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Can forex trading make you rich ?

Denis
Kalamo (Kalamo)
Oct 26 2018 at 09:14
108 posts
I see a lot of pessimist people in this thread, maybe these people are not made for Forex. Try to be optimistic about your trading and just make sure you have enough tools and comprehension of the market before jumping in. Forex is not an accurate science and you cannot always win but there is definitely a way to make money on this market. There is always a winner and a loser, just pick your side.


I expect to see more positive people in the next replies :-)

Orangotang
Oct 28 2018 at 07:19
51 posts
BluePanther posted:
quentinb65 posted:
Hi Matt
How did you make all the money back? Do you use an EA? Wow really wild swings on your trading but that makes it so exciting! 😲


Proper trading is not meant to be exciting. It is supposed to be quite boring because you are holding positions for days or weeks, and it can take a while to close them. It is a waiting game and it is all about patience!

If your trading is exciting (like mine) you are probably doing something wrong: eg. gambling, taking excessive risks, living dangerously

I don't advise you to do the same. Try to be patient and play it safe. Be a millionaire... slowly.

well put i realised exciting trading is the risky kind and ones capital doesnt last for long.Proper trading is boring and relaxing but in the end one makes gains. indiscipline is what majority of traders are battling with me included.

Prayer is the True Power that controls the World.
togr (togr)
Oct 28 2018 at 07:39
4862 posts
BluePanther posted:
togr posted:
BluePanther posted:
- if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.


What do you need someone to proof to verify the below as true not a lie
if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.


I'm sure you can answer your own question.
Thanks.


Well I have asked as
I do possess strategies that works purely on technical analysis aka trying to predict market
And also they are profitable since inception

BluePanther (BluePanther)
Oct 28 2018 at 08:15
1344 posts
togr posted:
BluePanther posted:
BluePanther posted:
Adribaasmet posted:
May I know your parameters of Fibo? Are you make dealing with the default sittings or any custom level?


The larger your timeframe, the stonger (more accurate) the signal. eg. compare 1m/5m to Daily/Weekly.


Trading is not a science. You must adapt to market. Do not have rigid rules, else you may lose or miss opportunities.
No specific parameters, basically only:

The larger your timeframe, the stonger (more accurate) the signal. eg. compare 1m/5m to Daily/Weekly.


@BluePanther
It is the other way around. have a trading plan, follow it precisely.
If you do not follow rules you are not trading but gambling. And your result does correspond to gambling- losing for years and then you made a fortune on few trades.
It is good you had success with your approach but please do not recommend it to anyone else as people here do not have IMHO time and wealth to lose money for years.
I am trying to say while you could afford to be in loss for years nobody else could do so.


quentinb65 posted:
Hi Matt
How did you make all the money back? Do you use an EA? Wow really wild swings on your trading but that makes it so exciting! 😲


I might add: it took me ten long years to figure out NO EXPERT ADVISOR will make you rich. Part of the reason I kept trying robots was because I was putting in 80+ hours a week working at three J.O.Bs (Just Over Broke).

The reason robots will NEVER make you rich is because robots stick to rules VERY WELL. But, if an EA exists that makes 800% per month it is surely not public!

Sure I made rookie mistakes: over-leveraging, under-capitalising, entering poorly, etc. But if you want to get rich there is no easy shortcut: you must do the hard yards and put in the effort to learn and fail - sometimes many times first.

My suggestions:
- Don't trade with less than $10,000,
- Don't open large positions when you start,
- Don't buy 'super-dooper' EAs, systems, indicators, programs, etc., (save your money for trading capital),
- Read read READ forums, charts, news, ANYTHING!
- HAVE PATIENCE: if a trade is going against you, re-evaluate, but don't just close it because you are unsure or afraid. Have some tolerance to risk, to drawdown, to being wrong a little bit. The market is UNPREDICTABLE, news can happen and change the entire market dynamic in your favor. Manage the trade exit rather than simply closing a losing trade. I bank on mean-reversion: reversion to the average. Extremes always correct, always pull-back - eventually.

