Can forex trading make you rich ?

togr posted:

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.

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! 😲

I might add: it took me ten long years to figure out NO EXPERT ADVISOR will make you rich. Part of the reason I kept trying robots was because I was putting in 80+ hours a week working at three J.O.Bs (Just Over Broke).

The reason robots will NEVER make you rich is because robots stick to rules VERY WELL. But, if an EA exists that makes 800% per month it is surely not public!

Sure I made rookie mistakes: over-leveraging, under-capitalising, entering poorly, etc. But if you want to get rich there is no easy shortcut: you must do the hard yards and put in the effort to learn and fail - sometimes many times first.

My suggestions:
- Don't trade with less than $10,000,
- Don't open large positions when you start,
- Don't buy 'super-dooper' EAs, systems, indicators, programs, etc., (save your money for trading capital),
- Read read READ forums, charts, news, ANYTHING!
- HAVE PATIENCE: if a trade is going against you, re-evaluate, but don't just close it because you are unsure or afraid. Have some tolerance to risk, to drawdown, to being wrong a little bit. The market is UNPREDICTABLE, news can happen and change the entire market dynamic in your favor. Manage the trade exit rather than simply closing a losing trade. I bank on mean-reversion: reversion to the average. Extremes always correct, always pull-back - eventually.

PATIENCE: I have been holding these trades for a week waiting for AUD comeback... Watch the higher timeframes and market directions, trendlines, S/R, Fib, etc.

I experienced DD close to $800k, and managed to pull some nice profits this week of $400k as market has moved down and retraced.

Money makes money. Start small, but you will grow with time and patience.

Happy trading!

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.

I tell you most solemnly, this is the very reason why fully automated EAs never work forever. They follow precise trading rules explicitly and rigidly, meaning they are unable to adapt to market dynamics and fundamentals which often change.

I did gamble on many EAs and manual trading on small timeframes, and learnt this lesson the hard way - losing for ten years.

It's about time that I stacked the odds in my favor and started trading (gambling) the right way! 😎

https://dailypriceaction.com/articles/is-forex-trading-gambling

togr posted:
Trading is actually an exact science
Just compare so called tick data backtesting on mt4 and mt5 and you will see the difference

Trading is NOT an exact science. Please read this:
https://optimusfutures.com/tradeblog/archives/3-tips-to-trading-unpredictable-markets/

...and this:
https://optimusfutures.com/tradeblog/archives/how-to-look-past-your-trading-biases/

...and this:
https://dailypriceaction.com/articles/is-forex-trading-gambling

Don't believe ANYONE that claims they are an expert and can read the market and guarantee your returns!
Don't be scammed into buying any system, product, course, materials, etc. that promises to make you a professional trader!
Save your money for trading, not for products, systems, etc.
There is no shortcut to success: read everything, learn, practice, adapt.
Be prepared to lose, and be prepared to lose more than once. Only risk money you can afford to lose.
Lastly, DO NOT GIVE UP!

Kalamo posted:
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 :-)

Of course, a positive mindset is always important! Basically, traders need to make ensure their trading skill before going for their live; otherwise they will be vanished.

togr posted:

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.

Well I have asked as
I do possess strategies that works purely on technical analysis aka trying to predict market
And also they are profitable since inception

Congratulations sir, but you must qualify your statements:

Your CURRENT strategies:
a) work well to predict the market - though risk will ALWAYS exist because of uncertainty and this CANNOT be eliminated.
b) have been profitable from day one - though you as a trader have taken from 2011 to 2016 to experience success.

Perhaps 'lying' is too harsh and should read 'misleading' or 'giving false impressions'?
- No one can predict the market 100% guaranteed (though one can become quite accurate at 'guessing')
- No one is profitable from day one (is possible, but very unlikely)

Forex can definitely make you rich but it takes time. Don't try to make millions with a micro-cent account. This is not the same as lottery, you can buy a lottery ticket for 5$ and win 100 million dollars but in Forex you need a decent investment or a lot of patience.

It's all about the return on investment you can get. If you have a $10,000 and you make 10% profit per month, where I live we don't call this a rich person. Living with $1,000 per month in Canada is way below the average annual income, you could not afford to own a car.

So yes Forex can make you rich if you have the proper account size unless you start with a low investment and you compound your results for years, without withdrawing any profit and without losing.

