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Can forex trading make you rich ?

Matt (BluePanther)
Sep 25 2018 at 08:54
1356 príspevkov
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)

Prílohy:


Matt (BluePanther)
Sep 25 2018 at 08:55
1356 príspevkov
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.'

Matt (BluePanther)
Sep 25 2018 at 08:55
1356 príspevkov
FXMouthPiece
Sep 25 2018 at 13:53
9 príspevkov
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 príspevkov
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?

vontogr (togr)
Sep 26 2018 at 07:05
4862 príspevkov
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.

Matt (BluePanther)
Sep 26 2018 at 07:33
1356 príspevkov
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.

Matt (BluePanther)
Sep 26 2018 at 07:34
1356 príspevkov
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.

Matt (BluePanther)
Sep 26 2018 at 07:34
1356 príspevkov
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.

Matt (BluePanther)
Sep 26 2018 at 07:35
1356 príspevkov
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. 😎

Matt (BluePanther)
Sep 26 2018 at 08:03
1356 príspevkov
AniLorak posted:
May I know your favorite trading instruments?


By far, the best instruments for me has been EURTRY and CHFSGD: 400% (AUD$200,000) profit this month from these pairs ALONE!

Matt (BluePanther)
Sep 26 2018 at 10:12
1356 príspevkov
togr 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.'


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.


I would say your strategy is “exceptional” rather than “common”; suitable mostly for scalping.
Other traders would follow the slow and patient, “trend is your friend” method. After trying your method for many years with small successes and huge losses, I now prefer holding positions longer term, riding the trend and lowering my stress. Day trading is quite stressful.

niceGLer
Sep 26 2018 at 10:29
169 príspevkov
BluePanther posted:
togr 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.'


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.


I would say your strategy is “exceptional” rather than “common”; suitable mostly for scalping.
Other traders would follow the slow and patient, “trend is your friend” method. After trying your method for many years with small successes and huge losses, I now prefer holding positions longer term, riding the trend and lowering my stress. Day trading is quite stressful.


I actually found it easier to keep the holding period short ie. intraday trades. But alas, I don't have time for that since I have a family. On the other hand I can't program so I just have to accept the accumulating losses while I learn trading long term...

Matt (BluePanther)
Sep 26 2018 at 10:44
1356 príspevkov
niceGLer posted:
I actually found it easier to keep the holding period short ie. intraday trades. But alas, I don't have time for that since I have a family. On the other hand I can't program so I just have to accept the accumulating losses while I learn trading long term...


Look at 4H timeframes and greater. Provided 1) you do not take huge risk and 2) you have adequate margin to weather drawdowns, you should scale into trends.

Follow strong support and resistance levels, but be aware of the possibility the market may not respect a long-term resistance / support and breach it - so err on side of caution.

Do not start trading with small money. $10,000 might be a good start, but with small risk you won't get rich overnight. Patience.
Nothing worth doing is easy. If it were, then everyone would do it.

vontogr (togr)
Sep 26 2018 at 13:59
4862 príspevkov
BluePanther posted:
niceGLer posted:
I actually found it easier to keep the holding period short ie. intraday trades. But alas, I don't have time for that since I have a family. On the other hand I can't program so I just have to accept the accumulating losses while I learn trading long term...


Look at 4H timeframes and greater. Provided 1) you do not take huge risk and 2) you have adequate margin to weather drawdowns, you should scale into trends.

Follow strong support and resistance levels, but be aware of the possibility the market may not respect a long-term resistance / support and breach it - so err on side of caution.

Do not start trading with small money. $10,000 might be a good start, but with small risk you won't get rich overnight. Patience.
Nothing worth doing is easy. If it were, then everyone would do it.


Well I still do not get it.
If you start with $10k and have losses for 6 months, there won't be much left to recover losses in your lucky=profitable month.

Matt (BluePanther)
Sep 27 2018 at 07:31
1356 príspevkov
togr posted:
Well I still do not get it.
If you start with $10k and have losses for 6 months, there won't be much left to recover losses in your lucky=profitable month.


I understand your logic:
A loss of 10% requires a gain of 11.11% to recover;
A loss of 20% requires a gain of 25% to recover;
A loss of 30% requires a gain of 42.86% to recover;
A loss of 40% requires a gain of 66.67% to recover;
A loss of 50% requires a gain of 100% to recover.

This is why you not only need initial risk capital, but you also need INCOME from elsewhere to replenish your potential drawdows / realised losses. A person who has $10,000 and NO or LOW INCOME is in NO POSITION to trade. Or you start with more than the minimum (eg. $100,000). But you still need a income from elsewhere.

'To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable.' Edgar Bronfman, Sr.

vontogr (togr)
Sep 27 2018 at 11:08
4862 príspevkov
BluePanther posted:
togr posted:
Well I still do not get it.
If you start with $10k and have losses for 6 months, there won't be much left to recover losses in your lucky=profitable month.


I understand your logic:
A loss of 10% requires a gain of 11.11% to recover;
A loss of 20% requires a gain of 25% to recover;
A loss of 30% requires a gain of 42.86% to recover;
A loss of 40% requires a gain of 66.67% to recover;
A loss of 50% requires a gain of 100% to recover.

This is why you not only need initial risk capital, but you also need INCOME from elsewhere to replenish your potential drawdows / realised losses. A person who has $10,000 and NO or LOW INCOME is in NO POSITION to trade. Or you start with more than the minimum (eg. $100,000). But you still need a income from elsewhere.

'To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable.' Edgar Bronfman, Sr.


Well isn't it better to have system than produces profit from the very beginning, with limited risk?

Matt (BluePanther)
Sep 27 2018 at 11:10
1356 príspevkov
togr posted:
Well I still do not get it.
If you start with $10k and have losses for 6 months, there won't be much left to recover losses in your lucky=profitable month.


You are quite right... as quote goes: 'Most people in this world can't handle it.'

Matt (BluePanther)
Sep 27 2018 at 13:46
1356 príspevkov
BluePanther posted:
niceGLer posted:
I actually found it easier to keep the holding period short ie. intraday trades. But alas, I don't have time for that since I have a family. On the other hand I can't program so I just have to accept the accumulating losses while I learn trading long term...


Look at 4H timeframes and greater. Provided 1) you do not take huge risk and 2) you have adequate margin to weather drawdowns, you should scale into trends.

Follow strong support and resistance levels, but be aware of the possibility the market may not respect a long-term resistance / support and breach it - so err on side of caution.

Do not start trading with small money. $10,000 might be a good start, but with small risk you won't get rich overnight. Patience.
Nothing worth doing is easy. If it were, then everyone would do it.


I hope this has a LONG way to go yet - going SHORT!
(I think medium- to long-term trading is easier: follow the trend, sleep easy, set-and-forget, wide stops, etc.)



Prílohy:


Matt (BluePanther)
Sep 27 2018 at 13:46
1356 príspevkov
togr posted:
Well isn't it better to have system than produces profit from the very beginning, with limited risk?


But of course! Except...

togr posted:
Grab all the smaller profits you can. Do it thousand times and accept bigger loss from time to time.


...if your loss wipes out all your profits - and then some! Better to have small losses, and then bigger profits from time to time?

Mark Shawzin posted:
Most people in this world can't handle it.


Each trader to their own strategy. 😎

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