Touching upon my first point again: Do you think anyone who can prove they trade FX for a living, after reading this thread and it's belligerent posts, would want to respond or get involved? This community has never been known for being a nice place to play, but this thread reaches the level of 'rotting from the inside'.
Of course there is a certain percentage who can be successful forex traders. You do have the Bruce Kovners, Michael Marcuses, and George Soroses of this world. But you know what? Even the great man who broke the British Pound had many years of accumulated forex losses, then made it all back in one year on a good trade. You would know that if you've read his books. That's fine. Just don't waste 20 years of your life doing something and not have anything to show for it. Somewhere along the line one needs a time stop. If you can succeed before that time, then congratulations. I probably won't be posting negative things anymore. I can sense a lot of pent-up anger and frustration out there.
well, I'm a very conservative money manager, most of that money was made by people working hard every day at honest jobs all their life. there is a place in their portfolio for forex
It actually seems a bit more of a level playing field now for a retail trader in OTC FX then say 5-10 years ago for sure as far as information, brokers, etc. But still, I am sure these guys pulling 7-figures have some some better info and connections. It would seem more rare for an individual to go from retail piker account to 7 figures though.
Excellent points, pikachu. The anger exists because its near impossible without connections. In other words, the TA trader is never going to make a decent living vi FX but they are constantly being sold a bill of goods saying they can---- from devious marketing agencies of the fx dealers to the Internet fakers, deluded, cranks and charlatans who live in a nether world. Retail FX is a great hobby and a way to sometimes make $, but as a source of dependable income forget about it.
Marketsurfer, There may be the random guy with a few grand who can generate a a steady income with forex, but for 99.999% you need a substantial amount of money tucked away to really make a go of it. Oldtime is giving me a hard time about my approach, but the simple reality is that he is forgetting he has already built up substantial capital to trade with. I don't have this capital. All I can do right now is scratch together a few grand once in a while in a perhaps futile effort to buld up an account that is large enough to trade well. He can call this gambling if he wants, but I enter and exit my trades with considerable thought, and risk the quantity of money I am comfortable risking. With the exception of a small few, I think this limitation is the reality for the vast majority of us. So, yes, full time traders do exist. Are they profitable? Perhaps, the large players are, but most of the small players aren't. As for the comments earlier from one member who was so negative about this thread. I say: tough luck! Since arriving at ET, I have had many longer term members go on the attack with me. Everytime I show any vulnerabilty on this forum, the same members go on the attack. I see a bunch of liars, frauds and deluded people, and only once in a while do I actually see a sane person who can actually trade with real money. So although I understand why the successful may not want to show their face, I have little sympathy for thise of you who question me when I ask for some proof of their success.