Making regular daily money with forex

Forex is risky, and you have to have the proper mindset. Dr. Fix's post is like a lot of Forex traders...you make 1 bad trade and then you make more bad trades trying to "win back" the money you lost. If you think that way, Forex isn't for you. You have to be very calm and reasoned...if you get emotional about your money (and LOTS of people do...), then Forex is probably not for you.

 

Bullshit

Tom

 

There are definitely people who can make money in Forex. There are definitely people who don't have the personality or skill to be traders.

To argue that everyone can make money in Forex or everyone cannot make money in Forex won't get you anywhere, because it just isn't that black and white.

I have a relative that is awful at all things trading. For her its a personality thing.

Not everyone is built the same. Some people will be great at things like running a startup, being a trader, being a great engineer. Others will never amount to anything.

 

Oh btw, if you can't tell from my signature, I'm a big believer in using mechanical/quantitative means to eliminate personality problems. And using compute power to develop the skill.

 

Former futures trader I had a good idea waht might and moght not work and applied that.The nice thing about the FOREX market, is that regular daily fluctuations, say - around 1%, are multiplied by 100! (in general, Easy-Forex? offers trading ratios from 1:50 to 1:200). If, for example, the exchange rate of "your" pair of currencies increased by 0.6% in the last 4 hours, your profit will be 60% on your investment! Such can happen in one business day, or in a few hours, even minutes.
Moreover, you cannot lose more than your "margin"! You may profit unlimited amounts, but you never lose more than what you initially risked and invested.

 

Forex is so volatile and there is no surefire method of winning. Basically it is increasing the odds on winning by following your principle and sticking to it.

 

yes i agree with the fact that one should take risk where business is concern and if you prove to be good at it then you`ll achieve ur dream of becoming rich one day and I think Forex is one of the platform to try out ur luck.......

 

That depends on the broker. Some brokers allow for negative balances...and of course those particular brokers should be avoided like the plague. Read the fine print!

 

i suppose the biggest thing and so true in all things that have an element of gambling in is that you shouldnt put in more than you can afford to loose.

 

I've been into Forex since 2006. Two margin calls and lose around more than 1k (micro acct tho). Forex is not bullshit. You really can make a living through it. But you need to be armed with 4 things. Experiences (get through paper trading and micro trading), big capital (to make sure you 'sustainable'), great emotion control (differentiate between gambler and trader) and good money management (some said this is forex's holy grail). Good luck. Am give up already. XD

 

Forex is a zero sum game, so for you to gain somebody else has to lose money. The only way you will profit from it is if you follow the news, global trends, micro trending, etc. better than the rest of the market (95% of which is professional speculators). Basically forex is an example of a perfectly competitive market where the only variable that can allow you to turn a profit is knowledge.

 

I use robots to trade for me. So far I am doing fairly well.

 

When you say that you are using robots - can you provide us with some information on how that works? Is there a site you use or another way to do it?

 

Forex Trading has never been a get-rich-quick system and it will never be one. I started trading the forex market in mid 2004 and over years the experience I gathered taught me great lesion. Few months after I entered into the market, I pumped my live savings into the market and in December 2004 alone I lost close to USD22,000 to Marketiva while I was on humanitarian mission to Quebec through my organization. Within a week, I kissed bye-bye to my hard-earned money.

In January 2005, I gathered the little I was able to and headed for Dallas in Texas where I was taught what Forex trading is and what it is not. To be candid, never expect to be emergency millionaire trading the forex market. Though I don't trade always as before, I can boldly say that I cannot lose to the market anymore because my mentality has changed about the entire market.

All you need is a very good broker, I prefer Electronic Centralized Network (ECN) brokers. Have a good and working system in place. Never be greedy because both the brokers and the market itself always appeal to traders' greed to "swindle" them. That's why most traders lose. Set realistic target and trade your plan.

My success so far in forex trading is owing to many factors which I develop over time. Anybody can trade forex successfully with a good mentor but remember not to trade the money you cannot afford to lose!

 

Forex trading and Forex itself are two differnet things. Whenever currency is exchanged into another currency that's forex, forex isn't a zero sum game because money itself is created by both banks and calling something 'valuable' like oil for instance is basically discovered money because it'll always have a value while the world is addicted to none-renewable energy sources. Money is worthless without value, they're just numbers humans print on worthless bits of paper. Humans create value, if value can be created, found and discovered then it can't be a zero sum. Gambling is ZERO SUM, if you use the casino based forex brokers (which isn't real forex) then yes it's zero sum just like playing a game of blackjack.