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Anybody made some serious money in the forex market or any form of currency trading?

Like they said, the brokers made the most. So do the banks.

For me, I have made some profits here and there but I don't have much time for it. If forex trading is taken as a serious business, I feel there is money to be made but it must not be seen as a magical way to make money.

I have many friends who have made substantial amounts but they are all serious investors and they have some banking background. For newbies, you really have to read up and study the market before plunging in.

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Here we are going to look at making money fast in currency trading and some tips to do it.

Much of this advice is not conventional but most currency traders don’t make money fast!

Here are your tips

We are going to assume you trade already, and you have a method you are confident in, and can apply with discipline.

With simple changes in trades taken and money management we will show you how to increase your capital gains.

The trading tips below will work well for traders who want to catch the big profits from the big currency trends that last months or years and will help you make money fast in forex trading.

1. Accept Volatility and Risk

All good FOREX traders understand that volatility and risk mean big money making potential.

You can’t have a profitable FOREX trading method without taking risk, you need to risk more to gain more. .

Risk though is misunderstood by most currency traders and they try and limit risk so much that they actually have no chance of making any profits.

They always get stopped out.

The perfect example is the day, or intra day trader, trading in one session with a tight stop.

If you are after a big gain give the trade room to breathe and place a stop that takes into account market volatility.

Also don’t trail your stop to quickly leave it far enough behind not to get stopped out by volatile reactions within the long term trend.

You can’t predict volatility in the day so don’t try.

Look longer term take bigger calculated risks and go for bigger profits and trade less.

2. Trade Infrequently

Many traders trade frequently and always like to be in the market, they fear they will miss a move, or that by trading more frequently, they will make money.

There is no correlation between how often you trade and how much money you make, so learn to be patient.

The big moves in FOREX trading, with the best risk to reward, come a few times a year, and you should trade infrequently.

Focus on the trades that make the really big gains and be patient while you wait for them.

3. Don’t Diversify

Diversification is a great way to make money slowly not fast you simply are diluting your gains, if you are trading a small forex account.

Focus only on trades that you are confident can make big money in and don’t hedge or take other trades.

If you think the trade is going to be big back your judgment.

4. Money Management

We are looking at the BIG opportunities that allow us to make big gains, and this is actually, where money management becomes important.

Where taking calculated risks here not just taking risk for the sake of it.

The tips below are a great way of controlling risk

1. Buying options at in or close to the money, they will give you staying power and stop you getting taken out by volatility.

Be careful not to buy out the money options and make sure that you get plenty of time on your side if using this method.

Many traders lose, not because they were wrong about the trend, they simply got stopped out.

Options overcome this problem and will give you staying power.

2. Many traders start trailing their stops to close as we said earlier to lock in a profit, more often than not they get stopped out.

The trade runs on to make thousands more in profit and there not in it!.

Keep your stop in its original position and let the move develop without the temptation to move your stop up.

You’re looking to make money fast, and you’re trading selectively so have the courage of your conviction .

Consider this

The fact is in currency trading or any other venture in life that involves making big gains you have to take a calculated risk at the right time and have the courage to go for it.

I read all the time about risk management in trading and some traders become so obsessed with not losing they will actually never win and lose their equity over time.

Don’t make the same mistake.

Well, let’s say you have a scalping strategy that can make you 25% per day. I know it’s high but lets say you did. If you start with $2,000, the next day you should have $2,500. The next day $3125 ..
Right? Well lets say you implement the same strategy with $5,000,000, you should be making $1,250,000 that ONE day.
Well back to my original question, is there a point where you cant make that much per day because of the size on the orders, where there wont be no one on the other side to fill your bid/ask because of it’s quantity? I hear that Forex is supposed to be the most liquid market of all.

I know that it is extremely difficult to profit 25% per day, but hypothetically speaking.

Thanks.

i hope i am interpreting your question correctly but i think the others answering have not.

if you have a theoretical scalping strategy worth 25% a day, it will not work with the higher quantities because it becomes much harder to execute a large order all at the same price and before the event occurs that will lead to the profit. it just becomes harder and harder to execute your orders precisely enough for the strategy to work which is why scalpers can do very well but they cannot be really big players. where this happens depends on your strategy.

there is however no upper limit on how much you can make you just have to find the strategy and have sufficient funds to execute it properly. i hope this is clear.

