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Can forex trading make you rich ?
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tranle447

Member Since Jun 08, 2014  103 posts Benjamin Van Tran (tranle447) Aug 14 2015 at 03:17

Often , the best trade is no trade at all
theHand

Member Since Sep 20, 2014  360 posts theHand Aug 14 2015 at 07:20
It's possible, but very unlikely.

The figures are published by the brokers. Here's an example: https://www.financemagnates.com/forex/brokers/exclusive-q4-us-retail-forex-profitability-report-ib-1-again-while-oanda-slipping/

Oanda had the most succesful client base at 50% profitability. It's dropped to about 30% since the VC got involved. I suspect the rule changes made the profitable clients leave. But 30% is more or less average. Of course over time it won't always be the same people who are profitable, meaning that there's probably a much smaller percentage that's conistantly profitable. Maybe 20% to 10%

The profitability of those traders are still a bell curve. A minority of them barely scrape by, there will be a mean profit for most of them and then at the other end of the scale you will find your top performers. Maybe 1% to 3%.

So yes, about 1% to 3% will get very rich from FX, the rest won't. Possible. But not probabale. And almost certainly not at retail level participation. You need money to do this. Lots of it.

xgavinc

Member Since May 11, 2011  235 posts xgavinc Aug 14 2015 at 10:48
@theHand That's the irony of Forex trading, it can make you very rich over 5 years or more, AND can make you broke within 24 hours. I think those with the mindset of becoming rich never will, where those who, with experience, accept that they most likely won't and aim for a steady return regardless if it's a few percent a year will succeed in profitability and stand a chance at becoming rich (emphasis on 'chance').

For every loss there should be at least an equal and opposite profit.
theHand

Member Since Sep 20, 2014  360 posts theHand Aug 14 2015 at 12:24 (edited Aug 14 2015 at 12:28 )
@xgavinc

And I think people vastly underestimate the amount of effort and determination it takes to do this. You really need to be obsessive about it, almost to the exclusion of anything else.

I've spent at least a decade on this. And thousands and thousands of dollars in servers, coding courses etc. I actually had to develope an entire skill set which doesn't even have anything to do with trading, but rather to handle the computers like I need to be able to.

It's only now, many years and thousands of dollars later, that I get to the point where I can go sleep at night and most likely wake up with more bucks in the morning.

The cost to me has been so high, mostly in time, that it's almost not worth it. The only way I can ever get my time back is if I can take the rest of my life off and not ever have to do another days work, which is very likely still another two or three years away.

peter977

Member Since Mar 29, 2011  25 posts peter977 Aug 14 2015 at 12:29
If your monthly performance is up to 2% a month and your maximal DD is less than 5%, you have minimum 1 year performance on audited account, than you have no problem with investors.
That means, you can build serious business only on 'poor' 2-3% monthly performance.

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves”
FxMasterGuru

Member Since May 04, 2012  1598 posts FxMasterGuru (FxMasterGuru) Aug 14 2015 at 12:36
peter977 posted:
If your monthly performance is up to 2% a month and your maximal DD is less than 5%, you have minimum 1 year performance on audited account, than you have no problem with investors.
That means, you can build serious business only on 'poor' 2-3% monthly performance.


WELL SAID, Peter... The 'only' problem is that there is NOT a single real, verified account on MyFxBook (running at a reputable broker) which would fulfill the above mentioned conditions...

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
ahmedfouad

Member Since Oct 23, 2010  198 posts ahmedfouad Aug 14 2015 at 12:45
Yes...It can make you rich if you avoided and you saved your money from real potential and continuous loss of capitals.! :)

RSTrading

Member Since Jul 16, 2013  385 posts Rihan (RSTrading) Aug 14 2015 at 12:53
I have spent countless hours in forums, went through 1000's of demo accounts, EA backtests / strategies. Suffer from borderline obsessiveness in establishing a long term income generator for me and my family. I agree that it is possible, but not easy at all. Like @theHand mentions, only after a decade could he get to a stage where he earns on a regular basis.

It is a long journey that needs a lot of effort and determination. I can only but laugh at newcomers who see this as a quick way of making $, and there are plenty. They just feed the market with more and more $.

Live and let live..
peter977

Member Since Mar 29, 2011  25 posts peter977 Aug 14 2015 at 13:01 (edited Aug 14 2015 at 13:05 )
FxMasterGuru posted:


WELL SAID, Peter... The 'only' problem is that there is NOT a single real, verified account on MyFxBook (running at a reputable broker) which would fulfill the above mentioned conditions...


The problem with this kind of social trading pages is , that there are a lot of scammers who want to make a 'big advertising' by martingale or non-using stoploss strategies just to show amateurs : 'look I made 100% in 2 months invest your money'.
Serious traders don´t need this kind of attention. I know a lot of companies that trade moneys from investors and they have never used any advertising to attract investors.

There are some individual traders that have very nice long therm performance, but they don´t use any kind of this web pages only because, they don´t pay all taxes from their trades, or it is not legal to trade investors money without licence

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves”
FxMasterGuru

Member Since May 04, 2012  1598 posts FxMasterGuru (FxMasterGuru) Aug 15 2015 at 22:08
@peter977

Agree, Peter. Those successful individual traders - the '5%' - just don't come here to MyFxBook...

Why...? Because they simply don't need clients and attention...

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
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