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Forget IM! Figure how I racked in up to 92% profitability in FOREX!

Discussion in 'My Journey Discussions' started by fxnewbie, Mar 23, 2013.

  1. fxnewbie

    fxnewbie Newbie

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    First of all, to all haters. I am not trying to sell/promote/market any stuffs here.

    If you find this post not to your liking, please leave it alone.

    I would like to start off my journey as someone who has lost lots of money in IM courses that only profits two types of people.

    1. Those who sells it.
    2. Those who promotes it.

    No matter whether it is adsense (an unofficial underpaid big G employee), or CPA (only for those with big list and deep pocket), or even offline maketer (but why the heck are you doing offline when you want a passive online system in the first place), you need the one of the following.

    1. Time
    2. Money
    3. Commitment

    Simply puts,
    Time + Money = Commitment

    I am not against it but committing your time and money into someone else algorithm or system seems stupid. It is no different working with your employer or getting a job. It is just that there is no one to boss you around or manage your time but you are still dependent on them for a living.

    So why forex?

    1. There is no central authority to issue animal updates once in awhile.
    2. You don't need a list.
    3. You don't need to chase wsoes/courses to learn. (babypips is free for all)

    So I decide to venture into forex after reading some of the inspirational threads here.
    And here is my result.
    hope.png
    I started off with small figures to train my patience and discipline in managing the trades.

    I can comfortably said that I have build it from several dollars into tens now.

    Once I build it into hundreds, I will let you guys know again.

    The key to a successful forex trade doesn't lies in copying others' trade.
    It lies in understanding how the majority are thinking and work against it.

    Recommended resources
    ---------------------------
    Reminiscences of a Stock Operator
    ---------------------------
    I will update the list once there are more people who are interested to learn more.

    P.S Please do not pm me as I can't pm back with a small post count. Thanks.
    P.S.S If you feel you have any valuable knowledge to share, feel free to share it here too. Thanks. :)

    Disclaimer
    ----------
    I am NOT a seasoned trader (guru in IM term) nor qualified in any way to be one.

    As in all ventures that involves a large amount of gut nerving risks on your end, please exercise great caution and financial responsibility when carrying out such trades. There is nothing as 100% accuracy on predictability rate as no one controls the market at will.

    If you find that you are more apt in IM, so be it. As much as a fish is apt in swimming in an ocean as a monkey is apt in climbing a tree, there is no absolutely right and wrong way in making money as long as your moral compass is kept intact and you are not breaking any laws and regulations with any parties that you are involved in.

    I have dabbled in IM before. Making fake reviews and relying on an arrogant zoo keeper that is too big to lose just isn't my cup of tea.

    This thread should be taken as reference or a pint of salt and I am not responsible for any losses or damages incurred on your end. (Even if you lose your hair over sleepless nights)

    Thanks again for your patience and time to read this thread and I sincerely wish everyone all the best in everything that they do.
     
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    Last edited: Mar 23, 2013
  2. The Web Designer

    The Web Designer Regular Member

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    Good luck with your journey! I've
    known some personal friends who
    made money thru forex, but their
    game doesn't interest me :)

    All the best!
     
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  3. Razvan

    Razvan Power Member

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    This is great and I cant wait to hear about your results , I recently got into binary trading which seems great . Keep us update
     
  4. mastermind97

    mastermind97 Registered Member

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    I would also love to know this. One of my friends is also doing this forex but I do not understand the stuff. Hence never tried that, maybe in future.
    Thanks
     
  5. fxnewbie

    fxnewbie Newbie

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    Hi Razvan, I will definitely keep you in the loop once the market opens on Monday!
    Isn't it irony how I look forward to Mondays nowadays more than before? :p
    Do you mind sharing some of your result in the thread too? :)
     
    Last edited: Mar 23, 2013
  6. infoasian

    infoasian Supreme Member

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    Enjoy as long as the music plays.
     
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  7. fxnewbie

    fxnewbie Newbie

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    Like how you can't judge a fish by its ability to climb a tree, I believe each of us has our own innate ability to perform greatness in a specific niche we are called into.

    Perhaps if you have great success in IM or any other areas, you can share it to me too. :)
     
  8. MachineLord

    MachineLord Supreme Member

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    Nice first post
     
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  9. Gogol

    Gogol Elite Member

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    hmmm seems interesting.. I heard about forex trading lots of times before but never had an interest before this post. Do keep us updated :)
     
  10. phpbuilt

    phpbuilt Jr. VIP Jr. VIP

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    I'd like to make a few points and leave you to your journey.

    I understand you don't like IM, but this is an IM forum. Ranting against people who sold you IM courses on BHW isn't warranted. Learning on BHW is free, there are no IM courses for sale here. If you bought courses you're most likely here from another forum, and your rant should be directed against that forum for convincing you to buy something you don't need.

    Second, its no small secret that most people who try forex lose money. When I say most, I mean like up to 90% of people who trade in forex lose money.

    I wish you success on your journey, but I'm thinking maybe you should give IM another shot, and actually do your learning here for free instead of buying people's IM courses from other forums.
     
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  11. Paco De Lucía

    Paco De Lucía Junior Member Premium Member

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    This made me LOL in so many ways. Interesting first post. Um... welcome?

