Pour utiliser le chat, veuillez vous connecter.
Retour aux contacts

Can forex trading make you rich ?

Matt (BluePanther)
Dec 09 2018 at 14:37
posts 1357
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

Fibs are a tool. You can use it in various ways, whichever suits you. There is no 'right' or 'wrong' way if you can make money from your technique.
Matt (BluePanther)
Dec 10 2018 at 13:14
posts 1357
togr posted:
Trading is actually an exact science
Just compare so called tick data backtesting on mt4 and mt5 and you will see the difference

“...nailing down future price movements all the time is actually impossible. What is possible though, is your growing ability to understand market behavior, price action dynamics and using a multi-dimensional analysis approach that leaves you with maximum information to act logically all the time.”

Why Trading Isn’t an Exact Science: 3 Tips to Trading Unpredictable Futures Markets
https://optimusfutures.com/tradeblog/archives/3-tips-to-trading-unpredictable-markets/

Is Forex Trading Gambling? The Answer Might Surprise You
https://dailypriceaction.com/articles/is-forex-trading-gambling
SaltaLargo
Dec 10 2018 at 13:25
posts 11
I find fibs interesting too but can be difficult to use. I am liked your chart above but I don't understand how you worked out it would be 100% retracement. Hopefully with practice I can master them
Matt (BluePanther)
Dec 11 2018 at 07:32
posts 1357
SaltaLargo posted:
I find fibs interesting too but can be difficult to use. I am liked your chart above but I don't understand how you worked out it would be 100% retracement. Hopefully with practice I can master them

I worked out the 100% retracement was a serious POSSIBILITY, even PROBABILITY, because after I drew the Fib levels to match the high (as 0%) and the low (as 100%) of the spike retracement in September (see chart above), I could see the market had already exceeded the 61.8% Fib level and was looking determined to go all the way to 100% Fib level.

It is not that hard when you just draw on the chart and see correlations between the Fib levels and levels of S/R on the mid-high timeframes. There are Fibs within Fibs, so you can see what I mean if you take most (almost all) fx pairs and just draw.

Maybe it takes 'some' practice, but it really is not that hard. Don't believe the experts that tell you to buy their course because 'trading is a science', or they have worked out some secret. Trading is not really so hard. They just make it out to be to make themselves look like 'experts'.
Matt (BluePanther)
Dec 11 2018 at 07:33
posts 1357
SaltaLargo posted:
I find fibs interesting too but can be difficult to use. I am liked your chart above but I don't understand how you worked out it would be 100% retracement. Hopefully with practice I can master them

Here's a better chart:



The market had exceeded 61.8% Fib level and was looking determined (you can only 'guess') to reach 100%.
Fib was just a guide. The trend was down, if you drew a line you could see it was quite straight. Also, you must consider the fundamentals: TRY central bank official interest rates compared to EUR - money always seeks the highest returns. And the TRY had never before been so undervalued: 8, 7, 6 EUR = 1 TRY! It was kind of a 'no-brainer'.

Fibs work for me. See what works for you. There are so many tools (indicators) to choose from, there is no 'right' or 'wrong' way to trade - so long as it makes you money.

Fichiers joints:

Fx Scalper (fxsc1lper)
Dec 11 2018 at 07:52
posts 348
I have a strategy which can make me rich , but i need some more improvement , it can make upto 400 % per month easily but need more improvement
skype id millennium.analyst
Astronautica
Dec 11 2018 at 11:27
posts 10
Thank you for your explanation of fibs. I never use fibs before but like your analysis. I will go through charts today and try adding fibs on to see if I can do the same. well done
kieran (snapdragon1970)
Dec 11 2018 at 14:25
posts 1948
Matts work above would be the way most professionals would use Fibs ,mostly weekly and monthly time frames as another confirmation tools ,as the last part of the trade decision ,play with the settings for best fit.

Fichiers joints:

"They mistook leverage with genius".
JanSzyman
Dec 11 2018 at 14:44
posts 4
I believe that it is possible to become rich in Forex. But only if you have perfect money management. Strong nerves and be cold-blooded.
Matt (BluePanther)
Dec 12 2018 at 07:05
posts 1357
JanSzyman posted:
I believe that it is possible to become rich in Forex. But only if you have perfect money management. Strong nerves and be cold-blooded.

What is your definition of 'perfect money management'? If you mean always only risking 2% of your account, you will take a while to become rich.

My money management is like this:
“Be fearful when others are greedy, and greedy when others are fearful.”
Warren Buffett

Or this:
4. Make good decisions even with incomplete information.
It is a good idea to gather as much information as possible before entering any single trade, but the available information will never be complete or perfect. Investors need to be trained to work on the facts, figure out what does matter, and take the right trading decisions before all others gain awareness of the situation. They then need to have the courage to put sufficient money behind the trade to achieve a meaningful outcome.

