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Hello Guys new to myfxbook !

nurani
Jul 26 2015 at 06:15
4 posts
hello...i come from indonesia,nice to meet you.....

Alex
Look009 (Look009)
Jul 26 2015 at 11:41
224 posts
FxMasterGuru posted:
It was more than 2 years ago when I started this thread: https://www.myfxbook.com/community/experienced-traders/5-average-monthly-profit-for/494885,34#?pt=2&p=1&ts=337&o=494885

The search is still on... Which tells a lot about the statistical chances of making a living from Forex PROFITS.

But who makes the REAL Forex profits then...?

1. Brokers and their licensing authorities.
2. Liquidity providers.
3. Metatrader and other trading platform provider companies.
4. IBs (introducing brokers).
5. VPS providers.
6. EA programmers.
7. 'Holy Grail' EA marketers and 'Holy Grail' signal providers.
8. Website hosts (of promoting EA marketers, signal providers and brokers).
9. Commercial banks, Skrill, etc. on fund transfer fees.
10. Trading book writers and publishers.
11. Online trading course and seminar promoter 'gurus'.

In other words: Forex traders support the profits and living of all the above groups from they hard earned paychecks (or pension, heritage, business proceeds, etc.).

Conclusion...? A logically thinking person would join one of the above 11 groups to make money by Forex.



That's a really good post indeed. I agree 100 %


There is one thing to be aware of for beginning traders : addiction. The casino players know very much about it. Forex, as a 90 % random game, is not an exception and human mind is in quite dangerous position most of the time. I would say the most important skill in trading is to control the addiction, it is a psychology of yourself and only you can deal with it, nobody can help you here.

arigoldman (arigoldman)
Jul 26 2015 at 21:23
907 posts
Look009 posted:
FxMasterGuru posted:
It was more than 2 years ago when I started this thread: https://www.myfxbook.com/community/experienced-traders/5-average-monthly-profit-for/494885,34#?pt=2&p=1&ts=337&o=494885

The search is still on... Which tells a lot about the statistical chances of making a living from Forex PROFITS.

But who makes the REAL Forex profits then...?

1. Brokers and their licensing authorities.
2. Liquidity providers.
3. Metatrader and other trading platform provider companies.
4. IBs (introducing brokers).
5. VPS providers.
6. EA programmers.
7. 'Holy Grail' EA marketers and 'Holy Grail' signal providers.
8. Website hosts (of promoting EA marketers, signal providers and brokers).
9. Commercial banks, Skrill, etc. on fund transfer fees.
10. Trading book writers and publishers.
11. Online trading course and seminar promoter 'gurus'.

In other words: Forex traders support the profits and living of all the above groups from they hard earned paychecks (or pension, heritage, business proceeds, etc.).

Conclusion...? A logically thinking person would join one of the above 11 groups to make money by Forex.



That's a really good post indeed. I agree 100 %


There is one thing to be aware of for beginning traders : addiction. The casino players know very much about it. Forex, as a 90 % random game, is not an exception and human mind is in quite dangerous position most of the time. I would say the most important skill in trading is to control the addiction, it is a psychology of yourself and only you can deal with it, nobody can help you here.


Indeed, really useful, thank you for sharing.

FusionPRO
Jul 27 2015 at 06:48
52 posts
sdacapital posted:
Hello guys, i just joined myfxbook from Florida. Just connected my live account as well. Looking forward to make cool friends ! i trade eurusd only as part time. I have a full time job. BUT, if things work out i will be quitting :)



Welcome sdacapital and all new comers alike reading.

Florida is a great place. I wouldn't put your heart and soul into it or in other words I wouldn't give it your wallet and stress. Forex is the most liquidated market in the world, you can win virtually a unlimited sum of money but at the same time you can lose an unlimited sum if you keep depositing. And unfortunately while being in the business for 23 years I have seen too many people blow accounts and wipe out parts of them before any winning is to be done. People generally think they will become wealthy overnight which is not the case, nothing worth having comes easy. It is a trade like any other and can take years to learn before becoming consistently profitable and even at that you are always learning. You need to work on it constantly and give up things you enjoy doing.

Forex is also full of companies and individuals who are there only to take your hard earned cash and nothing else. Beware of scams and bucket shop brokers. There is no 100% guarantee that your money is safe make sure you use a broker who is either regulated by the FCA or ASIC from my experience these two are arguably the toughest regulators in the business. Like some others have said in this post if you don't know your game it becomes gambling there is always a risk involved however your objective is to minimize that risk as much as possible.

In the end it is a worthy investment once you start to see consistent gains on your account as with the money lying dormant in the bank inflation eats away at it everyday.

Hope this helps.

dkilmer (dkilmer)
Jul 27 2015 at 06:53
90 posts
nobody can help you ..... very very true. People and acquaintances are great, different ideas and conversations are even better, but at the end of the day, YOU are your OWN worst enemy and only YOU can save yourself.

I knew the moment I started doing this that I was going to learn a whole lot more about myself than I have learned about anything. It isn't easy, but nothing ever is, and you just have to figure it out or move on.

Great Post

Everything in the market is like a fart, if you have to force it, it is probably shit
arigoldman (arigoldman)
Aug 09 2015 at 16:32
907 posts
Absolutely, a must do for everyone who wants to learn trading!

