Can forex trading make you rich ?

'Soros was born in Budapest in the Kingdom of Hungary to a well-to-do non-observant Jewish family, who, like many upper-middle class Hungarian Jews at the time, were uncomfortable with their roots. ... Soros was 13 years old in March 1944 when Nazi Germany occupied Hungary.'

How is a Hungarian middle class jew an 'insider' in London ? He had to trade his way to that infamous day.

theHand posted:
'Soros was born in Budapest in the Kingdom of Hungary to a well-to-do non-observant Jewish family, who, like many upper-middle class Hungarian Jews at the time, were uncomfortable with their roots. ... Soros was 13 years old in March 1944 when Nazi Germany occupied Hungary.'

How is a Hungarian middle class jew an 'insider' in London ? He had to trade his way to that infamous day.

Good question friend, but you seem to know more than me.

All I can say is: if you can become a billionaire like Soros on your own, you prove me wrong. Especially keep in mind: retail forex only became available late-1990s / early 2000s. I think he had a 'little' inside help. What do you expect: he was a Jew (makes me want to become one myself actually).

https://www.investopedia.com/ask/answers/08/george-soros-bank-of-england.asp
https://www.investopedia.com/terms/g/soros.asp

Actually he is a 33rd degree Freemason. He got told no doubt before he took his big bet, by then he was already a wealthy man.

Can fx make you wealthy ? Incredibly. Just have to understand it and that knowledge is not here.

theHand posted:
Actually he is a 33rd degree Freemason. He got told no doubt before he took his big bet, by then he was already a wealthy man.

Can fx make you wealthy ? Incredibly. Just have to understand it and that knowledge is not here.

Thank you, my point exactly. You can get rich in forex easily too - if you have inside knowledge.

And if you dont: best of luck. You 'might' make it... 'might', but not likely! (supposedly 90-95% of traders eventually fail?).

Soros wasn't the only one that knew the Pound was over valued relative to the Uk's performance,a junior econ at the Treasury department wrote comments about it being over valued against the ERM peg before the event.

BluePanther posted:

theHand posted:
Made Soros a billionare.

Forex can make anyone a billionaire if you know which way market will move:

Soros is on the INSIDE. He gets INSIDE knowledge on future market moves and government decisions. How do u think he nearly broke the Bank of England? Trading like a normal trader or taking EXCESSIVELY LARGE positions?

He knows what the market will do... u can be rich if u knew too.

@togr : not a publicly available EA. None of the common EAs sold for $100 will make a person rich. They are just 'sales for a marketer', not 'trade secrets of a rich trader'.

Rich traders use their brains. They have no need of an EA because they are not lazy, and can make good money without programming an EA.

of course I am not talking about publicly available EA
I am talking about YOUR ea created based on YOUR trading plan which you are used to execute manually

short answer: yes
long answer: yes

tigerr posted:
short answer: yes
long answer: yes

Keep It Simple: Yes, agreed.

I think the long answer requires adding some caveats. Like that it will probably take a long time, if it happens at all.

Freedom can make you rich. Love can make you richer. As about FX? It can make you wealthy, yes.

DPG1968 posted:
Freedom can make you rich. Love can make you richer. As about FX? It can make you wealthy, yes.

You truly have words of wisdom.

I have wasted ten years chasing forex 'riches' and still have nothing.
I would have true riches by helping my fellow human. Real personal satisfaction.
I only have loneliness to show for all my efforts.

But enough sympathy-pains: surely I will get materially rich soon and then I can have the satisfaction of helping others...?
Am I deluding myself?

DPG1968 posted:
Freedom can make you rich. Love can make you richer. As about FX? It can make you wealthy, yes.

BS.
When you are rich you can afford freedom. Going to your daily job is no freedom.

BluePanther posted:

DPG1968 posted:
Freedom can make you rich. Love can make you richer. As about FX? It can make you wealthy, yes.

You truly have words of wisdom.

I have wasted ten years chasing forex 'riches' and still have nothing.
I would have true riches by helping my fellow human. Real personal satisfaction.
I only have loneliness to show for all my efforts.

But enough sympathy-pains: surely I will get materially rich soon and then I can have the satisfaction of helping others...?
Am I deluding myself?

Thanks Matt. You are not deluding yourself, though.

Happy Green Trading!

DPG1968 posted:
Freedom can make you rich. Love can make you richer. As about FX? It can make you wealthy, yes.

Definitely, it’s possible! Just we need to ensure first our trading skill; that’s it.

AmDiab posted:

DPG1968 posted:
Freedom can make you rich. Love can make you richer. As about FX? It can make you wealthy, yes.

Definitely, it’s possible! Just we need to ensure first our trading skill; that’s it.

That is much easier in theory than it is in practice. Gaining trading skills, that is.

Look at the number of the brokers. Look at the number of the forums' participants. There will be a never ending battle between the casinos (brokers) and the players (retail traders).

My personal advice after 15 years of trading the FX market: Fight or Flight.

DPG1968 posted:
Look at the number of the brokers. Look at the number of the forums' participants. There will be a never ending battle between the casinos (brokers) and the players (retail traders).

My personal advice after 15 years of trading the FX market: Fight or Flight.

Not all brokers are casinos and not all traders are gamblers, in my opinion.

mlawson71 posted:

DPG1968 posted:
Look at the number of the brokers. Look at the number of the forums' participants. There will be a never ending battle between the casinos (brokers) and the players (retail traders).

My personal advice after 15 years of trading the FX market: Fight or Flight.

Not all brokers are casinos and not all traders are gamblers, in my opinion.

Of course not all the trader's are gamblers, but all the brokers are operating like the casinos otherwise they wouldn't stand a chance. They have an unquestioned edge: their selling spreads.

Is Forex trading a scam, or can one really earn millions through the correct trading strategies?
https://www.quora.com/Is-Forex-trading-a-scam-or-can-one-really-earn-millions-through-the-correct-trading-strategies

Yes, some people do earn millions trading Forex. Very few people.

If you’re considering doing this to try to become one of them, consider this first. You can also make millions playing tennis. Some people do. Very few people.

Could you be one of them? You’re most likely thinking the answer to that is “no”. Maybe you have no hand-eye coordination. Maybe you’re too old. Maybe you can’t run 10 yards without exhausting yourself.

You’re probably right (unless you’re thinking “yes I could” in which case you’re probably delusional). You probably can’t make millions playing tennis because very few people can and those that do tend to have particular combinations of skills, luck, resources and opportunities that make it possible.

The thing is, that’s not just true for tennis. It’s true for trading too. Whether that be forex or stocks or any other kind of trading. You know all the reasons why you’re not going to make millions playing tennis, so you realise it’s really unlikely that’s going to happen. You don’t know all the reasons why you’re not going to make millions trading forex…but they’re there too.

So yes, it’s possible to make millions trading forex. But are you the person with the particular combination of skills, luck, resources and opportunity to do that? Probably not.