JoseLeon

He he... so there are some fools in this Forum, me included

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Traderj

Well if you started your trading career in forex and you make your living doing it, my hat is off to you BIG time.. you are one of very few... I don't mean people that dabble, but those that actually for their first experience in the trading world starting with forex and removing money each month with no other job.. good for you... I would love to know how you beat the odds to do it...

J

JoseLeon

I am not living from my trading, I have a real job and not so much money to trade. I only love trading and I make it to gain some extra money. But you are right: I began lossing money and I think that it´s necessary and normal when someone begins in real Forex.

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allinvain

I agree with Jose. Forex trading isn't exactly a piece of cake. There are so many things going agaist you, from crooked brokers to large institutional traders (banks..etc) that have a heck of a lot more experience than you and as a result will chew you up like you're their next breakfast. If you managed to beat the odds and actually become a successful forex trader (sadly I can't cosider myself one of them as I'm just a newbie) than congratulations.

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Traderj

Well ok so you two just made my point for me thanks I honestly don't know a single full time Forex trader that makes their living on that market, where Forex was their first attempt at trading. I am not saying there aren't any, I'm sure there are simply I don't know any.

I do know a few that use Forex to supplement their other trading methods and make a few bucks here and there, that would be where I am right now.

All the points made are so true.. there is so much going against the little guy in the FX field.... I have total respect for anyone that makes their living at it.

JoseLeon

Well, the trader of our program trades in Forex for a living, it´s his unique job, but his wife also works (not in Forex). So, I know one of them

It´s curious, but in FXCM Convention our trader talked with great traders and they only use trend lines, support-resistances, fibonacci, candles... but no indicators

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Traderj

I really believe that indicators exist so that system sellers have something to sell to the newbies.. there are very few full time high net worth traders that rely on technical indicators to trade.... even fib lines are suspect.. I have seen some great examples of why fib lines fail and in fact they are more often than not incorrect... but at least they are better than the silly nonsense that so many vendors try to ram down your throat.

dekac

Hi

Don't discredit any system before then you check it..

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JoseLeon

Probe the opposite without selling us any method to gain an extra money

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jazzz

I feel there is no short in forex. To be a good trader or an investor, you need to have a program or rules in place before you even start,
Whether your an investor or a trader, the major rule that you must be aware of is that you never enter a trade without knowing when and where you are going to get out.

1 - A sound trading/investment plan with rules that will not only help you but more importantly protect you, mostly from yourself. Have a good understanding of the function of the market in general and those that keep the market operational. Understand, not only the market you are trading in, put be aware of all the products and services that you can upon if needed. Understand the basics of trading such as never trade against the trend, limit any & all loses by using stop orders and lock in any and all gains with sliding stops,

2 - Sufficient trading/investment capital. Use your own money, there’s no need to go into debt so that you trade/invest. Be sure that you have sufficient monies on deposit to be able to take advantage of any & all opportunities the market provides us. To be in compliance with rules of the Federal Reserve cover security purchases.

3 - A money management program in place. Remember never invest 100% of your capital into any one security and never have 100% of your capital invested. You never invest more than 10% of your capital into any one position. You limit your loses to no more than 10% in any position.

4 – A full and complete understanding of the rules & regulations of the industry.