Can forex trading make you rich ?

I have a strategy which can make me rich , but i need some more improvement , it can make upto 400 % per month easily but need more improvement

Thank you for your explanation of fibs. I never use fibs before but like your analysis. I will go through charts today and try adding fibs on to see if I can do the same. well done

Matts work above would be the way most professionals would use Fibs ,mostly weekly and monthly time frames as another confirmation tools ,as the last part of the trade decision ,play with the settings for best fit.

I believe that it is possible to become rich in Forex. But only if you have perfect money management. Strong nerves and be cold-blooded.

JanSzyman posted:
I believe that it is possible to become rich in Forex. But only if you have perfect money management. Strong nerves and be cold-blooded.

What is your definition of 'perfect money management'? If you mean always only risking 2% of your account, you will take a while to become rich.

My money management is like this:

“Be fearful when others are greedy, and greedy when others are fearful.”

Warren Buffett

Or this:

4. Make good decisions even with incomplete information.
It is a good idea to gather as much information as possible before entering any single trade, but the available information will never be complete or perfect. Investors need to be trained to work on the facts, figure out what does matter, and take the right trading decisions before all others gain awareness of the situation. They then need to have the courage to put sufficient money behind the trade to achieve a meaningful outcome.

6. Don't make small investments: Amazon's stock price climbed from $38 to $820 during the last 10 years, a 2,160% rise. Had you invested $10,000 you would have a respectable $216,000 position by now. But had you invested just $100 you would have missed a potentially life-changing opportunity. After spending so much time and effort researching an asset, investors must make sure that the rewards from the money at risk are meaningful.[quote/] Michael Steinhart

To enter Forex market is so much easy. With little amount you can kick off trading at any place. But the main deal is surviving that is really difficult. Because this market is too much volatile and no one can predict the real faction of this market with surely. so we have to pass a long time in here , if we want to get maximal result from here.

Newcomers take this market place as s casino, they always try to make profit very rapidly without learning, as a result they become loser after passing sometimes and ultimately blame this trading place.

That is why risk management is so important. It gives us the time to continue trading and learning. It allows us to stay in the game until the good times come and we can get rich!

Its absolutly possible the forex market generates 16 times the money that is generated on wallstreet a day everyday its bye far the biggest market in the world and a handfull of that is retail traders do you think millions of people all lost money of course non of them have registrated their accounts on Myfxbook ore any forums because they are not interested in people knowing how much they make ore have any need too brag atleats i dont i have a coupple of my EA`S registered too have a journal on how they are doing but that just for fun nothing i expect will make much money...I have a account here with 2500 dollars in ore so mayby i trade that a little after new year along with my real accounts..I made money on binarys also when that was allowed in europe,but it has taken me 5 years of watching charts for hours a day too be able too recognize patterns and how the market behaves so i only use pivots/Rsi and fibs together with my experience soo i can actually feel it when its time to enter a trade..

Mohammadi posted:
Newcomers take this market place as s casino, they always try to make profit very rapidly without learning, as a result they become loser after passing sometimes and ultimately blame this trading place.

True. This is the price of their education.
They would be wise to continue their lessons to fruition (profitability), and not throw away their education. To quit before success is to throw away their lessons in trading, that is, throw away their time and money spent on education.

That is wasteful. Like going to university for ten years, spending thousands on a degree, and then not using the knowledge.

Mohammadi posted:
Newcomers take this market place as s casino, they always try to make profit very rapidly without learning, as a result they become loser after passing sometimes and ultimately blame this trading place.

Same opinion from me; a numbers of new traders start with a wrong mentality! As a result; so many losers are available here & there.

Neale Donald Walsch | The 3 Secrets To Everything!

Mohammadi posted:
Newcomers take this market place as s casino, they always try to make profit very rapidly without learning, as a result they become loser after passing sometimes and ultimately blame this trading place.

Yes, Forex and CFDs are a Cassino. Earlier you realize this truth, easier you will make money.
Imagine the Roulette in the Cassino. There is 18 black numbers and 18 red numbers. If you bet black every single time, your chance to win is 50%, correct? No, it isn't. Because the Cassino has the zero and double zero. After 3800 bets, you win 1800, and the house 2000. Your chance in this strategy is 47.4%. For the Cassino, is 52.6%. For every million people bet in Roulette, House's profit is 52.000,00.

Because the Cassino increase its odds in 2.6%, it is able to be profitable...

The cassino doesn't accept bets that goes over an ammount. Because a lucky trader with a huge bet can wipe out all profit from Cassino.

What is Cassino doing? Working with probabilities to favour profits. Cassino has a strategy to increase its odds to win barely over 50%, a money management to avoid risky bets.

How many Forex traders have a strategy to barely increase their probabilities, and how many work with money management? Just a few.

And how do I increase my chances? Technical analysis (TA). TA is not a Crystall ball, it will not say if prices will go up or down. A simple TA that increases your odds to win to 60%, with a reward/risk ratio of 1:1, a 1% risk in every trade, 250 trades a year, means 63% return in one year. In 10 years, 10.000 USD will become 1.3 million. How many traders work with a 10 year plan?

Yes, forex can make you rich. But you need a strategy.

In short, trading is about probabilities.

Reward/Risk ratio in every trade = R/R = 1/1
Risk in % of your initial balance = Risk = 1%
Winning ratio in % = WR = 60%
Number of trades per month = MT = 20

Monthly return = MT *Risk*(WR * R/R - (100% - WR))
Monthly return = 20*1%*(60%*1 - (100% - 60%)) = 4%

A 4% monthly isn't a impossible task. Do it a year...
Yearly return = (1 + monthly return)^12 - 1
Yearly return = 1.04^12 -1 = 0.601 = 60.1%

Successful trading is depend on most powerful analyzing trade knowledge , on the other hand , despite of good trading knowledge that’s not possible at all to lead a successful trading life at all if you don’t have a reliable support from a credible trading broker , because the broker can affects the result of our trading with certainly.

Not really. Only scam brokers will do things like that. Most normal brokers will be fine. Focus on trading and not worrying about broker

Imamul posted:
Successful trading is depend on most powerful analyzing trade knowledge , on the other hand , despite of good trading knowledge that’s not possible at all to lead a successful trading life at all if you don’t have a reliable support from a credible trading broker , because the broker can affects the result of our trading with certainly.

Absolutely correct. You must have a regulated broker who 'plays BY the rules' and does not 'play WITH the rules'. They need to be transparent and honest.

Scam brokers will play games and you will certainly lose if you use one. Don't use bucket-shop brokers is essential first step!

BluePanther posted:

Imamul posted:
Successful trading is depend on most powerful analyzing trade knowledge , on the other hand , despite of good trading knowledge that’s not possible at all to lead a successful trading life at all if you don’t have a reliable support from a credible trading broker , because the broker can affects the result of our trading with certainly.

Absolutely correct. You must have a regulated broker who 'plays BY the rules' and does not 'play WITH the rules'. They need to be transparent and honest.

Scam brokers will play games and you will certainly lose if you use one. Don't use bucket-shop brokers is essential first step!

No doubt, trading with a market maker broker is always painful; since they kill traders profit & capital. On the other hand, good brokers help the traders to make money in a friendly trading environment.

Astronautica posted:
Thank you for your explanation of fibs. I never use fibs before but like your analysis. I will go through charts today and try adding fibs on to see if I can do the same. well done

A good example of Fib analysis. Keep Fundamentals in mind too:
https://www.forexlive.com/technical-analysis/!/goldman-sachs-doesnt-see-much-support-in-oil-until-4547-20181126