while but you've got to learn patiently. Next thing you're gonna want to do is get a mentor. It shortens your learning curve
Thorr
Power Member
- Aug 9, 2015
- 729
- 345
When you sign up on a website, try to read the small text and you will find something like this: "more than 90% of the users on this site are losing money....."
However it depends on your budget for how long you can stay on the platform, also search on youtube @NickShawnFX he is an interesting guy with an interesting method of trading.
However it depends on your budget for how long you can stay on the platform, also search on youtube @NickShawnFX he is an interesting guy with an interesting method of trading.
I trade forex, currently in a trade now, I've been trading for over 4 years and started last year with a balance of £750, so far I'm down to £730 but I am still learning. I've had many trade wins and lots more losses. It isn't easy but I've got myself a system now and should hopefully start seeing more wins than losses (but it's forex, who knows what will happen!)
SoundCloudPro
Junior Member
- Dec 24, 2023
- 101
- 224
1. To open a forex account, you can choose a reputable forex broker, complete their registration process, and provide necessary documentation for verification. This is pretty straightforward here.
2. Learning the basics of forex trading within 1-2 weeks is very very ambitious and almost not going to happen for the average Joe. It's crucial to dedicate time to understand market dynamics, strategies, and risk management for sustained success and even then this usually takes months if not years to learn. Most people don’t learn from their mistakes and in doing so they lose their investment as a result of going to fast with little knowledge.
3. Making money in forex requires knowledge, skill, and most importantly discipline. Traders often profit from price fluctuations by buying low and selling high or vice versa, selling high and buying low. There are many techniques that can be complex when first starting out, but overtime you will start to notice patterns and such.
4. The smallest amount to start with will depend on which broker you choose. Some allow you to start with as low as $50 or $100 maybe even less but it's advisable to start with an amount you can afford to lose and still manage your risk effectively.