Forum

Forum Home

Discussions

General Discussions on Forex

Forex - Can you...

Re: Forex - Can you make any money?

12/17/2006 8:56:47 AM

squatter

4 posts

Re: Forex - Can you make any money?

I think there are alot of scams out there, sites promoting their products such as strategy, signal services, newsletters. Have to be careful with them. One way to do is to ask for records. It's the only way to be sure.

12/20/2006 10:40:40 AM

BrianTran

155 posts

Re: Forex - Can you make any money?

Anyone can make money in forex but there are a few things to learn, apply and strictly follow them in order to be consistently profitable:

1) money management - in forex, more than another other markets due to its highly leveraged nature, stops are a must. Keeping a strick maximum a percentage of the account balance to be risked per trade is a must. Without this rule, all strategies and method will fail period, no matter how good they are. Most traders win for a while but then blow out eventually without these rules.

2) Follow the trend - Scalping in this market with almost useless and fruitless. The brokers won't make it easier for you either with slippages fairly high compared to stocks and futures. Your strategies should be large wins and small losses, not the other way around. Even if you make 50% of the win, you're still ahead. Focus on breakouts and not on the ranges.

3) Don't overtrade - Rule #2 will keep you out of the market most of the time so keeps you from overtrading. Slippages and commissions will eat your account alive when adding things up. You should be making more than your broker, not the other way around.

4) Control your emotions - Probably the most difficult of the 3 because this problem stays longer than any other. Keep it in check constantly before, during and after the trade. They control you more than you think they do. Starting a small account like micro- or mini-lot accounts should help learning to control emotions.

5) Keep a journal/diary/blog - Apply these 3 rules should give you a head start but to keep it going and be reminded everyday of it, you must review your past trades and work toward perfecting it and work on reducing your mistakes.

All of these should work in tandem in order to improve and eventually becoming profitable.

The sum is greater than its parts.

3/10/2007 4:12:35 AM

JackRabbit

1 posts

Re: Forex - Can you make any money?

Yes but you have to have good money management,knowledge and patient

3/10/2007 11:15:31 PM

BrianTran

155 posts

Re: Forex - Can you make any money?

How true it is. Good money management is the only prerequisite to staying the game, knowledge and patience will get you ahead of the game.

The sum is greater than its parts.

3/19/2007 5:36:34 PM

Easyforex4all

2 posts

Re: Forex - Can you make any money?

Look there are a lot of scams out their but you start shooting down the few people that try to help? Look Felix made forex bastards for traders to give their reviews of brokers. That doesn't make the people giving the reviews honest. But the site is free and Felix is one of the most honest guys out there. So don't go bashing what you don't know. I am a subscriber of all of his paid services and they are great and the money back guarantee is legitimate what more could you ask for????

Page 2 of 3

Discussions

General Discussions on Forex

Forex - Can you...