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Can forex trading make you rich ?

niceGLer
Sep 30 2018 at 11:19
게시물169
BluePanther posted:


You need to look at the market big-picture. I had drawdowns of up to 40% of my account ($30,000) open, but I kept them until the market turned after two days. You gotta have some faith in your analysis, but you can get it wrong, and that is something you need to have a plan for. Maybe I was just lucky? But I saw market was going to go in my favor. You need to keep perspective.


I try to keep that in my mind. For me the big picture is the weekly time frame. If it is not trending, but ranging there is no trend trading methods applicable in the lower time frames.

kieran (snapdragon1970)
Oct 01 2018 at 00:03
게시물1945
niceGLer posted:
snapdragon1970 posted:
I have problems holding a trade over a week with any loss ,just not a good idea for any Trader, better to cut and enter lower, takes time to get into that mind frame but totally worth it.


I second you, wholeheartedly. Every time I keep my position overnight or over the weekend I get married to my losing position, and just couldn't let it go. Winrate just drops so dramatically, too.. Probably it is about which kind of personality an individual has..

Better taking smaller wins and losses most of the time, and an occasional winner will do most of the profits.. Probably just like in poker.


Wanna be taking bigger gains and going in with bigger bets when your pretty sure like 95% sure, this does take experience and timing the market, Winrate not that important.

"They mistook leverage with genius".
Matt (BluePanther)
Oct 01 2018 at 07:45
게시물1356
niceGLer posted:
I try to keep that in my mind. For me the big picture is the weekly time frame. If it is not trending, but ranging there is no trend trading methods applicable in the lower time frames.


I could have (should have) hit the Shorts harder and made $1 million, but I got scared at the best time. There looks to be plenty of further trend though... but look for some possible correction. It has moved too far too fast so there may be a Long day imminent:



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Matt (BluePanther)
Oct 01 2018 at 07:45
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Matt (BluePanther)
Oct 01 2018 at 07:47
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niceGLer posted:
Ok. I didn't realise that there were sell positions amidst.


Yeah, too many trades on chart.
About 173 Lots Short there:



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Heath Ledger (ehansa)
Oct 01 2018 at 07:47
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i think everyone can not rich with forex trading.he must around 10k $ balance minimum

niceGLer
Oct 01 2018 at 08:16
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ehansa posted:
i think everyone can not rich with forex trading.he must around 10k $ balance minimum


Well, I think there are at least two different approaches to forex trading. What you (and Matt, at least) are referring to is trend or long term trading, which really requires more money. What I am most frequently talking about is day trading or scalping approach, which requires far less money, and can be done with much higher leverage, if executed properly.

Short term approach is more time consuming, and has much less room for mistakes.

If the account size increases the strategy must be altered, and money management rules changed.

I agree with kieran, that if I had more money I would go for bigger bets. But, I suppose, then the source of income wouldn't be so steady (like I am dreaming about).

Analogy derived from poker would be cash games vs. tournament poker.

When to transform from a short term trader to the trend trader, or to become an investor, I don't know. Maybe that is the $10k limit for a trend trader, or $100k for an investor. Any opinions?

vontogr (togr)
Oct 01 2018 at 10:28
게시물4862
It is quite easy. Good long term strategies make 5% monthly at the most so You have to consider what does mean reich for you?
Is it $10,000 monthly? Then you need to deposit like $200,000 and limit your risk by all possible [not low leverage :)] means

niceGLer
Oct 01 2018 at 14:48
게시물169
togr posted:
It is quite easy. Good long term strategies make 5% monthly at the most so You have to consider what does mean reich for you?
Is it $10,000 monthly? Then you need to deposit like $200,000 and limit your risk by all possible [not low leverage :)] means


$10000 / montlhy is like being a well paid physician. If I had $200'000 I would forget retail forex, and I would go for trading stocks, invest for divident paying shares, trade futures, warrants and alike. I would definetely regard me as being 'rich', although in reality I would be 'just' wealthy.

vontogr (togr)
Oct 01 2018 at 14:54
게시물4862
niceGLer posted:
togr posted:
It is quite easy. Good long term strategies make 5% monthly at the most so You have to consider what does mean reich for you?
Is it $10,000 monthly? Then you need to deposit like $200,000 and limit your risk by all possible [not low leverage :)] means


$10000 / montlhy is like being a well paid physician. If I had $200'000 I would forget retail forex, and I would go for trading stocks, invest for divident paying shares, trade futures, warrants and alike. I would definetely regard me as being 'rich', although in reality I would be 'just' wealthy.


