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Can forex trading make you rich ?

Jaco Ferreira (JacoAF)
Dec 12 2017 at 18:33
posts 130
snapdragon1970 posted:
Forex is a tough game for sure no doubt,it's not impossible though to make a lot of money,even on the most basic platforms with a reasonable size account,experience and proper money management.


I think Kieran hit the nail right on the head. Just like to add, the 98% of people failing Apple1 talks about (some say its 90%, other say its 80%, who really knows) come in the market thinking they can get rich quick, be a millionaire in a year.

So lets say you are an experienced trader, and lets say your trading strategy you a consistent average yearly (modest) return of 15% for the sake of this exercise. And lets assume you are disciplined enough not to take any money out of the account. And lets assume you saved up enough money to open a $10 000 account.

If you then trade for 40 years based on the above criteria your account will be more or less at $2,678,635.46 after 40 years. So yes, you CAN get rich, not impossible, but in reality things don't work like that. People are emotional beasts. We are greedy and wish to get rich quicker so we can spend our millions.

Manual traders battle with emotions. Algorithmic traders battle with markets changing over time, and this causes a trading strategy to lose it effectiveness over long periods of time.

'Can forex trading make you rich ?'... tough questions this, but NOT impossible.

Good luck trading out there!

Keep it simple, be disciplined, get rich slowly and above all protect your equity!
MHTRADING (MOAMER)
Dec 13 2017 at 09:27
posts 9
Question: How to judge if someone is a profitable trader or not?

By age of the account? or capital growth? or Max DD? or what?

i have my own strategy now, and decided to try it on a demo account.. i opened a demo account on this December 1st with $ 1000 .. today Dec 12.. it has grown to +3573.44%. which means to (Dec 12) $36734.42 and with 0.99 DD.

so the question is : Am i profitable trader and fall in the 1% category of profitable traders?


Allan (Arcferreira)
Dec 13 2017 at 09:44
posts 50
For this question, I have an opinion:

Forex is an investment... not a get rich scheme.

People must understand that someone can get rich in Forex the same way someone can get rich in Las Vegas. I did that when I started in Forex... I transformed 7.500 in 60.000 in a couple of months... but I lost 20.000 in Brexit!!! I stopped trading and I started to study before trading again...

A lot of people did a fortune in BREXIT, the same way a lot of people are doing fortune with cryptomoney... mostly lucky!

I trade Forex to get something better than the 10%/year. After 2 years studying, I can say 30%/year is not a fantasy.... I used some PAMM accounts that gave me this return. Give a look in Darwinex.com

Today I am able to achieve 3% monthly... some months 6%, others zero or negative... but after 1 year, 30% is not a impossible task for mortals like you and me...

Yes, 90% of Forex traders fail... but how many study at least for 2 years - 1 hour a day? Only 5%...

Yes, like everything in life, you need to invest time to learn and to gain experience. If you don't want to do that, go away from Forex or you will loose your money....


Trade safely... Remember, a high Drawdown means a high risk!
Baldo (BaldoN)
Dec 13 2017 at 15:00
posts 522
The topic remind me an old joke:

'- Is it possible to become a millionaire with forex trading?
- Yes, it is possible, if you were before a billionaire' :)

Allan (Arcferreira)
Dec 14 2017 at 08:08
posts 50
4xAce posted:
Let's not get ahead of ourselves. Most of you aren't even at breakeven.
h

You are right 4xAce. I had lucky in past and stopped trading before losing everything.
But 30-50% year is not impossible. There is good signals able to achieve this level of return.

At Darwinex, Thales signal is one of them. You can use it... I did. Good return with low DD. Darwinex is a regulated broker in UK. It worths a look.

Is not a get rich scheme... but you can live trading Forex.

Trade safely... Remember, a high Drawdown means a high risk!
MHTRADING (MOAMER)
Dec 14 2017 at 08:11
posts 9
Arcferreira posted:
For this question, I have an opinion:

Forex is an investment... not a get rich scheme.

People must understand that someone can get rich in Forex the same way someone can get rich in Las Vegas. I did that when I started in Forex... I transformed 7.500 in 60.000 in a couple of months... but I lost 20.000 in Brexit!!! I stopped trading and I started to study before trading again...

