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Making an honest living with forex trading

Discussion in 'Beginners Bootcamp' started by El Nacho, Oct 15, 2007.

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Who is making money from Forex?

  1. El Nacho

    El Nacho Recruit

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    I'm sure this has been posted in many forums before, but because we are all new members here, maybe some new perspectives will help. We are told not to enter forex to get rich - at least right away :) But I suppose that is human nature all around, to find the fastest route to financial freedom. I have begin to understand, that FOREX is both and equally so, NOT a sure-fire way of getting wealthy, and CAN increase your wealth.

    Maybe I should add a poll. Who is making money from forex at this time?
     
  2. fundamental

    fundamental Recruit

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    I think it comes down to your approach to the market. If you come in to get rich as quickly as possible with as little effort as possible you'll probably lose as greed and unrealistic expectations takes over and blurs your vision causing mistakes. Saying that, I do believe it is possible to make a living from it. Hey, there are reasons why stock traders are so filthy rich :)
     
  3. Plato

    Plato Private

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    Here is the bottom line. Forex is just like ANY OTHER venture. You can make money if you want to, and you can lose money just as easily. People trade stocks, real estate, bonds etc etc etc. All of these areas have risks involved as well. Personally, I think all this hype about 'NOT' being able to make money with forex is due to the negative publicity it has received. True, there are WAY TOO many scam companies out there, that make it difficult to be in the green. But that will all change, regulation will set in. You have to remember, FOREX is relatively new as an investment tool.
     
  4. Bullish

    Bullish Recruit

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    Well said. I'd recommend everyone to read:

    Think & Grow Rich by Napolean Hill

    If you think you can't than you have already failed.
     
  5. No Time

    No Time Private, 1st Class

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    Plato--Well said. Just wanted to add that Forex is and should be approached as a Business. Where there is business there is risk, but managing your risk is key to success and longevity!!
     
  6. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    ... well, it's the way how you perceived things, I encounter lot of people who said that forex trading is not a win-win trade, some of them said that its good because you learn from it. If ever you lose in the trade, see it as a challenge or a learning experience, be positive.
     
  7. vans22

    vans22 Private, 1st Class

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    :D
    Indeed. Forex is like any other business you put up. If you manage it good, then the profit is good.If you mismanage it, then you'll loose a lot of your investment.Just a piece of advise for those planning to trade, study forex before you actaually trade forex.Just like what I am doing right now:D
     
  8. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    I enter forex trade because I know in the future I will gain from it. Especially when we speak financial, and at the same time, experience.:p
     
  9. Ricex

    Ricex Sergeant

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    You can tell as soon as any newbie starts off talking about making a fortune out of forex their fate is sealed. The great failure of the many who fall by the wayside is quite simply down to greed and fear.

    You can be as sharp on your analysis as you like, but what is going on in your head is another matter entirely. These emotions which make us human are swept under the carpet and denied by the vast majority of people who believe, (because their ego tells them so) that they are stronger than the others, that they will win and the riches will be theirs.

    Technical analysis is about as easy as it gets, you don't need years of training to understand support & resistance, trend lines, fibs and all the other junk you can chuck on your charts.

    Getting your mind into the right psychological attitude, learning to control greed and fear, creating a method within which these emotions can be eradicated or at least dealt with in a rational and positive way is the only way you will become a successful long-term trader.

    Those of you who neglect this side of trading or wish to continue the casino tour with your ego skipping merrily along beside you will ultimately lose.
     

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