Can forex trading make you rich ?

zackvz posted:

FxMasterGuru posted:
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...

P.S. And by 'successful' I don't mean buying Ferraris, Lamborghinis and yachts from profits, but living off comfortably from Forex profits for at least a year or two...

Yes there is...I am one. I live comfortably from my FX gains and my account balance is definitely considered 'retail'.

If you really think its impossible to trade successfully as a retail trader, then you have already failed by listening to all the garbage on the internet - including listening to me right now :)

Agreed.

zackvz posted:

FxMasterGuru posted:
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...

P.S. And by 'successful' I don't mean buying Ferraris, Lamborghinis and yachts from profits, but living off comfortably from Forex profits for at least a year or two...

Yes there is...I am one. I live comfortably from my FX gains and my account balance is definitely considered 'retail'.

If you really think its impossible to trade successfully as a retail trader, then you have already failed by listening to all the garbage on the internet - including listening to me right now :)

Maybe you are right... Well, my other option is staying stubbornly delusional - like the Alchemists in the Middle Ages - believing that I will be the first one making real gold from mixing dirt with other chemicals... And watch life pass by...

Also an additional fact. The MOST SUCCESSFUL traders of the world make consistent 30-40% per YEAR i.e. 2.5-3% profit a MONTH. And they make $1,000,000+ just in salaries. Monthly. Yes, they make $10,000,000+ per year just in salaries, not to mention performance bonuses.

So my logic is the following: if a 'retail trader' could achieve the same phenomenal performance on a retail account (i.e. consistent and stable 3% per month), probably he/she would be offered a $1,000,000+ monthly salary by an institution with $100,000,000 assets to manage, which offer probably he/she would accept, instead of managing his/her own (and family/friends') funds.

Therefore he/she would immediately stop being a retail trader and become an INSTITUTIONAL TRADER. And that is the other reason there is no such thing as successful retail trader. Successful retail trader is a temporary state, if it existed at all.

FxMaster - what you don't realize is, in the information age - working for an institution in a field with this level of competition isn't something desired by all.

A lot of people I know in marketing, are very successful marketers - and refuse to work for a marketing company solely because they prefer to work on their own calendar and dictate their own schedule.

The retail trader, if desired, with the right knowledge can be successful, and permanent.

TL;DR - progression from retail, to institutional trader isn't desired by all.

Rasperr posted:
FxMaster - what you don't realize is, in the information age - working for an institution in a field with this level of competition isn't something desired by all.

A lot of people I know in marketing, are very successful marketers - and refuse to work for a marketing company solely because they prefer to work on their own calendar and dictate their own schedule.

The retail trader, if desired, with the right knowledge can be successful, and permanent.

TL;DR - progression from retail, to institutional trader isn't desired by all.

Yeah, right... Who needs a 110 million USD paycheck every MONTH...?

Yes, 110 million USD a month, i.e. 1.3 Billion USD a year...!

That is how much the best paid fund manager makes:

https://fortune.com/2015/05/05/the-highest-paid-hedge-fund-manager-only-made-1-3-billion-last-year/

Again, these fund managers can achieve 'only' about 30-40% profit per year... Even the one who could make only 2% profit in 2014 got 400 Million USD...

In other words, if a retail trader could achieve a safe 30-40% per year, then he/she would be among the best paid professionals of the world. Even if 'sacrificing' only 1 year of his/her lifetime as a fund manager, he could easily retire after one year on a 1 BILLION USD yearly salary.

But again, who needs that 1 Billion USD...? It is better to stay at home managing a few hundred thousand USD and making maybe $100k a year... Right...??

arigoldman posted:

zackvz posted:

FxMasterGuru posted:
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...

P.S. And by 'successful' I don't mean buying Ferraris, Lamborghinis and yachts from profits, but living off comfortably from Forex profits for at least a year or two...

Yes there is...I am one. I live comfortably from my FX gains and my account balance is definitely considered 'retail'.

If you really think its impossible to trade successfully as a retail trader, then you have already failed by listening to all the garbage on the internet - including listening to me right now :)

Agreed.

 I am another person that truly make great profit on the FOREX. EX I made $700 in 2 days trading I withdrew $622 and left $100 and in back up to $271 dollars today. DUDE its wayyy to easy to make money on the forex and I started my Acct with $100. if u every need help make real money hit me up on my email [email protected]

You can.

tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp

Quickly ... no, or very rarely.

Progressively over a long time with small compounded gains, yes.

FxMasterGuru posted:

zackvz posted:

FxMasterGuru posted:
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...

P.S. And by 'successful' I don't mean buying Ferraris, Lamborghinis and yachts from profits, but living off comfortably from Forex profits for at least a year or two...

Yes there is...I am one. I live comfortably from my FX gains and my account balance is definitely considered 'retail'.

If you really think its impossible to trade successfully as a retail trader, then you have already failed by listening to all the garbage on the internet - including listening to me right now :)

Maybe you are right... Well, my other option is staying stubbornly delusional - like the Alchemists in the Middle Ages - believing that I will be the first one making real gold from mixing dirt with other chemicals... And watch life pass by...

Also an additional fact. The MOST SUCCESSFUL traders of the world make consistent 30-40% per YEAR i.e. 2.5-3% profit a MONTH. And they make $1,000,000+ just in salaries. Monthly. Yes, they make $10,000,000+ per year just in salaries, not to mention performance bonuses.

