Does Forex Trade really work?

6th Aug '20 by Forex Anbarasu

11 comments 822 reads

Hi Traders

I am asking because I constantly hear about these people making money

with Forex Club. There was this commercial on youtube recently where

they claim that people who've started investing with Forex, had stopped

working and now having this luxury lifestyle. Now, I have always been

highly skeptical of these things. I wonder if it's true, and if it is to

what extent? Too me it just sounds like too good to be true. I don't

know perhaps you can make money

If you Any Suggestion please ping me

Thank you

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About the Author

Forex Anbarasu

Premium Member

11 comments

Old ManFit

6th Aug '20

I have been FX trading for the last 9 months on a paper demo account with £15K on IG.

I have blown it up twice so far :) , but in the last 3 months I have started making money around £250 per week plus of minus £50 - though still early days - so might be just dumb luck.

I have also been doing swing trades on shares on a demo paper share trading account (IG) for US market via ZipTrader (You Tuber), learning reaction plays.

What have I learnt:-

I have a much better understanding of the currency markets and how they interact with the economic data.
It has improved my entry points for buying shares in the real accounts.
I can now spot the classic techincal indicators for a direction change or confirmation in the real wrold.
Risk managment of money is absolute key, never risk more than 1% on a single trade and limit to 3-5% of cap at any one time.
Let your winning runners run
Futures - make sure you are trading a future (not a day contract) so you don't suffer costs if you are holding over night. (just have a gander at the peeps buying oil contracts in Mrch/April)
IG do a number of courses, they are good for an introduction to the FX markets etc..
Trying to go for the 1:2 ratios doesn't pay off as well as the 1:1.5 ratio bets.
Use a stop loss, consider guranteed stop loss too at times.
MT4 is OK, but the expert bots aren't that good and depend on being inline with the market phase they are built for. (same for TradingView and pinescript)
Don't buy signals - they are a waste of time - use trading view for ideas, but assess them independently yourself. Some of the free signals are on Telgram too (but try not to get distracted by them).
I used a coin to toss up which way I went using a 1:1.5 reward ratio, I did well that week. So often the market is random.
Follow the overall trend of the pair you are following, and start at the Day chart, then 4 hours and use 30-1 hour for entry. Check 5 min chart for last min just before entry, saved me a loss a few times.
Don't trade when markets sideways - this gets frustrating as last month it was sideways for some time.
When the UK market trades (0800 ish) and New York comes on line (1400 ish) thats when the movements seem to take place and pattern for the day.
I have found tracking past trades on the 1 hour chart and poping in comments for my diary useful. Do this daily and try to make a prediction (don't have to act on it unless it is a health looking one).
Track your trades roughly on a spread sheet and the quality of the idea of direction you have (up, down sideways) and result. It helps you know the exchange rates and genral direction trends.
Most of the courses you see are just rip offs of ICT on youtube. ( have a look at trading Rush on YouTube he tests alot of the popular strategies).

Can't think of much else of the top of my head.

Most people I have spoken to say - do not go live until you have proven yourself profitable consistenly for 6 months minimum.

Overall, I have spent alot of time on it at times, probably too much - but I have really enjoyed the experience overall (apart from the blow ups when I put a trade in at £100 per pip not £10 on Gold).

My win rate is 57% - which i aparrently OK.

Most people on the forums are happy making 3-5% a month return, that is what they calls a good trader. Very few people I have spoken too make wild amounts of money.

If you want to make real money in FX though, start an instagram, plagerise ICT's course and take a few pics in front of a big house, flash car and posh hotel and sell a course for £4999 (then discount it last minute with a time bound offer of £1999. There is even a Russian "white label" company that have a turn key solution for this instant FX expert solution.

AnonymousUser678596

6th Aug '20

I couldn't agree more with you Old Man Fit, and if I may add, having spent quite some time studying forex and varying youtube videos and scams, the only really genuine people I have come across are here https://www.forexsignals.com/?... the site does give signals, but is far more about real education and I for one have learned loads you also have Mentors that trade and stream live around 3 times a day, Andrew, Mark and Max and they are fantastic and really helpful and the knowledge you get is priceless, well worth a visit and at least take a look at the 7 day free trial, be interested to know if you do

Old ManFit

7th Aug '20

Hi Strader,

Will have a look, but I'm honestly not convinced by the learning sites as if they were that good, the last thing they would be doing in teaching.

Funny how the OP's post timing met mine this morning (though with his user name I though he would start selling a course on here. )

My father inlaw retired RAF guy (75), was about to buy a £3K course this morning, but called me first because "You might know a bit".

With pension returns not the best, he had be put on to an investment advisor (by a mate in Benidorm - I shit you not). The investment advisor charged them £70 for a 45min online presentation, last Friday.

Being told he could double his money doing FX trading - the guy is 75 with no real IT kit (laptop, etc..) he only recently got a smart phone.

The FX guy was hapy to take his money and trade using a robot, as thats what the big firms do. Ooops, lost half your money setup probably following.

Anyway I managed to talk him out of it.

AnonymousUser678596

7th Aug '20

Hi Old ManFit

I can understand why you are not convinced, I am the most cynical person I know :-)

They do it because they actually enjoy it, there is a great community, like Stockopedia and everyone helps each other, there is also a room called the trading lab, where there are lots of training videos from really basic about lot sizes and risk management, right through to trading psychology.

I actually pay an annual subscription, and me being me that's amazing as I don't like to part with money.

If you do pay it a visit, would love to know what you think

Today and every month they have a Non Farm Payroll event and they give away $1500 dollars in three lots of $500, and they do this every time, including earlier today, can't see scammers doing that!

Genuine nice people, taught me a lot, took a while to get up to speed but now it's awesome

Well done for saving your Father in Law, I hate the scammers, they should be locked up

The guys where I go https://www.forexsignals.com/?... really are genuine, there was a new EA for MT4 on an upgraded course, and I spoke to one of the mentors who told me I didn't need it (saved me some cash) I better stop now or you may think I am promoting them, but if you want forex and a great honest community with all levels of skill, where everyone helps each other out, it's just the best place to be.

You also get a free one to one with a mentor to set you on the right path, and can send them personal messages and you get quick replies with help

Jeffvshepherd

8th Aug '20

Yes it is possible to make money trading Forex, lots of people do but even more lose. If you want to give it a try then open a demo account first so you are not risking any real money while you learn.

Jeffvshepherd

8th Aug '20

I have used price action and ATR fairly successfully on my demo account.

William K

9th Aug '20

Robbie Burns, in his book on Spread Betting, advises people never to trade Forex because they alway lose. This is excellent advice. If you think about it, currency movements are pretty random so at best you have only a 50% chance of being right and when you take the spread into account, you are guaranteed to lose. The best way to make money out of Forex is to sell Forex software or offer an expensive course teaching the subject.

Forex Anbarasu

9th Aug '20

thanks for your replay

Forex Anbarasu

9th Aug '20

Thank for your replay

Rusty2

9th Aug '20

Yes Robbie Burns is quite anti Forex, says he could make a fortune from rip-off forex advertising on his site but he does not accept them.

I know someone who used to do forex trading, got into serious financial problems, nearly lost everything. I think it’s like gambling.

pfcjak

11th Aug '20

It is 100% possible to make money trading forex, however it is hard and takes time to learn what is required (mostly the psychology of trading rather than technical analysis).

I have been spread betting Forex and Indices for the last 6 years and it has taken me that long to learn enough to become consistently profitable.

I would be very wary of online educators in general, having been scammed out of £2k myself when I 1st started out.

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Does Forex Trade really work?

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Forex Anbarasu

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