Can forex trading make you rich ?

Time and demo trading is wot u should do. then repeat over again. I am still trying and it is difficult but I am sure that with practice the rewards will come

BluePanther posted:

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

It's my own idiom of saying that you just broke the record, in my life actually.
When you broke the rock, you're the man of the land, cuz nobody else broke the rock. :)

Mohammadi posted:
Really Forex is too much tough for the traders who are in particularly newbie. So, obviously a new trader should work hard to achieve the market easily. they should make a best strategy for themselves . they should spend most of their time in analyzing Forex market because it will increase their knowledge of analysis. They also should practice much on demo account to make their trading easy. Then they should choose a right and reputed broker for them .

'Hard work'? That's what the 'experts' want you to think. An automatic system don't need 'hard work'. 😁

NoahMartin = DukeMark?

Okay, fair idiom. Like I 'pulled the sword from the stone', I guess.
But why the multiple accounts? Really... I have enough work keeping on top of just one account.

so what is the system....utp's or fibs auto

togr posted:

BluePanther posted:
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 I am glad you made the breakout and be successful I see the account started last month.
Such fresh systems often stop working after 3-6 months [own experience]

Pretty impressive for a months work.
May I ask:
1) How long have you been trading since you made a first real money deposit?
2) How much money did you lose before becoming profitable?
2) Your average hold time per trade
3) Which time frame do you trade mostly?
5) How much time do you spend in front of a screen per day and what are your focus is while doing you analysis?
6) How does high impact news such as Nonfarm payroll affect your open positions? Do you close them before the news, shave some off?

Thank you, my fellow profitable trader.

Benjaminbenlara posted:
so what is the system....utp's or fibs auto

UTP? Fibs auto? Nothing so complicated. Simple grid, filtered entry, stepped lot increase.

Remember... 'All unsustainable moves are corrected.' - Scott Barkley (forex trainer)

4xAce posted:

Pretty impressive for a months work.
May I ask:
1) How long have you been trading since you made a first real money deposit?
2) How much money did you lose before becoming profitable?
2) Your average hold time per trade
3) Which time frame do you trade mostly?
5) How much time do you spend in front of a screen per day and what are your focus is while doing you analysis?
6) How does high impact news such as Nonfarm payroll affect your open positions? Do you close them before the news, shave some off?

Thank you, my fellow profitable trader.

'impressive' is a matter of perspective. But I am certainly grateful to be experiencing some promising success after many false starts.

In answer to your qs:

1) How long have you been trading since you made a first real money deposit? I began in October 2008. I actually started immediately with real money and CFDs at CMC Markets, turning $4000 into almost $40,000 in 4.5 days. And in the afternoon of Friday that week, I lost the entire amount. I was way over-leveraged, but it was a valuable lesson in risk management. The AUD had never before seen such parity with USD, even exceeding it, and I took a 'punt' expecting that it was fundamentally over-valued. My loss resulted from a small correction which occurred somewhere about US$0.90-0.92 I think.

2) How much money did you lose before becoming profitable? My primary account with IC Markets was started in 2013 and it has losses tracking about AUD$320,000. I have held numerous other accounts from 2008 to 2013 with many other brokers, so I guestimate my losses may be in excess of AUD$600,000 (?). Mind you, these losses are not entirely money I worked for: 1) it includes commission rebate income of perhaps AUD$20,000 (?) and 2) tax refunds of approximately AUD$20,000 each year. You pay for education one way or another (time, effort, life experience, and/or university).

2) Your average hold time per trade: I prefer less holding time, as turnover helps me achieve volume to increase my commission rebates, and makes my broker happy also. I have attempted 'HFT' of-sorts, pumping 40,000 orders a day through my account, but my broker didn't appreciate the excessive server messages. Also it was very high risk, with trades in a grid fashion but very close together, and using martingale. Obviously, it didn't survive long since it was martingale: risk increases exponentially.

3) Which time frame do you trade mostly? My charts are 5 minute charts. I prefer the smaller timeframes for greater trade frequency.

5) How much time do you spend in front of a screen per day and what are your focus is while doing you analysis? My screen time is spent purely on setting up my VPS with MT4 terminals. Automated trading doesn't involve any analysis or hands-on trading. I have three VPS, and it took me all of about six hours (or less) to set up my third VPS. Now I just monitor my results and MT4 connectivity on trade analysis websites myfxbook and FX Blue.

6) How does high impact news such as Nonfarm payroll affect your open positions? Do you close them before the news, shave some off? High impact news events are excellent profit opportunities: I always look forward to the volatility they cause. The systems I use usually have an existing open grid, so when an event happens the volatility can often close the grid. If not, it may simply add to an existing grid. I keep in mind: 1) 'All unsustainable moves are corrected.' - Scott Barkley (forex trainer, 2) 'Price is never right'.

