Making Money As A Forex Trader

I studied (first) and then traded commodities years ago and nearly had bushes of corn dumped on my lawn! I escaped with just a 10% loss and never went back. This is VERY risky business, whether commodities or currency, and you better be educated first!

Consider this fact: 85% of Options expire worthless for their owners.

I am NOT saying money can't be made. But, as in all money making, only the top 2% to 5% make a hefty profit long term. This is an economic/business reality.

If you are going to play this game, whether Forex or IM, ONLY invest money you can afford to lose so you don't force your family to live in a cardboard box!

Money management is the key!

the op started this thread then ditched it lol

If you are new to forex you can try open book by Etoro. Follow all consistent traders and copy their trades. Keep an eye on support and resistance and see what they are doing. You will get the hang of it eventually. It's a stressful way to make a living though, be warned.

FOREX- not for the common man...the most money in any niche is made by the person selling the info on the niche not persons involved in the niche...

ex: the only people making big buck in the forex niche arepeople selling courses or seminars 1-1 coaching etc...and the big investors who invest as a profession (wall street)

same in the IM niche the people selling you push button softwares ,seo, traffic, product creation etc make all thier money from selling the info not from the actual niche itself...they don't use the stuff they sell.or very seldom you find a marketer whose actually actively using the methods he teaches...

the monies in the info...

thanx and i have an affiliate site that pays $1000 per sale...anybody wants it it's free but only if you go through my link...it's being sold for $27 elsewhere...include complete marketing strategy with a new twist enabling you to have little to no competition

fxzombie, now what about the method you wanted to share?

Thanks for sharing. Very inspirational. Looking forward to your method.

i too was thinking to give it a try.
What you guys think what should be the best initial amount to start with.............

I tried something new, just using candlestick style with technical analysis. I target 10 pips per trading and today I got USD666 but without stop-loss it's risky.

phpdotnetguy said:

i too was thinking to give it a try.
What you guys think what should be the best initial amount to start with.............

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maybe usd1000 is enough?

camunsif said:

I tried something new, just using candlestick style with technical analysis. I target 10 pips per trading and today I got USD666 but without stop-loss it's risky.

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NEVER trade without a stoploss. I can recall one situation (my earlier riskier days of trading) where my internet bugged out, important news came out, and I lost 70% of my account because I did not set a stop-loss.
However candlestick analysis is great, as well as targeting 10 pips (scalping). I'm a big fan of it!

phpdotnetguy said:

i too was thinking to give it a try.
What you guys think what should be the best initial amount to start with.............

Click to expand...

You can start with any amount, but your profits will be relative to the amount of money that you already have. To start, don't risk too much.
However, to all of you who were wondering, my method is ready. I'm making a new thread, I'll post the link to it as soon as it's all good to go

Im trying eToro now, the demo account. Always start with a demo account if you are new, its funny and you learn a lot. And with the new open book thingy it's easy to se how other are doing and copy them. But as Fxzombie says, never trade without a stop loss. Start small, try, do misstakes, learn by them and so on.

I think eToro is good so I joined their affilite program too. Im building my website now startyourforex . c0m if any one is intressted to try a free demo account.

m2cents.

The name of the new thread with the method is: Start Trading Forex - Free Trial With Real Money!
It lets you start out with an auto-traded $100 account, that gets refunded back to you, so its risk free! It makes 20-30% a month.. go check it out

Edit: The thread was not approved because I had affiliate links in the PDF. I was offering a $100 rebate on accounts opened, but people did not take too kindly to it. But do not worry, this is not the last of this method that you will see.

I made $400ish in my DEMO account this morning! Scalped EUR/USD this morning. I usually trade daily bars.... I'll go live in a few months.

Good for you! It always feels great, but expect scalping to be really rewarding some days, and really painful others lol
Let me know how it goes

MikeHustle said:

I made $400ish in my DEMO account this morning! Scalped EUR/USD this morning. I usually trade daily bars.... I'll go live in a few months.

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thanks fxzombie for your suggestions.

Wow, lots of great information here.

I recently got into stocks, and if you follow the market at all then you are aware of the recent depressing trends and losses.

Forex seems like much more of a gamble based on what I am reading in these posts, but it's hard to say. I'm curious about what the "auto pilot" mode you speak of is, fxzombie. If it is so easy, why isn't everybody doing it?

Impressive to see that people are at least realizing that most (90%) do not make money. Hopefully nobody goes into this with the wrong idea.

Had a 40 pip day EUR/USD in my DEMO account.

I'll take a look at the charts again around 12 when the senate tells us what we already know-- we're screwed.

I have quite a bit of history with stock as well, and found it to be a bigger gamble a lot of the time. Especially if you're trading OTC or Pink Sheets. There's so many deceiving companies and statistics, that it takes a true professional, or better yet, an insider, to really cash in.
That being said, if you're trading more stable companies, the principles are pretty much the same as with forex. Supply & Demand / Retail & Wholesale prices... As well as strict money management, and properly playing your odds, exactly like professional poker players do.
The strategy that I speak of isn't necessarily easy to find. I've been using a really flawed service (zulutrade) to automate a separate account for some time now. The stats on zulutrade are really deceiving, and most of the providers are complete crap (therefore causing most people who know anything about this stuff to dismiss the entire service). However, I have spread my trades across 5 or 6 providers that are genuinely good, and have been going pretty steady with my account for 4+ months. I was going to share it with BHW - including refunding peoples first $100 accounts (by taking an aff. payment) - but people freaked out when they saw my affiliate links and figured I was trying to run a scam.
Essentially, it was a $100 forex account ($150 after broker bonuses) that is automatically traded.. with the initial deposit refunded by me. This eliminated the risk in trying the method.
I'll be making a website pretty soon to run this project, and will alert the thread when it is done

PS - My apologies to those people I messaged with the link to that thread. I will get the system to you in due time.

Jrim_Software said:

Wow, lots of great information here.

I recently got into stocks, and if you follow the market at all then you are aware of the recent depressing trends and losses.

Forex seems like much more of a gamble based on what I am reading in these posts, but it's hard to say. I'm curious about what the "auto pilot" mode you speak of is, fxzombie. If it is so easy, why isn't everybody doing it?

Impressive to see that people are at least realizing that most (90%) do not make money. Hopefully nobody goes into this with the wrong idea.

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Zulutrade is worst thing you can get. If you don't want to trade and just want to invest check for managed accounts at your broker or get broker that offers it.