A lot of people did a fortune in BREXIT, the same way a lot of people are doing fortune with cryptomoney... mostly lucky!

I trade Forex to get something better than the 10%/year. After 2 years studying, I can say 30%/year is not a fantasy.... I used some PAMM accounts that gave me this return. Give a look in Darwinex.com

Today I am able to achieve 3% monthly... some months 6%, others zero or negative... but after 1 year, 30% is not a impossible task for mortals like you and me...

Yes, 90% of Forex traders fail... but how many study at least for 2 years - 1 hour a day? Only 5%...

Yes, like everything in life, you need to invest time to learn and to gain experience. If you don't want to do that, go away from Forex or you will loose your money....

WELL SAID

AmDiab
Dec 14 2017 at 15:59
posts 718
BaldoN posted:
The topic remind me an old joke:

'- Is it possible to become a millionaire with forex trading?
- Yes, it is possible, if you were before a billionaire' :)


Ha ha ha! Nice joke buddy! By the way, I think okay good skilled Forex traders can expect here good amount of money.

CarlFooty
Dec 15 2017 at 11:38
posts 11
Darwinex looks good but it is very much a 'black box' that you are signing up to. You cannot even see the trades that are taken

Sergiu (Sphinx_FX)
Dec 15 2017 at 11:39
posts 36
This year for me was pretty profitable. I started off the year with 150$ in the account and till date managed to get about 7000$ profit, in total. At the moment my strategy makes about 5-10% a month, so far every month. So to achieve 60-100% a year is very possible even at low risks, however the other question is the amount of money you make to be enough to survive on it. As 5% a month from 100$ is one amount and from 100,000 $ is a completely different amount.

Most important to properly manage your money.


Life is like a box of chocolates, you never know what you gonna get, unless you are a psychic.
FXPIP ONE
apple1st
Dec 15 2017 at 12:17
posts 126
Forex can make you rich only if you stop hunting big profits and start to show +10% every month stable to your investors
everythingh is simple
Also need a time for trading + Software

mlawson71
Dec 15 2017 at 16:03
posts 1487
Even then I am not sure it can make a retail trader rich. Provide a good profit, yes, make them outright rich is a questionable outcome, I think.

kieran (snapdragon1970)
Dec 15 2017 at 17:52
posts 1945
Sphinx_FX posted:
This year for me was pretty profitable. I started off the year with 150$ in the account and till date managed to get about 7000$ profit, in total. At the moment my strategy makes about 5-10% a month, so far every month. So to achieve 60-100% a year is very possible even at low risks, however the other question is the amount of money you make to be enough to survive on it. As 5% a month from 100$ is one amount and from 100,000 $ is a completely different amount.

Most important to properly manage your money.


How did you make 7000$ from 150$ at 10% per month

"They mistook leverage with genius".
MHTRADING (MOAMER)
Dec 17 2017 at 08:18
posts 9
snapdragon1970 posted:
Sphinx_FX posted:
This year for me was pretty profitable. I started off the year with 150$ in the account and till date managed to get about 7000$ profit, in total. At the moment my strategy makes about 5-10% a month, so far every month. So to achieve 60-100% a year is very possible even at low risks, however the other question is the amount of money you make to be enough to survive on it. As 5% a month from 100$ is one amount and from 100,000 $ is a completely different amount.

Most important to properly manage your money.


How did you make 7000$ from 150$ at 10% per month
I believe this can be done.. i also started with $1000, and its +$45000, in two weeks only. PS: It was not scalping. at least most of the trades,,, i will continue to the end of this month and see what percentage i shall reach.

Allan (Arcferreira)
Dec 17 2017 at 08:20
posts 50
apple1st posted:
Forex can make you rich only if you stop hunting big profits and start to show +10% every month stable to your investors
everythingh is simple
Also need a time for trading + Software


Another fantastic software that will make you the richiest guy in the World.
Show me an account running at this pace (10% monthly) for at least 2 years. A fantastic return of 10x the initial ammount.
For 5 years? 300x initial ammount. For an 350.000 USD account we are talking a final number of 1 billion. But there is only 2.000 billionaires in the World... and you are not one of them... why?





