Quick Quiz: Can anyone really make money in Forex?
Forex is a wide high-speed freeway to financial disaster IF you don’t know how to survive.
Simple? No! Easy? Never! Quick? No way!
Man, can anyone really make money in Forex then?
Yes!
How?
The quality of learning you put in will determine the quality of trading you pull out of Forex.
You can trick yourself, but you can’t trick the market.
Is learning how to trade Forex difficult?
Yes.
Too difficult?
No.
It is challenging in a good way. Many even get addicted. But the ultimate goal to find financial freedom and stability trading Forex drives everyone from beginner to advanced trader with ever growing inspiration. I’m a bit mad about Forex too :) Otherwise why would I keep a website about it :)
What is the quickest way to earn money in Forex for a newbie?
Have a friend who already earns money in Forex share his trading system with you.
What is the other quickest option?
Buy a system that works. Keywords here “That Works”.
Where can I get such system?
I don’t know.
Why would anyone sell a system that really works?
Because it doesn’t work for them.
Because it doesn’t make enough money.
Because it is unreliable in the long run.
I don’t believe you! I saw many systems for sale. How can I tell which one is good?
Usually the more money sellers ask, the better they feel about it.
In most cases you won’t get a chance to demo trade a system before buying, so you should rely on your senses, ask other fellow traders and learn who a seller himself is.
Grrrr… So what should I do? I want to trade Forex!
And I want to build a house on the moon.
While my wish is not possible (at least nowadays), yours is very much so!
Trade it, but first learn how to trade it.
Where can I learn?
Start from free online resources.
They stink! Well, majority of them is of a poor quality!
You bet. That’s a tendency nowadays.
Bad webmasters and bad traders create lots of poor quality, spam-like sites…
Some, as well, like to steal information from other reputable websites.
Aaaaaa… I’m helpless!
I hope it’s a joke.
Ok. I’m not. So, you tell me to go online and read about Forex?
Yes, bit by bit you’ll be more educated. Sooner that you think, you’ll be able tell good Forex online resources from bad ones.
Anything else I should do in the first place?
Open a demo account with any Forex broker.
But I don’t know anything about trading yet!
And you won’t know until you launch a trading platform and look at Forex charts and start exploring on your own.
Believe me, it is fun, you’ll be given demo money, which you can try to trade immediately. You can’t lose anything by trading demo!
Good luck my dear friend!
Let success be always with you!
Wa-a-a-a-it, I have so many questions left!
Oh, you’ll have even more once you step on a Forex discovery path.
Pleeeease, one more question
You have a beautiful smile, well, go ahead, one more…
Any warnings about Forex I should know?
Glad you used your chance to ask a good question.
Forex marketing industry is tough.
Once you go online, you’ll be bombarded with various “cool” and irresistible offers to buy Forex products that will “change your trading forever” and encouragements (even phone calls) from Forex brokers and their representatives to open live trading accounts.
While you’re a complete noob make sure you:
Don’t buy anything, unless you’re rich.
Don’t open live accounts, unless you like seeing your money go.
Now you can’t leave without answering why… right?
Hmm… a trap…
Demand creates supply: as lots of noobs come to Forex searching for answers how to trade successfully, those who’ve been there for a while are happy to sell a “solution”.
The problem is: not all of course, but majority of Forex products have nothing valuable in them and teach you the same basic stuff you can easily access online for free.
But until you know more about Forex, you can’t tell a worthless product from a good one. So, don’t buy anything: books, signals, courses, systems etc while you are a newbie.
The same is about live trading. You are doomed to lose if you know little about trading and risk management. Thus, don’t put real money in Forex while you’re a beginner.
But if you like extreme feelings, and want to try it anyway
Don’t pay much while you learn.
Learn on your own, trade demo for some time – you must cover basics on your own.
Later, leaving a beginner’s pool, you’ll be able to choose what fits your needs and budget.
Once again, good luck!
I’m sure you’ll have a good time!
** Forex Dark Lord **
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My Master nothing new!!! com on tell us something we don´t know. I´m sure this forum is not for newbies . Talk about the holy grail!!!! Tell us the true ads give you more money than FOREX???
Haha :)
With ads I can buy an average dinner once a month. They are probably more of a decoration than income, unlike Forex.
