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Can forex trading make you rich ?

tedoxadvisor (tedoxadvisor)
Oct 29 2018 at 07:45
6 posts
Of course it can.
Im a full time forex trader, and i feed my family with 100% forex money.

Great profit comes with perfect algorithm
BluePanther (BluePanther)
Oct 29 2018 at 08:12
1344 posts
togr posted:
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


Do not think I am any better than you, or you are any better than I:
- No one can achieve 100% accuracy (totally predict market), or if they do they probably also experience huge DD (that is not predicting the market but HODLing like BitCoin HOLDers do)
- Every trader makes mistakes when they begin - it is a necessary part of trading so you can learn and get better

Anyone that portrays themselves as 'perfect' are certainly hiding something, whether that be: many losses, lack of hands-on trading experience, or business interests (selling something).

Getting rich in forex is NOT EASY!

BluePanther (BluePanther)
Oct 29 2018 at 08:42
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


When I started trading, I couldn't figure out why trading was so hard. The so-called 'experts' would have many different interpretations of charts, and news articles were often vague and ambiguous with many specifics of technical analysis (eg. support/resistance levels, trend lines, etc.) There are so many variables, and every trader has their own tools and interpretations of the market. It is not black and white, clear-cut science which can be followed step-by-step by everyone and everyone can make money doing this.

If trading were this easy, if trading were a 'science' with predictable, expectable results, then everyone would be making money. I often wish it were... but there are no 'hard and fast' (fixed and definitive) rules about trading.

Science is predictable. Trading is not.

BluePanther (BluePanther)
Oct 29 2018 at 08:43
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


The more you understand market mechanics (how it works), the better you understand why it is NOT an exact science:

What is the market?
A market consists of buyers and sellers with a commodity (product) of exchange.
Who are the buyers and sellers?
Humans (retail traders), algorithms/programs, banks (with humans and computers), governments (monetary intervention), brokers, (more?)
What influences the market?
Government policies (eg. interest rate decisions), economic data, government stability (leadership), banks, etc.

A science experiment is predictable: no matter how many times you conduct the experiment you will always get the same result.
A market experiment is unpredictable: think of the 'butterfly effect' (https://en.wikipedia.org/wiki/Butterfly_effect)
...since humans are the unpredictable variable.

togr (togr)
Oct 29 2018 at 08:43
4862 posts
BluePanther posted:
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)


Well our approach is completely different.
Just time will tell who is right.

togr (togr)
Oct 29 2018 at 08:43
4862 posts
tedoxadvisor posted:
Of course it can.
Im a full time forex trader, and i feed my family with 100% forex money.


How do you do that when you have zero withdrawals on your account :)

BluePanther (BluePanther)
Oct 29 2018 at 13:08
1344 posts
togr posted:
Well our approach is completely different.
Just time will tell who is right.


'Our approach is completely different': And so it should be: No two humans are exactly the same, no two traders are exactly the same.
'Time will tell who is right': And what do mean by that? That sounds like arrogance to me, like you are saying 'I'm right and you are wrong, just wait and see'. You do realise that no one gets out of life alive?

BluePanther (BluePanther)
Oct 29 2018 at 13:11
1344 posts
'No one gets out of life alive'

Likewise:
- NO ONE can predict the market with 100% accuracy: 0% drawdown and 100% trade win rate
- NO ONE has been profitable from day one to present: seasoned traders have all experienced losees before becoming successful.

Legitimate, professional managed funds and educational institutions always state a disclaimer to this effect:

'Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.'

Astronautica
Oct 29 2018 at 13:14
10 posts
Sounds suspicious to me. Anyone who profile name is advisor and seems to be selling stuff sounds a bit iffy to me. Please correct me if you are legit though.

BluePanther (BluePanther)
Oct 29 2018 at 13:44
1344 posts
tedoxadvisor posted:
Of course it can.
Im a full time forex trader, and i feed my family with 100% forex money.


Looks martingale to me.

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