Discussion in 'Making Money' started by blackpayman733, Sep 9, 2012.
pastesite.com won't load for me for some reason.
PM'd you my contact info
if you're going to put your money on forex, you gotta know a lot about it first. DONT do it if you do not have sufficient knowledge.
Get demo accounts first. Most brokers will give them for free for a month and when asking politely, they will extend demo mode to 3 months or even longer. Collect experience. Don't go live with real money until you are a profitable demo trader for at least 3 months (3 months of solid profits without significant drawbacks of more than 30%).
This guy couldn't say it better! Damn right, one day you can have the world, and the next day you are doomed. This happens in other situations as well in our life, but with Forex, this is literally.
I can tell you with 100% certainty, ^ if this is the case with your trading..you are risking FARRRRRRRRR to much of your balance on each trade.
I have been trading for approximately 10 years. In FOREX, just as in any "make-money-from-home" opportunity, there is a LOT of hype. My background is in financial planning. You will hear people talk about 20-50% MONTHLY returns. This is simply ridiculous. Although that is possible, the amount of risk one incurs in attempting these types of returns can potentially cause a margin call (a loss of about 90% of your money).
If you're interested in a "follow-me service" that uses live traders, let me know. We follow very strict money management rules (i.e., no losses greater than 3% in a day or 6% in a week). Our goal is to average 6-10% per month. Anyone who tells you that is "just okay" has fallen prey to the FOREX hype trap. 6-10% per month is equivalent to a 100-150% annual return. At 6% per month, you can turn a one-time $5,000 in over $1,000,000 in 10 years. You simply can't do that with traditional financial vehicles like mutual funds, annuities, CD's, etc.
I'm brand new to BHW (as of today), so I'm not sure if I'm allowed to leave my contact information. Since I don't know, I'll simply wait to see if you respond to this message.
I've started few days ago, almost a week or so... the demo account will train you how to start a trade, end a trade, etc, very important things to know before you play with real money, you'll develop skills, improve your reaction to candle graphs... I've started to give a damn when real money came into action, using a demo account it's like playing monopoly. From my initial deposit of $150 I've lost $80 (I've made all the noob mistakes, if you don't make them you can't advance further...).
Still practicing with the demo account, until I'll reach 1k (monopoly $$) goal of profit.
I have traded stocks,forex,futures,options the whole deal and let me tell you.
Forex is the most exciting but the toughest of all the markets listed.
The reported numbers are very grim for US Retail Forex Traders with statistics showing less then 35% are profitable overall and that number is twisted upwards because of one brokers definition of profitability.
I would honestly recommend against trading in the Forex Markets. Yes the markets are open around the clock and yes you can make tons of money but you probably will not, most don't.
If you want to make money learn to trade stock futures, it's just as risky but hey...I've found it easier. Get a account with a nice broker fund it with a large amount of capital and trade very small. Try to listen the CBOE Pit Radio as you trade it's been a excellent resource for me.
one of my friend recently purchased an account from local person for 1050$, according to him he says you have to take a lot of risks buy from right place sell at right place and right time, but he made around 500$ a month then sold his account for 1050# because he is afraid of risk
I bet Forex now is more predictable then trying to rank website in Google
I'm a vendor in forex niche and I've worked with thousands of customers.
Let me share my experience here.
Forex is extremely risky. 98% of people fail
at it, and those that don't are real pros, who've been trading for years etc.
It takes time and knowledge to feel the market. And don't expect the returns
to be as big as you see on the web.
If you can make 10% a month, you are a master of Forex.
Its really hard to make money, but losing it is very easy and can happen
to anyone, one bad trade can wipe out all $$$. Even Stop Loss will not be
honored by your broker if some big news hits the market.
If you really want to start trading, start with $500 and take into account
you can lose it all.
Build your bankroll like you do in poker, and over time, nice profits can come.
But don't expect huge returns if you're account is not big.
Forex is not for everyone, only 5% of the "players" actually get some benefits of forex.
Well, you must be mentally prepared before trading FOREX... no emotions - this is my strategy.
I can guide you in forex if you want, just send me a pm.
I've lost 3500 euros for now with the forex but you can win.
DONT TRADE AFTER DRINKING MY FRIEND!
But before you must learn how to trade.
Go to forexfactory and search a subject called :"price is everything" read and apply all the infos on the 1919 pages of this post.
And you will be a killer like redsword11.
The supply and demand zones are great to learn!
Of course you can make easy $ with forex trading,
but not to forget that it's also easy for you to losing all your money.
I have been in this field for almost 4 years now...
and I would say... it's not an easy journey.
Ones need to sacrifice a lot in order to make serious profit in forex trading -
not only capitals, but also energy and time.
I have been there.. i still remember my first year in this area..
gaining a few bucks and losing another bucks..
IT REQUIRES LOT AND LOTS OF PASSION AND PATIENCE.
But in the end, those tough experiences will teach you the most valuable lessons -
you will learn how to best manipulate the use of your money management,
you'll develop your own strategy that suit you the best.
Again, like any other business niche, never ever fall of gurus' tips and etc..
What works best for others might not work for you!
Get you feet wet - in my case, I never had enough sleep.. Scroll your charts again n again..
Find your favourite pairs.. time frames, methods, etc.
Find out on your own, what'll really work for you..
Again, never ever give up..
Keep on doing your research..
If you do not want to losing real money, then just do some paper backtest / forward test..
or even demoing with a practical demo capital - for example, start with $100.
always use the amount that you are capable of losing it - be realistic.
I'm trading the forex market for past 3 years.
You need to be passionate for what you do to be success.
Success in trading or any profession need TIME, COURAGE and GUIDANCE + PASSION.
Just like Donald trump, Steve Jobs and Richard Branson mentioned, you need to love what you do.
When started in forex, the best is to look for the right person to guide you.. either course or coach.
It can shorten you learning time and sharpen your skills faster.
Don't open a DEMO account and start to trade as a newbie trader.
It doesn't work! DEMO is NOT REAL $$ and it is not involve personal psychology or EM (emotional management)
Learn the basic about forex, candlesticks, price action and skills.
There is no 100% or 90% system out there to make profit.. because forex market is VERY VOLATILE!
Each currency pair has different behavior and movement..
So take your time to study...
Just like you went to school/college... give yourself at least 3 yrs to graduate from "forex school"..
How do you know you are READY to make a KILLING in FOREX?
If you can grow a $10 acc into $100. then try
$100 to $500; then try $500 to $5000.
Its all about skills, money management and discipline!
I am working on a system that will take 1000 $ to 1 Million in 2 to 3 months. It will require 5 consecutive successful trades with prices moving more than 100 pips a day. It's not impossible
One thing to remember with demo trading is that many brokers will use separate servers for their demo feed. Also, trading in a demo account (psychologically) is very different than when trading a real account when real money is on the line. You have to resist the urge to let your emotions get in the way and stick to your trading plan.
I did it last year and lost around $1000 and didn't make any money. I don't have extra money to put in the market anymore. My suggestion is do it with your extra money..don't put your monthly salary on stake. As a human being we are not used to getting free money and in forex it feels like easy money when you begin and that's why most people end up losing fortune.
Rule 1. Don't fight the market..you don't control it
Rule 2. Don't invest your retirement income in it. Only invest extra money or money you don't really care about if you lose it
Rule 3. You need at least $5000 to see some good profit in forex otherwise you'll end up losing more than you win
Rule 4. It requires lot of patience, dedication and self control to become good in forex market. Just keep that in mind..there are lot of books I can recommend that'll make you psychologically fit to get in Forex market. The 10 essential of forex trading by Jared Martinez is one of my favorite.
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