FXTrader6789
Aug 16 2015 at 06:17
16 posts
tokolosh posted:
hi how do i verify my trading privileges. thank you




Verifying my track record (MetaTrader 4)
Since performance can be easily manipulated with MetaTrader accounts, we have created an automatic verification system.
The verification system will automatically check and eliminate any discrepancies, restore missing data, and recalculate your account.
This is done simply by supplying us with your MetaTrader investor password (Note: This is a read-only password to your account!) and server name - then our systems will connect directly to your broker several times a day to verify your results.
Trades which were deleted by your broker cannot be verified, so other metrics such as profit, balance, deposits and more are used to verify your account.

If you're not sure to which server your platform connects, just go to the login panel in your MetaTrader:

MetaTrader Server

If your server is not in the server list, please let us know.
In the account settings form in Myfxbook, you can select the server and input your investor password:

Myfxbook account Verification

Please allow up to 2 hours for your account to be verified - if not verified within the stated time frame and you have double checked your investor password to be correct, please contact us.

Click the 'Connect' button to complete the verification. If successful, you'll notice your system will change its status from non-verified to verified:

Verification Complete

Also note, that your system will not be shown in the systems page until it is verified!

Verifying my trading privileges (MetaTrader 4)

Since users can publish an account which is not theirs using the investor password, another verification system is used.
In your account settings form, you can find in the verification section an 'Authorization Password':

Verify Example

Please change your investor password to the authorization password, so we can verify you have trading privileges for the account in question.

MetaTrader Verification

After changing the investor password for your MetaTrader 4 account, please update the 'Investor Password' field.

Verify Example

Click the 'Connect' button to complete the verification. If successful, you'll notice your system will change its status from non-verified to verified:

MetaTrader Verification Complete

Myfxbook Account Privileges

This verification process ensures that you are actively trading the account and not using someone's investor password. However, this check is relying on the fact that your account's password wasn't stolen! In such case, please contact us.

Verifying my trading privileges (MetaTrader 4) - Option 2

This step requires you to provide us with the investor password!

In your account settings form, you can find in the verification section an 'Authorization Password':

Verify Example

Open a pending order in your account with the key as the comment of the order.

MetaTrader Verification

Tip: Use price that is not likely to be encountered so the order won't be triggered. You can safely cancel the order once the trading privileges are verified.

After placing the order, make sure it appears in your open orders list:

MetaTrader trade verification

When our systems will connect to your account using the provided investor password, it will search for the key - once found, your account will be verified for trading privileges.

FXTrader6789
Aug 16 2015 at 06:17
16 posts
sdacapital posted:
Hello guys, i just joined myfxbook from Florida. Just connected my live account as well. Looking forward to make cool friends ! i trade eurusd only as part time. I have a full time job. BUT, if things work out i will be quitting :)



Good luck my friend!

tsotsi
Aug 16 2015 at 08:24
1 posts
FXTrader6789 posted:
tokolosh posted:
hi how do i verify my trading privileges. thank you




Verifying my track record (MetaTrader 4)
Since performance can be easily manipulated with MetaTrader accounts, we have created an automatic verification system.
The verification system will automatically check and eliminate any discrepancies, restore missing data, and recalculate your account.
This is done simply by supplying us with your MetaTrader investor password (Note: This is a read-only password to your account!) and server name - then our systems will connect directly to your broker several times a day to verify your results.
Trades which were deleted by your broker cannot be verified, so other metrics such as profit, balance, deposits and more are used to verify your account.

If you're not sure to which server your platform connects, just go to the login panel in your MetaTrader:

MetaTrader Server

If your server is not in the server list, please let us know.
In the account settings form in Myfxbook, you can select the server and input your investor password:

Myfxbook account Verification

Please allow up to 2 hours for your account to be verified - if not verified within the stated time frame and you have double checked your investor password to be correct, please contact us.

Click the 'Connect' button to complete the verification. If successful, you'll notice your system will change its status from non-verified to verified:

Verification Complete

Also note, that your system will not be shown in the systems page until it is verified!

Verifying my trading privileges (MetaTrader 4)

Since users can publish an account which is not theirs using the investor password, another verification system is used.
In your account settings form, you can find in the verification section an 'Authorization Password':

Verify Example

Please change your investor password to the authorization password, so we can verify you have trading privileges for the account in question.

MetaTrader Verification

After changing the investor password for your MetaTrader 4 account, please update the 'Investor Password' field.

Verify Example

Click the 'Connect' button to complete the verification. If successful, you'll notice your system will change its status from non-verified to verified:

MetaTrader Verification Complete

Myfxbook Account Privileges

This verification process ensures that you are actively trading the account and not using someone's investor password. However, this check is relying on the fact that your account's password wasn't stolen! In such case, please contact us.

Verifying my trading privileges (MetaTrader 4) - Option 2

This step requires you to provide us with the investor password!

In your account settings form, you can find in the verification section an 'Authorization Password':

Verify Example

Open a pending order in your account with the key as the comment of the order.

MetaTrader Verification

Tip: Use price that is not likely to be encountered so the order won't be triggered. You can safely cancel the order once the trading privileges are verified.

After placing the order, make sure it appears in your open orders list:

MetaTrader trade verification

When our systems will connect to your account using the provided investor password, it will search for the key - once found, your account will be verified for trading privileges.


Thanks for the reply and apologies for the late acknowledgement.........not logged in for some tim
Toko

naturallycurly82
Aug 22 2015 at 13:28
19 posts
sdacapital posted:
Hello guys, i just joined myfxbook from Florida. Just connected my live account as well. Looking forward to make cool friends ! i trade eurusd only as part time. I have a full time job. BUT, if things work out i will be quitting :)



Hello there and welcome! Best wishes for you in your trading future and happy forexing ;-) Ciao

There is no such thing as failure, just valuable experiences.
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