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Can forex trading make you rich ?

Benjamin Van Tran (tranle447)
Aug 14 2015 at 03:17
120 โพสต์
theHand
Aug 14 2015 at 07:20
365 โพสต์
It's possible, but very unlikely.

The figures are published by the brokers. Here's an example: https://www.financemagnates.com/forex/brokers/exclusive-q4-us-retail-forex-profitability-report-ib-1-again-while-oanda-slipping/

Oanda had the most succesful client base at 50% profitability. It's dropped to about 30% since the VC got involved. I suspect the rule changes made the profitable clients leave. But 30% is more or less average. Of course over time it won't always be the same people who are profitable, meaning that there's probably a much smaller percentage that's conistantly profitable. Maybe 20% to 10%

The profitability of those traders are still a bell curve. A minority of them barely scrape by, there will be a mean profit for most of them and then at the other end of the scale you will find your top performers. Maybe 1% to 3%.

So yes, about 1% to 3% will get very rich from FX, the rest won't. Possible. But not probabale. And almost certainly not at retail level participation. You need money to do this. Lots of it.
xgavinc
Aug 14 2015 at 10:48
235 โพสต์
@theHand That's the irony of Forex trading, it can make you very rich over 5 years or more, AND can make you broke within 24 hours. I think those with the mindset of becoming rich never will, where those who, with experience, accept that they most likely won't and aim for a steady return regardless if it's a few percent a year will succeed in profitability and stand a chance at becoming rich (emphasis on 'chance').
For every loss there should be at least an equal and opposite profit.
theHand
Aug 14 2015 at 12:24
365 โพสต์
@xgavinc

And I think people vastly underestimate the amount of effort and determination it takes to do this. You really need to be obsessive about it, almost to the exclusion of anything else.

I've spent at least a decade on this. And thousands and thousands of dollars in servers, coding courses etc. I actually had to develope an entire skill set which doesn't even have anything to do with trading, but rather to handle the computers like I need to be able to.

It's only now, many years and thousands of dollars later, that I get to the point where I can go sleep at night and most likely wake up with more bucks in the morning.

The cost to me has been so high, mostly in time, that it's almost not worth it. The only way I can ever get my time back is if I can take the rest of my life off and not ever have to do another days work, which is very likely still another two or three years away.
peter977
Aug 14 2015 at 12:29
25 โพสต์
If your monthly performance is up to 2% a month and your maximal DD is less than 5%, you have minimum 1 year performance on audited account, than you have no problem with investors.
That means, you can build serious business only on 'poor' 2-3% monthly performance.
“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves”
FxMasterGuru (FxMasterGuru)
Aug 14 2015 at 12:36
1608 โพสต์
peter977 posted:
If your monthly performance is up to 2% a month and your maximal DD is less than 5%, you have minimum 1 year performance on audited account, than you have no problem with investors.
That means, you can build serious business only on 'poor' 2-3% monthly performance.

WELL SAID, Peter... The 'only' problem is that there is NOT a single real, verified account on MyFxBook (running at a reputable broker) which would fulfill the above mentioned conditions...
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ahmedfouad
Aug 14 2015 at 12:45
198 โพสต์
Yes...It can make you rich if you avoided and you saved your money from real potential and continuous loss of capitals.! :)
Rihan
RSTrading
Aug 14 2015 at 12:53
385 โพสต์
I have spent countless hours in forums, went through 1000's of demo accounts, EA backtests / strategies. Suffer from borderline obsessiveness in establishing a long term income generator for me and my family. I agree that it is possible, but not easy at all. Like @theHand mentions, only after a decade could he get to a stage where he earns on a regular basis.

It is a long journey that needs a lot of effort and determination. I can only but laugh at newcomers who see this as a quick way of making $, and there are plenty. They just feed the market with more and more $.
peter977
Aug 14 2015 at 13:01
25 โพสต์
FxMasterGuru posted:


WELL SAID, Peter... The 'only' problem is that there is NOT a single real, verified account on MyFxBook (running at a reputable broker) which would fulfill the above mentioned conditions...

The problem with this kind of social trading pages is , that there are a lot of scammers who want to make a 'big advertising' by martingale or non-using stoploss strategies just to show amateurs : 'look I made 100% in 2 months invest your money'.
Serious traders don´t need this kind of attention. I know a lot of companies that trade moneys from investors and they have never used any advertising to attract investors.

There are some individual traders that have very nice long therm performance, but they don´t use any kind of this web pages only because, they don´t pay all taxes from their trades, or it is not legal to trade investors money without licence
“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves”
FxMasterGuru (FxMasterGuru)
Aug 15 2015 at 22:08
1608 โพสต์
@peter977

Agree, Peter. Those successful individual traders - the '5%' - just don't come here to MyFxBook...

