Has anyone here used Forex trading and been profitable?
Question:
Thanks!
Answer:
Heres an extract from forextradinghq. Many articles are written through personal experience and have been helpful to me when i first started learning forex. These articles are in the forex resources section.
There is a good reason why I'm blogging about trading the foreign exchange currency markets mostly instead of the Australian Share Market. There is nothing special happening in that market at the moment - its going about its normal business. Here it is:
The reason why I'm blogging about forex trading in MyShareTrading.com is because Forex trading uses similar if not the same techniques to trade. And since I've been scratchy with my share trading experience, due to my lack of participation for 6-7 months I just want to come to terms with putting money on the table, monitoring the trade and then exercising the exit plan at the right moment. The forex market is a great place to test out your trading skills as it's open 24 hours a day 7 days a week, although technically it is at its most active when each market opens up... Still you can open trades whenever you like. I like it's simplicity (well it's actually very complicated when you start off, easier the more trades you do), and the liquidity of the market.
So hopefully I can carry on the trading skills I gain from this time in the forex market and apply it to the booming ASX market, which today closed again at all time record highs.
My neighbor is the VP of the LARGEST online forex trading site in the world.
He tells me "95% of people lose all their money, usually within a few months".
Neither he, or anybody in their company, uses forex as an investment.they see all the losses.
I have been trading in the Forex market for 4 years. I must admit my most consistent results have been over the past year as I migrated away from day trading and taken a longer term more conservative approach with establishing hedge trades.
One of the things that I like most about a properly hedged position is that it reduces your risk and any drawdowns that might occur on one leg of your position is most often offset by a counter movement on your other leg. In effect any losses you may experience would tend to be much less than if you were in an un-hedged position.
I also incorporate a couple of other strategies in conjunction with my hedge trading. I use a market timing technique to assist in entering and exiting at intelligent points and I employ a stop loss process that makes certain that I am watching from the sidelines during market corrections.
The great part is that I now spend considerably less time monitoring my positions than I used to spend and I am enjoying a much greater return on my investment.
Paul
pupp52@yahoo.com
I am currently still losing money in Forex. However, ever since I have employed my new trading plan, my account has been smoothly going back up. I'm not a big fan of hedging in forex. 1) there is no stop-loss 2) you can lose your money twice as fast. I believe that trading in Forex requires a full WRITTEN trading plan. Your trading plan must not include only your strategy, but also your understanding of the market. Each person have their own trading plan. Even if i give you my trading plan, you won't be able to produce the same results. I'd love to help you out, but I do wish to be compensated. You can open a demo-account with my firm. I'll give you hints here and there. We're actually having a beginner Forex Workshop you can attend if you're in Chicago. Do email me if you're interested.
Nelson
nliang@luc.edu
Licensed Forex Adviser
I disagree with lucstudent. You have to be hedged in the forex. Freedomrocks is actually coming up with a way to hedge the hedge which will be out soon. This company and strategy is brilliant and yes profitable unlike many who day trade. The owner Mark Vincellete made 233% last year following his strategy. www.demofreedomrocks.com take care.
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