Can forex trading make you rich ?

DukeMark posted:
It can but it's not easy as what you are thinking. You're asking like the level of 'Can you throw me that iPhone X?'. And if I catch, it belongs to me, and if I fail, I'll pay you.
 
You must have skill in catching, but it's not only hands (trading) that are involved, you have foots to run quickly (catching the live news, technical skills and good strategy) to where the phone is reaching from the air. You have to keep watching to catch it. Otherwise, lucky chance is that that phone was fallen to your shirt pocket. hehe

I know it's not accurate figurative, but 70% enough I can say. 😀

It is not bad :) You need to have skills, be flexible and fast and bit of luck.

There seem to be so few traders who actually make money though. I feel that if it were really possible then there would be many (genuine) success stories all over FX forums etc

I make good money, although it's been a hard road - 14 years trading. best year was over 1400% worst was a 70% loss from the highs.

These days i'm happy to potter around with 30% a month and trade very conservatively. I made good money in forex, but most of my wealth came from elsewhere.

anyway, just thought i'd say hello :) bored at 2am here :)

@Soultrader: 30% a month sounds not bad at all for such a new trader like me :) Hello !

There are some nice prizes to win on Dukascopy, it wont make you rich but still nice to win.

Straycat posted:
There seem to be so few traders who actually make money though. I feel that if it were really possible then there would be many (genuine) success stories all over FX forums etc

Stories are not important.
Verified profitable accounts on MFB are.

Mark Shawzin:

Out of the 241 trades, 16 of them were responsible for ALL of the profit.
Most people in this world can't handle it. Yet, it is the only way I have ever seen anyone make money trading. Ever.
I was on Wall Street for 23 years. All of the successful fund managers will have long losing streaks, sometimes lasting 6 months to a year.
And then... boom! They let their winners run and they wipe out all of their losses.
It is how trading works.

https://thepatterntrader.com/the-pattern-trader-bundle-35/

togr posted:

Orangotang posted:
well put there is no shortcut to success anywhere except maybe winning the lottery

Winning lottery usually require a lot of time and money:)

...much more time and money than learning to trade and winning.

Your chance of winning lottery is essentially non-existent:
https://www.independent.co.uk/news/uk/home-news/11-things-that-are-more-likely-than-winning-the-lottery-a6798856.html

I hope so....

Yes, i have seen few people around me who have made millions from the Forex market. Even people left their full time job for the Forex trading.

I always consider Forex as like an ocean , I don’t think so any courses can make anyone knowledgeable, it’s my own experience. I have passed so many times in pips school courses and others but honestly speaking acquired not enough something. Any courses can be valueless paid or free until ensure a regular practice session in demo or micro. It’s a real Forex courses.

Yes, if :

+ Thirsty to learn.
+ Trading is something beyond BUY/SELL for you.
+ You have an idea what you want and you have a specific target for your trading.
+ Acceptable Risk/reward plan, how much you risk to earn how much profit.
+ Patient in trading.
+ You are not greedy.
+ You are regular.

emily_smith posted:
Yes, i have seen few people around me who have made millions from the Forex market. Even people left their full time job for the Forex trading.

Yeah it does happen:)

no... anything you do well will make you rich.. football, basketball, games... coding...

Mohammadi posted:
I always consider Forex as like an ocean , I don’t think so any courses can make anyone knowledgeable, it’s my own experience. I have passed so many times in pips school courses and others but honestly speaking acquired not enough something. Any courses can be valueless paid or free until ensure a regular practice session in demo or micro. It’s a real Forex courses.

I agree with your opinion, we have to spend enough sessions on the trading chart. I see, few traders are till successful although they are using very simple trading systems like EMA crossover. So, practice makes perfect.

Trading is a game of probability: simply stack the odds in your favor...
+ have patience
+ have consistency
+ take acceptable risk

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

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.

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 :)