For me, the day trade is just to much effort. It is fun once in a while, but who in the world wants to stare at a screen all day? Not me thanks! I play the trends, as forex is the strongest trending market in the world. Even the Euro has been OK since May on it's smallish swings. You won't make big pips, but you will be able to accumlate cash and grow out your position. One of the big things is to learn to scale into a position as it goes your way. Oh, and you need big patience and the ability to set some rather large stops - but that is why we scale in, and not all at once! Can you make money? YES. But I'd rather do it like a bank. Perhaps they are on to something!
I am getting ready to open a restaurant. Before I do that, I want to know how many people actually make any money in this business. Please tell me if you make money so I know my restaurant will succeed. I have heard most new businesses don't make it past the first three years. Thanks. bull
I for one have been wondering the same thing about Forex traders. I don't trade Forex, only stocks/options. I've never been brave enough to post a question like this in this forum since I knew I would get responses similar to those that I see right now. Odds are I wouldn't have a legitimate answer that would mean anything useful. I was at an Options seminar a few months ago and the presenter stated that there is 100% turnover for individual Forex traders. I knew this couldn't be true, but I've always wondered what the real numbers are. Frank
Exactly, this is how you do it. I've been going back and forth on this for a long time now and it's come down to this. With all the wicked spikes in forex, the more you trade the more you lose. That i can guarantee you. I wish i had the numbers but i will bet forex traders trade much more than any other. What do all the top guys say in books, do not over trade and have sound money management, that's the bottom line. My solution to forex is scale down the leverage, 20:1 max. Hell, even that is too much because like storage said you need to scale in. I would suggest 10:1 on your first position entry, and maybe add a total of 2 more entries. That will put you on 3 positional entries with a 1 position 10:1 risk. Outrageous leverage+a fast market= 90+% of forex traders getting cleaned out and frustrated. By no means am i the say all, i'm just sharing my experience in forex which is 3 years. I've lost thousands trying to first get ahold of the market and how it moves, going through the automated trading phase, the day trading phase (passed that just a few months ago) and onto my final phase which i think is the way i'm going to trade forex for a long time and that's using a long term strategy catching the 2+ huge trends forex provides each year.
Where is Ripley when we really need him Ok, I will "channel" Ripley for this thread Oooommmmmmmmmmmm "No one can make money trading forex. It is impossible for anyone to make money trading forex. I am bright, I am handsome, I am circumcised, yet I cannot make money trading forex..Therefore I have determined that it is impossible.....ooooommmmmmmmmmmmm" ---------------------------------------------- Steve shakes himself and is roused from his trance "Jesus, that was scary. For a few minutes I was a white middle class Presbyterian living in my folk's basement drinking Zima that I got a guy to buy me down at the corner liquor store. Ohh man I won't be doing that again soon.
I trade Index futures, gold and FX. If you have spent the time and can trade futs successfully, FX is no different. If anything, I find TA/Charts work better for FX.
TRS is correct. The problems trading Fx are more to do with the trader than the market. If you can win well in the futures it should be repeatable in the Fx as it's more technical and trendy.
Hey - isn't this just odd? I own one. We make Hot Dogs. Of course we call them 'Weeners'. We sell a variety of them - Big, Small, bent, straight....