Make Money in Forex - Is it Really Possible? - page 2

New comment
 

FOREX is the market where if you have experience then you can earn a huge profit this is always in terms of money even knowledge also increases..

 
whisperer:
There are no mentors. There are sellers and buyers If a trader is successful why should he mentor? Personal friendship does not exist on the net where "mentoring" is offered

In order to create passive income. Working together with a broker and getting a share of what the one you are mentoring makes is common i.e. in the affiliate marketing world. This doesn't have to do with friendship, just to make extra cash...

 
Jawitech:
In order to create passive income. Working together with a broker and getting a share of what the one you are mentoring makes is common i.e. in the affiliate marketing world. This doesn't have to do with friendship, just to make extra cash...

I agree. This is a very valid form of mentoring. Mentoring doesn't mean for free.

 

Exactly, mentoring is another way to make money. You give your knowledge and in return you get a share of profit. Legit way. I wouldn't have a problem getting a mentor who get's a share of "my" pie.

 
Jawitech:
Exactly, mentoring is another way to make money. You give your knowledge and in return you get a share of profit. Legit way. I wouldn't have a problem getting a mentor who get's a share of "my" pie.

Me neither. Give someone a percentage of my PROFIT, or use no one and have a loss, if I am just starting out. Seems like a no brainer to me.

 
jotekfinance:
Me neither. Give someone a percentage of my PROFIT, or use no one and have a loss, if I am just starting out. Seems like a no brainer to me.

How are you then going to learn?

I know that they tell that the smart are learning on others mistakes, but so far I haven't seen any trader that learned trading without trading (watching someone else trading)

 
davidfreel:
With all the interest these days in Forex trading I'm constantly being asked if it's really possible to make money in Forex. It's a very important question and the first one to be answered by anyone who's seriously interested in trading foreign currencies.

The quick answer is yes, but there are some very important caveats. While it's possible for some people to be make money in Forex trading, many will ultimately fail, often because they don't understand the factors that affect success of failure. Here are the five most important factors that work in your favor, and five that work against you:

You can make money in Forex because

  • The Forex market is huge. Trillions of dollars are exchanged every trading day. With so much money flying around, there are an enormous amount of possibilities for profit.
  • Lots of price movement. Money can be made only when prices move up or down. In the Forex market, vertical price changes are common and substantial. Some stocks sit flat for long periods, but currencies are changing all the time.
  • Lots of liquidity. With trillions of dollars and millions of traders trading it's usually very easy to get your orders filled. Very large orders may be trickier, but most retail traders get their orders within seconds when trading the major currency pairs.
  • Many retail brokers available. It's becoming easier every day to find a broker with terms that fit your needs and who is happy to place trades for small retail traders like us. Careful selection is required, but the market is wide open. Many traders actually trade several brokers simultaneously.
  • Forex is very trendy. Forgive the pun; what I mean is that Forex markets often move in strong trending patterns. These patterns give many options for determining the likely future movements of prices, and even simple trendlines can be very effective.

    • You can lose money in Forex because

  • Forex can be difficult to predict. Despite the strong trends, Forex can be volatile and unstable. While there are definitely patterns they change often and rapidly. What worked last month may be a real loser this month.
  • Forex is sensitive to news. Global currency exchange is naturally affected by global news, and with many traders obsessing over the latest news stories, the market's reactions to them are often dramatic and irrational. News turns logic on its ear in the Forex world.
  • Untrustworthy brokers. Sadly, though there are many brokers available, they cannot all be trusted. Regulation in the Forex market is spotty at best, and this makes for a great deal of fraud and unethical practices. Do your homework before choosing a broker.
  • Traders are humans with emotions. The Forex market is totally unemotional, but people are not. We must learn to conquer our fear, greed and impatience. These emotions are a strong barrier to success, because they make us trade irrationally.
  • Forex is a zero sum game. Simply put, this means that for every dollar gained by one trader, a dollar is lost by another one. As a trader you will lose money quite often. The key is to gain more overall than you lose.

These are the fundamental factors that are in play when trading foreign currencies. If you are determined to make money in Forex, you will need to understand these factors well. Use the positive ones to your best advantage, and try to minimize the effects of the negative ones. It's not easy and it's not quick, but it is definitely possible.

After reading this the answer is no.Traders too busy making money? but not from forex trading.

 

its just like doing a merchant business, buy on low price and sell it at the high price to earn the profit, you can't do it then you will be the loser. that all!

if you think that you cannot handle the market, don't know how to trade, then give to someone expert some profit and let them trade for you.

 

Of course it's possible. The question is whether one can make money consistently. Some can, some can't, it really depends on the individual.

 
on my own:
How are you then going to learn? I know that they tell that the smart are learning on others mistakes, but so far I haven't seen any trader that learned trading without trading (watching someone else trading)

Wow, you never learned something by watching someone else do it? ALL of the demo's and programs and books, etc. were built by someone else, so, in effect you are using a 'mentor' whether you know it or not. IMHO, if you pay for it and learn from it, it just gives you a jump start. Yes, you need to do it yourself, but no one just sat down and learned in a vacuum. This is another legitimate way that people can learn, as well.

123
New comment
Reason: