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Making Money As A Forex Trader

Discussion in 'Making Money' started by fxzombie, Jun 12, 2011.

  1. fxzombie

    fxzombie Junior Member

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    Hey everyone, I just want to tip my hat to the BHW community, and say that you are all awesome! This place kicks a$$.
    I've noticed a bunch of forex threads popping up lately and would like to make my contribution, as there's so little info about it here (especially accurate info).
    So, let's get started! Time for you all to learn a bit more about it, because it has the ability to make you billions (yes, billions) and the inability to get saturated, unlike most methods you find on here.
    First off, as a day trader, you have to start thinking in percentages. Whatever your account may be, you have to be making/losing predetermined percentages. If you don't follow your own, strict, personal guidelines, you will lose. A lot of the pros are known to say that trading is 70% psychology, and only 30% actually knowing what's happening in the market. IT'S SO TRUE. It's the same situation when people troll through threads on here, and never finish/start/get satisfaction from a method. I'm going to have to go ahead and say that becoming an internet marketer is ONLY 30% METHOD and 70% PSYCHOLOGY. Some of you may disagree, but I believe it.
    Anyway.. back to forex. What I've been trying to say with this, is people will try and test different strategies endlessly until their accounts get crushed. Learn to make decisions, stick to them, and don't stop until you've succeeded. ALWAYS keep your head on straight, because you are going to lose. You just have to follow through with your methods.
    I made these mistakes for months and months. Those were hard times my friends. But now I can average about 1-3% (of my overall account) every trading day. This can be scaled up endlessly! If you work your a$$ off until you've saved up 1mill, you can be making 10-30k every day! And this compounds, so it'll be 1-3% gains of your current balance, which constantly grows!
    So, for all of you who are interested in getting started, make sure you start with a demo account (all brokers have it). You can trade with virtual money, and get a feel for what you're doing. There's sooooooo much to say.. but find a good, cheap broker (read their fine print!!). And make sure they are either ECN or have a good reputation.
    You then want to look for strategies, try and avoid strategies that use all the fancy chart colours/lines and indicators.. Learn to understand what the market is saying, because it's ALL in the charts right in front of you.
    Look up Sam Seiden on google. He has free webinars and this guy knows what he's talking about.
    Once I'm able to post links, I will post a reaaaallly good strategy for everyone here. But until then, ask me any questions you may have, and make good use of me as I raise my post count! :rolleyes:
    There's soo much more to know here.. I've barely said anything at all!
    Just feel free to ask :)
    Cheers everyone! And may the cash money gods be good to you ;)
     
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  2. wellborn

    wellborn Newbie

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    I know lots of day traders and most of them lose their asses. I would love to hear some more from you and your strategy.
     
  3. Kurushing

    Kurushing Registered Member

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    interesting topic i might gonna check this one now and then, see yah till you got more posts to post links here.
     
    Last edited: Jun 12, 2011
  4. DrJekyll

    DrJekyll Senior Member Premium Member

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    1-9 for your Keyword goodluck
    Heads = a buy order
    tails = a sell order

    Cant go wrong
     
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  5. stgermain

    stgermain Junior Member

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    Last october I jumped in the Silver wave with $300 at eToro. I build it up too $1000 in 7 weeks and lost it all in the first major downhill (at least for silver).

    Another thing: Forex and emotions, never a good combination but still, if you have an active trade and keep your eyes open there's money to be made out there. I will try again when I have more time for this.
     
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  6. pes7md

    pes7md Registered Member

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    Well, as far as i am concerned. forex trading is not for those who dont have the full financial backings. I mean, thousands of dollars to save their ass should something happen along the way
     
  7. doyley

    doyley Registered Member

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    I scalp mainly :) im not expert but its easier then you see, people overcomplicate it
     
  8. supahsmooth

    supahsmooth Junior Member

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    I have a SEO client who is bigtime in to daytrading. He made 18% this month alone. He also teaches people his system (he makes money of the broker transactions)

    There are two reasons why people lose:

    1. There account is not big enough
    2. They get scared and don't stick to the system.
     
  9. fxzombie

    fxzombie Junior Member

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    Well the size of your account doesn't actually matter when you work in percentages. Your profits/losses stay relative to your overall amount. I usually take trades and risk 1% of my account (I put a line that triggers the trade to close when I reach this). With that same trade, I consider my first profit target at 1% gain, and assess it for further possible profit potential. Sometimes I'm able to grab up to 3% on a trade. I take about 8-10 trades every week, and have a 70-80% success ratio.
    As for your second point, you couldn't be more correct!
     
  10. fxzombie

    fxzombie Junior Member

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    I know!!! People overcomplicate it sooo much. That's usually what leads to major losses. If anyone actually takes a look at Sam Seiden on google, you'll see how simple and straightforward his method is.
    Every single live market runs on the basic principles of supply and demand. There are areas where there are massive amounts of sellers, and areas where there are massive amounts of buyers. People tend to use chart indicators that trigger when there are strong movements. What then happens is they'll buy/sell into areas where shifts are about to occur (because these mathematical indicators lag as they use past data) and lose a lot of money..
    With a bit of practice and a cool head, it's very possible to do well. You don't need to be a super genius, or use "holy grail" systems and math to succeed.
     
  11. fxzombie

    fxzombie Junior Member

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    I started with $300 and it did me well over time :)
     
  12. fxzombie

    fxzombie Junior Member

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    When I can post links, I'll post a strategy that's fully automated. You can set it and forget it.
    It's not some holy grail system.. just simple outsourcing ;)
     
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  13. Taccc

    Taccc Junior Member

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    I was using Forex about a year ago, I had a strategy and all my live graphs set up right, I need to get into it again and scale correctly. There is a lot of money in this that's for sure, it's jus having the balls to press buy and sell.
     
  14. PENNSTATE

    PENNSTATE Junior Member

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    Thank helped a lot
     
  15. blacknight9

    blacknight9 Newbie

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    Forex lessons may be too expensive for newbies. When I first started I lost more than 5K before I could make profit. Most newbies will give up after that but I am glad that I hold on. And yes, it's rewarding.
     
  16. Taccc

    Taccc Junior Member

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    The best part about currency exchange is that if you have enough backing, you can make money very quickly on a good trade. If I'm not mistaken the best conversions and money maker was the JAP/EUR. It goes up and down the most which means more trades and more money for you.
     
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  17. Taccc

    Taccc Junior Member

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    Also one more tip, don't wait for the long haul trades while you're riding on hope. Go for the simple small trades going up and down. $$$
     
  18. fxzombie

    fxzombie Junior Member

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    Yes it definitely is. However, you don't have to pay for forex education. I learned 50% from reading stuff and watching videos. And 50% from participating in forex chatrooms and talking to the right people.
    If anyone is serious about it, I'd be more than happy to help out. I owe so much to the people who patiently helped me when I started out, and can only think to pay it forward :)
     
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  19. blacknight9

    blacknight9 Newbie

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    Did you try GBP/JPY?
     
  20. Taccc

    Taccc Junior Member

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    It actually have been pounds, you may be right. It was Yen and either Pounds or Euros.