Making Money As A Forex Trader

[Alkanphel]

Good Topic... Forex like most other subjects is so full of so much bullsh*t it is hard to distinguish what is real and what is fake... a lot of people just out to make a quick buck with programs, indicators etc.. so I gave up after a while...

 

[tonegawa]

Thanks, I'll check them out What is hedging btw?

Buying (or programming a buy at a certain level) when there is already a sell (or a programmed sell) order. Or viceversa: selling (or programming a sell at a certain level) when there is already a buy (or a programmed buy) order.

 

[PainFly]

so what is the best automated forex bot out there to use? i am trying to become a forex billionaire i have some secret Formulas i want to put to test

thanks in advance

There is no best automated robot. Every robot will start losing after some time. Search for market efficiency.

If anyone would like to talk about forex trading or want more info search my profile for skype or mail contact. I would be happy to help.

 

[helio777]

But now I can average about 1-3% (of my overall account) every trading day.

If this were true and sustainable then

This can be scaled up endlessly!

after 7.58 years of trading you would have all the available money in circulation (~$900 Billion).

Good luck with that.

 

[PainFly]

If this were true and sustainable then



after 7.58 years of trading you would have all the available money in circulation (~$900 Billion).

Good luck with that.

Yep this is the right way to trade. Every day few precent and in few years you're good for retirement. Most people try to make fortune in few days and blow their accounts in less then few days.

 

[Derik]

A lot of the pros are known to say that trading is 70% psychology, and only 30% actually knowing what's happening in the market. IT'S SO TRUE. It's the same situation when people troll through threads on here, and never finish/start/get satisfaction from a method. I'm going to have to go ahead and say that becoming an internet marketer is ONLY 30% METHOD and 70% PSYCHOLOGY. Some of you may disagree, but I believe it.

TOTALLY AGREE !

I am a trader myself for a year now, have tried out many strategies robots indicators and have learned from mistakes.
now with dukas on live account with a cool strategy which is a mix of all.

 

[helio777]

Yep this is the right way to trade. Every day few precent and in few years you're good for retirement.

Do you seriously believe you can get all the cash in circulation in 7.58 years?

Because that is what 1% per day means.

If you believe that is possible, then :tool:.

 

[fxzombie]

Do you seriously believe you can get all the cash in circulation in 7.58 years?

Because that is what 1% per day means.

If you believe that is possible, then :tool:.

That's not what it means at all. I know people doing far better than that, and I promise you, they don't own all the cash in circulation, and never will
An average of 1% per day means you've got a pretty sustainable income. Your formula ignores money spent, days taken off, time taken for other jobs, life events, etc. It's a little bit more complex than that.

 

[fxzombie]

I understand that the indicators are quite behind time. But how do you identify the trend by sticks? Would you mind telling us more? Thanks

I identify areas where there is a massive imbalance of supply and demand. If there's a price where I know people are eager to buy or sell (look at what has happened recently) I make my trade. The rest of it is keeping a cool head, managing my money well, and just learning what's good and what's bad through experience. I NEVER touch indicators.

 

[hustleup]

I def want to learn more about this

 

[diane21]

Forex education is must in it, we can learn more about forex formula from internet.A trend trader would then take action by looking for a pullback to initiate a forex position in the direction of the prevailing trend, with clear exit points for limiting risk and taking profits.

 

[kaidoristm]

I use Alpari UK. It's very good.

Oanda has the best spreads but it doesn't allow hedging

Yup Alpari is great slow at times (for scalping) but mostly Ok.

 

[fxzombie]

Your best bet for a broker is definitely going to be Oanda or any legit ECN broker. Don't bother looking for reviews or scam rumours, because most brokers are spreading these comments about competitors to try and undermine eachother.

 

[hustleup]

Your best bet for a broker is definitely going to be Oanda or any legit ECN broker. Don't bother looking for reviews or scam rumours, because most brokers are spreading these comments about competitors to try and undermine eachother.

thanks for this information i will def start looking for legit brokers and take your advice

 

[kdban]

@fxzombie

Great thread. One of the main problems faced by a newbie forex trader is that there are so many forex strategies/systems and indicators out there. I am not looking for the holy grail trading system, but can you please tell 2 or 3 trading systems/indicators which I can learn and then start practising on a demo account. You don't need to explain here, relevant links or google search terms will suffice.

Thanks

 

[jerog1]

interesting thread, I'll be keeping up.

Thanks! :yumyum:

 

[Nookie Monster]

Any thoughts on binary options? Say oil options?

 

[PainFly]

Do you seriously believe you can get all the cash in circulation in 7.58 years?

Because that is what 1% per day means.

If you believe that is possible, then :tool:.

You clearly don't see whole picture. When you need to move billions in and out of market you change market for few next days. Retail trading is simple in comparison of large hedge funds and banks. So when you have lots of money is clearly you need better investment plan then just trading forex...

Any thoughts on binary options? Say oil options?

I know few people that trade oil very good but any new war, news, goverment decision will influence it much more then in comparison on currencyies.

 

[hgear]

The ONLY money in Forex is selling Forex Courses, or being a broker and making commissions of people who lose money. Sell the picks and shovels NOT the gold. duh!

 

[PainFly]

The ONLY money in Forex is selling Forex Courses, or being a broker and making commissions of people who lose money. Sell the picks and shovels NOT the gold. duh!

As everywhere even in forex there is 90% of ppl that doesn't make it