Forex Day Trading System

Eric F asks: Day Trading Forex possible to make a living?
Hey,
Are there people in the world who day trade forex for a living? I've read so many articles bashing day trading as gambling and impossible to make money, but I also read some forex trader interview who just trade a few hours a day and make a good living. Is it true?
Anyone has experience?

Here are some answers:


Guy Incognito:
I trade FX as well as stocks and I used to be a professional trader.

Succesful trading really has to do with emotional control and dscipline because its based on odds. The odds are usually not higher than 55:45 in your favor so expect to lose fairly often. It is extremely nerve wracking and it takes lots of money you can AFFORD to lose to do succesfully as a professional. Most likely at least 25K. It also takes years to learn and often with huge losses. You make the big money in usually only 20% of the time, the rest try not to get torn up in the markets. Its a good job for adrenaline junkies but its not for everyone.

Yes people say 90% of people fail to make it, however so do 90% of doctors and lawyers. Its about how much you want it and how hard you wanna work at it. But it most definitely IS possible.


Jane B says:
You can also make money on a "breakout". That's a stock that's hitting a new trading high or low that day.

You can also make money by "scalping", or getting a thin piece of a rapidly-rising stock's upward momentum. Buy 1,000 shares of a $35 stock, hold it for 10 seconds, and sell it for $35 1/8.

Of course, that's if you're any good. Many people just don't get it.



John C answered:
I've got to answer this one Forex is all my all time favorite financial instrument in which I achieved profits with.I've been trading for about 3 months now so I'm new myself but I asked myself the same question you asked.Yes I honestly believe one can day trade forex for a living the odds are better than with stocks if you ask me.Anyways I recommend you first get educated on what forex is how's its traded how to develop you're personal strategy technical indicators n etc.A good place to start is http://www.babypips.com excellent website that does just that.Explains the basics with simplicity n doesn't confuse one that is new to forex.I then would practice trade for a while a least a month or 2 to get the hang of things.This way you aren't risking your own money.As far as an actual forex ea or robot goes I would look at some reviews n such first.There are 2 or 3 out there that I like but I would say find one you like then try it out on your practice account for a couple of weeks first.Just remember significant risk is involved as in any other investment.Hope this helps you out n the best of luck to ya.

Waldguy said:
I've read fairly extensively on this. Most people who try forex trading lose money, in the range of 80-90%. The rest who make money consistently apply rigorous rules to their trading and have the discipline to manage their emotions. A few claim to make money using computerized models as well with varying success.Is it possible? Sure. Is it probable? No.



Suzane P also added a comment:
Hi there,

Yes it is possible to make living from day trading but you just need to be consistent and well planned. Do not greed when you are making profit, also control your emotions is the hardest part in day trading,

Therefore i would recommend you to trading forex for fun initially and when you start understanding markets deeply go into smart trading and earn consistently.

Thats the way even i am trading with finexo.com and earning my living from it.

Regards



The D said:
sure, you can make money AND... you can also LOSE EVERYTHING in matter of minutes too.

Forex is SUPER high risk., It's like the morphine of pain killers to level of investing.



little helper mentioned this:
yes U can make a living trading forex! The Best System I used So Far is fxpot


and finally muncie birder said:
More possible to go broke.




See you soon

Getting started with Forex

Hi my forex trader friend

One by one i'll be posting here some tips i've found and used with this incredible system named Forex

But let's begin from the start.

What is Forex?

The name Forex is used for the "Foreign Exchange Market", it means, the place where you can buy and sell different currencies around the world.

This systems has evolved since earlier 70's, but nowadays it's a huge market where millions of dollars are earned every single day.


How does it function?

Basically there are two parts, who buys and who sells, and the operation is made at the currency value in the moment of the transaction.


Why is so attractive this system?

There are a lot of reasons:

• The huge trading volume
• Liquidity of the market
• Large number of traders in the market
• Geographical dispersion, you can trade in forex almost anywhere in the world
• The trading schedules, 24 hours per day, except on weekends
• A lot of factors affect the market, so you have a lot of opportunities to make money
• High profit margins compared to other markets
• Low investment
• Leverage

Who can participate?

Everybody.

The basic traders are:

1. Banks - They trade with huge budgets, this mantain the market running
2. Commercial companies - a lot of companies who trade with a considerably lesser budget than banks.
3. Central Banks - Some banks who try to control the money supply, interest rates and inflation.
4. Hedge funds and speculators - Minor companies who trade in a speculative mode because they don't have a solid financial plan to trade with.
5. Investment management firms - This companies manage large accounts.
6. Retail Forex brokers - we can divide this category in two: Retail traders where we can place all the people who participate in forex indirectly through brokers or banks. And Market Makers.

Well, for now, I'll stop here, later i'll continue with the introduction to Forex Trading System.

See you soon