Has anyone here used Forex trading and been profitable? -

Please, serious answers only. I am considering setting up a trial account to see how the whole thing works, but if it s a waste of my time, I d like to know now. Thanks! Heres an extract from forextradinghq. Many articles are written through personal experience and have been helpful to me when i first started learning forex. These articles are in the forex resources section. There is a good reason why I m blogging about trading the foreign exchange currency markets mostly instead of the Australian Share Market. There is nothing special happening in that market at the moment - its going about its normal business. Here it is: The reason why I m blogging about forex trading in MyShareTrading.com is because Forex trading uses similar if not the same techniques to trade. And since I ve been scratchy with my share trading experience, due to my lack of participation for 6-7 months I just want to come to terms with putting money on the table, monitoring the trade and then exercising the exit plan at the right moment. The forex market is a great place to test out your trading skills as it s open 24 hours a day 7 days a week, although technically it is at its most active when each market opens up... Still you can open trades whenever you like. I like it s simplicity (well it s actually very complicated when you start off, easier the more trades you do), and the liquidity of the market. So hopefully I can carry on the trading skills I gain from this time in the forex market and apply it to the booming ASX market, which today closed again at all time record highs. I am currently still losing money in Forex. However, ever since I have employed my new trading plan, my account has been smoothly going back up. I m not a big fan of hedging in forex. 1) there is no stop-loss 2) you can lose your money twice as fast. I believe that trading in Forex requires a full WRITTEN trading plan. Your trading plan must not include only your strategy, but also your understanding of the market. Each person have their own trading plan. Even if i give you my trading plan, you won t be able to produce the same results. I d love to help you out, but I do wish to be compensated. You can open a demo-account with my firm. I ll give you hints here and there. We re actually having a beginner Forex Workshop you can attend if you re in Chicago. Do email me if you re interested. Nelson nliang@luc.edu Licensed Forex Adviser I have been trading in the Forex market for 4 years. I must admit my most consistent results have been over the past year as I migrated away from day trading and taken a longer term more conservative approach with establishing hedge trades. One of the things that I like most about a properly hedged position is that it reduces your risk and any drawdowns that might occur on one leg of your position is most often offset by a counter movement on your other leg. In effect any losses you may experience would tend to be much less than if you were in an un-hedged position. I also incorporate a couple of other strategies in conjunction with my hedge trading. I use a market timing technique to assist in entering and exiting at intelligent points and I employ a stop loss process that makes certain that I am watching from the sidelines during market corrections. The great part is that I now spend considerably less time monitoring my positions than I used to spend and I am enjoying a much greater return on my investment. Paul pupp52@yahoo.com My neighbor is the VP of the LARGEST online forex trading site in the world. He tells me quot;95% of people lose all their money, usually within a few monthsquot;. Neither he, or anybody in their company, uses forex as an investment....they see all the losses. I disagree with lucstudent. You have to be hedged in the forex. Freedomrocks is actually coming up with a way to hedge the hedge which will be out soon. This company and strategy is brilliant and yes profitable unlike many who day trade. The owner Mark Vincellete made 233% last year following his strategy. www.demofreedomrocks.com take care.