    I found your post NOT to my liking, but I'm *not* going to leave it alone. I don't call that "being a hater"... I call that "keepin' it real." :D

    Full disclosure - I have been a Forex trader aside from my day job for about seven years now. I have used many platforms and methods, but I'm strictly an OANDiAn at the moment -- OANDA is one platform that I trust -- they are the only broker that doesn't shave pips, they have the lowest spreads in the industry, and they don't stop hunt, unlike some other shady characters -- and there are MANY, MANY, shady characters in the Forex industry.

    Your post is naive, or misinformed at best. Here's why:

    --90%+ of ALL forex traders LOSE money in the Forex market.--

    Wow, so you're trading a few dollars and expect to turn that into "hundreds" any time soon! Good fucking luck with that! I have a clearly defined system, experience, and trade usually on average $500-1000+ dollars at a time in any given currency pair. I use a set leverage in my system with set stop losses, trailing stops, and buy and sell limits. I've learned a lot from "Turtle Trading" methods, Rob Booker seminars, and a whole lot of other stuff. I make a good side income, but nothing spectacular -- I probably earn at best $500 a month on average, and I'm one of the better traders by virtue of the fact that I profit more than I lose. It is a LOT of work and research, and by no means, "easy money." It is only easy if you're an institutional trader, aka "market maker."

    Two things you left out of your equation.. Time + Money + Commitment + Luck + A Backtested System = Success

    Forex is a lot like IM - a lot of "get rich quick" shady bullshit, but actual real money to be made if you treat it as a profession and are realistic about your investments vs. returns. It is a lot of work in order to get a return -- yes, research is work, and research is required to trade Forex consistently without losing your ass. The internet is littered with the broken wreckage of new Forex guys like the OP above who have just discovered Forex, make a little bit of money in it, and then promptly have their asses handed to them buy the market and end up getting a margin call and their accounts closed. I've seen people lose A LOT of money this way.

    That said, I'm not one to piss on your dreams. I sincerely wish you only the best of luck, and I hope you *do* find a consistent system to share with us -- who knows, I could maybe take my Forex game to the next level?

    For now, I'm content with my steady returns, and will seek to modify and improve my existing system until I find something that really works well. Will see later if you are one of the lucky few that actually makes money in Forex.

    Recommended resources:

    =========================
    http://www.robbooker.com/ - Very useful info, and a good guy.
    http://www.oanda.com/ - Best damn Forex platform (and honest) on the net.
    =========================
    I'm not associated with either entity, and neither of those are affiliate links.

    In many ways, IM seems a lot more profitable to me, because there is a much lower element of risk when doing IM campaigns as opposed to swings in the Forex market. Also, in IM, the methods are much easier to test as you're not working against a backdrop of constant market swings. Testing IM campaigns is also a lot easier than backtesting technical methods in Forex, and a hell of a lot less risky also. All the successful (read: don't lose money in a year) Forex traders I know have one thing in common: They are disciplined, seeking slow steady returns and don't add so much risk and leverage that they get blown up.

    As the old saying goes: "There are old traders, and there are bold traders, but there are no old and bold traders."
     
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  12. jhn2001

    jhn2001 Regular Member

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    I have always lost money in forex , hope you succeed
    good luck with your journey
     
  13. fxnewbie

    fxnewbie Newbie

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    Hi phpbuilt,

    Thanks for the tips. I will look into that area again once I have a real plan and insight in IM again.

    P.S Sorry for the rant and thanks for the advice again. :)
     
  14. fxnewbie

    fxnewbie Newbie

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    Hey Paco De Lucía!

    It is a great honor to meet a veteran in his trade. Yes, I do have my bad days once in a while (a few nickels here and there) in this zero-sum game too.

    That's why I started small by withdrawing a lump sum of money after depositing a minimum required amount to learn more about the market and experienced it real time as I figured the fastest way to master anything is to get down and dirty with it.

    But am I reckless by making large margins trade? No!

    It takes countless hours and effort to started off with a couple of bucks.

    But am I naive? Maybe?

    Many people tries to buy countless courses (ok, I am not an exception either), get the latest bots or every latest and shiniest ware out there trying to find a magic formula to a seemingly unattainable overflowing fountain of wealth.

    But how many are using them at all to their fullest potential?

    Sometimes, all it takes is unlearn everything you know, and grapple it by its horn using a uniquely different approach.

    No one says you have to go through months of flight training to be qualified to sit on a plane.

    All you have to do is buy a plane ticket and that's it. :)

    P.S I understand you are trying to be realistic here and I agree to that nor am I trying to dispute on your claims. I will definitely take your words into consideration on my journey right to the end. :)
     
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  15. fxnewbie

    fxnewbie Newbie

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    I will. If you have success in other areas in your life, do share with me too!

    P.S If you don't mind, I would like to know how you trade and win/lose money too so I can learn more from it. Thanks again for stepping in and sharing your thoughts.

    I appreciate it. :)
     
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  16. XTR3M3 XPL01T3R

    XTR3M3 XPL01T3R Power Member

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    Subscribed! Good luck for your journey. I've been a silent listener and i've not tried to trade. Cos i fear i may face losses. Kindly add some tips in your journey thread. it will be useful for starters like me. Thanks
     
  17. garrido

    garrido Supreme Member

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    Forex is a total Joke for me.
     
  18. jak19

    jak19 Elite Member

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    no thanks, will stick to IM
     
  19. Orbit143

    Orbit143 Senior Member

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    I know a guy who lost close to $200k in Forex, so no thanks. It sure can be profitable but you can also lose a lot.
     
  20. infoasian

    infoasian Supreme Member

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    it's easy to make money in Forex. However, it's more difficult to avoid losses. Too much risk and you are blanked.