This post was indeed for newbies. Yeah, I was in a good mood and so I wrote this dialog :)
Don’t take it too seriously, simply enjoy it!
By the way, you are one of the few brave guests, who actually talks to me. Others are… scared? I hope not.
I won’t know what to write about if no one talks to me.
Everyone who has something to say, criticize or comment is my best guest!
hello Forex Lord of Darkness,
Great site! Love the cautionary darkness pics…
BWAAAHAAAHAAAHAAA!!!!! screams…then silence…;)…
Perhaps you should add a little Rocky Horror Picture Show!!!
Damn it Janet!!! I told you not to trade yet!!!! :D!!! :)!!!! :0!!!!!!!
Thanks from a noobie :)
forex looks so complex, with all the anylitical tools that somehow seem like gambling. be honest with me, how do i truely make money from forex. cos tired of too many brainstorming. thanks
It looks complex, when you open charts first 10 times, and then figure out how to set first 10 trades. Everything else is the matter of observation, rules and persistence.
Observation: I think I started to SEE things on Forex charts after few months of pure observation. By that time I also started see charts in my dreams :)
Learn to observe charts. It takes time.
Rules: any analytical tool alone is useless. You have to combine tools, depending on their qualities. In other words you have to create a system - a set of rules upon which you will trade. Observation will allow you to create those rules.
What I did and still love to do, I write my observations down, everything I find interesting.
Oh, nearly forgotten, the MASTER of all Forex tips: Eliminate all guess work!
If any of your rules have double meaning or you have to take decisions based on your perception, you won’t be consistently successful in trading.
Persistence: without it you’ll give up after trying for some time. If making a Holy Grail trading system in Forex was so easy, we all would be millionaires by now… Hmm, I think I said this few times already…
Good luck, my friend!
I’ll start now, and you’ll finish it when the time comes:
Open Daily charts of any currency pair. Add Bollinger bands indicator (200, 2), add 20 EMA.
Everything above middle Bollinger band line favors buyers, while below - sellers. Same for 20 EMA - everything above it favors buyers, below - sellers.
Price going beyond Bollinger band lines indicates a strong pressure. While the pressure rises, traders enjoy a strong price move. What is crucial to remember that things under pressure can pop up explosively - so you’d need to protect yourself with a trailing stop.
Now it is your turn to continue the story…
Good luck!
Thanks alot. i appreciate your advice. i really want a make a fortune from forex. will you advice me to sudscribe for forex signals or buy a forex autopilot/robbot alongside my practice. from your experience in forex which of the companies/website can you recommend that i subscribe for signals, and which robbot is the best. thank you my friend.
Ahgrrrr… Don’t buy any stuff!
You will make the right decision if you learn on your own first.
I started explaining why and the answer has grown quickly, so I made a dedicated page, which I invite you to read.
http://forexdarkside.com/buying-signals-systems
Nice site, My Lord. Enjoyable and original.
(I will add a link to my page)
Hi Forex Lord of Darkness! Glad to see so many great advices.. You mentioned using Bollingerband(200,2) with 20 ema on daily chart on any currency pairs to identify the volatility, buyers and sellers…but what did you actually wanted to convey are you trying giveout any strategy or just wanted to expalin price action. I will be glad to learn from you.
Cheers!
Hi fx scalper,
It is a strategy, a wrapper, if you wish. It helps to collect initial data at a glance and know who is in control (buyers or sellers) and how strong they are.
Everything else, the stuffing, is up to a trader. E.g. how he wants to enter, when, where etc.
Let me advise you a free source for finding the “stuffing”:
http://forex-strategies-revealed.com
Hope you find all answers there and more!
Anybody interested in staying away from scams and finding systems that work should check out www.forexpeacearmy.com
Well, this is by far most amusing TRUTHFUL site about Forex. I’ve discovered Forex a little over a year ago now, have spent lots of time learning, researching and trading on demo… I also lost some real money being confident that after 3 months of demo I can make money on Forex… what a noob… :-)
I’d like to share what little Forex wisdom I have accumulated. Continue reading..
Great legit site for learning FOREX:
www.babypips.com
Very good layout and step by step learning. Takes you through FOREX trading school with subjects presented by grades from “kindergarden” to “College”.
