Author Topic: Is it possible to make money trading forex?  (Read 448 times)

PipMeHappy

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Is it possible to make money trading forex?
« on: August 28, 2020, 08:18:48 PM »
Hello everybody?

I have made a video on this (Very Popular) topic and spent a bit of time on post-editing...



Let me know if you have any questions/comments.

Take care
Stay safe
PipMe
« Last Edit: August 29, 2020, 12:34:46 AM by PipMeHappy »

BWS

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Re: Is it possible to make money trading forex?
« Reply #1 on: October 07, 2020, 07:37:47 PM »
I'm surprised this hasn't had more views. Its such a frequently asked, and usually poorly answered, question.
The beginners guide here has 17,000 views. Some of those viewers must surely be thinking of this question.
 :-\
"I wouldn't say I'm the best manager in the business, but I'm probably in the top 1" - Brian Clough

PipMeHappy

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Re: Is it possible to make money trading forex?
« Reply #2 on: October 08, 2020, 06:47:44 AM »
@BWS  Yes, I used similar tacticts (i.e. choice of title and colour) as some of those
videos that promise to answer this question...Some of them get tens or hundreds of thousands of views...but of course those are the ones that you SEE because YoiTube puts them up at the top...so there will be lots of people doing videos on this topic, I suppose, who get low views because of whatever reason...

I have 68 subscribers and that number seems stuck...my views have dropped to the mid-teens and I have tried everything: more colourful or plain thumbnails, shorter or longer videos, videos with or without me in the picture...The results are pretty much unchanged...It is a bit demoralising
because not only very few people watch them but I rarely get questions asked/comments or even likes.

I am not one for a popularity contest but as a dad and a partner I value my time so when I make these videos for the public it would be good for someone to say something back so that I feel like the videos are useful.

I am therefore even more grateful that you and others have commented on this site, otherwise I was starting to wonder if I were just talking to myself!

Keep safe
Happy Trading, Ben
PipMeHappy

BWS

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Re: Is it possible to make money trading forex?
« Reply #3 on: October 09, 2020, 04:49:03 PM »
Hello.
I don't know if changing the format/layout would make a difference, if someone doesn't click on it in the first instance they will never see these changes.
Who do you see as your target audience? If its young, new traders, you need short snappy titles, bright eye-catching front page- something that might appeal to them. For older, experienced traders a news-bulletin style front with a serious title would appeal  more.
Either way, I  would suggest try to keep the videos short and focused. Unfortunately no one seems to have much time or sufficient focus for detailed videos. Consider breaking videos up into Step 1, Step 2, etc, instead of one longer video.
The danger we all have is in assuming that because we like a certain style others will as well, if only life were so simple.
Keep up the good work I  fully enjoy what you have posted so far.

Ben
« Last Edit: October 09, 2020, 05:07:09 PM by BWS »
"I wouldn't say I'm the best manager in the business, but I'm probably in the top 1" - Brian Clough

PipMeHappy

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Re: Is it possible to make money trading forex?
« Reply #4 on: October 09, 2020, 05:36:21 PM »
Hello.
I don't know if changing the format/layout would make a difference, if someone doesn't click on it in the first instance they will never see these changes.
Who do you see as your target audience? If its young, new traders, you need short snappy titles, bright eye-catching front page- something that might appeal to them. For older, experienced traders a news-bulletin style front with a serious title would appeal  more.
Either way, I  would suggest try to keep the videos short and focused. Unfortunately no one seems to have much time or sufficient focus for detailed videos. Consider breaking videos up into Step 1, Step 2, etc, instead of one longer video.
The danger we all have is in assuming that because we like a certain style others will as well, if only life were so simple.
Keep up the good work I  fully enjoy what you have posted so far.

Ben

My main weakness is that I like to delve into topics because I think that trading videos should not just be commentary on 'today this security/instrument went up x and this other one down y': this is not of interest to me and probably redundant for most who trade; I model myself on John Kicklighter's videos which go into details about the wider picture when something happens in a particular currency pair etc. This is how one thinks about probability of successful trades, and it reflects in my practice... I do not just shoot on gut, I look at correlations all the time...

So from that point of view my videos are not for newbies, you could say...

Another way would be to make lots of short videos, like a three minute video each day or couple of days, which would take very little time and would allow me to post more regularly...  but it would give very little time to go into depth on anything, so it would be a tiny bit of information... not sure if that would be of enough value.

Difficult one, I have agonised a bit over this and not come to any conclusion.

Thanks for all your comments, and for your feedback!!!

