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Can forex trading make you rich ?

vontogr (togr)
Jun 06 2018 at 08:37
4862 posts
oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.


and bit of luck :)

Sebastien
Masa13
Jun 06 2018 at 08:43
28 posts
I like automatic/manual stategy. You have your plan but every strategy couldn't work with only manual trading

Matt (BluePanther)
Jun 06 2018 at 10:37
1354 posts
togr posted:
oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.


and bit of luck :)


ESSENTIAL! 😁

Adribaasmet
Jun 07 2018 at 05:48
947 posts
Masa13 posted:
I like automatic/manual stategy. You have your plan but every strategy couldn't work with only manual trading


I use price action trading system and yes, I handle my live account manually! I have no objection at all.

darren (darrengreg)
Jun 07 2018 at 06:09
37 posts
BluePanther posted:
oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.


Manual trading would require all those elements.

Automatic trading eliminates:
> 'how well you trade'
> 'your experience'
> 'forex knowledge'
> 'strategy'
> 'persistence'
> 'alertness'
> 'etc.'

Get the right system working on auto-pilot and you don't need all those things.
'Risk appetite' would still apply though.


Well, manual and auto trading both has its own pros and cons. Although auto trading eliminates the above elements but there are some problems associated with auto trading style as well:

1. Some EA’s might show positive results in backtesting but the past results may or may not hold good in future.
2. Less room for reversal, once gone, it’s ought to be performed every-time
3. If the strategy is faulty, results would keep trailing the loss
4. As everything is automatic, you may not be capable enough to control trading unless stopping the EA/Robot
5. Flash Crash and Sudden spikes become fashion and can wipe out many small traders
6. In case of any security threat, you might lose everything in fraction of a second


oliviapeters
Jun 07 2018 at 12:22
12 posts
togr posted:
oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.


and bit of luck :)
Yes very rightly said! A bit of luck can work wonders not just in forex trading but in any profession or job. Can you share any personal experience where luck played an important role in forex trading? It'll be interesting to know. :)

oliviapeters
Jun 07 2018 at 12:23
12 posts
BluePanther posted:
togr posted:
oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.


and bit of luck :)


ESSENTIAL! 😁
very much!! ;)

vontogr (togr)
Jun 07 2018 at 13:43
4862 posts
darrengreg posted:
BluePanther posted:
oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.


Manual trading would require all those elements.

Automatic trading eliminates:
> 'how well you trade'
> 'your experience'
> 'forex knowledge'
> 'strategy'
> 'persistence'
> 'alertness'
> 'etc.'

Get the right system working on auto-pilot and you don't need all those things.
'Risk appetite' would still apply though.


Well, manual and auto trading both has its own pros and cons. Although auto trading eliminates the above elements but there are some problems associated with auto trading style as well:

1. Some EA’s might show positive results in backtesting but the past results may or may not hold good in future.
2. Less room for reversal, once gone, it’s ought to be performed every-time
3. If the strategy is faulty, results would keep trailing the loss
4. As everything is automatic, you may not be capable enough to control trading unless stopping the EA/Robot
5. Flash Crash and Sudden spikes become fashion and can wipe out many small traders
6. In case of any security threat, you might lose everything in fraction of a second



All your so called cons are actually cons of the trading plan.
If you have good trading plan which brings you consistent results
There is nothing easier than code it and run as EA.
24/7
No emotions
No mistakes
Much faster than you.
So the dream when you sleep your system makes money.

I do not just talk here like many other - check my profile, all is AUTO trading, not manual.

Matt (BluePanther)
Jun 08 2018 at 07:56
1354 posts
togr posted:

All your so called cons are actually cons of the trading plan.
If you have good trading plan which brings you consistent results
There is nothing easier than code it and run as EA.
24/7
No emotions
No mistakes
Much faster than you.
So the dream when you sleep your system makes money.

I do not just talk here like many other - check my profile, all is AUTO trading, not manual.


Agreed.

Key words: 'RIGHT SYSTEM'

vontogr (togr)
Jun 08 2018 at 09:05
4862 posts
MessaelFX posted:
Hello Togr

I am from Canada and im looking for a good system to invest in.

Cheers


Found any?

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