Want to know how many people really make money from trading Forex so it may help us to decide if we need to continue our forex trading. Thanks in advance.
why, haven't u figure it out by uself what can and what cannot be done in the mkt? that is one weird question.
You need to understand the market you trade. FX is a zero sum game. Thus for every loser there is a winner. With 35% of the 2 trillion markets being traded through the cash (spot markets) I think there is more than a good probabilty that someone out there is making money.
i've learned the more actively you trade the more you will lose. My suggestion is position trading because day trading anything is tough enough and forex is just that much harder. Learned that by losing my ass.
What I know is 95% forex traders are losers (I am one of them). Most of these 5% winners are banks. As an individual trader, we may not be able to make any money from Forex market while there are many trainning programs claim they can teach us to make money. That is why I want to know how many individual traders can really make money from this market.
If a training program actually did provide an edge to traders it would slowly be ineffective as others would pick up and front run the orders. Of course I have yet to hear of a profitable trading system that is sold to the public. Its pretty obvious why 95% of all traders fail. Come on you really think that the location of Jupiter relative to the Sun matters for trading? Well according to some "gurus" its essential haha.
I make money consistently trading the Forex. But it took years of losing and nearly $50,000 in tuition. This is a hard road, but for those with the discipline and willingness to "pay" their dues, it is possible. I utilize divergence mainly and trade 1 and 5 minute charts each day during the New York session. It can be done, but it is just as difficult as you think it might be. HOwever, you don't need to be a financial genius to succeed. There is a great deal of art and interpretation. That said, I don't believe in mechanical systems. Not that they DON'T work. I just have never seen one that does. Trading is ALL about discretion for me. -Liz
It's pretty much the same for me. You'd be surprised as to what gets me into this trade or that, it might be the smallest thing on the surface but in total it's just putting together alot of different pieces of a puzzle together. Having had experience trading stocks, bonds and metals also helps a great deal. Technical and mechanical systems might get you into pieces of moves here and there, but their weakness is not caring what the impetus behind what is currently moving the market; when you can figure that out, the potential profit at least doubles as you ride the move to its "fruition", then flip and get on board for the reversal. Plain "setups" that are consistent are very difficult to find in fx imo.