Make a living trading FOREX?

Discussion in 'Forex' started by mjl, Mar 16, 2009.

  1. Yes I do, but not just FOREX. Also stock index and bond futures.

    And my main point is your question should sound like: "is it possible to trade for a living", because "FOREX" part is absolutely redundant in the equation.

    FOREX is just another market, not better or worse than anything else.

    Some strategies involve market specific techniques which indeed may not work in all markets, but generally if a trader can trade one market, he/she can also trade anything else with enough liquidity and volatility.
     
    #31     Mar 23, 2009
  2. mjl

    mjl

    What are some trading teqniques for FOREX that would allow a trader to overcome the bid/ask, and the informational advantage held by 'others"?

    CFerret?
     
    #32     Mar 23, 2009
  3. Tons if information about how to become a trader is available on the internet, including ET. Do some work searching for what you consider good methodology, practice several hours a day for at least couple of years and you will invest more labor in this business than probably 90% people.

    This will already make you in a pretty good shape compared to competition.

    Trading is a sport - you have to achieve a certain shape to overcome competition and stay in shape to keep on top.
     
    #33     Mar 23, 2009
  4. Good stuff CFerret.

    I would agree - do a little homework on what style of trading you're initially interested in. But note that it may not be the style you end up trading.

    I believe the hardest part of learning this craft is learning about yourself and what your personality really is. Because in the end, it is that which will determine how you trade. And your personality will be your greatest enemy as well.

    No amount books, internet sites, what have you, will tell you how to do this. They can lead you in the right direction but the real success will only come from you dedicating yourself to sitting in front of your charts for hours a day for a couple years.
     
    #34     Mar 23, 2009
  5. Absolutely. Technical details of how to trade is the easy part.

    Hard part which most fail to grasp is changing yourself, your mentality. And this is what takes years of practice.
     
    #35     Mar 23, 2009
  6. mjl

    mjl

    Two emails I revived about why FOREX is a tough market- sent by Wall Street experts.. Yet CFerret says he trades FOREX for a living, and he sounds very credible.

    Comments?...

    1.

    Hi Mike, As an individual you are at a tremendous informational disadvantage. I can't say its impossible but highly highly unlikely. XXXX

    2.

    Hi Mike, It is good to hear from you, I hope things are going well.

    I am not a huge fan of FX simply because for every legitimate brokerage firm there are three or four that are creating a synthetic market to trade against their clients. That is one of the primary reasons that you haven't met a successful FX trader. However, things are getting better in regards to regulation.

    That said, I think that you gave your friend sound advice.

    XXXX
     
    #36     Mar 24, 2009
  7. Crooked brokers have nothing to do with the market. Simply choose credible broker or trade 6E. It's that simple. :D

    As for informational advantage/disadvantage:

    Information is a perishable good. Some insider information only matters for smallest price moves. Wider swings and furthermore trends are driven by fundamental factors which are equally available for everyone.

    So if you scalp FX, yes, knowing huge corp or bank orders in advance would help, but if you swing trade, there is not so much informational disadvantage.

    And after all, TA works regardless of having information or not.
     
    #37     Mar 24, 2009
  8. more assholes trade forex, and you can't measure volume so it's a crap shoot :(

    forex is nothing but a cluster fuk pulling a train on a knot hole.

    pull down yer pants get in line. :D

    it aint real trading. it's 'investing' for the day.

    tha tha tha that's what i think woo woo woo :D
     
    #38     Mar 24, 2009
  9. cvds16

    cvds16

    thank god I didn't listen to morons like you when I started trading forex :D
     
    #39     Mar 24, 2009
  10. I think what they're meaning to say is it can be done, just not by them :D
     
    #40     Mar 24, 2009