Why...? Because they simply don't need clients and attention...
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CHecking
Aug 16 2015 at 06:11
12 โพสต์
Winning longterm is like a Marathon and requires a lot of experience, realistic goals and more than anything discipline. Losing is very easy. Most of the time it's the 'get rich fast ' mindset that whipes out your account in no time. This is fired up by all the faked accounts, scam Brokers and vendors, selling false promises as a buisness model. By the way thes vendors often work together with scam Brokers, so don't trust 'real accounts' blindely.
CHecking
Aug 16 2015 at 06:12
12 โพสต์
By the way, to be able to make a living from trading, you need at least 50 K USD or equivalent in order to not trade too risky..
Craden20
Aug 17 2015 at 06:18
19 โพสต์
Of course forex has the capacity to make you very rich. A lot of traders having seen for themselves the lucrativeness of the forex have abandoned their well paying jobs to focus on this financial market. If you learn your demo well perfecting your trading strategy with commendable money and risk management; you could go make a good income from trading the forex market.
FxMasterGuru (FxMasterGuru)
Aug 17 2015 at 08:02
1608 โพสต์
The easiest way Forex can make you rich is IF:

1. You are a broker or liquidity provider
2. You sell EAs
3. You write books about Forex
4. You give Forex course (online or in person)

The same thing as in Alaska with the Gold Rush... Who got wealthy there...?

No, not the poor gold diggers... But the merchants who sold the tools for them...
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CrazyTraderfx (CrazyTrader)
Aug 17 2015 at 10:47
1718 โพสต์
FxMasterGuru posted:
The easiest way Forex can make you rich is IF:

1. You are a broker or liquidity provider
2. You sell EAs
3. You write books about Forex
4. You give Forex course (online or in person)

The same thing as in Alaska with the Gold Rush... Who got wealthy there...?

No, not the poor gold diggers... But the merchants who sold the tools for them...

That's true... but I reckon there is one way:
If a poor gold digger could clown himself and so on.... At some point he would collect much more gold that if he was alone.

So why any retail traders don't clown accounts before trading more agressively? (taking risk to make more money!)
FxMasterGuru (FxMasterGuru)
Aug 17 2015 at 11:05
1608 โพสต์
@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...
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
CrazyTraderfx (CrazyTrader)
Aug 17 2015 at 11:30
1718 โพสต์
FxMasterGuru posted:
@CrazyTrader

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

It is possible.... How many traders have you seen in the past doubling (100%) his account?
=> A lot. Making 100% with very low depsoit it is easy. even in 1 trade it is possible.

I'm sure every trader can acheive this... but then they get greedy too quickly... we know the story, they were up 300% and they went down to 0 in 1 trade.
So account blew up before they had the chance to withdraw initial capital.... so it's a loss.

Why don't we clown (repeat the first success 10 times)
=> Then if the first account blows up... does it matter? not really, you still have 9 accounts ready to be traded.
=> Notice that even if you destroy 10 accounts... well you haven't lost any capital.

Anyway, that is the strategy I'm building now. If I have luck, I can start to clown the third account before the end of the week:
Clown1:
https://www.myfxbook.com/members/CrazyTrader/fx-army-soldier-1/1283070

Clown2:
https://www.myfxbook.com/members/CrazyTrader/fx-army-soldier-2/1334894

Clown3:
https://www.myfxbook.com/members/CrazyTrader/fx-army-soldier-3/1338656

Whose knows if this strategy can lead to the topic? Maybe, maybe not... let's see ^^
FxMasterGuru (FxMasterGuru)
Aug 17 2015 at 11:44
1608 โพสต์
@CrazyTrader

Yes, we can see many people doubling small accounts, but in most cases it just good luck OR the trader was in TEMPORARY sync with the ever changing markets.

For the same reason thoroughly backtested and forward tested EAs fail within a year...
One memorable example is RobinVol EA...

If you have the time just read how much work FMonera has invested in the statistical analysis of the EA before selling it:
https://www.robinvol.com/statistical-analysis/
https://www.robinvol.com/robustness-measures/

Just amazing...! What has followed after the commercial launch was also 'amazing', but for other reasons...
Most failed accounts are gone from MyFxBook, but there are some left. Here is one:

https://www.myfxbook.com/members/nottaah/robinvol-ibfx/302038

Does it have ANY resemblance to the results of 13-year high quality backtests? https://www.robinvol.com/backtest/

Of course not... Why...? FMonera himself has summarized it well: 'It is very easy to optimize a strategy with all the available data and make impressive equity curves. The result is always that in real trading these strategies lose a lot of money. The reason is called “curve-fitting”.'

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
CrazyTraderfx (CrazyTrader)
Aug 17 2015 at 11:59
1718 โพสต์
Yes you are right... Always the same story.

Let me build my army... you will see my point later.
Zack (zackvz)
Aug 17 2015 at 13:46
4 โพสต์
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 :)
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