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Can forex trading make you rich ?

tedoxadvisor (tedoxadvisor)
Oct 30 2018 at 09:14
6 posts
BluePanther posted:
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.

Yes it is brother.

Great profit comes with perfect algorithm
Novar (Novar)
Oct 30 2018 at 09:21
63 posts

in reality the poor peapole are not the ones who have little, they are the ones who want more and more

BluePanther (BluePanther)
Oct 30 2018 at 09:24
1344 posts
togr posted:
BluePanther posted:
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


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


Sir, you do not disprove my statement. No account you share has 100% trade win with 0% DD.

You do, however, demonstrate another important point for traders to keep in mind:
When we experience success as a trader (eg. whether your accounts, or my $4.5M in two months) we must NOT delude ourselves into false thoughts that we can control (predict) the market. No system, no trader, is PERFECT.

Again, do not think I am any better than you, or you are any better than I. It would be hilarious if it were not so dangerous a thought. No one is invincible in the market.

Be forewarned: Forex can make a person rich, but it is not so easy as you might like to think or portray.

BluePanther (BluePanther)
Oct 30 2018 at 09:24
1344 posts
togr posted:
BluePanther posted:
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.


This is how the 'big boys' play: 'Out of the 241 trades, 16 of them were responsible for ALL of the profit. Most people in this world can't handle it. Yet, it is the only way I have ever seen anyone make money trading. Ever. I was on Wall Street for 23 years. All of the successful fund managers will have long losing streaks, sometimes lasting 6 months to a year. And then... boom! They let their winners run and they wipe out all of their losses. It is how trading works.' - Mark Shawzin (thepatterntrader.com)

The opposite to long losing streaks and big wins would be: long winning streak and big losses (martingale is the perfect example).

hyip13
Oct 30 2018 at 09:28
2 posts
If you are smart, then yes. There are online hedge funds that you can sign up and you can make millions. I am actually in an online hedge fund and I am making a killing now.

L3CAP
Oct 30 2018 at 10:38
264 posts
hyip13 posted:
If you are smart, then yes. There are online hedge funds that you can sign up and you can make millions. I am actually in an online hedge fund and I am making a killing now.


Care to share brother? :)

yellowman94
Oct 30 2018 at 13:14
41 posts
hyip13 posted:
If you are smart, then yes. There are online hedge funds that you can sign up and you can make millions. I am actually in an online hedge fund and I am making a killing now.

wow! congratulations!

BluePanther (BluePanther)
Oct 31 2018 at 12:32
1344 posts
togr posted:
My point is why to share just couple of profitable trades
instead of seeing all stats like profit vs. dd etc...
Showing just couple of great trades is IMHO useless and not proving anything.


Point of this thread: to answer the universal question 'can forex make you rich?'
Showing just a couple of great trades can prove this. It has value to others (perhaps not you).
Other traders can PROVE FOR THEMSELF that forex can make them rich: just do take a trade and hold it. Be patient!

- Consider Fibonacci and market trend
- Consider positive Swaps
- Consider fundamentals
- Consider long-term S/R levels
- Consider possible long-term overbought/oversold levels
- Only trade on 4H, Daily, Weekly (Monthly?) charts
- HAVE PATIENCE! Hold your trade for a few days if not longer!

BluePanther (BluePanther)
Oct 31 2018 at 12:39
1344 posts
togr posted:
Well our approach is completely different.
Just time will tell who is right.


...If time hasn't already proven it!

Time has shown that there is no ONE, SINGLE correct method to make money in forex. Different strategies can both work, as evidenced by both your performance and my performance.

This fact is quite obvious to everyone else. Do not remain conceited.

Searman
Nov 01 2018 at 10:57
13 posts
Not easy but yes if it's your passion with diligent and discipline. Even experienced people faces losses as well. It depends on how your psychology is. but it can sure make you poor if you're doing it from hard-earned money / laziness / poor management.

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