BluePanther (BluePanther)
Oct 28 2018 at 15:12
1344 posts
PATIENCE: I have been holding these trades for a week waiting for AUD comeback... Watch the higher timeframes and market directions, trendlines, S/R, Fib, etc.

I experienced DD close to $800k, and managed to pull some nice profits this week of $400k as market has moved down and retraced.

Money makes money. Start small, but you will grow with time and patience.

Happy trading!



Attachments:


BluePanther (BluePanther)
Oct 28 2018 at 15:13
1344 posts
togr posted:
@BluePanther
It is the other way around. have a trading plan, follow it precisely.
If you do not follow rules you are not trading but gambling. And your result does correspond to gambling- losing for years and then you made a fortune on few trades.


I tell you most solemnly, this is the very reason why fully automated EAs never work forever. They follow precise trading rules explicitly and rigidly, meaning they are unable to adapt to market dynamics and fundamentals which often change.

I did gamble on many EAs and manual trading on small timeframes, and learnt this lesson the hard way - losing for ten years.

It's about time that I stacked the odds in my favor and started trading (gambling) the right way! 😎

https://dailypriceaction.com/articles/is-forex-trading-gambling

BluePanther (BluePanther)
Oct 28 2018 at 15:17
1344 posts
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


Trading is NOT an exact science. Please read this:
https://optimusfutures.com/tradeblog/archives/3-tips-to-trading-unpredictable-markets/

...and this:
https://optimusfutures.com/tradeblog/archives/how-to-look-past-your-trading-biases/

...and this:
https://dailypriceaction.com/articles/is-forex-trading-gambling

Don't believe ANYONE that claims they are an expert and can read the market and guarantee your returns!
Don't be scammed into buying any system, product, course, materials, etc. that promises to make you a professional trader!
Save your money for trading, not for products, systems, etc.
There is no shortcut to success: read everything, learn, practice, adapt.
Be prepared to lose, and be prepared to lose more than once. Only risk money you can afford to lose.
Lastly, DO NOT GIVE UP!

AmDiab
Oct 28 2018 at 15:17
718 posts
Kalamo posted:
I see a lot of pessimist people in this thread, maybe these people are not made for Forex. Try to be optimistic about your trading and just make sure you have enough tools and comprehension of the market before jumping in. Forex is not an accurate science and you cannot always win but there is definitely a way to make money on this market. There is always a winner and a loser, just pick your side.


I expect to see more positive people in the next replies :-)


Of course, a positive mindset is always important! Basically, traders need to make ensure their trading skill before going for their live; otherwise they will be vanished.

BluePanther (BluePanther)
Oct 28 2018 at 15:18
1344 posts
togr posted:
BluePanther posted:
togr posted:
BluePanther posted:
- if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.


What do you need someone to proof to verify the below as true not a lie
if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.


I'm sure you can answer your own question.
Thanks.


Well I have asked as
I do possess strategies that works purely on technical analysis aka trying to predict market
And also they are profitable since inception


Congratulations sir, but you must qualify your statements:

Your CURRENT strategies:
a) work well to predict the market - though risk will ALWAYS exist because of uncertainty and this CANNOT be eliminated.
b) have been profitable from day one - though you as a trader have taken from 2011 to 2016 to experience success.

Perhaps 'lying' is too harsh and should read 'misleading' or 'giving false impressions'?
- No one can predict the market 100% guaranteed (though one can become quite accurate at 'guessing')
- No one is profitable from day one (is possible, but very unlikely)

Denis
Kalamo (Kalamo)
Oct 29 2018 at 06:55
108 posts
Forex can definitely make you rich but it takes time. Don't try to make millions with a micro-cent account. This is not the same as lottery, you can buy a lottery ticket for 5$ and win 100 million dollars but in Forex you need a decent investment or a lot of patience.

It's all about the return on investment you can get. If you have a $10,000 and you make 10% profit per month, where I live we don't call this a rich person. Living with $1,000 per month in Canada is way below the average annual income, you could not afford to own a car.

So yes Forex can make you rich if you have the proper account size unless you start with a low investment and you compound your results for years, without withdrawing any profit and without losing.

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