6. Don't make small investments: Amazon's stock price climbed from $38 to $820 during the last 10 years, a 2,160% rise. Had you invested $10,000 you would have a respectable $216,000 position by now. But had you invested just $100 you would have missed a potentially life-changing opportunity. After spending so much time and effort researching an asset, investors must make sure that the rewards from the money at risk are meaningful.[quote/] Michael Steinhart
Imamul
Dec 14 2018 at 11:41
posts 740
To enter Forex market is so much easy. With little amount you can kick off trading at any place. But the main deal is surviving that is really difficult. Because this market is too much volatile and no one can predict the real faction of this market with surely. so we have to pass a long time in here , if we want to get maximal result from here.
Mohammadi
Dec 15 2018 at 03:29
posts 886
Newcomers take this market place as s casino, they always try to make profit very rapidly without learning, as a result they become loser after passing sometimes and ultimately blame this trading place.
Snorre
Dec 16 2018 at 09:27
posts 11
That is why risk management is so important. It gives us the time to continue trading and learning. It allows us to stay in the game until the good times come and we can get rich!
Bindaytrader (Bindaytrader)
Dec 16 2018 at 09:46
posts 12
Its absolutly possible the forex market generates 16 times the money that is generated on wallstreet a day everyday its bye far the biggest market in the world and a handfull of that is retail traders do you think millions of people all lost money of course non of them have registrated their accounts on Myfxbook ore any forums because they are not interested in people knowing how much they make ore have any need too brag atleats i dont i have a coupple of my EA`S registered too have a journal on how they are doing but that just for fun nothing i expect will make much money...I have a account here with 2500 dollars in ore so mayby i trade that a little after new year along with my real accounts..I made money on binarys also when that was allowed in europe,but it has taken me 5 years of watching charts for hours a day too be able too recognize patterns and how the market behaves so i only use pivots/Rsi and fibs together with my experience soo i can actually feel it when its time to enter a trade..
Matt (BluePanther)
Dec 16 2018 at 11:07
posts 1357
Mohammadi posted:
Newcomers take this market place as s casino, they always try to make profit very rapidly without learning, as a result they become loser after passing sometimes and ultimately blame this trading place.

True. This is the price of their education.
They would be wise to continue their lessons to fruition (profitability), and not throw away their education. To quit before success is to throw away their lessons in trading, that is, throw away their time and money spent on education.

That is wasteful. Like going to university for ten years, spending thousands on a degree, and then not using the knowledge.
AmDiab
Dec 16 2018 at 11:15
posts 718
Mohammadi posted:
Newcomers take this market place as s casino, they always try to make profit very rapidly without learning, as a result they become loser after passing sometimes and ultimately blame this trading place.

Same opinion from me; a numbers of new traders start with a wrong mentality! As a result; so many losers are available here & there.
Matt (BluePanther)
Dec 16 2018 at 11:16
posts 1357
Neale Donald Walsch | The 3 Secrets To Everything!
Allan (Arcferreira)
Dec 16 2018 at 11:24
posts 50
Mohammadi posted:
Newcomers take this market place as s casino, they always try to make profit very rapidly without learning, as a result they become loser after passing sometimes and ultimately blame this trading place.

Yes, Forex and CFDs are a Cassino. Earlier you realize this truth, easier you will make money.
Imagine the Roulette in the Cassino. There is 18 black numbers and 18 red numbers. If you bet black every single time, your chance to win is 50%, correct? No, it isn't. Because the Cassino has the zero and double zero. After 3800 bets, you win 1800, and the house 2000. Your chance in this strategy is 47.4%. For the Cassino, is 52.6%. For every million people bet in Roulette, House's profit is 52.000,00.

Because the Cassino increase its odds in 2.6%, it is able to be profitable...

The cassino doesn't accept bets that goes over an ammount. Because a lucky trader with a huge bet can wipe out all profit from Cassino.

What is Cassino doing? Working with probabilities to favour profits. Cassino has a strategy to increase its odds to win barely over 50%, a money management to avoid risky bets.

How many Forex traders have a strategy to barely increase their probabilities, and how many work with money management? Just a few.

And how do I increase my chances? Technical analysis (TA). TA is not a Crystall ball, it will not say if prices will go up or down. A simple TA that increases your odds to win to 60%, with a reward/risk ratio of 1:1, a 1% risk in every trade, 250 trades a year, means 63% return in one year. In 10 years, 10.000 USD will become 1.3 million. How many traders work with a 10 year plan?

Yes, forex can make you rich. But you need a strategy.
Trade safely... Remember, a high Drawdown means a high risk!
Allan (Arcferreira)
Dec 16 2018 at 11:25
posts 50
In short, trading is about probabilities.

Reward/Risk ratio in every trade = R/R = 1/1
Risk in % of your initial balance = Risk = 1%
Winning ratio in % = WR = 60%
Number of trades per month = MT = 20

Monthly return = MT *Risk*(WR * R/R - (100% - WR))
Monthly return = 20*1%*(60%*1 - (100% - 60%)) = 4%

A 4% monthly isn't a impossible task. Do it a year...
Yearly return = (1 + monthly return)^12 - 1
Yearly return = 1.04^12 -1 = 0.601 = 60.1%
Trade safely... Remember, a high Drawdown means a high risk!
Imamul
Dec 17 2018 at 12:42
posts 740
Successful trading is depend on most powerful analyzing trade knowledge , on the other hand , despite of good trading knowledge that’s not possible at all to lead a successful trading life at all if you don’t have a reliable support from a credible trading broker , because the broker can affects the result of our trading with certainly.
Veuillez vous connecter pour commenter .