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Can forex trading make you rich ?

Miss Reese (ReeseL)
Aug 25 2017 at 10:51
posts 2
Not really ......

This Forex Trading is full of Scammers.........Yet To find a honest EA or copy Trades that make money...we will keep on looking.......
AniLorak
Aug 27 2017 at 06:14
posts 920
ReeseL posted:
Not really ......


May I know why? Are you a trader or an investor ?

Lloyd Yeo (lloyd_yeo)
Aug 27 2017 at 06:18
posts 7
My stance on this is that you definitely can be profitable but to get really rich takes a lot of mental discipline and capital. For those who come in with the intent to get rich quick, it usually doesn't end well.

Forex really is something that takes a lot accumulating of knowledge and emotional detachment to see the fruits of labour. The patience required to go through the journey and not give up whilst you are bleeding money & time is not an easy thing to do. Losses are a hard pill to swallow but believe me if you do make it to that 'enlightened' group of people who trades profitably and have no delusions of grandeur you can most definitely get rich.

TLDR: It's not a get rich quick scheme & don't expect to make 10k with $200.

GJscalper
Aug 27 2017 at 11:40
posts 237
lloyd_yeo posted:
My stance on this is that you definitely can be profitable but to get really rich takes a lot of mental discipline and capital. For those who come in with the intent to get rich quick, it usually doesn't end well.

Forex really is something that takes a lot accumulating of knowledge and emotional detachment to see the fruits of labour. The patience required to go through the journey and not give up whilst you are bleeding money & time is not an easy thing to do. Losses are a hard pill to swallow but believe me if you do make it to that 'enlightened' group of people who trades profitably and have no delusions of grandeur you can most definitely get rich.

TLDR: It's not a get rich quick scheme & don't expect to make 10k with $200.


 The reality is the amount of money which you are trading with shouldn't change your money management anyway. I have turned 1050 usd to 42k usd then crashed the account. The only reason why the account was able to grow so quickly was because of me sticking to my money management and hard stop losses. The one time you don't stick to your plans that will more than likely be as far as you will go!

@GJscalper for more information
Lloyd Yeo (lloyd_yeo)
Aug 27 2017 at 14:27
posts 7
@GJscalper I definitely agree that having tight money management is one of the hallmarks of any profitable forex trader. However another reality to consider also is the fact that people have to consider that even with the best risk/reward ratio it is merely percentages. To get to 42k with 1050 is definitely one that requires time (the word quickly here becomes subjective, is 1 month quick? or 2 months quick?) and again, good money management but the most commonly missed out: mental discipline (i.e. to keep your emotions/greed in check)

To be real here, I myself have faced problems with managing money not because I didn't have a strategy but solely because of the additional mental discipline that is required to stay composed infront of a trade that yields a much bigger gain/loss. A very very real example is 10% of a 200 dollar account vs the 10% of a 20k dollar account. In all practicality when you are scaling, it's no longer a case of strategy because the math is clear as day but it's a case of mental discipline which I struggle with whenever I break to new heights.

So again to the point of getting rich, you can definitely do it but you have to be rich inside before you can truly be rich outside.

kieran (snapdragon1970)
Aug 27 2017 at 20:35
posts 1945
What some traders do is look at the minimum stop loss amount say its 6$ on eur/usd , so they open account with 600$ so 6$ becomes 1% of risk, as the account grows move it up accordingly.There are many different factors that effect your account some you can control some not,kind of like driving a Ferrari for the first time,best to get some coaching or you end up in a ditch.

"They mistook leverage with genius".
kieran (snapdragon1970)
Aug 27 2017 at 20:46
posts 1945
lloyd_yeo posted:
My stance on this is that you definitely can be profitable but to get really rich takes a lot of mental discipline and capital. For those who come in with the intent to get rich quick, it usually doesn't end well.

Forex really is something that takes a lot accumulating of knowledge and emotional detachment to see the fruits of labour. The patience required to go through the journey and not give up whilst you are bleeding money & time is not an easy thing to do. Losses are a hard pill to swallow but believe me if you do make it to that 'enlightened' group of people who trades profitably and have no delusions of grandeur you can most definitely get rich.

TLDR: It's not a get rich quick scheme & don't expect to make 10k with $200.


I seen a person I gave basic advice to make 10k from 100euro over 3mths ,sounds impossible but we all know what black swans are.

"They mistook leverage with genius".
Miss Reese (ReeseL)
Aug 28 2017 at 06:14
posts 2
I am a trader....I agree with most the comments its definitely not a get rich schemes as advertised so frequently ....and trading is not such a easy skill to master...their are many elements that go with trading, not to mention the emotions that go with trading. Its nice to see all these %500 profits thrown around ,its definitely not the case and it misleads us to believe Forex trading is profitable in a short while....Once you have sifted out the clutter it there might be some profits at the end of the tunnel.....

This Forex Trading is full of Scammers.........Yet To find a honest EA or copy Trades that make money...we will keep on looking.......
Mohammadi
Aug 28 2017 at 06:17
posts 886
Forex trading business is the most standard way of money making! Such as, here I can use pending orders, if I get any historical level of market then I use pending order strategy so willingly! Without any good entry point, I don’t open my trading chart because it kills my trading momentum! In addition, I am very sensitive on my entry quality!

