May 17, 2011
Does anybody really make money trading forex/futures?
By Planet Wealth
I reckon the whole retail trading industry is a scam. There is no way to beat the professional banks and firms. What do you reckon? I signed up with an MLM called Freedom Wealth Group FWG in Utah that said they had special indicators and lost tons of money. Has anyone else had a similar experience? Does anyone here reall make money trading forex?
Topics: trading tips | 9 Comments »
9 Responses to “Does anybody really make money trading forex/futures?”
Comments
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May 17th, 2011 at 10:21 am
Trading forex and futures is slightly different to buying and selling stocks because of the leverage involved.
It is a bit like going from your family saloon in to a Ferrari. It takes time and experience to learn how to control the extra ‘power’. Floor it and you will be in the wall in no time.
It is the same in trading, most traders over trade in leveraged products by taking positions way over their comfort level…..then emotions get involved. Dread and Hope take over from logic and plotting.
May 17th, 2011 at 10:21 am
I reckon you may be right. I have dabbled in the forex field myself; and lost every time.
I am wondering what the answers here will be.
I’ll be watching this thread to see if anyone has made money trading forex..
May 17th, 2011 at 10:21 am
I learned my lesson with soy beans a number of years ago. I did have a friend but who mad a lot of money buying corn back in the 70s. I would not touch forex ever. It is even more risky than futures.
May 17th, 2011 at 10:21 am
People who take their time to learn how to trade make money in forex. The people who place money into forex and expect to make loads of money with no experience in trading forex are the kind of people who call forex gambling and say that it is a scam. Not any ancient retard can trade forex. If you are a retard then dont bother trying.
May 17th, 2011 at 10:21 am
Yes you can absolutely make excellent money from forex and futures. Don’t believe the people who are saying you can double your account in one month, those people are taking too much risk.
The more realistic goal is to make 5-10% per month and try to compound that every month.
Just because forex and futures offer leverage, doesn’t mean that you have to use the leverage. You absolutely do not need to use any more leverage than you feel comfortable with.
With forex you can trade mini or micro accounts where the position/contract sizes are smaller so you use less leverage if you are using a small account.
You need access to the best information and the best answers as quick as possible to help you with the learning curve.
http://www.futuresandforextrading.com/
May 17th, 2011 at 10:21 am
The best way to make sure if people are really making money trading is with third party verifications which many forex traders refuse to use because it will expose their losses.
There is a pretty new automated trading system that uses a third party verification system called MyFxBook.
You can see it by going here.
http://forexassociates.com/
May 17th, 2011 at 10:21 am
People go into the markets all guns blazing and over leverage, lose the lot and then blame it all on the market and call it a scam. this is just tuff im affriad. People need to start taking responsibility for their own actions in the market. no one forces them to trade, no one says they must over leverage, no one says trade with out stops.
What you have to realize is the market will do exactly the same thing if you are in a trade or not. I have read posts where people have said they entered a trade and it went against them, they believed the market did this delibrately to take them out. but the market would have done this any way.
There are plenty of scams ot there in the forex world, people selling all sorts of garbage. Also many of the brokers are questionable. If in doubt get an ECN and you have no excuses.
Also the your not trying to beat the banks and trading institutions. What you have to learn is how to piggy back the moves these people make. There is no way to beat the market, you must go with the market and profit from its movement.
May 17th, 2011 at 10:21 am
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May 17th, 2011 at 10:21 am
Hi there,
Imagine walking into a casino and joining a Blackjack table having read a book on Blackjack ten minutes before in your room. What would be your chances of making any money?
Guess about ZERO !!
Trading is no different; it’s like nothing else and there’s no one (or at least very few) who will tell you the "rules" and its even hard to find out what the game is.
The reason why 95% plus folk lose money trading and give up is because they treat it like gambling – they want a quick fix and make money either very quick, or with no effort, or often both!
If you approach trading as you would any new business, say opening a shop, or becoming a qualified chiropodist, you would have the right view of trading and would have a excellent chance of success. It takes a least two years to become a profitable trader if all goes well – five years if not.
Trading is NOT a scam, the brokers just do their job, no one is "out to get you" apart from the crooks selling robots, expert advisors, black-box software and so on. Take time, read books, do courses, practice and then you, or anyone, can become a trader.
I know because I’ve made it……