Hello Forex Dark Lord
thank you for your useful advise and information. I would like to ask you for your opinion. I was buying and selling now and than currency at the cash desk between several casas de cambio - exchange office takink advantage of the exchange rate moves and I still do it. But last year I discovered the Forex Market, the incredible easy and fast system to change money. I am trading on a demo platform since 6 months and I never got killed until I used the leverage. Now since 13 weeks I do it like at the cash desk, I trade with my own money only. In the 65 days I made plus and minus pips, but the trading day never ended with a lost. My goal is 50 plus pips a day, sometimes I make less sometimes more but the week ended up to now always with about 270 – 350 pips. I do not think I have a super system that works. I belive that Fibonacci numbers, Pivot points and many other indicators are very intelligent, proofed and helpful, but I do not use them. I only put the trendlines on the charts and never go against the trend. I never use the leverage. When I have a wrong, very sick position and the market goes against me, I do nothink. I am then 50 – 300 pips in minus but I do not get killed and I wait some hours or 2 days until I get green numbers, pay the rollover and close the position with 30 – 60 pips plus. This happend very seldom. I have no significant experience with Forex, so it is strange that my statistic shows me only positiv results. Now my question: Am I only a lucky guy that will lose his money on the real account?
Thank you,
Vladimir
Hey
So I am giving up my day job tomorrow to try and make some money in Forex. I have a trading platform and ana account opened, I have traded using a demo account for a few weeks, I have followed the GBP/AUD exchnage rate for over a year and I am starting real live trading in 2 days time. Will I survive or wlil I dive? I’m happy to post here and let you know how I get on as I really feel I need to speak to people you are in similar positions to me and that will help me through the nerv racking stages or making the move.
Am I a beginner? Everyone has told me that I will lose money! Will I or won’t I? Shall I buy a trading solution? I looked at one and did get a call from a broker telling me that this IS the system I should buy! But I’m going a lone and how do I know what will happen? Well I will let you know… see part 2 in time to come
Hi Vladimir,
It appears that you’ve learned how to manage your account without a leverage - good skills!
Are you just a lucky guy on Demo? Depends on whether you use trading stops at all, especially when you leave your trades over night.
I understood that you don’t use stops. Then, you’re the lucky guy at the moment… When Forex market moves more or less sideways, like it’s been doing for almost 3 months now on many currency pairs, you can indeed wait out negative pips for a couple of days and recover in a profit afterward without ever touching your trading position.
However, one day when you decide to leave your losing (so far) trade unprotected, a market will shoot out and a trend will be established. In this case, nothing will save you from a disaster. Waiting for a market to return back may never happen again (for months, or even for years). You would need to either accept a big loss and exit or your account will vanish… It is just a matter of time where and when you’ll be caught with an unprotected trade.
Reconsider your trading method by including a stop loss. Taking losses is tough, but one day it’ll save you from giving back everything you’ve made in trading, including a starting capital.
Hey, oilyblues
Do come back with an update!
I wish you good luck, and hope to hear from you soon.
Hi Forex Dark Lord,
this week on Tuesday the 17.2. I bought EUR/USD for 1,2730 without a stop loss again. And the EUR fall on the level 1,2514 and I had to bath in the morass till Friday. Now the EUR/USD is 1,2846 and I can take my profit. – Lucky again! But I understood this is a very dangerous strategy. The EUR could fall and fall and not return for months. And I lost the whole week without trading and I lost the opportunity to buy EUR/USD for 1,2520 because I do not use the leverage. It was a bad week with a happy end but I am sure I have to use the stop loss. And today I read your opinion and you describe exactly what I thought during the week. One day could disappear my luck and my account. Thank you for your opinion and your advise, I will do it so.
Vladimir
From what I’ve read there is no point in getting into forex. Lots of hours spent on earning little money with a high risk factor. Could you at least tell us if after all your experience are you able to live only from trading? I mean a typical salary, nothing fancy, like an office worker for example. Or is it just extra $200 per month?
What you’ve heard is true. It takes lots of time, it’s a high risk and you can earn money or lose money. How much you’ll earn or lose will directly depend on how much money you put at risk - involve into trading.
