Can forex trading make you rich ?

Arcferreira posted:
Forex can make you rich easier than a lot of things... but you need at least something like 10.000 hours of study and practice to master something.

I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.

You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year

After that, I wonder why I spent so much energy in Medicine...

Moral of the story: Persistence pays. Well done.

gouldii posted:
From the people I've spoken to (emailed / PM'd) the 'big' money made isn't so much from trading, it's from Signal Subscriptions and Education delivery.....and then compounding it.

Sinal subscriptions and education delivery? Yes, there is a lot of people making big money selling them. Signals are 99.9% provided by robots that use Martingale as money management strategy. Sooner or later you will loose all your money... 1000 subscriptions paying 50 USD to your signal and you get 50.000 monthly.

Education delievery is another jackpot. It is easier to found a myriad of courses from 'famous' traders and analysts from Investing.com, CNBC, Fxstreet...names like Justin Bennett, Kathy Lien... they can easily have 2.000 students paying from 300 to 3.000 USD in a course. 600.000 to 6.000.000 USD easily...

There is the programmers, robot sellers and others trying to profit over the greedy trader

But I have to disagree. Good trading strategy is about money management and risk control. After I understand that, I started to profit.

How many traders here risks the same amount in all trades? Example: 50 USD risk in every trade, or 1% of equity? How many traders keep a log from trades, to analyse winning ratio and reward:risk ratio? How many traders has a strategy and follow it straight, avoiding overtrading?

Open a demo account, place supports and resistance lines in a 4h chart (use fractals for this purpose). Go to 1h chart. Wait a break or bounce candlestick patternat this level (study price action), and place a SL 10 points over or under this candlestick pattern. Place your TP1 the same size your risk, and TP2 at next support/resistance. Risk always the same amount per trade. You will be surprised.

It's a great business model, constant income ,keep churning clients when it goes flop ,courses are in big demand no downside as most are education only not investment advice, lots of ex city boys who made it big in the boom in a one way market ,now they can't trade to make 10% a year lol.

Zoki posted:

Arcferreira posted:
Forex can make you rich easier than a lot of things... but you need at least something like 10.000 hours of study and practice to master something.

I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.

You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year

After that, I wonder why I spent so much energy in Medicine...

Only 800 hours of trading in 4 years, trading 4 hours per day? Hmm, maybe you mean 4 hours per week? Otherwise I would be wondering how can you do medicine job AND 4 hours of trading day every day... ;)

Z

You are correct! Studying 4 hours a week, not a day.

snapdragon1970 posted:
It's a great business model, constant income ,keep churning clients when it goes flop ,courses are in big demand no downside as most are education only not investment advice, lots of ex city boys who made it big in the boom in a one way market ,now they can't trade to make 10% a year lol.

Go to www.udemy.com and type Forex. There is a guy called Kirill Eremenko that sold 533.000 courses at least 10 USD each. Yes, Forex made this guy rich (533.000 × 10 = 5.330.000 USD).

Yes. Forex can make a lot of people rich!

Arcferreira posted:
Go to www.udemy.com and type Forex. There is a guy called Kirill Eremenko that sold 533.000 courses at least 10 USD each. Yes, Forex made this guy rich (533.000 × 10 = 5.330.000 USD).

Yes. Forex can make a lot of people rich!

Your free publicity here has just helped make him a little bit richer. 😁

The discerning factor is: how long did it take him to reach this level? 4 years 2 months to make $5.3 million? (https://www.linkedin.com/in/keremenko/)

Trading could compound returns much higher, sooner.

This thread asks if TRADING can make you rich: selling products, education and subscriptions is related but NOT trading. 😐

snapdragon1970 posted:
It's a great business model, constant income ,keep churning clients when it goes flop ,courses are in big demand no downside as most are education only not investment advice, lots of ex city boys who made it big in the boom in a one way market ,now they can't trade to make 10% a year lol.

Can forex sales make you rich?
Most definitely. Little downside risk (eg. the odd refund).

Can forex trading make you rich?
The jury is still out... 😁 (for every profitable trader, there are at least nine unprofitable traders).

BluePanther posted:

snapdragon1970 posted:
It's a great business model, constant income ,keep churning clients when it goes flop ,courses are in big demand no downside as most are education only not investment advice, lots of ex city boys who made it big in the boom in a one way market ,now they can't trade to make 10% a year lol.

Can forex sales make you rich?
Most definitely. Little downside risk (eg. the odd refund).

Can forex trading make you rich?
The jury is still out... 😁 (for every profitable trader, there are at least nine unprofitable traders).

