Can forex trading make you rich ?

togr posted:

BluePanther posted:
Trading is not a science. You must adapt to market. Do not have rigid rules, else you may lose or miss opportunities.
No specific parameters, basically only:

The larger your timeframe, the stonger (more accurate) the signal. eg. compare 1m/5m to Daily/Weekly.

@BluePanther
It is the other way around. have a trading plan, follow it precisely.
If you do not follow rules you are not trading but gambling. And your result does correspond to gambling- losing for years and then you made a fortune on few trades.
It is good you had success with your approach but please do not recommend it to anyone else as people here do not have IMHO time and wealth to lose money for years.
I am trying to say while you could afford to be in loss for years nobody else could do so.

This is how the 'big boys' play: '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.' - Mark Shawzin (thepatterntrader.com)

The opposite to long losing streaks and big wins would be: long winning streak and big losses (martingale is the perfect example).

If you are smart, then yes. There are online hedge funds that you can sign up and you can make millions. I am actually in an online hedge fund and I am making a killing now.

hyip13 posted:
If you are smart, then yes. There are online hedge funds that you can sign up and you can make millions. I am actually in an online hedge fund and I am making a killing now.

Care to share brother? :)

hyip13 posted:
If you are smart, then yes. There are online hedge funds that you can sign up and you can make millions. I am actually in an online hedge fund and I am making a killing now.

wow! congratulations!

togr posted:
My point is why to share just couple of profitable trades
instead of seeing all stats like profit vs. dd etc...
Showing just couple of great trades is IMHO useless and not proving anything.

Point of this thread: to answer the universal question 'can forex make you rich?'
Showing just a couple of great trades can prove this. It has value to others (perhaps not you).
Other traders can PROVE FOR THEMSELF that forex can make them rich: just do take a trade and hold it. Be patient!

- Consider Fibonacci and market trend
- Consider positive Swaps
- Consider fundamentals
- Consider long-term S/R levels
- Consider possible long-term overbought/oversold levels
- Only trade on 4H, Daily, Weekly (Monthly?) charts
- HAVE PATIENCE! Hold your trade for a few days if not longer!

togr posted:
Well our approach is completely different.
Just time will tell who is right.

...If time hasn't already proven it!

Time has shown that there is no ONE, SINGLE correct method to make money in forex. Different strategies can both work, as evidenced by both your performance and my performance.

This fact is quite obvious to everyone else. Do not remain conceited.

Not easy but yes if it's your passion with diligent and discipline. Even experienced people faces losses as well. It depends on how your psychology is. but it can sure make you poor if you're doing it from hard-earned money / laziness / poor management.

for me initial years were the worst but now i am able to trade well. can make you rich is hard to say but some people have achieved it.

Have you been trading for a long time?

I think you can get rich in Forex but it helps if you already have a big trading account. With only $1000 I don't know if it is possible

It is still possible with $1000 account. If you make 10% a month it will take only 6 years until you have $1,000,000 . I can wait that long to get a million bucks!

Justin Bennett:
Have you ever known someone to become wealthy from trading nothing but Forex signals?

I haven’t.

If it were that easy, everyone would sign up and make millions of dollars effortlessly, right?

However, I do know of many traders who have experienced significant losses by following signal services.

I’ve also known those who trade for themselves to lose a significant amount of capital.

That said, there’s a big difference between these two types of losses, which brings us to my next point.

https://dailypriceaction.com/friday-qna/daily-price-action-trade-signals

Even if you don't have a profit, remember that you are rich with your knowlaghe, because a forex trader is (in common) inteligance person, have a knowladge about latest news, economics and politics, good in math and finance.

Investment is not a big deal I think , we have to kick off our trading with minimum knowledge which can make us profitable. Pips school + trade demo account at any broker for 3 months , can gives us more experience and more profit.

pipsKeeper posted:
Even if you don't have a profit, remember that you are rich with your knowlaghe, because a forex trader is (in common) inteligance person, have a knowladge about latest news, economics and politics, good in math and finance.

It is 'knowledge' and 'intelligence'. Don't make it sound like something else.

BluePanther posted:

pipsKeeper posted:
Even if you don't have a profit, remember that you are rich with your knowlaghe, because a forex trader is (in common) inteligance person, have a knowladge about latest news, economics and politics, good in math and finance.

It is 'knowledge' and 'intelligence'. Don't make it sound like something else.

Do you mean that 'knowledge' and 'intelligence' is not wealth? So, maybe, only if this 'knowledge' and 'intelligence' dont help making money.

pipsKeeper posted:
Even if you don't have a profit, remember that you are rich with your knowlaghe, because a forex trader is (in common) inteligance person, have a knowladge about latest news, economics and politics, good in math and finance.

yeah and such trader has a strong grammar skills :)

proper pro traders are very intelligent and have vast knowledge of the markets. I've never met a pro trader who has just looked at baby pips and spent 3 months on a demo!!!

Gasley posted:
proper pro traders are very intelligent and have vast knowledge of the markets. I've never met a pro trader who has just looked at baby pips and spent 3 months on a demo!!!

There is always probability of Black Swan events.