Can forex trading make you rich ?

Dambovita posted:
I would at least move my stop losses to break even with the EURTRY trades. Price is likely to fall further but with exotics anything can happen

I have 'pulled out all my stops'...
No stops! 😀

AniLorak posted:

BluePanther posted:

Sagarmatha posted:
Can you get rich from carry trade? It looks like it could be a great way of getting profit but I never found a broker that offered good interest

Sure. Many large investors do carry trading. Just be wary of your risk when entering the market: Short EURTRY is paying 24% interest, but the opportunity becomes risker as this pair drops (increasing chances of EUR appreciation).

No idea on EURTRY; since it’s an exotic trading pair! In my trading, I am interested in only major trading pair, according to me exotic pairs are more risky to trade.

USDZAR - almost any exotic pairs with high swaps. But usually spreads are so high you need to wait long time to recover spread cost.
Waiting klong time is risky as the pair can move against you and you lose much more than you were to gain.

Can forex trading make you rich ?

I would say Yes. But please dont add another word 'quick'. Consistent income from forex say 15 - 25% a month will make one rich.
The problem here is how much a person has to begin his journey to become rich.

Let say initial capital USD10K, how about willingness to risk USD10K? If there is willingness, there will b a way.

Anything is possible in forex even with 1k you can make a lot of money that's if your lucky to find nice entry point and exit.

The key is always to manage your downside risk.

In terms of edge, there is only a single element.. That is the closest thing to being a constant in the financial markets.

Price either moves away from a reference point or comes back to a reference point.
Knowing this, there are already 2 ways you could derive a strategy.

Method 1: Divergence from a reference point
Method 2: Convergence to a reference point

What comes next? You need to identify the following:

1) What is your reference point? Is it a moment in time within a particular trading session? Is it a price point? Is it a pivot point? Is it a mean? Is it a median?
2) What are your entry triggers? Price-based? Time-based? Other indicator-based?
3) What is your money management strategy? Fixed SL/TP? Dynamic SL/TP? No SL/TP? Martingale, Zone recovery?

If you think you have the above 3 points sorted out, run a quick backtest from years 2000-2008. See if it survives.
Show me you have thought this through and I'll be happy to exchange knowledge.

togr posted:
USDZAR - almost any exotic pairs with high swaps. But usually spreads are so high you need to wait long time to recover spread cost.
Waiting klong time is risky as the pair can move against you and you lose much more than you were to gain.

Yeah, took me a week to make $800k. First day or two it was DD up to -$100k+, and weekend gap put it back in DD, but Swap helps to offset holding 'costs' (time + DD).

Sell EURTRY is still a go, though I'd be careful at current support level. If it breaks it will be VERY GOOD!!! Make a million guys!

HODLER ALERT!!

Make a million please!
Hold on and be patient (earn Swap 24% pa for your patience)!

GOOD LUCK EVERYONE!!

msmats posted:
Can forex trading make you rich ?

I would say Yes. But please dont add another word 'quick'. Consistent income from forex say 15 - 25% a month will make one rich.
The problem here is how much a person has to begin his journey to become rich.

Let say initial capital USD10K, how about willingness to risk USD10K? If there is willingness, there will b a way.

15 - 25% PM on $10,000 = $1500 - $2500 PM. That is low-income in Australia.
15 - 25% PM on $100,000 = $15,000 - $25,000 PM. High income.
15 - 25% PM on $1,000,000 = $150,000 - $250,000 PM. Rich?

Obviously % gain depends on account balance and desired income.
You don't need 15% PM on $1 million if you 'feel' rich with less.
'Rich' is so subjective.

snapdragon1970 posted:
Anything is possible in forex even with 1k you can make a lot of money that's if your lucky to find nice entry point and exit.

Well even with 100 Euros you can make money
With high leverage though :)

I hope you are Short EURTRY!

Passed $2 million.
Going for $3 million... 😀

CHANNEL DOWN!
FIBONACCI 100%!

Why earn 0% in Euro zone when you can earn 24% in Turkey??

The Smart Money is moving to better returns! Jump on the bandwagon! 😀

BluePanther posted:

msmats posted:
Can forex trading make you rich ?

I would say Yes. But please dont add another word 'quick'. Consistent income from forex say 15 - 25% a month will make one rich.
The problem here is how much a person has to begin his journey to become rich.

Let say initial capital USD10K, how about willingness to risk USD10K? If there is willingness, there will b a way.

15 - 25% PM on $10,000 = $1500 - $2500 PM. That is low-income in Australia.
15 - 25% PM on $100,000 = $15,000 - $25,000 PM. High income.
15 - 25% PM on $1,000,000 = $150,000 - $250,000 PM. Rich?

Obviously % gain depends on account balance and desired income.
You don't need 15% PM on $1 million if you 'feel' rich with less.
'Rich' is so subjective.

Agree on your last statement.
Well, not everyone has $100K & obviously only few has $1M to spend in Forex. I used the word spend because anything can happen in Forex.

For average Joe & Jane like me & others, gaining 15% free money from Forex industry consistently is a huge bonus. With good & reliable trading system, the money really is working for us. So 15% will at least make us 'fee'l Richer.

Keep on looking for that reliable system & do not give up.
For me, I'm looking forward to my 1st month result with ARMADA FX Ver-One in my portfolio.

BluePanther posted:
I hope you are Short EURTRY!

Passed $2 million.
Going for $3 million... 😀

CHANNEL DOWN!
FIBONACCI 100%!

 Very nice demo result

Videos like this Should make you feel that trading can make your rich

msmats posted:

BluePanther posted:
'Rich' is so subjective.

Agree on your last statement.
Well, not everyone has $100K & obviously only few has $1M to spend in Forex. I used the word spend because anything can happen in Forex.

For average Joe & Jane like me & others, gaining 15% free money from Forex industry consistently is a huge bonus. With good & reliable trading system, the money really is working for us. So 15% will at least make us 'fee'l Richer.

Keep on looking for that reliable system & do not give up.
For me, I'm looking forward to my 1st month result with ARMADA FX Ver-One in my portfolio.

Okay, maybe it took me ten years since 2008 until now before I have had such good success, and I lost $330,000 on my primary account in five years (2013-2018). But 'all told' I have turned $50,000 into $2.5 million in two months. I could have done better if I had leveraged harder. Yeah, maybe I got 'lucky', but everything is a calculated risk.

goyankees85 posted:
 Very nice demo result

Some people I work with say the same thing. For people like you, I suspect nothing could make you believe it is real - unless perhaps I paid off your house or gave it to you. I guess you are as jealous as you are forlorned at missing this oppotunity. Do not despair, if you believe and keep trying, you can succeed also. There will always be another opportunity. I wish you well.

goyankees85 posted:
 Very nice demo result

To experience these results yourself, yet not believe...?

goyankees85 posted:
 Very nice demo result

You don't have to believe me. I know it is real and withdrawable and spendable:

BluePanther posted:
I hope you are Short EURTRY!

Passed $2 million.
Going for $3 million... 😀

CHANNEL DOWN!
FIBONACCI 100%!

I do not understand why you post IMAGES of the account on the MFB which is about publishing the account...

BluePanther posted:

goyankees85 posted:
 Very nice demo result

To experience these results yourself, yet not believe...?

Question remains the same
why did you delete the account from MFB and just share images?
https://www.myfxbook.com/community/trading-systems/ic-markets-real-313166/672170,6