Admoni
Aug 28 2017 at 06:20
posts 95
Honestly Speaking, Forex is not 100% unpredictable, professional Forex traders can trade with higher probability! Yes, there is nothing like 100% in Forex, but I am confident about my success! My technical and fundamental knowledge provides me more than 75% probability of success! So, I trade in my live account with enough joy! I usually use 1:3 profit ratio in my live trading, this ratio helps me to recover my losing trades so quickly!

GJscalper
Aug 28 2017 at 06:21
posts 237
snapdragon1970 posted:
What some traders do is look at the minimum stop loss amount say its 6$ on eur/usd , so they open account with 600$ so 6$ becomes 1% of risk, as the account grows move it up accordingly.There are many different factors that effect your account some you can control some not,kind of like driving a Ferrari for the first time,best to get some coaching or you end up in a ditch.


 Yet what happens when that first trade goes in red and eats up your 6usd :) Now you will be chasing the very first trade!

@GJscalper for more information
GJscalper
Aug 28 2017 at 06:23
posts 237
ReeseL posted:
I am a trader....I agree with most the comments its definitely not a get rich schemes as advertised so frequently ....and trading is not such a easy skill to master...their are many elements that go with trading, not to mention the emotions that go with trading. Its nice to see all these %500 profits thrown around ,its definitely not the case and it misleads us to believe Forex trading is profitable in a short while....Once you have sifted out the clutter it there might be some profits at the end of the tunnel.....

 
Go with the hot hand. People see the high returns, but don't look into the accuracy in which a person is trading with. A person who spends less than 6% of the ticks daily in the market would be scalping the right way. As I said, I have the accounts to prove the runs up and down, but I have gotten to a point where I can sit and wait for the double or home run in a day, a which point 5% of my account is a crap ton of usd at this point. Risk 6% to make 6% sounds good to me.

@GJscalper for more information
Lloyd Yeo (lloyd_yeo)
Aug 28 2017 at 14:58
posts 7
Admoni posted:
Honestly Speaking, Forex is not 100% unpredictable, professional Forex traders can trade with higher probability! Yes, there is nothing like 100% in Forex, but I am confident about my success! My technical and fundamental knowledge provides me more than 75% probability of success! So, I trade in my live account with enough joy! I usually use 1:3 profit ratio in my live trading, this ratio helps me to recover my losing trades so quickly!


That's exactly it. See trading for what it is, a game of numbers. You win more than you lose, you are a winner, nuff said.

Capitalinvestfx
Aug 29 2017 at 06:19
posts 64
lloyd_yeo posted:
Admoni posted:
Honestly Speaking, Forex is not 100% unpredictable, professional Forex traders can trade with higher probability! Yes, there is nothing like 100% in Forex, but I am confident about my success! My technical and fundamental knowledge provides me more than 75% probability of success! So, I trade in my live account with enough joy! I usually use 1:3 profit ratio in my live trading, this ratio helps me to recover my losing trades so quickly!


That's exactly it. See trading for what it is, a game of numbers. You win more than you lose, you are a winner, nuff said.


but if your losses are larger you're a loser,

Admoni
Aug 29 2017 at 06:24
posts 95
Forex is reliable or not, it totally depends on you, if you can acquire good trading knowledge by passing a long time , then it can be a reliable source for earning money consistently. On the other hand , you can fall a great loss from here due to non-sense planning , lack of proper risk management plan and for much more other reasons.

vontogr (togr)
Aug 29 2017 at 10:16
posts 4862
Admoni posted:
Forex is reliable or not, it totally depends on you, if you can acquire good trading knowledge by passing a long time , then it can be a reliable source for earning money consistently. On the other hand , you can fall a great loss from here due to non-sense planning , lack of proper risk management plan and for much more other reasons.


You are right, if you are smart enough and spend enough time researching you can get almost risk free source of income.
It takes time and you learnt by mistakes but still it is worth it :)

Admoni
Aug 31 2017 at 14:35
posts 95
According to me, the trading can be easier if you have proper trading plan , real money managing approach , knowing the ability how to manage risk , real time of using Stop Loss , proper trading analysis and much more. Otherwise not.

leo23
Sep 01 2017 at 09:43
posts 567
Forex trading can make you rich if you take forex as business and any business can make you rich if you know how to do it.

But if you think forex as a job where you expect to get paid same salary at the end of every month, then in contrary it will take some money every month from you from your losses while trying to achieve the same.

If you think forex as gamble, then instead of making you rich forex can make you poor.

Artificial General Intelligence
Admoni
Sep 03 2017 at 06:50
posts 95
Yes forex is reliable and a good source of income . However it is going to take a lot of time and work for you to make it work that way. in the Forex market , we lose as well as gain . one of the factors to consider is your Forex broker. if you haven’t chosen a broker, then you should research the Fx broker that you are interested in before signing up under them. A bad broker might cheat you.

vontogr (togr)
Sep 04 2017 at 10:06
posts 4862
Admoni posted:
Yes forex is reliable and a good source of income . However it is going to take a lot of time and work for you to make it work that way. in the Forex market , we lose as well as gain . one of the factors to consider is your Forex broker. if you haven’t chosen a broker, then you should research the Fx broker that you are interested in before signing up under them. A bad broker might cheat you.


You must have good knowledge
Great broker
and a bit of luck as well ;)

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