Can forex trading make you rich ?

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:

OB on CADCHF:

niceGLer posted:
Ok. I didn't realise that there were sell positions amidst.

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

i think everyone can not rich with forex trading.he must around 10k $ balance minimum

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?

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

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.

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

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.

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

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).

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.

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.

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.

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.

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! 😎

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

Dambovita posted:
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

I have 'pulled out all my stops'...
No stops! 😀

AniLorak posted:

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.

USDZAR - almost any exotic pairs with high swaps. But usually spreads are so high you need to wait long time to recover spread cost.
Waiting klong time is risky as the pair can move against you and you lose much more than you were to gain.