Is forex trading really as good as it sounds

We have for some time been hearing so much about forex that I have begun to think if it is that good.
To start Ive been trading forex for 3-4 months now. I have been able to convert my 10$ to 30$ by now. It is a paltry amount but still if it is scalable then its phenomenal.
So now here are the ques.:

1. I was able to treble my account but how scalable is it. Like can it go till 10K$ atleast in this time frame.

2. I have heard that forex brokers trade against clients as their accounts start making profits.(Some have openly agreed to this) Can profits be made inspite of these. If yes then please tell how, how to stay under their radar.

3. Now theres the common ques, ECN or Market maker - Is there any real ECN which allows impartial trading to its clients.

4. Hence the ques. is forex trading really that good.


This is the first time Im posting but I request all the experienced forex traders
to kindly chip in with their thoughts and experience.

Furox, the expression "too good to be true" says it all. Rest all:

1. Yeah you can treble for sure but at what cost? The risk is enormous. Trading $10 and losing it doesn't have so much fear as would $10k. So think again.

2. This is BS. Close stops and smaller tf are the fault not the broker.

3. No idea on brokers. I am on Oanda which is a market maker. They are fair enough and provide fills.

4. The first line says it all.

Correct me if I am wrong but you are saying that if one has the skill to convert 10$ to 30$ then he is ready to convert 10K$ to 30K$ provided he has his emotions under control. Also the brokers can only manipulate in a minimal way and not in a major way.

If this is true then everyone making good profits in the stocks should switch to forex as forex responds better to all the indicators and offers better oppurtunities for trading.

But frankly speaking this goes against all that I have heard and understood. Requesting more opinions from the members.

furox, I am not really sure what "skills" you are talking abt? And you say you followed proper MM and still was able to convert 10 to 30? Without taking unnecessary risk? Then kudos to you. You have a profitable system. You just need the psychological control. I have seen people with more than "3-4 months" fall apart in one day cause of this. If you think you are mentally strong then there is nothing more to say.

I am not sure if you are trying to be argumentative with the stocks, forex and indicators analogy. If you are, then let me tell you something. Just cause a marathon runner can effectively "run" doesn't make him a 800m champion or vice versa. Every markets has its own quirks.

As for brokers, what kind of security and helpfulness are you expecting in an unregulated market? If you are a short tf trader and place near stops, the broker will create a false tick to take you out. But the false tick is for everyone on that broker and not only "you"..so does it mean everyone trading with that broker are losers ? Probably not.

If your argument is "they can pick out the profitable trader and stop them out", well he needs to have one hell of a data center to dole out the different tick datas for different "profitable" traders. Because if they are found out to cheating they will have to pay fines. Do your due diligence, there is a thread talking abt something like this.

So, it is advisable to stick to higher tf while trading in forex. Your stops are mugh higher, chances of false ticks are low. If not, then don't expect much. Go for STP broker who will charge commisions and/or spreads ...hope that it doesn't destroy your profitability.


Oh well, two posts too much. No more.

Thanks for this great info...its really appreciable.

Ok this is coming from a guy who started its trading days from forex and then came to stocks & F&O.Don't ask me how?It is reverse for me..
Needless to say I have lost big on the Forex.
Here is my 2 cents.
1) Don't fall for it. No 1 reason the market is not regulated. When the market is not regulated then Big players controls the small players. There is nobody to fall back on if something goes wrong.Broker is the king he can do whatever if feels right.You are always at the mercy of Broker. Finding a good Broker is one of the most hardest task in the forex world. When you search in google you will find equally number of good and bad reviews. A lot of these views are spams to disguise the true info.
2) if you think you have a successful strategy then why not use in Futures market. Is it not enough?
3)Market Makers are big No No.All appears nice when u play in small amount. and the moment u put more money everything changes. MM in otherwords is nothing but automated sophisticated software systems which slowly slowly drains ur account without ur knowledge.
4) And transferring funds to and fro ( bank wire ) costs big money.(to foreign Brokers)
Again if you are utilizing other modes of money transfer that itself has their own charges and demerits.
5) if u think u can make money as a positional trader think again. In Futures the rollover happens in months but in Forex the rollover happens daily.

looks like a disgusted/experinced post. Futures, Forex or someother thing donot matter...all these are one and the same. It is upto your skill, how you trade to be profitable! Proper trading system and discipline are two vital things to be successful, but unfortunately after making/losing some money we ignore these 2 facts and run into deeper losses!

Furox, this topic is hot, as far as I'm concerned.

First of all, you can go to my thread at "Some of my forecasts". That should answer your question if I think it is every bit as good as it seems.

200% gains is excellent in 3-4 months. Only you can answer how scalable it is. Something happens to the mental part of the game once real money is put on it. What I mean there is, would you trade differently with 5K as you did with $10? Personally, I've gotten more conservative over the year. Yet, earlier this month I opened an account with $500 and grew it to $2,300 in 9 days. I traded that entirely different than I would have with REAL money on the line. Basically, I wanted to see and prove something like that could be done.
Forex brokers are not stupid. Take my word for this, but I know firsthand what goes on behind the scenes. I was an account manager and was invited to go on a tour of a brokerage firm, and introduced to some of the behind-the-scenes activities. Brokers are known to trade in the same direction as their successful traders, and trade against the bad ones.
Impartial trading is availed to all. The thing is if you get too big too quick, you are running around with a target on your back. Your broker is looking to close you out, because you are costing the broker too much. They will conveniently close you out when you are in a losing trade, then give you a phony excuse why you no longer can trade with them.
You will stay under the radar by growing your account slow, and always stay low. No need to worry about that until your account gets closer to $ million. If it was a slow methodical approach to get to that point, then you should not have any problem to keep growing your account. The nice thing about forex is that it is a $4 trillion per day industry, so you should not have any problem if you stay low to grow it to a few million if you stay low
Is it that good!?!? I'm here on Christmas talking to you about it. You decide.

BPR, let me respectfully disagree with you on one point. The Big players do not control the small players. No disrespect, but the small players are inconsequential. If I have 10K in my account, and someone else has $ 100 million, he can't see that far down the hill. I would be oblivious to him. He doesn't care what I am doing.
The big players also have to play by the same rules the small players do. They are just as vulnerable to going the wrong way that the smaller players are.
I can also say I'm mostly a day trader, but I have successfully hung on to position trades.
As I mentioned before, you are no longer welcomed as a client if you grow too fast too quick. Other than that, fly low, stay under the radar, and everything should be alright.
Money transfers are astronomical with foreign brokers. That is definitely to be aware of.

Bingo! You hit the nail on the head!