How real is forex trading? Very.
How profitable is forex trading? Not very – I’ll explain.
First, I want to show you something – Not to brag, and not to gloat, and not to sell, but to help answer this question.
This isn’t my own account – this is the MAM Managed Account I trade for our Forex Lens members. It’s showing a +48% return over the past 45+ days.
Members deposited around $53,000 – not a lot for some, but a lot for others. Generating a +48% return is really good; I mean, it’s REALLY good. Not afraid to say that I am hitting above my average there, and I am proud of that number. But it is very hard to even get profitable in forex trading. I’ve repeated this over and over; forex trading is all a mind game. It’s how you react to pain.
Put yourself in my situation:
You have other peoples money you are managing. Now, these clients aren’t millionaires; $1,000 deposits, $5,000 deposits is a huge sum of money for them. In fact, I would argue that these clients who are trusting me to turn around their money, a $1000 is way more valuable to them than $100,000 is to a millionaire. $1,000 dollars to these clients is their grocery and rent and utility payment. I have many private clients with boat loads of money, and I don’t flinch when I lose theirs, but with the Forex Lens members? Yes – I have a big heart and a I feel a bigger responsibility to them, because their risk is so much greater than someone who has a crap ton of money already.
So now you are in my situation and mindset..
I want to help these folks get a nice return – I work very hard to do it. The technical analysis is easy – I know when the market is going to turn. I know my trades are profitable and will be profitable – The hard part about forex trading is waiting.
Waiting is what new forex traders can’t handle. Waiting is what causes fear.
Over the course of the last 30+ trading days in that account, I’ve gone to bed (2200 CST) with a +$2200 amount and I’ve woke up to a -$15,000 drawdown.
It is the kind of scenario where people freak out and start exiting trades. They can’t handle the short term pain, they begin to doubt. I had to wait two days for the drawdown to return back to normal and I profited a nice chunk from those positions – I just had to wait. I didn’t get worried – I’ve traded forex long enough to know not to.
I’ve done this for a long time, and I make a living doing it. If you’re still wondering if forex trading is real and profitable, I’m living proof it is.
Visit our Managed Accounts page to learn more about our MAM Managed Account service.
Visit our Forex Trading Room page to learn how you can become profitable with forex trading.