Show me 5% a month stock dividend

niceGLer
Oct 02 2018 at 07:20
게시물169
togr posted:
niceGLer posted:
togr posted:
It is quite easy. Good long term strategies make 5% monthly at the most so You have to consider what does mean reich for you?
Is it $10,000 monthly? Then you need to deposit like $200,000 and limit your risk by all possible [not low leverage :)] means


$10000 / montlhy is like being a well paid physician. If I had $200'000 I would forget retail forex, and I would go for trading stocks, invest for divident paying shares, trade futures, warrants and alike. I would definetely regard me as being 'rich', although in reality I would be 'just' wealthy.


Show me 5% a month stock dividend

There are none, simple as that. It is more like a principle, re-allocating assets, gaining less regarding CAGR, but gaining more monetarily because there is more capital. That must have been a rhetorical question, you should know it :) As you know, 5% annually is not impossible.

Sagarmatha
Oct 02 2018 at 12:46
게시물9
Can you get rich from carry trade? It looks like it could be a great way of getting profit but I never found a broker that offered good interest

Matt (BluePanther)
Oct 03 2018 at 06:43
게시물1356
Sagarmatha posted:
Can you get rich from carry trade? It looks like it could be a great way of getting profit but I never found a broker that offered good interest


Sure. Many large investors do carry trading. Just be wary of your risk when entering the market: Short EURTRY is paying 24% interest, but the opportunity becomes risker as this pair drops (increasing chances of EUR appreciation).

Matt (BluePanther)
Oct 03 2018 at 06:43
게시물1356
niceGLer posted:
When to transform from a short term trader to the trend trader, or to become an investor, I don't know. Maybe that is the $10k limit for a trend trader, or $100k for an investor. Any opinions?


$10k or $100k: you can be a day trader.
If you choose to be a trend trader, $10k is riskier as you have less margin to survive in event of corrections.

vontogr (togr)
Oct 03 2018 at 12:02
게시물4862
niceGLer posted:
togr posted:
niceGLer posted:
togr posted:
It is quite easy. Good long term strategies make 5% monthly at the most so You have to consider what does mean reich for you?
Is it $10,000 monthly? Then you need to deposit like $200,000 and limit your risk by all possible [not low leverage :)] means


$10000 / montlhy is like being a well paid physician. If I had $200'000 I would forget retail forex, and I would go for trading stocks, invest for divident paying shares, trade futures, warrants and alike. I would definetely regard me as being 'rich', although in reality I would be 'just' wealthy.


Show me 5% a month stock dividend

There are none, simple as that. It is more like a principle, re-allocating assets, gaining less regarding CAGR, but gaining more monetarily because there is more capital. That must have been a rhetorical question, you should know it :) As you know, 5% annually is not impossible.


You are comparing uncomparable then.
I know wealthy investors who are willing to invest in Forex.

keycurrency
Oct 07 2018 at 06:09
게시물18
tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp


It would take 20 years of conservative professional equity management in forex to become rich along side a sizeable investment. If one were to reinvest all trading profits for 20 years the account would be worth tens of millions.

5% a month profit is reasonable and not a scam.

If you want the currency we got the advantage.
Edith1995
Oct 07 2018 at 06:22
게시물10
It is possible to be rich, but it will require a lot of patience in growing your account. Forex is a business and your trading capital is your stock, manage it well and you will be rich

AniLorak
Oct 07 2018 at 06:27
게시물920
BluePanther posted:
Sagarmatha posted:
Can you get rich from carry trade? It looks like it could be a great way of getting profit but I never found a broker that offered good interest


Sure. Many large investors do carry trading. Just be wary of your risk when entering the market: Short EURTRY is paying 24% interest, but the opportunity becomes risker as this pair drops (increasing chances of EUR appreciation).


No idea on EURTRY; since it’s an exotic trading pair! In my trading, I am interested in only major trading pair, according to me exotic pairs are more risky to trade.

Matt (BluePanther)
Oct 09 2018 at 05:55
게시물1356
Edith1995 posted:
It is possible to be rich, but it will require a lot of patience in growing your account. Forex is a business and your trading capital is your stock, manage it well and you will be rich


Patience... I have been waiting since Friday... I want to cash out but I know there is more! 😎



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Dambovita
Oct 09 2018 at 10:16
게시물9
I would at least move my stop losses to break even with the EURTRY trades. Price is likely to fall further but with exotics anything can happen

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