How do you make money with Forex Trading
- Thread starter rjb4594
- Start date
ayushsocial
BANNED
- Feb 17, 2012
- 61
- 10
It's about trading of currencies, oil, gold and metals
you can make good money with forex.
you can make good money with forex.
A long time ago I was very into forex trading as well as building automatic traders to attempt to trade into the market.
The fact of the matter is- forex trading is dangerous like any other leveraged type product.
If you're looking to learn to trade forex, I suggest you take a look at futures trading and understand why and how you can lose money quickly. If you evaluate that situation and believe you'd like to move forward, please take a look at the following subjects.
1. Money managment
2. Psychology of Trading
3. Technical Indiciators vs Fundamental Valuation
4. Monetary Policies
5. The "carry-over" trader
6. Liquidity Flows and market timing
7. Short-Term Trading vs Long Term Trading.
Then open a practice account, and if all goes well - best of luck.
Please remember, the average benchmark for forex from the top 5 banks and their funds average at 5-8%.... now their returns will be less because their position size management will actually have a global effect on the order book, your likely trade sizes won't. You could hypothetically move large blocks of liqudiity relative to your net worth, as well as you could lose it just as fast.
Please be careful.
The fact of the matter is- forex trading is dangerous like any other leveraged type product.
If you're looking to learn to trade forex, I suggest you take a look at futures trading and understand why and how you can lose money quickly. If you evaluate that situation and believe you'd like to move forward, please take a look at the following subjects.
1. Money managment
2. Psychology of Trading
3. Technical Indiciators vs Fundamental Valuation
4. Monetary Policies
5. The "carry-over" trader
6. Liquidity Flows and market timing
7. Short-Term Trading vs Long Term Trading.
Then open a practice account, and if all goes well - best of luck.
Please remember, the average benchmark for forex from the top 5 banks and their funds average at 5-8%.... now their returns will be less because their position size management will actually have a global effect on the order book, your likely trade sizes won't. You could hypothetically move large blocks of liqudiity relative to your net worth, as well as you could lose it just as fast.
Please be careful.
InfinityAI
Regular Member
- Jan 15, 2010
- 452
- 597
Quite honestly, a very small minority make a consistent profit. Actually, the people that I have seen make the most money off of forex were selling programs on it, books on how to do it, and training information.
howard_hughes
Elite Member
- Jul 23, 2009
- 5,066
- 3,738
Join a forex course in your area - takes 1-2 weeks to learn, then trade using practice account, once you're ready, trade with real money.
If you're making money, dont get greedy, else you will lose
If you're making money, dont get greedy, else you will lose
timothywcrane
Supreme Member
- Apr 25, 2009
- 1,339
- 742
sign up for a clickbank account, read up as much as you can on the subject and write a no nonsense, unbiased ebook on the subject to giveaway, then push forex products through email opt in list.
This is my best advice to someone who asks how to make money on somehting AND THEN asks exactly what it is.
Another sure fire way to make money in the metals and currency market is to take $100 (the maximum allowed by law in the USA now that many have actually done this) and buy pennies to melt down into copper ore, then do some pricing at local recycling centers to sell it off as scrap. The price has fallen lately since the early 2000s heyday of copper fever, but you still might be able to turn a profit.
just kidding, that's not forex, but much more stable.
This is my best advice to someone who asks how to make money on somehting AND THEN asks exactly what it is.
Another sure fire way to make money in the metals and currency market is to take $100 (the maximum allowed by law in the USA now that many have actually done this) and buy pennies to melt down into copper ore, then do some pricing at local recycling centers to sell it off as scrap. The price has fallen lately since the early 2000s heyday of copper fever, but you still might be able to turn a profit.
just kidding, that's not forex, but much more stable.
joaquin112
Regular Member
- Apr 4, 2010
- 287
- 224
I lost 15k on forex when I was 17, I sold a site and thought I could become rich with forex. Funny thing is, I was almost at $30k, and then I lost everything in a single trade. Like others have said, few people make consistent money from forex, and think about it if the automatic bots actually worked, don't you think everyone would be rich?
=)
Actually, there are automatic bots that do make money.
There are two funds in new york that have been closed funds (never been open again for funding) since their inception in 2004.
Both of these funds run on high frequency algo models, most likely genetic in nature.
