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Can forex trading make you rich ?

vontogr (togr)
Nov 13 2018 at 11:59
4862 příspěvků
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.

yeah and such trader has a strong grammar skills :)
Gasley
Nov 13 2018 at 12:12
10 příspěvků
proper pro traders are very intelligent and have vast knowledge of the markets. I've never met a pro trader who has just looked at baby pips and spent 3 months on a demo!!!
kieran (snapdragon1970)
Nov 13 2018 at 14:02
1946 příspěvků
Gasley posted:
proper pro traders are very intelligent and have vast knowledge of the markets. I've never met a pro trader who has just looked at baby pips and spent 3 months on a demo!!!

There is always probability of Black Swan events.
"They mistook leverage with genius".
Tedox Advisor (tedoxadvisor)
Nov 14 2018 at 07:37
6 příspěvků
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.
Great profit comes with perfect algorithm
L3CAP
Nov 14 2018 at 12:35
264 příspěvků
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
Mohammadi
Nov 14 2018 at 14:29
886 příspěvků
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!
Matt (BluePanther)
Nov 15 2018 at 07:28
1356 příspěvků
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.
Matt (BluePanther)
Nov 15 2018 at 07:29
1356 příspěvků
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.
Imamul
Nov 15 2018 at 11:09
701 příspěvků
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.
Adribaasmet
Nov 26 2018 at 13:46
994 příspěvků
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.
vontogr (togr)
Nov 26 2018 at 14:08
4862 příspěvků
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.
eabrams
Nov 27 2018 at 07:33
6 příspěvků
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.
AniLorak
Nov 27 2018 at 08:10
920 příspěvků
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.
Matt (BluePanther)
Dec 05 2018 at 11:19
1356 příspěvků
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!
ChristianBeach
Dec 06 2018 at 11:11
12 příspěvků
Great tips. How do you use fibonacci? I have tride many times but can never get it to be useful.
Matt (BluePanther)
Dec 06 2018 at 15:41
1356 příspěvků
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.
Jingyi
Dec 09 2018 at 07:16
8 příspěvků
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
Matt (BluePanther)
Dec 09 2018 at 08:22
1356 příspěvků
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
Matt (BluePanther)
Dec 09 2018 at 08:23
1356 příspěvků
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.
Matt (BluePanther)
Dec 09 2018 at 14:37
1356 příspěvků
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.



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