(A quick example: with $200 dollar mini-account your gains and losses will be somewhere around $2-6 dollars per trade.
With $20 000 account your average gains and losses will be around $100-200 dollars.)
Few investors can live from trading Forex alone, I don’t belong to them. I treat Forex as high risk venture and don’t rely on profits earned from trading. I have a job I like, while Forex is a bonus program, where I can leverage my income to $3000-4000 per month, or lose about $1000-2000 a month…
thanks for all the info….I agree with alot of this…forex looks like a challage,, which sounds like it is for me….LOL….I will do the research…make a plan…this website confirms my gut about all the forex hype…thanks
agian.
What do you say about a strategy based on historical data - 5 yrs. About 60 trades a year and yearly profit 200-2000 pips. I opened live account but I still test this strategy on demo account. Do you think that it can work? The decision buy or sell is made by maths. Only macroeconomic data, no charts, no thinking, no news. Stoploss at difference 0,005.
Probably. They say that historical data don’t guarantee future performance.
thanks for a straight-up site. Like many, I’m a genius on the demo and then dive when live. Over the year I’ve been doing it, I’ve graduated from reading and studying to spending most of my time looking at charts, drawing lines and rets - and am really learning. So close….bless me, Dark Lord.
You’ll make it! Keep working and enjoy the process!
The “aha” will come. Good luck!
The PaleRider has arrived & kneals before you, Dark Lord. I have come humbily, & am willing to learn all that is willing to be taught.
I opened a demo last Oct at Forex.com, & opened a live acct a couple months later with $500 so that I could keep my demo account alive. After months of just studying charts, I began to see certain paterns, especially on the 4 hour charts. I demo traded my strategy & using a 40 pip profit target & 40 pip stop loss on all trades, & went on a 10 - 1 tear. I then went live with the exact same strategy, & immediately went 1 - 4, LOL. Back to the demo!
Went back to the demo, adjusted both my profit target & stop loss down to 30 pips, & again started doing well. Have since gone live again with my revised strategy, & as of today am 4 - 1. I average about 1 trade per week, on the rare week picking up two but have also gone two weeks without a single trade. I learned early to never chase the market, that the market will be there but my money won’t if I go chasing trades.
I certainly plan to continue using my system, but am eager to learn how to use pivots, bollingers, MACD, & especially a reliable, mechanical method for draw trend lines. I have much to learn & am eager to do so.
Great concise info, Dark One. Thank you.
Forex truly is as easy as it appears. Truly believing in easy money is difficult. The multitude will bombard you products promising to reduce the uncomfortable uncertainty of trading.
The key is to get comfortable with the uncertainty. Let me repeat, the key is to get comfortable with the uncertainty, it is the essence of the business.
Buy at support.
Sell at resitance.
Cut losses fast.
Let profits run.
Remember that the market can and will do anything, at any time.
Trust in yourself.
Love the website. Make friends with the ‘dark side’! Love it. As a newbie who is not actually looking to become a millionaire, I agree with the words, “don’t buy anything!” The internet is soaked with guaranteed trader programs or signal packages or whatever. The concentration and heavy pitch of these programs speaks for itself. Be patient with what you have now and take some of the excellent advice above. Happy reading.
Thank you :)
Hi Forex Dark Lord,
Thanks for your excellent site.
I have been demo trading for over 5 months and unfortunately I havent seen any strategy that work consistently.
PLS PLS could you direct me to any method that could guarantee about 20 to 30 pips a day.
http://www.forex-tsd.com/
http://www.forexfactory.com/
http://forex-strategies-revealed.com/
These are the website with thousands of strategies.
The first honest forex forum i have seen, thank god there are normal people out there…..
Still have not met anyone who successfuly trades forex.
I am newbie and reading to all of the comments in sites and all is very discouraging because I have not seen somebody who really succeed in FOREX.. Those who are making money in Forex.. SPEAK up.. and Please give an honest opinion. THANKS!!!
I trade successfully, but don’t make false illusion, I’m not that rich to buy a yacht and cruise the world. I take small risks and never look to invest big money in Forex, so I earn moderate profits, which keep me happy, nothing fancy.
If you’re asking other experts, then keep in mind that they hardly ever browse Forex websites (especially websites about Truth and myths in Forex :).
