I tried it a few years back with Forex Mentor/Peter Bain and never made money even though I put in probably several hundred hours studying.
Each day Peter Bain would come on and say (after the fact), "See here if you would have followed my system, you would have made 25 pips, 50 pips, or whatever." If things didn’t go well, he would say that you just have to be patient or it was a "fakeout."
Everytime I have researched this I always come across some poor soul who started trading forex 5 years ago who has just started to break even, the numerous websites that promise making $$$ in just a few short weeks, or "forex rating" websites that are actually promotions for other companies.
So, does anyone make make money consistently in forex?
Thanks for your replies.
About 20 minutes ago, I had 2 answers to my question. Now those answers have been deleted. But, they were both links to "make money online" type websites. Hmmm…who deleted them?
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Joe 16th November 2009
I have never seen good proof that anyone has ever made consistent profits in Forex, except the brokers. There are always people on the Internet that claim they make lots of money, but there is no proof. Most of there people appear to be trolls or people trying to sell you something.
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.
Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap . com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
- - - - - - - - - ¤ - 【ツ】- ¤ - 16th November 2009
The brokers, lol.
But seriously, it depends on your time frame of "consistent". Many traders make small losses, but over time, their gains outweight their losses. Infact, lots of traders have more losing trades than winners, but its just that they make sure that their losers are small, and that their winners go all the way instead of being sold early.
Many traders make money consistently annually, but lots of traders will have losing days or weeks, but these losses are always kept to a minimum by exiting early.
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Trading is an art, not a science. If there was a formula/system that could just be followed like what he’s saying, it would not remain profitable for long.
Here’s why, im too lazy to cut and paste since it’s talking about programs. Just switch "program" with "system":
http://answers.yahoo.com/question/index;_ylt=AieBnFBT0UrL_.kcRf014jrty6IX;_ylv=3?qid=20090801214558AAuoud4&show=7#profile-info-AA10102487
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Additional Details
"Good sarcasm is when no one knows if its sarcasm or not"
- Me
Do you really have to be so snide as to have that whole paragraph on why no one wants to answer your rhetorical question? (Incase you didn’t notice, both of your questions are rhetorical)
Jose 16th November 2009
bussines at home
http://www.myadsclub.com/?ref=flavioen
timmishere 16th November 2009
consistently no, but you can do really well if you stay informed, study it and learn all about it.
bluenightsky87 16th November 2009
trading is risky, please avoid who is telling you that there are ways to earn a lot and in an easy way. You have to practice and probably you will have after a few time good results.
If you are a beginner, i suggest you to use Marketiva, which is a very good platform to start trading with and very easy to use.
Marketiva gives you 5$ real to start trading so you don’t have to deposit and if you made profit from it you can cash out, this is why it’s very good for beginners. Their platform is very easy to use and they have support during trading hours.
To open your account please visit http://www.marketiva.com/index.ncre?gid=3371
Klaudia 16th November 2009
Hello,
I am making some money on Forex and currently I am using robots. The money is not huge but small steady income is OK. I am talking here about a long time. Not like one day, or even a week. There are weeks where are lose money and other weeks where I make money. So you need to be patient and think long term. Not get too excited when it goes up and too sad and desperate when it goes down. Just be patient, read (learn) a lot and over time you should make money.
Thanh Specter 21st March 2010
When i was starting i taught that it will be easy to earn cash on-line but soon enough i realized that i will not be doing much without onerous work
Mediashare-Script