They are still happily in business.
bots do work, just you have to
A) Have direct access trading
B) Have enough money to afford the accreditation to apply for direct access trading
C) Afford the cap costs to install an infrastructure for trading
D) Have some of the smartest qauntitative modellers outt here
E) Have some of the smartest and WELL ROUNDED programmers that can work WITH the modellers (always a dilemma as they won't necessarily always see eye to eye)
F) Have an proven edge in a business that has over $1 trillion (finance industry) in movement a year......
Actually, there are automatic bots that do make money.
There are two funds in new york that have been closed funds (never been open again for funding) since their inception in 2004.
Both of these funds run on high frequency algo models, most likely genetic in nature.
They are still happily in business.
bots do work, just you have to
A) Have direct access trading
B) Have enough money to afford the accreditation to apply for direct access trading
C) Afford the cap costs to install an infrastructure for trading
D) Have some of the smartest qauntitative modellers outt here
E) Have some of the smartest and WELL ROUNDED programmers that can work WITH the modellers (always a dilemma as they won't necessarily always see eye to eye)
F) Have an proven edge in a business that has over $1 trillion (finance industry) in movement a year......
maggie1982
Registered Member
- Mar 13, 2012
- 98
- 2
I am also interested on this one, but a friend told me that it is quite dangerous, but if you really want to pursue it, then best be prepared by taking a course on Forex trading and talk to someone who knows the ins and outs of the business.
in order to succeed in forex market you need to master 3 skills.
1. Money management
2. Money management
3. Money management
Frankly, there are crap load of systems that work, but if you do not the manage the 3 skills mentioned above you will even the most profitable system will make you go broke.
1. Money management
2. Money management
3. Money management
Frankly, there are crap load of systems that work, but if you do not the manage the 3 skills mentioned above you will even the most profitable system will make you go broke.
I trade a little forex, but i mainly trade futures (S&P500, gold, silver, crude oil and natural gas) and stocks.
Trading anything is obviously risky, especially for a newbie who does not understand risk management.
I make good money, and I am only right about 50% of the time (5 out of 10 trades I lose on). It is because i have a set of rules that I stick to.
It's not just about risk management though. You still do need to know how to trade... the strategy. In most of these markets, you are essentially competing with bankers and algo's who have big $$$ behind them and can 1/ absorb losses more than you or I can, and 2/ can manipulate whatever it is they are trading.
Anyway, I can't go into detail about learning how to trade forex, suffice to say you need to do your homework, and practice. Stay far away from programs or bots that internet marketers try to sell.
Trading anything is obviously risky, especially for a newbie who does not understand risk management.
I make good money, and I am only right about 50% of the time (5 out of 10 trades I lose on). It is because i have a set of rules that I stick to.
It's not just about risk management though. You still do need to know how to trade... the strategy. In most of these markets, you are essentially competing with bankers and algo's who have big $$$ behind them and can 1/ absorb losses more than you or I can, and 2/ can manipulate whatever it is they are trading.
Anyway, I can't go into detail about learning how to trade forex, suffice to say you need to do your homework, and practice. Stay far away from programs or bots that internet marketers try to sell.
I was making good money trading XAU and XAG on 50x margin. Then the SEC stopped that in the good old US of A.
Does anyone know any safe way to fund offshore accounts and get back in the game? If so...I can offer some insight and even share my trades real time. If so post here of PM in a few days (i haven't reached 15 posts yet and don't wanna post useless info)
Does anyone know any safe way to fund offshore accounts and get back in the game? If so...I can offer some insight and even share my trades real time. If so post here of PM in a few days (i haven't reached 15 posts yet and don't wanna post useless info)
Esolutions1
BANNED
- Nov 12, 2011
- 279
- 15
plz. Join a forex course then you will learn about it....good luck
The worst thing about forex is you can not make money consistently. Only from investment of 100$, I made 4000$ in six months and lost all of it in one day.. you call it greed or sheer bad luck but it happens and you don't have anything but memory. You just see the money going down down in front of your eyes and you are in hope that the market will change and that's the biggest mistake.. that's why one of the important rule of forex is close the trade if you are going in loss, accept it. Otherwise Forex is like ocean, you can pour anything as much as you can and it can still digest it.
howard_hughes
Elite Member
- Jul 23, 2009
- 5,066
- 3,738
Lost e'thng in 1 trade? Sounds like you got a little greedy..
Its greed. You broke rule #1 in forex (proper money management). A stop loss would have saved your account from blowing up. My day was always over after a 2% loss.....and I never chased the following day.