Of course it can.
Im a full time forex trader, and i feed my family with 100% forex money.

togr posted:
Well I have asked as
I do possess strategies that works purely on technical analysis aka trying to predict market
And also they are profitable since inception

Do not think I am any better than you, or you are any better than I:
- No one can achieve 100% accuracy (totally predict market), or if they do they probably also experience huge DD (that is not predicting the market but HODLing like BitCoin HOLDers do)
- Every trader makes mistakes when they begin - it is a necessary part of trading so you can learn and get better

Anyone that portrays themselves as 'perfect' are certainly hiding something, whether that be: many losses, lack of hands-on trading experience, or business interests (selling something).

Getting rich in forex is NOT EASY!

togr posted:
Trading is actually an exact science
Just compare so called tick data backtesting on mt4 and mt5 and you will see the difference

When I started trading, I couldn't figure out why trading was so hard. The so-called 'experts' would have many different interpretations of charts, and news articles were often vague and ambiguous with many specifics of technical analysis (eg. support/resistance levels, trend lines, etc.) There are so many variables, and every trader has their own tools and interpretations of the market. It is not black and white, clear-cut science which can be followed step-by-step by everyone and everyone can make money doing this.

If trading were this easy, if trading were a 'science' with predictable, expectable results, then everyone would be making money. I often wish it were... but there are no 'hard and fast' (fixed and definitive) rules about trading.

Science is predictable. Trading is not.

togr posted:
Trading is actually an exact science
Just compare so called tick data backtesting on mt4 and mt5 and you will see the difference

The more you understand market mechanics (how it works), the better you understand why it is NOT an exact science:

What is the market?
A market consists of buyers and sellers with a commodity (product) of exchange.
Who are the buyers and sellers?
Humans (retail traders), algorithms/programs, banks (with humans and computers), governments (monetary intervention), brokers, (more?)
What influences the market?
Government policies (eg. interest rate decisions), economic data, government stability (leadership), banks, etc.

A science experiment is predictable: no matter how many times you conduct the experiment you will always get the same result.
A market experiment is unpredictable: think of the 'butterfly effect' (https://en.wikipedia.org/wiki/Butterfly_effect)
...since humans are the unpredictable variable.

BluePanther posted:

togr posted:

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.

Well I have asked as
I do possess strategies that works purely on technical analysis aka trying to predict market
And also they are profitable since inception

Congratulations sir, but you must qualify your statements:

Your CURRENT strategies:
a) work well to predict the market - though risk will ALWAYS exist because of uncertainty and this CANNOT be eliminated.
b) have been profitable from day one - though you as a trader have taken from 2011 to 2016 to experience success.

Perhaps 'lying' is too harsh and should read 'misleading' or 'giving false impressions'?
- No one can predict the market 100% guaranteed (though one can become quite accurate at 'guessing')
- No one is profitable from day one (is possible, but very unlikely)

Well our approach is completely different.
Just time will tell who is right.

tedoxadvisor posted:
Of course it can.
Im a full time forex trader, and i feed my family with 100% forex money.

How do you do that when you have zero withdrawals on your account :)

togr posted:
Well our approach is completely different.
Just time will tell who is right.

'Our approach is completely different': And so it should be: No two humans are exactly the same, no two traders are exactly the same.
'Time will tell who is right': And what do mean by that? That sounds like arrogance to me, like you are saying 'I'm right and you are wrong, just wait and see'. You do realise that no one gets out of life alive?

'No one gets out of life alive'

Likewise:
- NO ONE can predict the market with 100% accuracy: 0% drawdown and 100% trade win rate
- NO ONE has been profitable from day one to present: seasoned traders have all experienced losees before becoming successful.

Legitimate, professional managed funds and educational institutions always state a disclaimer to this effect:

'Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.'

Sounds suspicious to me. Anyone who profile name is advisor and seems to be selling stuff sounds a bit iffy to me. Please correct me if you are legit though.

tedoxadvisor posted:
Of course it can.
Im a full time forex trader, and i feed my family with 100% forex money.

Looks martingale to me.

BluePanther posted:

tedoxadvisor posted:
Of course it can.
Im a full time forex trader, and i feed my family with 100% forex money.

Looks martingale to me.

Yes it is brother.

in reality the poor peapole are not the ones who have little, they are the ones who want more and more