Can forex trading make you rich ?

oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.

and bit of luck :)

I like automatic/manual stategy. You have your plan but every strategy couldn't work with only manual trading

togr posted:

oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.

and bit of luck :)

ESSENTIAL! 😁

Masa13 posted:
I like automatic/manual stategy. You have your plan but every strategy couldn't work with only manual trading

I use price action trading system and yes, I handle my live account manually! I have no objection at all.

BluePanther posted:

oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.

Manual trading would require all those elements.

Automatic trading eliminates:
> 'how well you trade'
> 'your experience'
> 'forex knowledge'
> 'strategy'
> 'persistence'
> 'alertness'
> 'etc.'

Get the right system working on auto-pilot and you don't need all those things.
'Risk appetite' would still apply though.

Well, manual and auto trading both has its own pros and cons. Although auto trading eliminates the above elements but there are some problems associated with auto trading style as well:

1. Some EA’s might show positive results in backtesting but the past results may or may not hold good in future.
2. Less room for reversal, once gone, it’s ought to be performed every-time
3. If the strategy is faulty, results would keep trailing the loss
4. As everything is automatic, you may not be capable enough to control trading unless stopping the EA/Robot
5. Flash Crash and Sudden spikes become fashion and can wipe out many small traders
6. In case of any security threat, you might lose everything in fraction of a second

togr posted:

oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.

and bit of luck :)

Yes very rightly said! A bit of luck can work wonders not just in forex trading but in any profession or job. Can you share any personal experience where luck played an important role in forex trading? It'll be interesting to know. :)

BluePanther posted:

togr posted:

oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.

and bit of luck :)

ESSENTIAL! 😁

very much!! ;)

darrengreg posted:

BluePanther posted:

oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.

Manual trading would require all those elements.

Automatic trading eliminates:
> 'how well you trade'
> 'your experience'
> 'forex knowledge'
> 'strategy'
> 'persistence'
> 'alertness'
> 'etc.'

Get the right system working on auto-pilot and you don't need all those things.
'Risk appetite' would still apply though.

Well, manual and auto trading both has its own pros and cons. Although auto trading eliminates the above elements but there are some problems associated with auto trading style as well:

1. Some EA’s might show positive results in backtesting but the past results may or may not hold good in future.
2. Less room for reversal, once gone, it’s ought to be performed every-time
3. If the strategy is faulty, results would keep trailing the loss
4. As everything is automatic, you may not be capable enough to control trading unless stopping the EA/Robot
5. Flash Crash and Sudden spikes become fashion and can wipe out many small traders
6. In case of any security threat, you might lose everything in fraction of a second

All your so called cons are actually cons of the trading plan.
If you have good trading plan which brings you consistent results
There is nothing easier than code it and run as EA.
24/7
No emotions
No mistakes
Much faster than you.
So the dream when you sleep your system makes money.

I do not just talk here like many other - check my profile, all is AUTO trading, not manual.

togr posted:

All your so called cons are actually cons of the trading plan.
If you have good trading plan which brings you consistent results
There is nothing easier than code it and run as EA.
24/7
No emotions
No mistakes
Much faster than you.
So the dream when you sleep your system makes money.

I do not just talk here like many other - check my profile, all is AUTO trading, not manual.

Agreed.

Key words: 'RIGHT SYSTEM'

MessaelFX posted:
Hello Togr

I am from Canada and im looking for a good system to invest in.

Cheers

Found any?

I'm constantly looking for a strategy, which would be able to make 5% profits on equity constantly every day... I know that it's practically not possible, because that would mean that, if you would for example start with only 1 USD, and if you trade 20 days per month, you would end up with around $120.000 in one year and that's something what nobody did so far and most probably noone ever would.

But on another hand, it easy happens to me to make often not just 5% per day but up to let say 20% per day. More than that is usually much harder and involves some luck too. BUT... it also often happens that I do very well for a week or two weeks, making from around $150 to over $600 (this happened recently), but then I was stupid enough, that I started to trade DE30, with one full lot (minimum lot), instead of 0.01 lots as I (almost) always trade. And beside that, I had even 4 of such big trades... and how it ended... as it happens in such case... if I would have only $100 in account, then my account would survive the swing, but I didn't...

So I think that if I would just keep discipline always, having good money management, also being able to WAIT until trend changes (isntead of jumping into trend or trade against the trend), then I could have much more constant profit days, without those big loses.

Tell me, what do you think... ;)

Hmm, can we edit our posts here after we send it? I wanted to edit one sentence, but I can't... it should be 'if I would have only $100 more in account, then my account would survive the swing (deep downtrend and then back up), but it didn't...'.

Thanks.

Z

To manifest a reality of forex riches, you need to practise the four laws of the universe:

“If you want to have more control of how your reality is manifested, you need to understand all of the four basic manifestation laws, not just the Law of Attraction. Also, you need to be patient and have faith in these laws. Otherwise it will be very hard to manifest your thoughts into reality. These four basic manifestation laws are very well known in the world of secret societies and royal families. They have used these laws to bring them tremendous success, wealth, and power.”

Yes it can, provided you know how to trade well to get rich and hold onto your profits. Otherwise you can incur huge losses also.

Forex can make you rich easier than a lot of things... but you need at least something like 10.000 hours of study and practice to master something.

I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.

You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year

After that, I wonder why I spent so much energy in Medicine...

Arcferreira posted:
Forex can make you rich easier than a lot of things... but you need at least something like 10.000 hours of study and practice to master something.

I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.

You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year

After that, I wonder why I spent so much energy in Medicine...

Thank you for sharing such an inspirational example Allan. Stay sparking.

From the people I've spoken to (emailed / PM'd) the 'big' money made isn't so much from trading, it's from Signal Subscriptions and Education delivery.....and then compounding it.

gouldii posted:
From the people I've spoken to (emailed / PM'd) the 'big' money made isn't so much from trading, it's from Signal Subscriptions and Education delivery.....and then compounding it.

LOL I hope youre being ironic. Sounds like they were trying to sell you a signalling service 😂 compounding however is very useful for growth.

gouldii posted:
From the people I've spoken to (emailed / PM'd) the 'big' money made isn't so much from trading, it's from Signal Subscriptions and Education delivery.....and then compounding it.

Yeah, shysters make a killing selling “get-rich-quick” EAs, signals, and courses: it’s their business model to pump as many customers/subscribers as they can, then dump a product and pump the next “best thing”.

But it is not a sustainable business model because they need to keep creating new products each time their original product “flops” (fails). This business model generates a negative reputation which permanently mars their future offerings.

Real trading profits will generate way more money sooner than sales or subscriptions ever could.