Can forex trading make you rich ?

quentinb65 posted:
Hi Matt
How did you make all the money back? Do you use an EA? Wow really wild swings on your trading but that makes it so exciting! 😲

Adribaasmet posted:
800% in only 2 months? How it’s possible? Did you follow the same risk reward ratio? Or you had an additional plan on this?

Losing for ten years taught me many valuable lessons, but the biggest lesson I learnt (am still learning) is PATIENCE! Don't expect to make money scalping smaller TF like 5m, 15m, 1H. You will sooner lose your shirt.

And don't expect to make huge money every month: there will be good months, but be sure you will have 'bad' months (less profit).

- Consider Fibonacci and market trend

Someone became a millionaire here. Really an inspiration @Matt. Care to share your new plan?

davidwatson posted:
Someone became a millionaire here. Really an inspiration @Matt. Care to share your new plan?

Thanks.
New plan = trading plan? Please see above.
New plan = future plan? Capital preservation 'of course'! Separate funds to individual accounts, and set with automated strategies (which earn less). Keep one account for my gambling. 😀

BluePanther posted:
- Consider Fibonacci and market trend

May I know your parameters of Fibo? Are you make dealing with the default sittings or any custom level?

Adribaasmet posted:
May I know your parameters of Fibo? Are you make dealing with the default sittings or any custom level?

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

Yes, of course Forex trading can make you rich. But you need to be incredibly good, incredibly diligent and / or incredibly lucky. A little plug for my new post in the general thread 'Tick Trend' - worth a read I think, and more importantly, you might pick up some tips or leads to answer this thread's question positively

BluePanther posted:

Adribaasmet posted:
May I know your parameters of Fibo? Are you make dealing with the default sittings or any custom level?

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

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 posted:

BluePanther posted:

Adribaasmet posted:
May I know your parameters of Fibo? Are you make dealing with the default sittings or any custom level?

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

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.

togr posted:
@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.

I agree with you:
- I do gamble; if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.
- What works for me will not work for someone else; everyone should find what works for them.

I leave you with some quotes to ponder:

'The difference between an experienced trader and a beginner is that the former has lost more money.'
- Zorro Project

'To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable.'
- Edgar Bronfman, Sr.

You might like to read 'Trading is gambling':
https://www.mql5.com/go?link=https://dailypriceaction.com/articles/is-forex-trading-gambling

“The best laid schemes o' mice an' men / Gang aft a-gley.” - Robert Burns

'Forex trading is difficult. I started trading forex because I wanted to get rich without working hard. Simple. I’ll admit, I got sucked into the typical marketing hype that we so often see in the industry, but the reality of forex trading is, it’s bloody hard.

I’ve lost count of the number of traders who claim to be professionals, produce a sexy myfxbook, stroke my ego and then disappear. Never to be heard of again. This industry (and maybe life in general?) is full exaggerations and bullshit. If someone tells you they’re making money trading, I’ll bet you a bucket of pips that they’ve lost more than they’ve gained.

It’s not impossible to make money, but it’s really really hard.'
- Nick McDonald (Forex Signals)

I lost a lot, but I have gained all my losses back. I don't expect you to believe me. It should mean nothing to you - only to me.

togr posted:
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.

Then they should not even attempt. Trading is not easy. If a trader:
a) is not willing to commit considerable sums at risk,
b) and have a stable income to pay for food and rent,
then they are in NO POSITION to attempt trading.

Unless they find a 'safe' signal or EA (??) Good luck!

BluePanther posted:

togr posted:
@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.

I agree with you:
- I do gamble; if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.
- What works for me will not work for someone else; everyone should find what works for them.

I leave you with some quotes to ponder:

'The difference between an experienced trader and a beginner is that the former has lost more money.'


'To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable.'
- Edgar Bronfman, Sr.

What do you need someone to proof to verify the below as true not a lie
if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.

togr posted:

BluePanther posted:
- if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.

What do you need someone to proof to verify the below as true not a lie
if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.

I'm sure you can answer your own question.
Thanks.

BluePanther posted:

togr posted:

BluePanther posted:
- if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.

What do you need someone to proof to verify the below as true not a lie
if anyone can predict the market they are lying.
- If anyone is profitable from day one, they are probably also lying.

I'm sure you can answer your own question.
Thanks.

Sorry, how rude that I should end the discussion here. Allow me to speak on behalf of the majority (I think):
a) markets are not predictable, guaranteed, foreseeable, always behaving as expected.
b) a true trader will (usually) lose money before they become successful as a trader.

Proof to the contrary is welcome, however, especially in the case of a) I would not believe proof unless I could experience the results myself!

My statements can be proven by many forums, traders, market news, market behaviour, etc.

Hope this satisfies your query.

Happy trading!

quentinb65 posted:
Hi Matt
How did you make all the money back? Do you use an EA? Wow really wild swings on your trading but that makes it so exciting! 😲

Proper trading is not meant to be exciting. It is supposed to be quite boring because you are holding positions for days or weeks, and it can take a while to close them. It is a waiting game and it is all about patience!

If your trading is exciting (like mine) you are probably doing something wrong: eg. gambling, taking excessive risks, living dangerously

I don't advise you to do the same. Try to be patient and play it safe. Be a millionaire... slowly.

I see a lot of pessimist people in this thread, maybe these people are not made for Forex. Try to be optimistic about your trading and just make sure you have enough tools and comprehension of the market before jumping in. Forex is not an accurate science and you cannot always win but there is definitely a way to make money on this market. There is always a winner and a loser, just pick your side.


I expect to see more positive people in the next replies :-)

BluePanther posted:

quentinb65 posted:
Hi Matt
How did you make all the money back? Do you use an EA? Wow really wild swings on your trading but that makes it so exciting! 😲

Proper trading is not meant to be exciting. It is supposed to be quite boring because you are holding positions for days or weeks, and it can take a while to close them. It is a waiting game and it is all about patience!

If your trading is exciting (like mine) you are probably doing something wrong: eg. gambling, taking excessive risks, living dangerously

I don't advise you to do the same. Try to be patient and play it safe. Be a millionaire... slowly.

well put i realised exciting trading is the risky kind and ones capital doesnt last for long.Proper trading is boring and relaxing but in the end one makes gains. indiscipline is what majority of traders are battling with me included.