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Can forex trading make you rich ?

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
1607 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...

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
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
1607 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
1607 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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