Can forex trading make you rich ?

tedoxadvisor posted:

pipsKeeper posted:
Even if you don't have a profit, remember that you are rich with your knowlaghe, because a forex trader is (in common) inteligance person, have a knowladge about latest news, economics and politics, good in math and finance.

agree dude
it just the matter how you trade. If you want to 100% profit, play with news and huge lot.

I know some traders doing this very thing, they are making huuuuge profits too! And they do not share the secret sauce :P

Forex trading business is much better option than any other profession! Forex trading business is also available for the part time Forex trader, since market is open for 24 hours! BY the way, Forex business is not appropriate for the greedy people who want to make quick success here!

pipsKeeper posted:
Do you mean that 'knowledge' and 'intelligence' is not wealth?

No. 'Knowledge' and 'intelligence' is worth more than material wealth like fiat currency or precious metals.
Even health and family should be worth more than riches.

This thread asks if forex can make you rich. You can be richer in other ways.

Mohammadi posted:
Forex business is not appropriate for the greedy people who want to make quick success here!

I disagree. I am greedy and wanted quick success - quicker success than conventional businesses or investments.
Forex can make you rich much quicker because of high leverage and many opportunities.
I turned $50,000 into $4.5 million in less than two months, and now I am retiring from work. It didn't have to take ten years to learn what I know now.

In this trading place first of all we the traders have to ensure the proper trading knowledge. And for that we have to emphasis on demo trading which is the foremost place to become a knowledgeable trader very rapidly . but practically we the traders in particularly the newcomers don’t believe the importance of this trading place at all. As a result almost 90% traders are loser from here due to lack of exact trading knowledge.

Imamul posted:
In this trading place first of all we the traders have to ensure the proper trading knowledge. And for that we have to emphasis on demo trading which is the foremost place to become a knowledgeable trader very rapidly . but practically we the traders in particularly the newcomers don’t believe the importance of this trading place at all. As a result almost 90% traders are loser from here due to lack of exact trading knowledge.

Yes mate, more than 90% traders are unable to make money! But, I see a number of new traders lose their money because they go for live trading when they are not sure on their own trading skill.

Adribaasmet posted:

Imamul posted:
In this trading place first of all we the traders have to ensure the proper trading knowledge. And for that we have to emphasis on demo trading which is the foremost place to become a knowledgeable trader very rapidly . but practically we the traders in particularly the newcomers don’t believe the importance of this trading place at all. As a result almost 90% traders are loser from here due to lack of exact trading knowledge.

Yes mate, more than 90% traders are unable to make money! But, I see a number of new traders lose their money because they go for live trading when they are not sure on their own trading skill.

You should have good results trading demo before investing first penny.

I agree. It's extremely inadvisable to invest any money in a real account before you are able to profit on a demo one at least.

togr posted:

Adribaasmet posted:

Imamul posted:
In this trading place first of all we the traders have to ensure the proper trading knowledge. And for that we have to emphasis on demo trading which is the foremost place to become a knowledgeable trader very rapidly . but practically we the traders in particularly the newcomers don’t believe the importance of this trading place at all. As a result almost 90% traders are loser from here due to lack of exact trading knowledge.

Yes mate, more than 90% traders are unable to make money! But, I see a number of new traders lose their money because they go for live trading when they are not sure on their own trading skill.

You should have good results trading demo before investing first penny.

That’s the procedure! Newbie’s should confirm their trading skill before investing their real money; otherwise, it’s very possible to face MC.

L3CAP posted:
Nice work Matt!!! Great trading and like your style :)

togr posted:
A lot of BLESSING, thought I thought it wont work :)

Thank you for your support.

Anyone can succeed:
- Use higher timeframes (4H, Daily, Weekly, Monthly);
- Catch the market at long-term S/R levels;
- Use Fibonacci as a guide;
- Only trade when market is moving in Swap-positive direction (earn Swaps);
- Hold positions for days, weeks, or longer (less trading is more profit);
- HAVE PATIENCE!