I agree with you!
100% of newbies think they will be the next Soros. After 1 month, 40% gave up, after 1 year, 80% are out. Only 7% stay trading for more than 5 years. And just 1% are able to profit in a regular basis.

What that means? Resilience and work are the key for everything. Learning is an exponential curve! In Louvre Museum, I learned that any sculpture was done in 5-10 years of work, for someone that studied the same time to do them...
I spent near 40.000 hours of my life to be an expert in Medicine. I needed ten years to apply for a black belt in Judo.... nothing comes easy!

Arcferreira posted:
I agree with you!
100% of newbies think they will be the next Soros. After 1 month, 40% gave up, after 1 year, 80% are out. Only 7% stay trading for more than 5 years. And just 1% are able to profit in a regular basis.

What that means? Resilience and work are the key for everything. Learning is an exponential curve! In Louvre Museum, I learned that any sculpture was done in 5-10 years of work, for someone that studied the same time to do them...
I spent near 40.000 hours of my life to be an expert in Medicine. I needed ten years to apply for a black belt in Judo.... nothing comes easy!

True, nothing comes easy - except if you discover an automated system that always works.
It took me ten years to find, but had I discovered it in the beginning I would be miles ahead today.

Trading is not as hard as the so-called 'experts' would have you believe. 😉

Can forex make you rich? I emphatically tell you YES! 😎

BluePanther posted:

Arcferreira posted:
I agree with you!
100% of newbies think they will be the next Soros. After 1 month, 40% gave up, after 1 year, 80% are out. Only 7% stay trading for more than 5 years. And just 1% are able to profit in a regular basis.

What that means? Resilience and work are the key for everything. Learning is an exponential curve! In Louvre Museum, I learned that any sculpture was done in 5-10 years of work, for someone that studied the same time to do them...
I spent near 40.000 hours of my life to be an expert in Medicine. I needed ten years to apply for a black belt in Judo.... nothing comes easy!

True, nothing comes easy - except if you discover an automated system that always works.
It took me ten years to find, but had I discovered it in the beginning I would be miles ahead today.

Trading is not as hard as the so-called 'experts' would have you believe. 😉

Can forex make you rich? I emphatically tell you YES! 😎

Surgery is not so difficult as surgeons make you believe...
The same for forex trading...
The hard thing is study, learn and practice... for surgery, for forex, for everything in life...
Even a robot, to find or create one useful, you must study, learn and test...

Yes it sure can, a strategy that works, does not and won't be 100% success rate and proper risk management. Of course always pay the trader with each trade, so that means take partials and move stop loss.

I see Forex as a 'Math'. If you apply the formulas correctly & combine it with risk management = you will solve the task properly. If you solve the task properly = it will generate excellent results :)

FIND the right (simple) system, and you can be rich WITHOUT:

- studying / learning anything;
- working at 1x 2x 3x JOBs - Just Over Broke;
- searching / working on a super-dooper unique EA;
- having 0 social life;
- losing friends and family;
- becoming a recluse;
- suffering mental, emotional, physical, financial stress;
- losing $500,000++ on bad investments
- losing sleep;
- losing health;
- losing confidence, interest, motivation in life;
- losing ten years of life.

T.S. Eliot said, “The journey, not the destination matters...”, but for what I 'gain' is it worth all the costs?

“If all you have is money, you are among the poorest people in the world. You only become truly rich the day you possess something that money cannot buy.” ― Matshona Dhliwayo

“While wealth will be a capricious shadow to our lives, true riches lie in strength of character; that is infinitely harder to accumulate. It is the only gold that enhances our potential in terms of what we can offer the world.” ― Salma Farook

What system are you using?

Yea, I like this kind of screenshot :) Can you share more info about this system ?

BaldoN posted:
I see Forex as a 'Math'. If you apply the formulas correctly & combine it with risk management = you will solve the task properly. If you solve the task properly = it will generate excellent results :)

Nice explanation just with few words.

Very impressive Matt. You broke the rock.

NoahMartin posted:
Very impressive Matt. You broke the rock.

Thanks. 'Broke the rock'? Broke the bank? Squeezed so hard I finally got blood from a rock? Sorry I don't understand you.

BaldoN posted:
Yea, I like this kind of screenshot :) Can you share more info about this system ?

 I posted to prove a point, not advertise a system. Please understand, trading is not so hard. Give yourself permission to win.

ChristianWay posted:
What system are you using?

I posted to prove a point, not advertise a system. Please understand, trading is not so hard. Give yourself permission to win.