Are there any traders who have been living off forex for a long time? [no flooding please!] - page 9
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There is.
It is necessary to treat Forex as to any other kind of business (even as to open a trading kiosk): to study - it is important to pass from studying Forex to earning money from it in time; having estimated the approximate income, to select the sum, which is not critical for family budget; to start work without falling into panic at the first failures; having caught the first profit (the fourth year has passed to break-even only, including demo year) - to use it wisely.
Now Mr. Money Management is important: the profit obtained is partly left to "brood", partly to withdraw and invest in a new account with a new system, partly to withdraw and invest in another asset or another type of business. And so on - withdrawing profits or investing during drawdowns, gradually evolve, without falling into euphoria or groundless panic.
The trading recommendations: necessarily a reasonable stop and no averaging. Lastly, IMHO. Good luck.
Of course they do. Not talking about myself. I'm not talking about myself. But several people I know practically do this only, and they live due to this. Their deposits vary from tens to hundreds of thousands, and even more than a million. Some of them have PAMM accounts and, of course, their own private ones. I do know for sure that some of them have been steadily earning since 2009. But the profits fluctuate, of course. Sometimes they are lucky and even, and sometimes they lose money, but not very much, usually not more than 30-40% and only if they have big risks. None of them uses martingale. Only some of them use averaging, and it's not so long ago, so it's difficult to speak about stability.
Some trade from time to time - waiting for the right market, and some trade almost every day. We are only talking about automated trading. None of them uses the information or even another's experts. Of course, no one uses signals, and they are not going to give them - it's just a waste of time and vanity. None of them trades in kitchens. Only on ECN-brokers they thoroughly check and test on small money first. On ECN-good brokers, pips or something else do not matter, everything is taken by banks and brokers do not interfere in trading, everything is automatic. On the contrary, positive slippages are given to traders and they do not have negative ones. That is, they are interested in turnover, but not in cheating. They do not take advantage of slippages and they are not interested in turnover, not in deceiving or swindling anyone.
I am talking about good, reliable and honest brokers. I write about brokers in detail, because you need good, reliable brokers in order to earn continuously and for a long time. But all these acquaintances were losing money for a couple of years at first, until they worked out their systems and gained good experience. For all of them EA configuration is a very important process and they all use the common MetaTrader tester only for the rough estimation and debugging of EAs for real trading, all other runs are performed using their own testers or scripts. The reason is simple - the Metatrader's tester does not work with ask quotes and is designed for constant spreads, which are not available anywhere else. All of them trade on Metatrader 4. And since there is no quote import, it is practically useless even for research. If there was an import, I think the popularity of MT5 would have increased enormously. Metacvotes has come a long way in programming and technical development, and as for the practical trading, it is a few years old. One might wish the developers paid more attention to the wishes of practical traders.
MoneyJinn:
Any business can consist of risk-free operations that make a profit and ensure its sustainability.
Read it carefully. Where does it say that the business is risk-free? I did not write that.
It says that any business in operation consists of risk-free transactions.
I did, I did. That's hilarious. It remains a mystery what exactly you have been doing for 20 years )
MoneyJinn 2014.01.05 15:14 # EN
I've been doing this for 20 years and I'm not confused about anything.
It's not about there being no risky operations at all in normal business.
It's about the fact that the backbone (!) of any running business is precisely the risk-free, profitable transactions.
I did, I did. That's hilarious. It remains a mystery what exactly you've been doing for 20 years.)
it's a mystery behind the seven seals... but hardly a real business...
but seriously, there's money to be made in everything... even in a casino at 21.
the main thing is to know how to do it + psychology.
Only those who know how - will not share their skills.
Let's consider that what I wrote is a gift I shared with you for free!)
No one else here will write you the truth. Mainly because they don't know it.
The gaming industry needs people with mush in their heads.
I was in business for 5 out of 20 years, 11 out of 20 years I worked in a bank.
Good luck!
It didn't get any clearer than expected.)
You don't have to share with me, especially not for free.
Good luck to you too.
What kind of business is this, a risk-free one?
Any business in operation consists of risky and risk-free transactions (operations) that generate profits.
It is the profitable risk-free transactions that ensure the sustainability of the business and underpin it. But the business itself does not, of course, become risk-free.
You can afford to take acceptable risks in business, but only for the sake of being able to get a risk-free deal in the end.
As soon as you lose the ability to make risk-free deals, your business dies.
There can be no risk-free trade in trading assets based on forecasts of their price movements,
and therefore it cannot be the basis of a business. It is just a game that always leads to losses.