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There are no traders making a living from FX.

Discussion in 'General Forex Talk' started by Johnny2pips, Nov 3, 2010.

  1. Johnny2pips

    Johnny2pips Sergeant

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    After months of research, I have not found any trader making a living from FX.
    The good traders will sell their system or their signals. Or they will train.
    They know that the Brokers will not allow withdrawals exceeding the initial deposit. That is why there are so many "Managed Accounts" and paid "Signals".
    This is the only way they can make money as the Brokers will pay the "Manager" the fee every month as long as they keep getting new subscribers.
    This seems all a game.
     
  2. Pharaoh

    Pharaoh Colonel

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    I know several traders who do make a living trading forex.

    Most of them have gone through a pile of bad brokers before setting on a few that don't play too many stupid broker tricks.

    That being said, there are many more people who make a living selling forex products, signals, account management, etc., than there are who make a living trading forex.
     
  3. ernest8fingers

    ernest8fingers Master Sergeant

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    I did (past tense)

    I did make a living off my forex returns. I did this for about a year and half (beginning of 2008 to middle of 2009) . I did get hammered in late 2008 and this experience,coupled with my general distrust of all brokers in forex, led me to once again enter the work force. Not ever - would I trust major money(more than 10k) in ANY retail forex brokers control. Institutional brokers that deal with Corporations are much a much safer choice for large accounts. I still trade forex but only for cigarette money. I wouldnt EVER trust a retail broker fully.
     
  4. RahmanSL

    RahmanSL Major

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    "They know that the Brokers will not allow withdrawals exceeding the initial deposit."
    Really??? You mean Brokers don't allow us to withdraw more than our initial deposit from our forex account(s)?? If this is true, then our account money is no better than "monopoly or virtual money"..

    "Most of them have gone through a pile of bad brokers before setting on a few that don't play too many stupid broker tricks."
    It would be extremely helpful if your friends would care to name those few Brokers.

    "I did get hammered in late 2008 and this experience,coupled with my general distrust of all brokers in forex, led me to once again enter the work force."
    And here I am all along thinking that earnest8fingers, Pharaoh, and a few senior FPA members are dealing and rolling in millions trading forex.

    So, can I surmise that forex is just another internet game not to be taken too seriously??????
    If that's correct, this gives a whole new perspective on how I should view forex....hmmmm, think I should reclassify Forex as a "hobby" rather than an "investment".
     
  5. Pharaoh

    Pharaoh Colonel

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    I'm not personally rolling in profits, but do know some who are making their primary income from the forex markets.

    I am, on the other hand, incredibly good at losing money in forex as slowly as possible and making modest profits every now and then that outweigh the losses. Unlike E8F and a few others I know, I'm not ready to quit my day job - yet.

    I can tell you that taking $5k (or $10k or even $50K) and opening a forex account with the intention of quitting your job and making a full time living on forex trading is insane if you haven't been able to trade profitably at smaller levels for an extended time. You have to have a reasonably reliable broker that does let you withdraw profits (even big profits) as well as a good system that's withstood the test of time.

    One piece of advice - if you get good enough at this, start withdrawing some profits now. There are 2 tests a broker must pass. First, will they let you withdraw at all? Second, will they let you keep withdrawing after you've pulled out your initial deposit? There's no point in spending time running an account up to some huge amount if the broker decided they won't let you ever take your money out.
     
  6. FXDM

    FXDM Banned

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    I am very proud of my life in trading forex.

    Happy trading.
     
  7. Johnny2pips

    Johnny2pips Sergeant

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    Can you give me names of Institutional brokers that deal with Corporations?
    I have $1M to invest. My SSF's are not doing well as we all know by now.
    Was over 100% 3 years ago. Now down to -15%.
    Does $1M put me in a non retail broker category?
    All the retail brokers do "in house trading" and your loss is their gain.
    Although your money is kept in a "Segregated" account and is very secure. It is so secure that not even you can get access to it.
    If you start withdrawing "Used money" they will start manipulating your account like freezing the platform when the trade is going negative.
    Negative slippage starts being more than your positive slippage.
    I can go on and on.
    I have personal experience where the "Close Trade" disappears on MT4 and I could only watch as the red candles go down big time and I am helpless to stop it.
    Happy Monopoly.
     
    #7 Johnny2pips, Nov 4, 2010
    Last edited: Nov 4, 2010
  8. FXDM

    FXDM Banned

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    What do you mean? Hope I can give you some advise to solve that issue.
     
  9. Johnny2pips

    Johnny2pips Sergeant

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    Please do. I have an live account with xxx.fx (can't reveal them as I still have my money there)
    I had just funded my account and did my first trade after months of demo.
    Went long on EUR/USD and my platform froze for a few minutes. Had no stoploss as I was scalping. When it came back on, the 1M candles were terribly red and dropped below the box where I could not see anymore.
    My wife said my eyes looked like someone had slapped 2 sunny side up fried eggs on my face.
    I right clicked on the trade where "close trade" normally shows but nix, nada.
    Cannot close the trade. The "close trade" is gone.
    I thought, geeze, there goes all my money. First trade and all.
    I then with a panic attack pending, threw my hord of papers around trying to find the contact person's email address. Like it looked like it was snowing big flakes here.
    Eventually found it and contacted her about this problem. Next thing I see, the trade is closed with minus $7.00
    I did not close the trade. Also it was big time down
    Need more details?
     
  10. FXDM

    FXDM Banned

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    It seem... smell :)

    You should check for a few more brokers at that time (the 1M candles were terribly red...) to make sure what's happen.

    And... withdraw all money if you still doubt.

    Why don't you move to another broker?

    Good luck.

    PS: You seem like some one I know :) are you Mr. V...?
     

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