There are no traders making a living from FX.

Johnny2pips

Sergeant
Messages
178
Yes Sarge,
Exactly correct. I have a long term trade in GBP/CHF going long and all. This trade is flat for long time now.
I intend closing my account when it gets into profit. Only then will I post my withdrawal experience and expose the broker's name.
Must add that the reason why I want to get out of forex is that FX is a gamble game. After months of trading that takes most of your free time, your broker tells you that you manipulated the market with your 0.1 lot trades so badly that they cannot accept these trades so they are negated.
For crying in a bucket man. They only negate your profitable trades and not your losses???
Geeze man, I from now on I will only trade SSF's on my local exchange. More secure and all. Your trades are only as good as your Broker with FX.
I fail to see why people trade FX when they can be more secure in trading on their local stock market.
 

Iono

Recruit
Messages
14
Yes Sarge,
Your trades are only as good as your Broker with FX.
I fail to see why people trade FX when they can be more secure in trading on their local stock market.
No, your trades are only as good as you are...i.e. money management, controlling emotions, not over leveraging your account, staying with your system or style of trading.

It has taken me 5 years and a lot of hard earned money (and I mean a lot)to start seeing gains, I started trading the major indexes and ended up trading forex...... I'm staying with Forex, my broker is FXCM I"ve never had issues withdrawing funds, and if there is a mistake or problem with the platform they fix the issue, that includes refunds....I don't shoot for the stars I shoot for small amounts monthly as this is all I need...

My advice, stop trading all together, put your money in an interest bearing savings account, they will let you make withdrawals :err:
 

RahmanSL

Major
Messages
2,536
Hmmm, so you went in long on GBP/CHF… Yes, on the layman’s analysis (which is mine), that pair should be going up to the 1.1513 - 1.5170 level s or even to Feb’11 1.5500 level.
I think the GBP has been snagged by recent world events and economic worries which hampered the trend upwards.
You might be correct in waiting just a bitty bit longer for GBP/CHF to tend upwards.

However, I am concern that your broker might find excuses to disallow you to withdraw your profits or even all your deposit money.

I surmised you are getting disillusioned and discouraged by Forex trading.
Yes, trading in local stock exchange is more secured in the sense that you know your local broker and your money invested in stocks are relatively safe. Your biggest problem seems to be a reasonably trustworthy and reliable Broker who will give you your profits and deposit money.

However, from the 1.4 years (still an infant in forex terms) that I have been in forex, I see the huge potential in trading the Forex.
Honestly, is it that difficult to make 1-3% daily profits from your deposit money? The answer is a flat NO!
The problem is over coming our greed and be satisfied and happy with that 1-3% daily profits which, if you compound it over a period of time, is substantially more than you will get trading in the local stock market and absolutely blow bank interest away.
A quick calculation on a usd10k account being traded over 100 trading days at 1% daily profit target will yield usd16,889.02 or 168.89% increase.
At 3% on the same usd10k and 100 days trading can get you usd176,826.79 or 1,768.27% increase.
BUT NO, we are never satisfied with 1-3% daily profits and want to turn our usd10k account into hundreds and, better still, millions over night or in the shortest time possible.
We do not stopped trading even with 10-30% profits as we think (and even believe) the market is with us and chase for ever more pips through the night.
Than, suddenly, we realized we are at the wrong side of the market and with too many opened losing trades. Throwing all caution to the wind, we become desperate gamblers and opened up even more trades thinking surely the market is going to reverse.
BUT the market kept moved further away and our margin get smaller and smaller until the account is near Stop Out level.
Panicking and in deep trouble now, we start closing out or reducing losing trade sizes to keep the account from total wipe out and watch hopelessly as our hard earned profits get wiped out and than our investment money being reduced ever more.
Slapping ourselves and prayers don’t help much at this point. Only thing we can go is damage control as we fight just to stay alive and to trade another day.

Well Johnny2pips, forex trading is definitely not for everyone as I had a hard time convincing some of my friends as they are perfectly happy with the relatively secured 6-7% bank interest and their occasional little indulgement in the local stock market whenever they get a “hot tip”.

As I posted elsewhere, I believe the forex market will get humongous when the other 98% of fast growing economic giant China Chinese discovered forex trading and take to it like ducks to water.
If that Chinese Teacher, who turned his usd300 to over usd200k in a month, is any indication of things to come, then even our imagination cannot fathom the true extend to which the forex market will expand.

You have to love forex in order to become successful in it. If you don’t, then do something else with your money in which you are comfortable and happy with.

All the best!
 

Johnny2pips

Sergeant
Messages
178
Thanks Sarge,
Actually I love forex more than SSF's. I do both. My big money is in SSF's and only $10k in fx.
Reason is that I am not too sure about Fx brokers vs stock exchange.
Fx brokers seem to be "in house" dealers and all. Most make big money as only 5% of the punters gain and the 95% losers are their gain.
This connection to "Major Banks" does not fool me.
Thanks for your prediction on GBP/CHF
If it goes above your prediction, then I will be about 40% up.
 

bigcash

Recruit
Messages
2
Binary Options help!

I am wondering what you think Chaz's motivation would be here to lie about being able to make withdrawls? There are definately people that do it, I have done it, withdrawn profits from both FXOpen and FXDD, not much but some, I trade primarily binary options now and so far have made withdrawls of profits from two of these brokers. Having said that I know there are scams out there also for sure, gotta WYA but I think Chaz has done what he says and does not need to provide any physical "proof". Unless you believe he is a plant for all those brokers he mentioned the lack of motivation to lie is evidence enough for me.
Vincam, please post.. what are your two binary option
brokers you have used that have paid you? Have you
tried anyoption.com?

Anyone else have a good binary option broker recommendation>?

thanks!

Brian
 

RahmanSL

Major
Messages
2,536
Well, Johnny2pips, GBP/CHF briefly touched 1.5125 level today (8-Mar-2011).

Hope that helped you somewhat in your losing positions.

If you want to continue to trade forex, I would suggest that you use an ECN account as the other accounts are market makers (i.e they loss money if we make money and make money if we losses).

But it's very possible to make money from forex as even if you make a few trades a year on carefully placed trades, you will more than likely get much more than bank's interest on your investment.

Most forex traders loss money because they trade impatiently, entering too many trades at one time, bad money management, and not bothering to learn the fundamentals of the forex market.

All the best!
 

Johnny2pips

Sergeant
Messages
178
ECN's trade directly with the interbank , spreads are low but usually charge commission.

If your looking for a good broker , i would give mbtrading a try , they have bad slippage but everything else is ok
That's OK as long as the slippage is positive and negative. Should balance out not so? If not then they are inhouse brokers and not interbank.
 

RahmanSL

Major
Messages
2,536
Johnny2pips (why not 200pips??), I suggest you go over to 100Forex Brokers.com and read some rather concise explanations on trading forex.
I have found the articles there extremely useful to me (when I started out on on my forex journey) and I am very sure you will too.

Hang in there and don't give up on forex trading just yet!
 
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