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A lady that I am writing to says that she works “in a FOREX Company and the company deals with currency trading and currency markets.” (that’s what she wrote).
She says that she works very hard and has very little time for herself and she has to travel frequently so she has very little time to read my letters.
I thought to myself this was a bit strange because I thought that FOREX trading was all done by computer, so why would one need to travel??
Then she wrote in her next letter this:
“I need to close my letter now as I
will neeed to wake up early in the morning tomorrow. The matter is that my boss sends me to
short business trip and I have already pack my bag. So I need to have good sleep.”

My friend tells me that this is a bunch of crap, that she sounds like a travelling prostititue. What do you think?
I am from Canada, the lady is from some place in Eastern Europe.
Then, 2 days later she wrote this to me:

". Ok, I have just come back home yesterday in the evening and I was so tired that I took a shower and went to bed. Today I have working day and I have to write full report for my boss about my business trip. This is not so pleasant but this is my job. "

No emotion, doesn't sound like she even wants to talk to me. So why did she write to me the first letter in the beginning?
What do you think?
I have no idea where my friend got his idea about the "travelling escort" idea. I never thought that. But when he heard that she was from Eastern Europe, he commented that "they are all hookers over there!" And then he walked away.

I was a bit shocked by his remarks, but obviously his thoughts are common here in Canada, women from Eastern Europe are really looked down on, and not thought much of.
Sad, because they really are highly educated and intelligent people.

I did some research and FOREX trading is all done by computer. So there is no need for any travelling or any paperwork. That is when I began to wonder "WHY does she travel, if its not for her job?"

First off, If she is a Rep for a Forex broker than she probably does have to work/travel a lot. I trade Forex professionally and my Broker Rep (out of Switzerland) is constantly traveling to meet with clients all over the world. He will spend most of October traveling from one U.S. city to the next meeting clients. Also, the Forex market is open around the clock and so Broker reps work ridiculous hours. My Rep once answered a Skype message I sent him in the middle of the night. He woke up to talk to me.

Two, it doesn’t sound like she is very interested. The messages you posted from her seemed cold and uninterested. However, I’m no expert – I can barely read my own wife most of the time.

Good luck!

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For those new to the foreign exchange market, also known as FOREX, the prime thing you need to know is that it is a currency exhange market. There are high volumes of transactions 24 hours a day, 5 days a week. Because what you are trading is money itself, it is more liquid than any other exchange – you will never get stuck with trading a product that no one is interested in anymore.

1. FOREX History

Created in the early 70’s, fixed currency exchanges are determined by supply and demand just like the stock market. FOREX grew steadily throughout the 1970’s, but with the technological advances of the 80’s FOREX grew to over 1.5 trillion dollars daily.

2. Foreign Currency Exchange

Because there is no centralized location of FOREX – major trading centers are located all over the world and can be completed using software, over the internet or by phone. Businesses use the market to buy and sell products in other countries, but most of the activity on the FOREX is from currency traders who use it to generate profit from minisculte changes in currency values.

3. Enter Small Business

No longer is FOREX exclusive to big players such as the huge banks and corporations. Previously, there was a minimum transaction size and traders were required to meet strict financial requirements. With the advent of Internet trading, regulations have been changed to allow large interbank units to be broken down into smaller lots. Each lot is worth about $100,000 and is accessible to the individual investor through leverage – loans extended for trading. The leverage rate is typically 100 – 1, meaning you can control up to 100,000 dollars worth of currency with just 1,000 dollars!

4. The FOREX Advantage
– Liquidity
There will always be a buyer waiting for you due to the large number of transactions per day
– Accessibility
The market is open 24 hours a day, 5 days a week
– Open Market
News about currency fluxuations is available to everyone so insider trading is impossible.
– No Commission
Brokers do not take a cut of the profits

5. How It Works

Every transaction has both a buy and a sell simultaneously. For example, if you believe the Canadian dollar will fall and the US dollar will rise, you would buy into the US dollar and sell the Canadian dollar. Meanwhile, someone else in the world will believe the opposite to be true, or more cunningly, will know the Canadian dollar is falling but buy into it anyways because it will be cheaper so when he sells it later, presumably when it has raised in price, he will make a lot of money. Software tools are available both to brokers and investors to help protect investments, and are generally regarded as a must-have for FOREX trading.