Any FOREX success stories?

[Jake B]

Hi Guys,

I noticed there is a success story thread in the stock section, so anyone have some good forex success stories? Anyone turn $500 in to $10000? Also, if you want, discuss your methods

Thanks,
Jake

[mister_doodi]

I wouldent really call turning $500 to $10,000 a success, maybe a one hit wonder. You have can everything going for you then it all disappears. The real success is having consistant gains over long periods of time.

Personally I have gone to a more conservative trading style lately but it's consistant. I'm on pace for $30k a year on my personal forex account.

[Jonathan]

Originally Posted by mister_doodi

I wouldent really call turning $500 to $10,000 a success, maybe a one hit wonder. You have can everything going for you then it all disappears. The real success is having consistant gains over long periods of time.

Personally I have gone to a more conservative trading style lately but it's consistant. I'm on pace for $30k a year on my personal forex account.

You went from $500 to $10,000?! Wow! That's awesome! May I ask how much leverage you were using? I would like to do something like that as well as a very small speculative backup plan to accomodate my stock daytrading. The nice thing about Forex is most of my capital can be in stocks, while I can use just a small amount of it with a Forex broker but make almost the same amount of gains.

[mister_doodi]

No it wasen't me who turned 500 into 10,000 I was using it for sake of argument. I personally have a modest trading account for forex and average around 80% a year. I don't think I will ever or try to make more than 100% a year because that over leveraging and foolish.

[techno791]

Originally Posted by mister_doodi

No it wasen't me who turned 500 into 10,000 I was using it for sake of argument. I personally have a modest trading account for forex and average around 80% a year. I don't think I will ever or try to make more than 100% a year because that over leveraging and foolish.

Looks like I need to add more money. $100/year doesn't sound as adventurous anymore.

[wolf825]

Originally Posted by Jake B

Hi Guys,

I noticed there is a success story thread in the stock section, so anyone have some good forex success stories? Anyone turn $500 in to $10000? Also, if you want, discuss your methods

Thanks,
Jake

FWIW, my measure of success has to do with my trading plans and their results and how they developed and have grown..and how my plays have improved since beginning. When I started in my first year I was blowing thru my account $$ stupidly and regularly--and having to replenish my account every other month just to keep trading...it was a miserable time. Now--well I have not had to replenish my accounts for coming close to two years now...and I've made some great plays and calls and it keeps getting better and so does the $$ profits. That tells me that I'm "getting it"...and getting this stuff and developing consistancy in successful trades, risk management and recognizing the best trade possibilities and learning how to take advantage of those opportunities, is a huge success in itself as that is the biggest obstacle....least to me...

I wouldn't measure a newbies success in swimming at how fast you can swim or how far--but if you can go from jumping in not knowing how to swim to finally knowing how not to drown or struggle just to stay afloat....Forex is the same way..IMO. Once you learn how to stay afloat and its not a struggle--well the rest of going somewhere is much easier....

-w

[PennyAnalyzer 2007]

i tried to understand forex but i dont get it, lol. like what the hell is a pip. Anyways i will remain trading stocks which i know well. Gluck all

[wolf825]

Originally Posted by PennyAnalyzer 2007

i tried to understand forex but i dont get it, lol. like what the hell is a pip. Anyways i will remain trading stocks which i know well. Gluck all

Thanks, and GL to you in stocks.

If you ever change your mind and wish to learn Forex--drop back by and we'll gladly get you started.... or check out www.babypips.com and go thru the free online "school" to learn the ropes and come back with any questions. Forex trading is not for everyone tho..its very high risk and dangerous..but its so much fun and addicting..its the undiscovered country for trading.

Oh...and a PIP btw--is a measured increment by which a currency price changes..like if a quoted price goes from $1.3575 to $1.3576--that tiny incremental move is 1 pip. If it goes from $1.3575 to 1.3675--that move is 100 pips. Monetarily it can be anywhere from 1 cent to 1/10th of a cent for the currency price depending on the pair... But the Bottom line is if the price changes by even a fraction of a cent--the increment it changes by is a Pip..and each pip is worth $$ to us.. Depending on the leverage you trade with--that 1 pip could be worth .10, $1...$10 or even $100 in profit....thats potential profit PER PIP....and when you think that a price in a currency pair can and does fluctuate 50-300 pips or more per day, and its value is always in motion--well you can do the math and see the $$$$ potential here.


-w

[mister_doodi]

I miss those days when I was trying to figure out what Pips, Lots, and Leverage was. Good times.

[HititUP]