$600-$800 week ? - page 3
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I'm burnt out at my retail job and looking to do something with the Forex using an automated system if possible.
I have a small child that I would like to spend more time with then putting in 50-60 hours a week at my job. I have around $5000.00 that I would like to work with.
I've traded the Futures markets in the past and did fair, nothing great. Is their any trustworthy Forex systems out their? I see a lot on eBay, just not sure if I trust them. Why would they sell the automated systems so cheap, if they really work is my thought. I'm willing to let my profits grow to trade more lots.
I'm new to the Forex market. Thanks.forex is not same as futures where its regulated.
the very thing you must do is, avoid ANYONE who offers you help with a price tag. They are SCAMS! WAKE UP!
The next slow realization is the nature of EA themselves. 9/10 they do not work. find out why.
The most painful realization, imo, is that indicators are designed to fail. they lag, they cannot forecast future movements. look at how they are calculated. really spend time on looking at the code.
The role of speculators is to predict future prices, to provide liquidity to larger corporations and players hedging against fluctuations in currency, and if there was a single holy grail indicator, why, our market would be so efficient, the need for speculators will be gone.
Speculators in financial markets have been around for ....beginning of mankind, and will continue till our speciies are extinct.
There is no pure algorithm, mechnaical system that can constantly return profits. Markets change, they are composed of human greed, desire, lust, fear. how you come up with a magic formula to quantify such entity is obvious naive exuberance.
Above is what you should try convince yourself first.
your next big challenge is to find a proper fx broker: snoop around longer find out everyone's concensus and past experiences.
next is: the trading process. I assume with experience in futures, you would be more mechanical in your systems. Such methods works as well in forex. Find a method test it on paper, and then finally go live with w/e you feel comfortable, no scratch that, whatever you can AFFORD TO LOSE.
Again, I recommend you to still find a livable fixed income while learning this process, teh learning time and cost varies, but you cannot expect to churn out regular profits from this market overnight. some ppl here have some wild visions of churning out 1000% per year. will not happen again, im sorry if i shatter anyones dreams but your not that smart. there is not one person here that has managed such ROI , CONSISTENTLY, REASONABLE RISK CONTROL, for at least a couple of years.
You can listen to a lot of ppl. You dont have to listen to mine.
THe path you choose is completely up to you.
I am merely trying to save new traders time.
I hope this has been insightful, and best of luck.
It's doable. From my perspective, you need some luck, but there is really no limit to the upside. That's all I'll say.
but you cannot expect to churn out regular profits from this market overnight. some ppl here have some wild visions of churning out 1000% per year. will not happen again, im sorry if i shatter anyones dreams but your not that smart.
It's doable. From my perspective, you need some luck, but there is really no limit to the upside. That's all I'll say.
again claims without proof is as good as religion.
Fair enough. Nice point.
again claims without proof is as good as religion.
This thread is a thread after my heart. I want this guy to find what he is looking for...but again there are not any profitably, consistent EA's in existence for the Forex Market.
I will also say that there is not ONE EA that can bank 25% per year with a 15% max intraday DD from the banked balance for any meaningful period of time.
Would you want to put your Job ...your 5K.... and your child's well being on these facts?... with stubborness? You cannot beat the best in here and you will not be able to keep your yield...stay with the 60hrs a week grind is my advice...stick with it until you retire...
ES
PUT YOUR 5K IN A CD AND GET BACK TO WORK, YOU LAZY ASS! (ME TOO!)Although I kind of agree with what your saying, we could never know if there was any successful ea with that profit and drawdown, unless we met and asked every single person who trades or who has ever made and used an EA on the planet.Which is kind of impossible out of 6 billion odd people.
Besides EA's on MT4, there is also Ninja Trader and Tradestation, both have automation capabilities, this guy could learn how to trade properly and make his 600-800 a week many people do it.But he probably want to be careful in over the counter forex as it seems the brokers want your deposit more than the pip spread.
Are you going on what you are bringing in or what other people have 'told' you they are bringing in?
Do you have proof of this? I'm sure there are a few traders making this type of income on a regular basis.
It seems the only ones really cashing in on the Forex are the ones selling their 'profitable systems',convincing people that they have already made millions using their system.
agreed...then there are the ones that know how to code and found something about the price that works...but only for a little while...the problen then is to recognize when it stops working...but in any event we will never see it working and we will never see it stop...maybe we will see it stop...lol...after the creator stops using it and sells it...lol
ES
P.S. Learning how to code for me would be equivolent to learning a dialect of Chinese...Has anybody ever learned a Foreign language easily after the age of 25 years old?