Experts “sit” in private closed groups and forums, or trade alone, occasionally browsing analytical portals and market research reports from banks and other financial institutions.
…thousands of GBP’s ….I stumble across a simple system that uses NOTHING that I paid to learn…and I profit on more days than I don’t, I lose less than I gain and I have achieved consistency. Now I can pay for things out of my earnings, which inthe UK are tax free. But, Forex traders who trade successfully - now I count myself one of them - are not arrogant, macho, omnipotent. They know how the market can kill you, it demands respect, discipline and right knowledge/action. The market does not care if you gain or lose, thrive or die. It will be there in one form or another when all of us are dead. It is a hard won friend and a mortal enemy. But is defies any other money making method. You can make money without selling a damn thing and without adding value to anyone. That is sweet!
Thanks for making this site available. I like the williams%r indicator but am not sure which time frame chart that it works best on. hourly 15 min 10 min minute. Anyone have success with this indicator?
Any time frames are suitable, only your profit goals will be different - more pips with higher times.
I recently saw some practical application of Williams %R here: Exits with Williams %R
What about news trading sistem? If you already writed about that, sorry, this is the first time I enter your site :)
By the way, this site is what I was searchig for. Thanks!
Thank you :)
No, I haven’t. Majority of news trading systems will show you how to lose your money the fastest way. That’s the real truth.
News trading should be a “No Go” area for most of Forex traders. It is a tricky and very risky game, not for noobs and not for intermediate traders either. For experts then? Nope. Experts don’t like news trading much. Only few probably, very few…
Cool website. Forex trading is very difficult but success can be attained with hard work. Treat it like a business. Keep your risks minimal and get into the habit of using stop losses. Successful traders, (the smart ones), are not afraid to admit their mistakes in trades and close out their positions. Believe me, you can save a ton of money this way. As for the demo accounts, be aware that they are generally more superior to the live accounts. Reason being, there isn’t too much slippage and you don’t get locked out of trades. With one exception, there is a demo account that allows only OCO trades due to regulation changes. Man, that sucks. I couldn’t close my trade. So I closed my acount and went overseas to UK where limit and stop losses can be manually activated with the same broker. Even with those tools, I read a lot of horror stories with live accounts where traders were virtually helpless and couldn’t close their trades, resulting in margin calls. I suspected they were big risk takers as well. Do some research on the brokers, especially the complaints.
Yes Dark Lord:
A few questions please:
1) How much is good to start trading with..
2) How much profits can I expect to earn (daily)
3) Are there good and bad times to trade?
4) How do you know when to cut your losses?
Yes,
1) Minimum of $500 if to trade with 0.01 lot.
Minimum of $5000 id to trade with 0.1 lot.
2) Profits vary from 10 - 70 pips daily on average for 1 currency pair.
3) It is easier to trade with good trends during NY & London hours Mon-Fri, everything else would be less attractive.
4) Losses are cut using a stop loss, which must be place at the same time when you open a trade, not when the market moves against your position. The stop should answer a simple question: “When(at which price) you would rather be selling than buying (or buying than selling)”. At that level you should have you stop, not before it, not after it.
learning forex is a matter of dedication.
no shortcut, cant jump from A to Z.
hours and hours of learning…. when you kno a little,you can feel the market tone,psychological aspect too…congrats,you are a better trader…..but not graduate yet, keep on learning!!
holy grail? no such things..
i dont buy that lie,never!
Expert advisers/robot trading…is up to you, but i believe in myself…
goodluck n’ happy trading to all of you !!
It was really fun reading your comments on this coven. Especially as a newbie i am leaning a lot. I just need to know how to know a support and a resistance. cos i read to buy at supports and sell at resistances.
Thanks, enney
I think it would be best if you Google this info on the net, because the topic is very large and won’t fit here. What you read is true, and it is one of the most important aspects of Forex trading.
The Lord of the dark have spoken, heed his words and listen to his commands, they will not fail you, his words are the words of truth.
i started a demo account on june 1 this year. its gone from 10k to just over 120k at the start of november the same year. whats the chance of me doing the same for real
You have a fairly good chance to make profits. It is most likely not going to be 120k (unless you deposit 10k, which I don’t recommend doing, at least during the first month of trading live), but there will be some money to keep you motivated ;)
The fact that you’ve been patiently demo trading for almost 5 months is an advantage, and I’d suppose by now you know well how to trade by the rules.
