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Can forex trading make you rich ?

BluePanther (BluePanther)
Sep 25 2018 at 08:54
1350 ieraksti
LongVision posted:
goyankees85 posted:
LeadPellet posted:
I do not understand why you have shown the system above? it looks like you are using a high risk system which will eventually wipe out your account


 TO show that one can be very rich in forex in a very short amount of time. Is that what this thread is about?


This trading style will easily change you from riches to rags😀


There is no gain without risk.
Higher gain = higher risk.
Nothing is guaranteed, but you can stack the odds in your favor by analysis and understanding of market dynamics.



'Out of the 241 trades, 16 of them were responsible for ALL of the profit. Most people in this world can't handle it. Yet, it is the only way I have ever seen anyone make money trading. Ever. I was on Wall Street for 23 years. All of the successful fund managers will have long losing streaks, sometimes lasting 6 months to a year. And then... boom! They let their winners run and they wipe out all of their losses. It is how trading works.'
- Mark Shawzin (https://thepatterntrader.com)

Pielikumi


BluePanther (BluePanther)
Sep 25 2018 at 08:55
1350 ieraksti
Emphasis on:

'Out of the 241 trades, 16 of them were responsible for ALL of the profit. Most people in this world can't handle it. Yet, it is the only way I have ever seen anyone make money trading. Ever. I was on Wall Street for 23 years. All of the successful fund managers will have long losing streaks, sometimes lasting 6 months to a year. And then... boom! They let their winners run and they wipe out all of their losses. It is how trading works.'

BluePanther (BluePanther)
Sep 25 2018 at 08:55
1350 ieraksti
FXMouthPiece
Sep 25 2018 at 13:53
9 ieraksti
Can anyone who has actually become rich from Forex please stand up and provide some advice. There seems to be a lot of pretenders giving their 2 cents on this thread

AniLorak
Sep 25 2018 at 14:18
920 ieraksti
BluePanther posted:
Emphasis on:

'Out of the 241 trades, 16 of them were responsible for ALL of the profit. Most people in this world can't handle it. Yet, it is the only way I have ever seen anyone make money trading. Ever. I was on Wall Street for 23 years. All of the successful fund managers will have long losing streaks, sometimes lasting 6 months to a year. And then... boom! They let their winners run and they wipe out all of their losses. It is how trading works.'


23 years!!! Man, that’s really amazing! May I know your favorite trading instruments?

togr (togr)
Sep 26 2018 at 07:05
4862 ieraksti
BluePanther posted:
Emphasis on:

'Out of the 241 trades, 16 of them were responsible for ALL of the profit. Most people in this world can't handle it. Yet, it is the only way I have ever seen anyone make money trading. Ever. I was on Wall Street for 23 years. All of the successful fund managers will have long losing streaks, sometimes lasting 6 months to a year. And then... boom! They let their winners run and they wipe out all of their losses. It is how trading works.'


I have quite opposite experience.
Grab all the smaller profits you can. Do it thousand times and accept bigger loss from time to time.
So first have some profits and then you can afford the loss.
Affording the loss first makes not sense as you cannot guarantee the profits will eventually come.

BluePanther (BluePanther)
Sep 26 2018 at 07:33
1350 ieraksti
AniLorak posted:
BluePanther posted:
Emphasis on:

'Out of the 241 trades, 16 of them were responsible for ALL of the profit. Most people in this world can't handle it. Yet, it is the only way I have ever seen anyone make money trading. Ever. I was on Wall Street for 23 years. All of the successful fund managers will have long losing streaks, sometimes lasting 6 months to a year. And then... boom! They let their winners run and they wipe out all of their losses. It is how trading works.'


23 years!!! Man, that’s really amazing! May I know your favorite trading instruments?


The quote belongs to Mark Shawzin (https://thepatterntrader.com).
(...if you think he is amazing simply for spending 23 years on Wall Street)

Time in the trenches does NOT equal trading abilities. There are some critics out there that do not support him. I can't say I favor him with the little knowledge I know about him. I just like his quote - it is quite true.

BluePanther (BluePanther)
Sep 26 2018 at 07:34
1350 ieraksti
AniLorak posted:
23 years!!! Man, that’s really amazing! May I know your favorite trading instruments?


I have spent ten years since 2008 'trying' to trade. I do not consider myself any better than when I started. I just know a bit more, but the market is as unpredictable now as it was back then. Trading improves as a person improves their character, not knowledge.

eg. patience, emotional detachment, self-control. Tools do their job, but the difference in quality comes from the person using them.

BluePanther (BluePanther)
Sep 26 2018 at 07:34
1350 ieraksti
FXMouthPiece posted:
Can anyone who has actually become rich from Forex please stand up and provide some advice. There seems to be a lot of pretenders giving their 2 cents on this thread


Pretenders? I try hard, but I don't 'pretend to be rich'. Don't mistake my rookie attempts as 'pretending to be rich'.

Good luck finding 'anyone who has actually become rich from Forex' on a forum.

BluePanther (BluePanther)
Sep 26 2018 at 07:35
1350 ieraksti
Maybe I am 'rich'?
As a matter of perspective: is $250,000 in the bank 'rich' to you? Then I am not pretending to be rich. I really am rich. 😎

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