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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!

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