If it is going to be your first time trading live, then expect some turbulence first few days, possibly a week, as your mind settles with the fact that now it is for real. After that, keep on doing what you’ve been doing on demo and you should be able to get a good result.
Forex Works !!
The clue, no sentiment, go ahead little by little, don´t believe in advicers, win just once a day and leave.
It works, believe me !!
Hi, thanks for your posts. I am brand new to Forex trading. I am using my second practice account. The first one I had no clue at all what I was doing. This time, I am slowly learning some basics. I am developing my own system based on my obersvations, mistakes and market knowledge. I cannot see myself ever buyng someone elses system. Why would someone sell a system that already made them rich? I think they are selling fiction.
The next area I have to understand is margin leverage. I plan to open a mini account with $2000. I don’t want to have a trade completed because my account was too low. Any comments you have regarding maring leverage would be apprecited.
Thank you.
Sure,
The higher is your leverage, the lower is your margin.
To understand how this two parameters interact and where lies the risk line, let’s look at the example.
With $2000 account, if you take a leverage of 100:1 (maximum allowed if you’ll trade with NFA regulated broker, for example), with 100:1 leverage your margin requirement is 1%. Here is where the interesting stuff begins: you have to decide how risky you’re going to play by choosing the lot size.
Take a standard lot and you’re out of this game in a blink of an eye (almost), take a mini or micro lot and you’re doing yourself a favor by limiting risks. Let’s break down some numbers.
At 1 standard lot your 1% margin would be = $1000. If the market moves 100 pips in your favor you’ll make $1000 instantly. But, if the market moves 100 pips against you, as your floating equity drops below $1000, you’ll receive a margin call, because you wouldn’t have enough money left to meet the 1% margin requirement - you’ve lost 50% of your investment in one shot - grim prospective… very grim.
So, will you trade 1 lot with 100:1 and $2000 on balance? Probably not :| Your best bet is to go for a mini or a micro lot.
If you choose a higher leverage, your margin requirement will drop, say with 200:1 you have 0.5% margin, with 400:1 - 0.25%. This is good as long as you keep your head cool. With higher leverage and lower margin you’ll see that your account will allow you to open more lots than ever before. If you go for it and open a lot of orders, you’ll be out of this game in no time, BUT if you play cool and trade only few mini or micro lots, you’ll be trading cruising just fine. The key is to take the leverage in order to lower the margin, but using the entire leverage to purchase a lot of lots is a suicide (that’s where you hear: “leverage is a killer”, yes it is, for those who are stupid…)
As you start trading live, you’ll figure out the leverage-margin-lot relationship very quickly. All you have to do is to pay attention to the numbers shown to you in account information window - you’ve got to understand what moves where and why in your account balance, equity, available margin etc, otherwise there is no point to call yourself a trader!
Hope it was helpful. Good luck!
Wow! Thank you so much! That is exacly the way I understand it! Thanks for the confirmation. I was thinking 10,000 mini lots. Wish me luck!
Greetings Dark Lord of Forex
As much as I’ve researched Forex trading I’ve stumbled upon a disturbing trend. Most people do very good on demo accounts and applying the same strategy when using actual money most of them lose. This is to be expected but there are way too many cases of this happening.
Is there something going on?
Are the companies administering the account scamming people?
Is there a list somewhere of trusted sites?
Demo trading is psychologically much easier. When a trader starts trading with real money, lots of things can go wrong - most of those issues are connected to trader’s personality & psychology.
There are also scam brokers in the Forex industry who can help you lose: their demo trading conditions might be different from live accounts; their dealing conditions may vary depending on how good you’re as a trader; they may block scalping EAs; or they could be simply scammers.
