Can forex trading make you rich ?

Zectang posted:

Lagurteng posted:
I'd like to leave my own opinion. I believe that it actually can make you rich, but before you come to it, you will have to suffer losses during considerable period of time. it's a long way of learning, trying, and studying from losses. Correct me if I'm wrong, but I see it this way.

Yes, it's really so. I'd also like to highlight the fact that on forex, as well as on any other job, you will not get rich in several days. You have to gain experience and realize what it takes to full extent first.

Exactly:)

With a good system/strategy... great balanced risk ratio... and human control with no rules break... yes you can do it.

TedWaller posted:
With a good system/strategy... great balanced risk ratio... and human control with no rules break... yes you can do it.

Thats not enough you need good risk management system as well.

You can get rich doing a lot of things. Investing is one of them.

I am sure you all heard about George Soros who made his luck with trading currencies. So the answer is yes, you can be one of the richest persons in the world by trading forex.

'Great balanced risk ratio' includes a risk management study to define trading rules... really its an 'all in one' where each study aspect is necessary to be constant.

(Sorry if i dont explain correctly the ideas... my english is limited).
Ted.

some that get it can make decent money

Actually, why not? In case you have already been in forex for a couple of years and you understand strict realities, then you might realize that in some more years you can become rich.

yes, but not overnight.

CrazyTrader posted:
@FxMasterGuru
Yes you are right... Always the same story.

Let me build my army... you will see my point later.

I'm ready to try to acheive the topic.
I have created 4 new accounts of $150 each from the first account.
Now I can start to compound profits on each account as my fx Army is built (I had to create 10 like this... but it's too long)
.... to be continued

https://www.forexfactory.com/pipsfestival

I left my full time job a few year ago, all thanks to forex trading. ;)

FxMasterGuru posted:
@peter977

Agree, Peter. Those successful individual traders - the '5%' - just don't come here to MyFxBook...

Why...? Because they simply don't need clients and attention...

I have seen both sides,its not a pretty sight believe me,investing clients money is a mind field,great for the broker,I have been asked by people to invest for them but i refused because i want to sleep at night.I make a steady income on my own account and it didn't take years ,you just need the right training and some experience of working in a financial trading company.I know for a fact that professionals do check certain web sites for bias.

William82 posted:
I left my full time job a few year ago, all thanks to forex trading. ;)

I like your Quote!

William82 posted:
I left my full time job a few year ago, all thanks to forex trading. ;)

i wish i can do that, but it is so boring staring at chart all the time

I spend little time looking at a screen ,unless im scalping,most of my time im doing research on a stock,forex or waiting for a news event.
I watch the open ,crossovers and 11.30am,14.30 ,16.30,18.00-19.00.
I wait for the trade to come to me,if it dont meet the levels I want I wait until it does,set an alert.

be lucky.

Yes it can. The first thing you have to accept is that you can and you will lose money. Don't try to save a losing trade. Just cut if and go. Study why it was a bad trade.

Then focus on next trade. If it is in profit good but don't try to squeeze all that you can out of it. Set a limit on how much you should get.

Never get excited trading the markets. That's the biggest mistake you can make. This is so because it leads to over trading.

Just keep on trading until you no longer feel any emotion but rather logic. Accept also the fact that your technical analysis will not work all the time. Just make sure your wins because of technicals is bigger than your losses due to fundamentals.

This is the new strategies - wait for the trade to come to me,if it dont meet the levels I want I wait until it does,set an alert
good thinking and many people follow this idea.

You will probly never know why it was a bad trade,there are to many possibilities as to why,you cant always be right.Its ok to have a set target like 2:1 or 3:1 or above,but be aware of how much the price moves from its average,say 50 pips.Obviously if its a strong trend don't set a limit.If you can add to a winning trade it makes a considerable difference.

 

snapdragon1970 posted:
You will probly never know why it was a bad trade,there are to many possibilities as to why,you cant always be right.Its ok to have a set target like 2:1 or 3:1 or above,but be aware of how much the price moves from its average,say 50 pips.Obviously if its a strong trend don't set a limit.If you can add to a winning trade it makes a considerable difference.

 

GBPUSD right now can be a good opportunity to build long... or not !

Good luck