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Can forex trading make you rich ?
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arigoldman

Member Since Oct 02, 2014  876 posts Ari Goldman (arigoldman) Aug 18 2015 at 08:12
zackvz posted:
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 :)


Agreed.

Positivity
FxMasterGuru

Member Since May 04, 2012  1598 posts FxMasterGuru (FxMasterGuru) Aug 18 2015 at 12:20 (edited Aug 18 2015 at 12:22 )
zackvz posted:
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 :)


Maybe you are right... Well, my other option is staying stubbornly delusional - like the Alchemists in the Middle Ages - believing that I will be the first one making real gold from mixing dirt with other chemicals... And watch life pass by...

Also an additional fact. The MOST SUCCESSFUL traders of the world make consistent 30-40% per YEAR i.e. 2.5-3% profit a MONTH. And they make $1,000,000+ just in salaries. Monthly. Yes, they make $10,000,000+ per year just in salaries, not to mention performance bonuses.

So my logic is the following: if a 'retail trader' could achieve the same phenomenal performance on a retail account (i.e. consistent and stable 3% per month), probably he/she would be offered a $1,000,000+ monthly salary by an institution with $100,000,000 assets to manage, which offer probably he/she would accept, instead of managing his/her own (and family/friends') funds.

Therefore he/she would immediately stop being a retail trader and become an INSTITUTIONAL TRADER. And that is the other reason there is no such thing as successful retail trader. Successful retail trader is a temporary state, if it existed at all.
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Rasperr

Member Since Feb 07, 2015  5 posts Rasperr Aug 18 2015 at 14:00
FxMaster - what you don't realize is, in the information age - working for an institution in a field with this level of competition isn't something desired by all.

A lot of people I know in marketing, are very successful marketers - and refuse to work for a marketing company solely because they prefer to work on their own calendar and dictate their own schedule.

The retail trader, if desired, with the right knowledge can be successful, and permanent.

TL;DR - progression from retail, to institutional trader isn't desired by all.

FxMasterGuru

Member Since May 04, 2012  1598 posts FxMasterGuru (FxMasterGuru) Aug 19 2015 at 04:58 (edited Aug 19 2015 at 05:09 )
Rasperr posted:
FxMaster - what you don't realize is, in the information age - working for an institution in a field with this level of competition isn't something desired by all.

A lot of people I know in marketing, are very successful marketers - and refuse to work for a marketing company solely because they prefer to work on their own calendar and dictate their own schedule.

The retail trader, if desired, with the right knowledge can be successful, and permanent.

TL;DR - progression from retail, to institutional trader isn't desired by all.


Yeah, right... Who needs a 110 million USD paycheck every MONTH...?

Yes, 110 million USD a month, i.e. 1.3 Billion USD a year...!

That is how much the best paid fund manager makes:

https://fortune.com/2015/05/05/the-highest-paid-hedge-fund-manager-only-made-1-3-billion-last-year/

Again, these fund managers can achieve 'only' about 30-40% profit per year... Even the one who could make only 2% profit in 2014 got 400 Million USD...

In other words, if a retail trader could achieve a safe 30-40% per year, then he/she would be among the best paid professionals of the world. Even if 'sacrificing' only 1 year of his/her lifetime as a fund manager, he could easily retire after one year on a 1 BILLION USD yearly salary.

But again, who needs that 1 Billion USD...? It is better to stay at home managing a few hundred thousand USD and making maybe $100k a year... Right...??

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
ctbussey1

Member Since Jul 19, 2015  1 posts ctbussey1 Aug 19 2015 at 06:18
arigoldman posted:
zackvz posted:
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 :)


Agreed.


 I am another person that truly make great profit on the FOREX. EX I made $700 in 2 days trading I withdrew $622 and left $100 and in back up to $271 dollars today. DUDE its wayyy to easy to make money on the forex and I started my Acct with $100. if u every need help make real money hit me up on my email bussey.corey@gmail.com

VEUKTrading

Member Since Aug 17, 2015  1 posts VEUK Trading Group (VEUKTrading) Aug 19 2015 at 06:23
You can.

5starsignalspamm

Member Since Jul 25, 2014  184 posts 5SS International (5starsignalspamm) Aug 19 2015 at 06:34
tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp


Quickly ... no, or very rarely.

Progressively over a long time with small compounded gains, yes.