So my logic is the following: if a 'retail trader' could achieve the same phenomenal performance on a retail account (i.e. consistent and stable 3% per month), probably he/she would be offered a $1,000,000+ monthly salary by an institution with $100,000,000 assets to manage, which offer probably he/she would accept, instead of managing his/her own (and family/friends') funds.

Therefore he/she would immediately stop being a retail trader and become an INSTITUTIONAL TRADER. And that is the other reason there is no such thing as successful retail trader. Successful retail trader is a temporary state, if it existed at all.

Unless someone was generous enough to invest $3billion into your retail Forex account :-D

FxMasterGuru posted:

Rasperr posted:
FxMaster - what you don't realize is, in the information age - working for an institution in a field with this level of competition isn't something desired by all.

A lot of people I know in marketing, are very successful marketers - and refuse to work for a marketing company solely because they prefer to work on their own calendar and dictate their own schedule.

The retail trader, if desired, with the right knowledge can be successful, and permanent.

TL;DR - progression from retail, to institutional trader isn't desired by all.

Yeah, right... Who needs a 110 million USD paycheck every MONTH...?

Yes, 110 million USD a month, i.e. 1.3 Billion USD a year...!

That is how much the best paid fund manager makes:

https://fortune.com/2015/05/05/the-highest-paid-hedge-fund-manager-only-made-1-3-billion-last-year/

Again, these fund managers can achieve 'only' about 30-40% profit per year... Even the one who could make only 2% profit in 2014 got 400 Million USD...

In other words, if a retail trader could achieve a safe 30-40% per year, then he/she would be among the best paid professionals of the world. Even if 'sacrificing' only 1 year of his/her lifetime as a fund manager, he could easily retire after one year on a 1 BILLION USD yearly salary.

But again, who needs that 1 Billion USD...? It is better to stay at home managing a few hundred thousand USD and making maybe $100k a year... Right...??

You obviously don't have a full comprehension of hedging.
Firstly find me one of those individuals without a complex education surrounding financial and economic studies.

Ken - the chap from the article - started his first fund whilst at Harvard.
He attained $260k in financial support from family and friends and graduated with a degree in Economics at Harvard.

Following the acquisition of his degree, he attained an investment from Mr. Frank Meyer, recoginizing his potential.

Already he's undergone 4 years+ of studying, with an opportunity to acquire HUGE wealth with the funding of his friends and family.

These sort of oppourtunities don't present themselves to the average joe.

I guess ultimately it stems from your definition of 'Rich'.

Because there is making money, then there is making MONEY, then there is M O N E Y.

The average joe day trader, can make a sustainable living of $2k+ a month with relative ease with good education and a financial awareness of the market.
Consistency is hard, because the markets are human - they fluctuate - which is why so many EA's fail in their first 12 months.
They don't move the same ways for long.

@Rasperr

You say: 'The average joe day trader, can make a sustainable living of $2k+ a month with relative ease with good education and a financial awareness of the market.'

I see that you have so many Vouches from other experienced Forex traders on MyfxBook, so you must be the wise guy telling me that I don't have comprehension of hedging... Anyway...

If your were so wise stating that 'The average joe day trader, can make a sustainable living of $2k+ a month', then PLEASE SHOW ME JUST ONE OF THE MANY THOUSANDS OF FOREX TRADERS. Just ONE please...

I would add that human psycho is the main obstacle to make money on Forex. Imagine you have access to very dangerous weapon and can not control himself well. You can get PhDs in all sciences and be genius in technical analysis and economics and still loose everything. Until your uncontrolled human mind has easy access to 'Sell' and 'Buy' - your are in constant danger. The guys who who work for institutional funds are in more favourable position - they got angry bosses who can kick their asses if they are not in control of DD or Risk parameters ! That's is my opinion.

Soldier 2 is done

Soldier 3 is ready to start.

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.

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.

Agreed. Of course it can, everything can make you rich if you put in the hard work. Cause and effect, guys!

I will tell you not my opinion but my personal experience.
It will took a lot of backtesting... I personaly backtested more than 50 different strategies in 10 year terms, I mean you open chart 10 years ago and start backtesting until you get to actual date.
It will took a lot of losses... a lost more than 50 000 €, yeah I earned them back, but it tooks years!
It will took a lot of changes in your mind, you will need to became a different person. Strictly follow your own rulles and never act like you are a winner. You will never win against markets, you can only participate on the trend.
It will took a lot of downfalls, if you invest money that are not yours, you will go to the bottom. Trading is one of the hardest types of business in the world, you will not succeed if you will not working very hard.
It will took a lot of time to educate your self, to try different types of strategies, to backtest them
It is really a long way. Nothing will be easy, you will try a lot of scammers that want your money. I´m talking about brokers, signal providers, forex gurus, forex copied systems. Scam is everywhere don´t be blind.

I trade only naked charts simple breakouts, triangles, S/R zones on daily charts. If you will find something that is working for you, this is just start. You can not stop in education of your self. Nothing works perfectly whole time. There are plenty of strategies, that works only one year maybe less. If you will find something that works, someone on the other side will try to get your stops. That´s the main reason why you enter the trend, then the price hits your SL and get in your favour way....

And I want to apologize for my english

tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp

Forex trading can make you rich.
However too many people lack discipline to succeed so 95% wont make it.

Yes forex can make you very rich in my opinion, I remember a time I turned 500 in 24k. Went down to 400 then back to 3k then lost all. It was a mix of bad luck and lack of self control, but mostly lack of self control.

Is it reall happen.

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.