There is no list of trusted sites or brokers (if you find one, it is 100% commercial, means brokers pay to webmasters to be on the list). Your best bet is to read reviews about brokers, and also read few articles on How to choose Forex brokers.
an interesting site..i like to trade forex, much to the dismay of my wife..i have not made any profit yet on it, and in the formative first few weeks, lost a good amount of money…i trade micro with fxcm…with the new regulations for leverage i am now breaking even…winning and losing on an equal footing…
i trade using correlation of pairs be it a negative or positive correlation..i hedge my trades against each other…say, using eur/usd and usd/chf…going long on one and then short on the other…or usd/dkk and usa/chf in the same manner…usd/dkk must be tied to the eur/usd, in that they seem to mirror each other exactly..one goes up while the other perfectly does the opposite…
my problem is learning how to put a stop on the losing pair…i can always make a profit by closing the winning pair..but if i enter the trade again, eventually the losing overtakes the winning..and i, like vladimir, end up waiting for the market to turn in the other direction…
fxcm is not easy to place stops and limits, in that it looks for pips and not dollar values in placing them…i wish there was a way to just use what dollar amount should go for loss and what dollar amount should go for gain…
i like your site…especially, the part where you explain, that you are not getting rich off of doing forex…but having fun and turning a little profit at the same time…those are my goals…(i suppose my wife’s goals as well)
good luck with your site..i will look at the educational information you offer in the coming days….
i have been highly educated on some terms by your detail explanations. During the coming weeks i will like some insights on forex rules i hope you can accomodate me. Thanks
My Master, What is the hidden risk side of playing a demo account? Seems like I am earning a little bit too much like what it supposed to be.
what Brokers are a scam and what brokers can you trust? is GFTForex a scam? i have a practice account with them but everything I read says they are a scam. also they charge a commission for every trade, is this normal?
is there any profitable forex traders? consistently ? lets say for 1 month?
shockingly, i haven’t found any. all of my friend who plays forex is always lose
Im very interested in getting a Forex robot to trade for me. I have heard great things about forex robots, But I am not sure which forex robot works the best. Im a new to forex completely and Im just looking for an automated way to make money from home. Would you even recommend trading with a forex robot at this current economic time? How much many can make with a forex robot and what is the best forex robot from your personal experience. Please help. Thanks
forex is extreme defensive driving on the suicide lane.
you have to doublethink the broker, market, institution money,
your lack of discipline thinking.
Hi Friend,
I have interest in learning & working on Forex & I read your articles for queries. Bye the Bye, I am residing in India. If I want to earn Rs. 30000/- p.m., what is the investment in Indian Currency. Which system I need to choose. Is there any guarantee for my Investment & Returns. Where do you stay? Is it possible to mee u?
Hoping to receive a favourable reply for the above lines, at the earliest.
Best Wishes,
Prabhakar.
Hi Dark,
Nice site and thank you for saving some souls hopefully. The truth is - the only one who profits big from the Forex is the middleman (broker or etc.), as he makes money on EVERY trade you do regardless of the outcome. This is lossless situation for them and roller-coaster for you as your money drains down… you know what I mean…
Mathematically it is really difficult to find any possible way to profit constantly from Forex. Consider this: if some method exists it would defeat the existence of Forex itself (if someone finds the holy grail - ultimately sooner or later all of the money will be in his pocket and so the market will cease to exists forever). Using that logic and looking at the real fact that market still exists, the “sure” method of making money simply does not exist (yes, you might think “not found yet”, but fundamental laws of logic give me a different opinion). Of cause it is up to you, who to believe, but I hope I saved someone a day or two of their lives. Pursue some true goals in life, unless you have nothing else to do, having fun as a type of casino-style entertainment, or are rich already and do not afraid and can afford to loose :) Otherwise, I recommend - stay away.
Kudos to Dark,
Drugelis
P.S. someone might ask - I make some money constantly for years from Forex… If you are not fooling yourself, then there are two probabilities only: you get some profit out of those poor guys who loose, or your profits are still “temporary” - look at infinity period here and my statement stays valid. I hope you understand what I mean.
i think there is noone who really makes money from forex
Thank you, your “dark side” advice helped me to make myself assured at the very first step. I will be among your most frequent visitors, i think.
Umm, no one makes a living from forex trading. In fact, an individual “home trader” makes nothing but losses on the forex market. Try it and see……”told you so..”..
Do people really make money in forex? If yes, how?
hellohey isnt hedging with negatively related currencies better than putting stop losses particularly in this sideways market .. with the same lot size ofcourse..