BluePanther posted:

Benjaminbenlara posted:
so what is the system....utp's or fibs auto

UTP? Fibs auto? Nothing so complicated. Simple grid, filtered entry, stepped lot increase.

Remember... 'All unsustainable moves are corrected.' - Scott Barkley (forex trainer)

PM me.

I thought that grid trading was high risk, like martingale systems? (Not being offensive just wondering)

ffee posted:
I thought that grid trading was high risk, like martingale systems? (Not being offensive just wondering)

Grid trading can be high risk, but it depends upon how you use it. Examples include:
- martingale (multiplying starting lot size) will increase risk exponentially and is extremely risky;
- small grid size (distance between orders) will increase risk quickly in sustained market movements;
- starting with a large lotsize relative to your balance (self-explanatory);
- unfiltered market entry: orders will be opened counter-trend at the beginning of a trend, sooner, thus increasing risk.

Like any tool, it can be effective if used correctly. Risk management is indispensable, especially with grid trading. If you keep the above points in mind, the only time you should suffer account loss is during black swan events such as Swiss Central Bank depeg decision (2015), Brexit Referendum (2016), or the 'Flash GBP Crash' (aka Fat Finger Error) (2016).

Happy trading! 😎

I like that you are trying this strategy and I may try such a strategy on a cent account. I would be too worried about black swan for anything larger

BluePanther posted:

ffee posted:
I thought that grid trading was high risk, like martingale systems? (Not being offensive just wondering)

Grid trading can be high risk, but it depends upon how you use it. Examples include:
- martingale (multiplying starting lot size) will increase risk exponentially and is extremely risky;
- small grid size (distance between orders) will increase risk quickly in sustained market movements;
- starting with a large lotsize relative to your balance (self-explanatory);
- unfiltered market entry: orders will be opened counter-trend at the beginning of a trend, sooner, thus increasing risk.

Like any tool, it can be effective if used correctly. Risk management is indispensable, especially with grid trading. If you keep the above points in mind, the only time you should suffer account loss is during black swan events such as Swiss Central Bank depeg decision (2015), Brexit Referendum (2016), or the 'Flash GBP Crash' (aka Fat Finger Error) (2016).

Happy trading! 😎

And Trumph triumph...

BluePanther posted:

ffee posted:
I thought that grid trading was high risk, like martingale systems? (Not being offensive just wondering)

Grid trading can be high risk, but it depends upon how you use it. Examples include:
- martingale (multiplying starting lot size) will increase risk exponentially and is extremely risky;
- small grid size (distance between orders) will increase risk quickly in sustained market movements;
- starting with a large lotsize relative to your balance (self-explanatory);
- unfiltered market entry: orders will be opened counter-trend at the beginning of a trend, sooner, thus increasing risk.

Like any tool, it can be effective if used correctly. Risk management is indispensable, especially with grid trading. If you keep the above points in mind, the only time you should suffer account loss is during black swan events such as Swiss Central Bank depeg decision (2015), Brexit Referendum (2016), or the 'Flash GBP Crash' (aka Fat Finger Error) (2016).

Happy trading! 😎

Personally I am against any martingale ,grid or averaging strategy and not using anyone but if you keep your drawdown below 10% of all your open trade then it is fine to use such strategies but mostly people who are using these strategies are not displine and risk more then 50% of there equity at risk. So you should know when to stop your trade to save you from complete meltdown of your account.

It should make you rich but comes with the right mindset and sound knowledge. And yes, good in management as well. Not cunning to become rich as it won't help at all like I did at first. Sigh

There might be right and wrong perspective to look at. Correct me if I'm wrong.
Although you can get rich, but if you have this 'getting rich' in your mindset, then no matter what, you will not rich. Probably you will blow the account. It's obvious because this kind of expectation can hurt your patience, and patience is way too serious part to grow your account.

good one

togr posted:
While I am glad you made the breakout and be successful I see the account started last month.
Such fresh systems often stop working after 3-6 months [own experience]

You were right! 😁
But I ain't stopping now.
I just need to tweak it.
And watch my greed.
And be more patient.
And not be so lazy (same pairs, same settings, all accounts = LAZY!!!)
I'm still in the game!

'It's a long hard road, but I'm gonna get there!'

FX trading can and will make you rich...
… especially if you're the broker ;)

CarlosMZ posted:
FX trading can and will make you rich...
… especially if you're the broker ;)

True, forex trading makes broker always rich. but there are some traders also who are are getting rich by trading, but unfortunately no of such traders is very less.