HOW CAN I MAKE MONEY FROM FOREX.

[Darkdamon]

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.

The method I use wouldn’t allow $100 on 0.01 lots, the best I’ve got is $1000 on 0.01 lot sizes yes it’s the smallest lot but this is what I trade on and comfortable at my ability now…anything under this it’s really crap.

 

[Midoriya]

I've been a forex trader for a year and 2 months. All I can say is to learn as much as you can on youtube. Wsodownloads courses. Tradesmint courses. That's what I did to learn. Babypips is Just basic stuff.
Then demo for a year. Get in the markets everyday and trade ,get your hands dirty. Study price. Study Time. Study the pd arrays. Study gaps. Study the higher time frame. Ask yourself why did price to this? Was it reaching for a high or low on the higher time frame. Is my entry on thr lower time frame going to be respected To where I think price is going to head to. You have to ask yourself questions like if you want to wait hours for a trade to hit take profit. Or 1-2 hours. Or minutes. As you get in the charts everyday you'll find that things repeat themselves. Also Study momentum. Try to learn as much as you can. Study elliot wave. Study smart money concepts. Don't watch ict tho you'll Jusy waste hours and hours of your time. But do Study his characteristics of each session. Study his pd array matrix. Study the market maker models.
If you do this you'll be profitable forsure by year 2.

 

[Midoriya]

I've been a forex trader for a year and 2 months. All I can say is to learn as much as you can on youtube. Wsodownloads courses. Tradesmint courses. That's what I did to learn. Babypips is Just basic stuff.
Then demo for a year. Get in the markets everyday and trade ,get your hands dirty. Study price. Study Time. Study the pd arrays. Study gaps. Study the higher time frame. Ask yourself why did price to this? Was it reaching for a high or low on the higher time frame. Is my entry on thr lower time frame going to be respected To where I think price is going to head to. You have to ask yourself questions like if you want to wait hours for a trade to hit take profit. Or 1-2 hours. Or minutes. As you get in the charts everyday you'll find that things repeat themselves. Also Study momentum. Try to learn as much as you can. Study elliot wave. Study smart money concepts. Don't watch ict tho you'll Jusy waste hours and hours of your time. But do Study his characteristics of each session. Study his pd array matrix. Study the market maker models.
If you do this you'll be profitable forsure by year 2.

Also study fibonacci. I just gave you a bullet proof manual

 

[Thorr]

[...]
If you do this you'll be profitable forsure by year 2.

You are still hoping to get rich from Forex. Do you know someone? Not youtubers, but actually someone in real life and know that he made money from Forex.

 

[jess837]

I see that you have no idea what forex is like, if you have money buy a course or search on Youtube, you can lose all your money in minutes

 

[Midoriya]

You are still hoping to get rich from Forex. Do you know someone? Not youtubers, but actually someone in real life and know that he made money from Forex.

My best friend from highschoool is almost a millionare in forex. He started when he has 18 now he's 24. By his second year he already had 200k. It's not easy but honestly I myself found it so hard in the beginning because of greed,fomo,and lack of knowledge. Know I'm winning setup after setup. I lose sometimes but it's small.

 

[Midoriya]

I have a friend that's almost a millionare in forex. He's withdrawn a total of 1m but has used it on cars etc...

There's people making money with this. It's hard at first but once you learn somethings it's not hard. It's all about risk management and technical analysis. Think about it. What Separates a profitable trader from a non profitable trader. Two things knowledge and psychology.

 

[Skaylet]

I could write dozens of pages of Statistics and Mechanics behind FX but in short as a retail trader even with Expert Advisors claims so advanced etc you name it any strategy out there eventually will blow your account.

When I have the time I will explain for BHW members as a guide

In short stay away your chances to make money in the long run are close to none.

 

[Midoriya]

So many uninformed people here saying this doesn't work. Bro look at fxexg look at lamboraul looks at cue banks look at swaggyc and countless others making millions with forex. Forex separates the true winners from the lovers if you're a lover you'll quit. But if you stick through it it might take you 3 4 5 years but you'll make it.

 

[Thorr]

My best friend from highschoool ...

I also know someone who won the lottery and he is a millionaire. Does this mean that the lottery is worth playing? Don't fool yourself, just read the small notes on any Forex website and you will see that they write: "90% of people who use this platform lose money", do you think that you are among the 10% who make money?

 

[nanohits]

It takes time to learn Forex trading. For me I took the other route and had Expert Advisors (EA Bots) do the trading for me and so far its been making me money as long as you can set the risk levels, it is pretty good. I been doing this for just over a month and so far the returns have been good. Also best to invest in different brokers rather than all in one as I have mitigated that risk by using various brokers and various Bots. Over time you can learn a lot. Take baby steps first. For example start with a demo account and see how you go.

If you need help in this whole process, let me know and I can help. If you want to see some of my live trading accounts let me know as well.

 

[klavy]

It takes time to learn Forex trading. For me I took the other route and had Expert Advisors (EA Bots) do the trading for me and so far its been making me money as long as you can set the risk levels, it is pretty good. I been doing this for just over a month and so far the returns have been good. Also best to invest in different brokers rather than all in one as I have mitigated that risk by using various brokers and various Bots. Over time you can learn a lot. Take baby steps first. For example start with a demo account and see how you go.

If you need help in this whole process, let me know and I can help. If you want to see some of my live trading accounts let me know as well.

Yes I need help as regatds all the process.
How do we begin?
Thank you.

 

[Bashow]

Hello, I need some help,

1, how can i open a forex account?

2, can I learn the basics then becoming a good trader within 1-2 weeks?

3, how can i make money from forex.

4, lastly, what's the smallest amount in $ I can start with ?

Forex is actually a bad idea for someone who has nothing. It’s just going to take the little you have.

 

[kwebber321]

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.

This is exactly what i was talking about in a previous thread and exactly, TO THE "T", what i see in posts like these everywhere. Im not doubting or saying what you know is wrong but the posts usually go, everything you know is a lie, don't bother learning this, you need to be learning this, but provides no help in actually learning this. If "manual professional trading: is the only way to go, then can I ask where should we go or what resources do you recommend to learn professional trading? if true professional traders dont teach, then how did you learn?

 

[mhj]

Don't listen to those who tell you to avoid trading. There are many strategies available on YouTube; take a look and choose the one you like the most, then stick to it. I recommend forward testing on the live market instead of backtesting. I've been trading full-time since September 2023, using a 1min timeframe with a supply and demand strategy, plus my own tweaks. Focus on spotting liquidity and imbalance. There are many videos on the subject, as liquidity is the market's fuel. I recommend watching clips from Waqar Asim—though they may be challenging for beginners, you'll catch on quickly. Remember, trading is a long game and requires time to master.

To start, open a demo account. Once you gain confidence, consider buying a funded account, which is a demo account where you can get paid if you pass the phase 1 and phase 2 challenges. For example, a $10,000 account costs less than $100. Good luck!

EDIT* And yea, stop wasting time on BabyPips - you dont need that.

 

[pancakett]

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.

if you aren't a quitter, which sometimes can be very damaging when dealing with forex.. give yourself at least half a decade before you think you are a good trader. not weeks / months. my advice- don't ever think you are a good trader, the market will eat you up for breakfast.