Rating: Full Star Full Star Full Star Empty Star Empty Star
Can forex trading make you rich ?
Previous 1 2 3 4 5 .. 24 Next
CHecking

Member Since May 14, 2015  12 posts CHecking Aug 16 2015 at 06:11
Winning longterm is like a Marathon and requires a lot of experience, realistic goals and more than anything discipline. Losing is very easy. Most of the time it's the 'get rich fast ' mindset that whipes out your account in no time. This is fired up by all the faked accounts, scam Brokers and vendors, selling false promises as a buisness model. By the way thes vendors often work together with scam Brokers, so don't trust 'real accounts' blindely.

CHecking

Member Since May 14, 2015  12 posts CHecking Aug 16 2015 at 06:12
By the way, to be able to make a living from trading, you need at least 50 K USD or equivalent in order to not trade too risky..

Craden20

Member Since Aug 14, 2015  19 posts Craden20 Aug 17 2015 at 06:18
Of course forex has the capacity to make you very rich. A lot of traders having seen for themselves the lucrativeness of the forex have abandoned their well paying jobs to focus on this financial market. If you learn your demo well perfecting your trading strategy with commendable money and risk management; you could go make a good income from trading the forex market.

FxMasterGuru

Member Since May 04, 2012  1565 posts FxMasterGuru (FxMasterGuru) Aug 17 2015 at 08:02 (edited Aug 17 2015 at 08:28 )
The easiest way Forex can make you rich is IF:

1. You are a broker or liquidity provider
2. You sell EAs
3. You write books about Forex
4. You give Forex course (online or in person)

The same thing as in Alaska with the Gold Rush... Who got wealthy there...?

No, not the poor gold diggers... But the merchants who sold the tools for them...

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

Member Since Nov 21, 2011  1693 posts CrazyTrader (CrazyTrader) Aug 17 2015 at 10:47
FxMasterGuru posted:
The easiest way Forex can make you rich is IF:

1. You are a broker or liquidity provider
2. You sell EAs
3. You write books about Forex
4. You give Forex course (online or in person)

The same thing as in Alaska with the Gold Rush... Who got wealthy there...?

No, not the poor gold diggers... But the merchants who sold the tools for them...


That's true... but I reckon there is one way:
If a poor gold digger could clown himself and so on.... At some point he would collect much more gold that if he was alone.

So why any retail traders don't clown accounts before trading more agressively? (taking risk to make more money!)

You love my free signals... Like me on fb : )
FxMasterGuru

Member Since May 04, 2012  1565 posts FxMasterGuru (FxMasterGuru) Aug 17 2015 at 11:05 (edited Aug 17 2015 at 11:15 )
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...

P.S. And by 'successful' I don't mean buying Ferraris, Lamborghinis and yachts from profits, but living off comfortably from Forex profits for at least a year or two...

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

Member Since Nov 21, 2011  1693 posts CrazyTrader (CrazyTrader) Aug 17 2015 at 11:30
FxMasterGuru posted:
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...


It is possible.... How many traders have you seen in the past doubling (100%) his account?
=> A lot. Making 100% with very low depsoit it is easy. even in 1 trade it is possible.

I'm sure every trader can acheive this... but then they get greedy too quickly... we know the story, they were up 300% and they went down to 0 in 1 trade.
So account blew up before they had the chance to withdraw initial capital.... so it's a loss.

Why don't we clown (repeat the first success 10 times)
=> Then if the first account blows up... does it matter? not really, you still have 9 accounts ready to be traded.
=> Notice that even if you destroy 10 accounts... well you haven't lost any capital.

Anyway, that is the strategy I'm building now. If I have luck, I can start to clown the third account before the end of the week:
Clown1:
https://www.myfxbook.com/members/CrazyTrader/fx-army-soldier-1/1283070

Clown2:
https://www.myfxbook.com/members/CrazyTrader/fx-army-soldier-2/1334894

Clown3:
https://www.myfxbook.com/members/CrazyTrader/fx-army-soldier-3/1338656

Whose knows if this strategy can lead to the topic? Maybe, maybe not... let's see ^^

You love my free signals... Like me on fb : )
FxMasterGuru

Member Since May 04, 2012  1565 posts FxMasterGuru (FxMasterGuru) Aug 17 2015 at 11:44 (edited Aug 17 2015 at 11:52 )
@CrazyTrader

Yes, we can see many people doubling small accounts, but in most cases it just good luck OR the trader was in TEMPORARY sync with the ever changing markets.

For the same reason thoroughly backtested and forward tested EAs fail within a year...
One memorable example is RobinVol EA...

If you have the time just read how much work FMonera has invested in the statistical analysis of the EA before selling it:
https://www.robinvol.com/statistical-analysis/
https://www.robinvol.com/robustness-measures/

Just amazing...! What has followed after the commercial launch was also 'amazing', but for other reasons...
Most failed accounts are gone from MyFxBook, but there are some left. Here is one:

https://www.myfxbook.com/members/nottaah/robinvol-ibfx/302038

Does it have ANY resemblance to the results of 13-year high quality backtests? https://www.robinvol.com/backtest/

Of course not... Why...? FMonera himself has summarized it well: 'It is very easy to optimize a strategy with all the available data and make impressive equity curves. The result is always that in real trading these strategies lose a lot of money. The reason is called “curve-fitting”.'


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

Member Since Nov 21, 2011  1693 posts CrazyTrader (CrazyTrader) Aug 17 2015 at 11:59
Yes you are right... Always the same story.

Let me build my army... you will see my point later.

You love my free signals... Like me on fb : )
zackvz

Member Since Jan 05, 2014  4 posts Zack (zackvz) Aug 17 2015 at 13:46
FxMasterGuru posted:
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...

P.S. And by 'successful' I don't mean buying Ferraris, Lamborghinis and yachts from profits, but living off comfortably from Forex profits for at least a year or two...


Yes there is...I am one. I live comfortably from my FX gains and my account balance is definitely considered 'retail'.

If you really think its impossible to trade successfully as a retail trader, then you have already failed by listening to all the garbage on the internet - including listening to me right now :)

Risk big, win big!
Previous 1 2 3 4 5 .. 24 Next
HICP (YoY) (1h 55min)
Wal-Mart offers customers a new opioid c...(3 min ago)
EURUSD 1.22512 GBPUSD 1.37779
USDJPY 110.848 USDCAD 1.24505
FxPro

Tools

Community

Reviews

Brokers

Platform

Support


Twitter |  Facebook |  Site Map  |  Terms  |   Privacy Policy
©2014 Myfxbook Ltd. All Rights Reserved.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.