Great tips. How do you use fibonacci? I have tride many times but can never get it to be useful.

ChristianBeach posted:
Great tips. How do you use fibonacci? I have tride many times but can never get it to be useful.

https://www.investopedia.com/articles/active-trading/091114/strategies-trading-fibonacci-retracements.asp
https://www.investopedia.com/terms/f/fibonacciretracement.asp

The above explains it much better than I ever could.
And practise is required.

Are fibs just away to make sure you are entering at a 'good price' rather than entering after a shallow pull back or trying to chase the market

Can forex trading make you rich? Yes.
Next question is 'how'?

10% luck
20% skill
15% concentrated power of will
5% pleasure
50% pain
100% reason to remember the name (of the game)


Fort Minor

The name (of the game) is your REASON to become rich ie. why do you want it?
You must have a REASON: to drive you, to motivate you, to survive your certain defeats.

“If you don't know where you are going any road can take you there”
― Lewis Carroll, Alice in Wonderland

BluePanther posted:

L3CAP posted:
Nice work Matt!!! Great trading and like your style :)

togr posted:
A lot of BLESSING, thought I thought it wont work :)

lol wha? Where did my $11M Portfolio screenshot go?
I try to prove a point by answering this thread with my example, and yet my post gets pulled!
Is it a jealous person reporting my posts, or is it bullying by myfxbook moderators?

No notification to explain why I was censored (for the umpteenth time again).

This just goes to show why 'successful' people don't post on forums: the psyche of 'normal' people cannot accept it. Their posts will be reported and/or removed. They 'don't exist' on public forums.

Price of success.

Jingyi posted:
Are fibs just away to make sure you are entering at a 'good price' rather than entering after a shallow pull back or trying to chase the market

Let me explain using EURTRY as an example: I caught the downtrend halfway, and exited early (missed some profits).
But after drawing the Fibonacci to match the high / low of the huge spike to 8.00 and its immediate correction, I realised EURTRY was on trajectory to reach 100% Fib retracement. I did consider other factors, especially the fundamentals of EUR and TRY.

The screenshot is a simple illustration, you would get a better idea using professional charts.

Jingyi posted:
Are fibs just away to make sure you are entering at a 'good price' rather than entering after a shallow pull back or trying to chase the market

Fibs are a tool. You can use it in various ways, whichever suits you. There is no 'right' or 'wrong' way if you can make money from your technique.

togr posted:
Trading is actually an exact science
Just compare so called tick data backtesting on mt4 and mt5 and you will see the difference

“...nailing down future price movements all the time is actually impossible. What is possible though, is your growing ability to understand market behavior, price action dynamics and using a multi-dimensional analysis approach that leaves you with maximum information to act logically all the time.”

Why Trading Isn’t an Exact Science: 3 Tips to Trading Unpredictable Futures Markets
https://optimusfutures.com/tradeblog/archives/3-tips-to-trading-unpredictable-markets/

Is Forex Trading Gambling? The Answer Might Surprise You
https://dailypriceaction.com/articles/is-forex-trading-gambling

SaltaLargo posted:
I find fibs interesting too but can be difficult to use. I am liked your chart above but I don't understand how you worked out it would be 100% retracement. Hopefully with practice I can master them

I worked out the 100% retracement was a serious POSSIBILITY, even PROBABILITY, because after I drew the Fib levels to match the high (as 0%) and the low (as 100%) of the spike retracement in September (see chart above), I could see the market had already exceeded the 61.8% Fib level and was looking determined to go all the way to 100% Fib level.

It is not that hard when you just draw on the chart and see correlations between the Fib levels and levels of S/R on the mid-high timeframes. There are Fibs within Fibs, so you can see what I mean if you take most (almost all) fx pairs and just draw.

Maybe it takes 'some' practice, but it really is not that hard. Don't believe the experts that tell you to buy their course because 'trading is a science', or they have worked out some secret. Trading is not really so hard. They just make it out to be to make themselves look like 'experts'.