P.S.S. folks do this thread author a service...tell him the TRUTH. It comes down to your passion for trading...YOU WILL NOT MAKE MONEY IN THE BEGINNING. It may take years and for some of us and even more years... like me ...maybe you will never find profitability and live in denial...(sound familiar?)
Are you going on what you are bringing in or what other people have 'told' you they are bringing in?
Do you have proof of this? I'm sure there are a few traders making this type of income on a regular basis.
It seems the only ones really cashing in on the Forex are the ones selling their 'profitable systems',convincing people that they have already made millions using their system.lol. threads like this make me laugh.
Let me tell you a secret - ALL EA's WORK!! - 100% of EA's will make you money!!
...the bad news - they will also make you poor very quickly. you have to consider Forex like a casino: unlimited cash available for the taking but the house has an advantage (spread+point shaving+smoothing+freezes+etc), most have you playing on a VERY tilted table BUT like any drunken gambler you can easily have a run of good luck and amass a ton of cash UNTIL you roll craps!!
ANY EA CAN MAKE MONEY!! - Its how much does it give back when the market goes against you? (as it *always* will) - rookies always underestimate how important money management is - dont stick your neck out too far and it wont get chopped off!
the majority of free EA's have a variety of techniques to make money and NONE to preserve capital - some even run without real or virtual stopless's. get real this is not a long term plan. - make 100%, giveback 40%, profit 60%. thats a plan not a dream.
The advantage we have over gambling is TIME!!! Money isnt lost instantly with the toss of a die. your capital DECREASES to a point of loss. In reality you can halt the loss at any point. a gambler doesnt have that option.
EA Class Closed.
PERFECT! I could not have put it more eloquently Sir
lol. threads like this make me laugh.
Let me tell you a secret - ALL EA's WORK!! - 100% of EA's will make you money!!
...the bad news - they will also make you poor very quickly. you have to consider Forex like a casino: unlimited cash available for the taking but the house has an advantage (spread+point shaving+smoothing+freezes+etc), most have you playing on a VERY tilted table BUT like any drunken gambler you can easily have a run of good luck and amass a ton of cash UNTIL you roll craps!!
ANY EA CAN MAKE MONEY!! - Its how much does it give back when the market goes against you? (as it *always* will) - rookies always underestimate how important money management is - dont stick your neck out too far and it wont get chopped off!
the majority of free EA's have a variety of techniques to make money and NONE to preserve capital - some even run without real or virtual stopless's. get real this is not a long term plan. - make 100%, giveback 40%, profit 60%. thats a plan not a dream.
The advantage we have over gambling is TIME!!! Money isnt lost instantly with the toss of a die. your capital DECREASES to a point of loss. In reality you can halt the loss at any point. a gambler doesnt have that option.
EA Class Closed.agreed...then there are the ones that know how to code and found something about the price that works...but only for a little while...the problen then is to recognize when it stops working...but in any event we will never see it working and we will never see it stop...maybe we will see it stop...lol...after the creator stops using it and sells it...lol
ES
P.S. Learning how to code for me would be equivolent to learning a dialect of Chinese...Has anybody ever learned a Foreign language easily after the age of 25 years old?
P.S.S. folks do this thread author a service...tell him the TRUTH. It comes down to your passion for trading...YOU WILL NOT MAKE MONEY IN THE BEGINNING. It may take years and for some of us and even more years... like me ...maybe you will never find profitability and live in denial...(sound familiar?)Sorry, I don't agree. There are guys trading manually, doing 10-40 futures contracts that would make the amount mentioned here in minutes, if not seconds! Of course, these guys are in a different league - I can barely bring myself to trade 2 contracts (normally it's just 1...
) But I will say that I have often made 300-500 with this 'small' a size, in a matter of minutes. That said, I have often lost it just as quickly...
It's the monotony of waiting for trades (followed by blind panic) that gets to me, so I aspire like everyone else to having the whole shebang automated. Below are the backtest stats for my current 'hopeful' - looks good, but these are afterall backtests. However, below that is my current forward test (1 month approx.) - still not too shabby, and would have been even better but for two losses today.
PS - Saying you can't code is a cop-out. You will be completely dependent on others until you lose that attitude (imo)....