Take Control of Your Financial Destiny
xgavinc

Member Since May 11, 2011  235 posts xgavinc Aug 19 2015 at 08:43
FxMasterGuru posted:
zackvz posted:
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 :)


Maybe you are right... Well, my other option is staying stubbornly delusional - like the Alchemists in the Middle Ages - believing that I will be the first one making real gold from mixing dirt with other chemicals... And watch life pass by...

Also an additional fact. The MOST SUCCESSFUL traders of the world make consistent 30-40% per YEAR i.e. 2.5-3% profit a MONTH. And they make $1,000,000+ just in salaries. Monthly. Yes, they make $10,000,000+ per year just in salaries, not to mention performance bonuses.

So my logic is the following: if a 'retail trader' could achieve the same phenomenal performance on a retail account (i.e. consistent and stable 3% per month), probably he/she would be offered a $1,000,000+ monthly salary by an institution with $100,000,000 assets to manage, which offer probably he/she would accept, instead of managing his/her own (and family/friends') funds.

Therefore he/she would immediately stop being a retail trader and become an INSTITUTIONAL TRADER. And that is the other reason there is no such thing as successful retail trader. Successful retail trader is a temporary state, if it existed at all.


Unless someone was generous enough to invest $3billion into your retail Forex account :-D

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

Member Since Feb 07, 2015  5 posts Rasperr Aug 19 2015 at 09:57
FxMasterGuru posted:
Rasperr posted:
FxMaster - what you don't realize is, in the information age - working for an institution in a field with this level of competition isn't something desired by all.

A lot of people I know in marketing, are very successful marketers - and refuse to work for a marketing company solely because they prefer to work on their own calendar and dictate their own schedule.

The retail trader, if desired, with the right knowledge can be successful, and permanent.

TL;DR - progression from retail, to institutional trader isn't desired by all.


Yeah, right... Who needs a 110 million USD paycheck every MONTH...?

Yes, 110 million USD a month, i.e. 1.3 Billion USD a year...!

That is how much the best paid fund manager makes:

https://fortune.com/2015/05/05/the-highest-paid-hedge-fund-manager-only-made-1-3-billion-last-year/

Again, these fund managers can achieve 'only' about 30-40% profit per year... Even the one who could make only 2% profit in 2014 got 400 Million USD...

In other words, if a retail trader could achieve a safe 30-40% per year, then he/she would be among the best paid professionals of the world. Even if 'sacrificing' only 1 year of his/her lifetime as a fund manager, he could easily retire after one year on a 1 BILLION USD yearly salary.

But again, who needs that 1 Billion USD...? It is better to stay at home managing a few hundred thousand USD and making maybe $100k a year... Right...??


You obviously don't have a full comprehension of hedging.
Firstly find me one of those individuals without a complex education surrounding financial and economic studies.

Ken - the chap from the article - started his first fund whilst at Harvard.
He attained $260k in financial support from family and friends and graduated with a degree in Economics at Harvard.

Following the acquisition of his degree, he attained an investment from Mr. Frank Meyer, recoginizing his potential.

Already he's undergone 4 years+ of studying, with an opportunity to acquire HUGE wealth with the funding of his friends and family.

These sort of oppourtunities don't present themselves to the average joe.

I guess ultimately it stems from your definition of 'Rich'.

Because there is making money, then there is making MONEY, then there is M O N E Y.

The average joe day trader, can make a sustainable living of $2k+ a month with relative ease with good education and a financial awareness of the market.
Consistency is hard, because the markets are human - they fluctuate - which is why so many EA's fail in their first 12 months.
They don't move the same ways for long.

FxMasterGuru

Member Since May 04, 2012  1598 posts FxMasterGuru (FxMasterGuru) Aug 19 2015 at 12:25
@Rasperr

You say: 'The average joe day trader, can make a sustainable living of $2k+ a month with relative ease with good education and a financial awareness of the market.'

I see that you have so many Vouches from other experienced Forex traders on MyfxBook, so you must be the wise guy telling me that I don't have comprehension of hedging... Anyway...

If your were so wise stating that 'The average joe day trader, can make a sustainable living of $2k+ a month', then PLEASE SHOW ME JUST ONE OF THE MANY THOUSANDS OF FOREX TRADERS. Just ONE please...

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
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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. Past performance is not indicative of future results.