Trade safely... Remember, a high Drawdown means a high risk!
MHTRADING (MOAMER)
Dec 18 2017 at 07:16
posts 9
Arcferreira posted:
apple1st posted:
Forex can make you rich only if you stop hunting big profits and start to show +10% every month stable to your investors
everythingh is simple
Also need a time for trading + Software


Another fantastic software that will make you the richiest guy in the World.
Show me an account running at this pace (10% monthly) for at least 2 years. A fantastic return of 10x the initial ammount.
For 5 years? 300x initial ammount. For an 350.000 USD account we are talking a final number of 1 billion. But there is only 2.000 billionaires in the World... and you are not one of them... why?




Why does the Age of the account matter? Most people ask for an account with at least 6-12 months old with a steady growth? WHY? if you can make like lets say a double of your account within couple of weeks or even less, and then withdraw, or evis en invest, and then the same thing every time.. what makes this strategy bad?

Allan (Arcferreira)
Dec 18 2017 at 14:48
posts 50
MOAMER posted:
Arcferreira posted:
apple1st posted:
Forex can make you rich only if you stop hunting big profits and start to show +10% every month stable to your investors
everythingh is simple
Also need a time for trading + Software


Another fantastic software that will make you the richiest guy in the World.
Show me an account running at this pace (10% monthly) for at least 2 years. A fantastic return of 10x the initial ammount.
For 5 years? 300x initial ammount. For an 350.000 USD account we are talking a final number of 1 billion. But there is only 2.000 billionaires in the World... and you are not one of them... why?




Why does the Age of the account matter? Most people ask for an account with at least 6-12 months old with a steady growth? WHY? if you can make like lets say a double of your account within couple of weeks or even less, and then withdraw, or evis en invest, and then the same thing every time.. what makes this strategy bad?


Because this strategy can't be followed by others. Is like a bubble... you don't know when it will blow.

Trade safely... Remember, a high Drawdown means a high risk!
Higat
Dec 29 2017 at 13:24
posts 20
I apologize for my English. I write in Russian. Then machine translation from Russian into English.

The question of what can be achieved in forex is almost always discussed in petty aspects. It seems to me that the dear gentlemen do not want to see the root of the problem. I explain.
 Can you become an Olympic champion?
 You as a scientist made serious inventions or discoveries?
Maybe you came out victorious in a situation where victory was impossible in principle?
What facts from your biography tell you that you are a man of rare virtues?
If you have not been stubborn in the unequal struggle for victory, what gives you reason to hope for victory in the fight for money (forex)?

Прошу прощения за мой английский язык. Я пишу на русском. Потом машинный перевод с русского языка на английский язык.

Вопрос о том чего можно достигнуть на форексе почти всегда обсуждается в мелочных аспектах. Мне кажется, что уважаемые господа не хотят видеть корень проблемы. Поясняю.
 Вы можете стать олимпийским чемпионом?
 Вы как научный работник делали серьёзные изобретения или открытия?
Может быть, Вы вышли победителем в ситуации, где победа была невозможна в принципе?
Какие факты из Вашей биографии говорят Вам, что Вы человек редких достоинств?
Если Вы не были раньше упорным в неравной борьбе за победу, то что даёт основания Вам надеяться на победу в борьбе за деньги (форекс)?

johndoe2016
Dec 29 2017 at 14:03
posts 58
98% of forex traders lose money.

90+% systems work 1-2 years then blow up.

If there is a fx system that can generate 3-5% per month for more than 2 years I haven't found it yet.


Matt (BluePanther)
Dec 29 2017 at 14:28
posts 1355
johndoe2016 posted:
98% of forex traders lose money.

90+% systems work 1-2 years then blow up.

If there is a fx system that can generate 3-5% per month for more than 2 years I haven't found it yet.



I'm sorry... what? Give your account some time... maybe you have found it! 😉
Don't be so discouraged. Profit is easier than you think.


Matt (BluePanther)
Dec 31 2017 at 18:31
posts 1355
I'm sorry... what? Give your account some time... maybe you have found it! wink
Don't be so discouraged. Profit is easier than you think.



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