PipMeHappy
« Last Edit: October 09, 2020, 06:48:48 PM by PipMeHappy »

eddieb

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Re: Is it possible to make money trading forex?
« Reply #5 on: October 09, 2020, 07:00:31 PM »
My main weakness is that I like to delve into topics because I think that trading videos should not just be commentary on 'today this security/instrument went up x and this other one down y'
I wouldn't say that was a weakness, if anything its a strength.
Ben is right though in saying many people nowadays do not take the time to view videos,  or read books, that might benefit them. Its like using a remote control to flip past parts of a film until you get to the but that interests you. It may well be a contributing factor in the failure rate in retail trading, not taking the time to properly learn and understand what you are doing
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

PipMeHappy

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Re: Is it possible to make money trading forex?
« Reply #6 on: October 09, 2020, 07:51:26 PM »
Thanks, @eddieb

One thing is for sure: I need to respond to the environment so if I want to reach more people I maybe have to make more/shorter videos to be sustainable.

I also need to focus on my CMT exam, every day I spend at least an hour revising, so that takes time away from anything else ...

The exam was over £600, plus the book etc. Nearly 1k, so I just have to give it any spare time. But I will try to put in a video here an there between things, I promise!

Have a great weekend!

PipMe

Kaitsu

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Re: Is it possible to make money trading forex?
« Reply #7 on: October 09, 2020, 08:15:31 PM »
Ben is right though in saying many people nowadays do not take the time to view videos,  or read books, that might benefit them. Its like using a remote control to flip past parts of a film until you get to the but that interests you. It may well be a contributing factor in the failure rate in retail trading, not taking the time to properly learn and understand what you are doing
This is absolutely right on the nail! (in my opinion,only)

Everyone is in a rush. No one wants to think that they will have to wait years, and study loads of books and videos in order to start making serious money. I think the majority of people, myself included, have been moulded through computer screens to skim through to the bits one is looking for. And in many cases, all a newcomer is looking for is a strategy that "works". It doesn't matter how it works as long it is ringing up the dollars - oh, and preferably a strategy that is automated so that one does not have to actually watch while it works and so that it can earn me even more dollars even while I'm asleep. All of which we know is just dreaming!

The thread title is a simple question and it has a very simple answer: Yes of course it is possible! Almost anyone can set up an account with almost no money and the markets move constantly up and down - of course one can make money!!!!

But the rather more difficult question is the next stage: How can I make this money? It is interesting that first considerations would suggest that if one traded daily by just tossing a coin then one would end up with a 50/50 result over time. And yet we know that over 70% of traders lose their money! Why is this when markets only do two things, go up or go down? How can so many people get it so wrong? That is the real question - and one that churns out reams of threads and posts on forums!

@eddieb is right when he says it is due to: "not taking the time to properly learn and understand what you are doing" But we can then ask what exactly should we learn and understand properly? We can get the direction right and still lose money. We can develop a really smart system and still lose money. We can get 5 out of 6 trades right and still lose money!

I think there are three distinct areas here which need to work together:

The first is a fully defined comprehensive strategy covering product selection, entry criteria, and target and stop levels.

The second is clear risk/reward and equity management parameters

But the third is probably the least considered area: the trader themselves. If one does not know oneself and one's strengths and weaknesses and ability to remain focused on what one is doing then we slip from being a strategic market trader/investor into a gambler in the casino betting on the red or the black.

As PMH says, trading is a lonely business and we are our own bosses and only accountable to ourselves. The more we put into analysing and understanding our own psychology the better we become at the really important skills of discipline, patience, persistence, consistency etc

PMH mentions John Kicklighter as a good analyst, well I believe this quote is one of his:

"“We spend so much time focusing on our ‘edge’ and eventually we move on to work in risk and positioning management. Over so many years, though, I find that the most important progress I’ve made was through working on my own behavior or psychology. A sound analysis to establish probabilities is straightforward, but our perspective and interpretations are rarely so clear cut.“

If one has a strategy then one has to be a strategist to apply it, solely and consistently - not a gambler.

Just some thoughts.....
« Last Edit: October 09, 2020, 08:19:33 PM by Kaitsu »
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Caesar

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Re: Is it possible to make money trading forex?
« Reply #8 on: October 10, 2020, 08:42:12 AM »
Terrific posts guys, and I  dont think for one moment any of us would disagree with either the general sentiment or the detail.
Unfortunately, we have a generation largely brought up on youtube and "reality" television where seemingly anyone can become a celebrity with the minimum amount of effort and ability. When  was younger, if you wanted fame and fortune you had to be good at something whether that be acting, sport, or whatever, and you had to dedicate your time to constantly improving.
Now its different ,  have read earlier this week of a girl who earns a 6-figure salary pretending to be a dog on social media!  That's what we're up against.
« Last Edit: October 10, 2020, 03:23:45 PM by Caesar »
Hail Caesar.
No, just a bit of rain

Kaitsu

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Re: Is it possible to make money trading forex?
« Reply #9 on: October 10, 2020, 10:29:51 AM »
have read earlier this week of a British girl who earns a 6-figure salary pretending to be a dog on social media!
Really??? That is just crazy!! :D

I could do some elk impersonations...what do you think that might be worth?? :D
Ships are safe in harbour - but that is not what ships are for......

PipMeHappy

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