Can forex trading make you rich ?
Member Since Jan 25, 2010
1360 posts
Jun 06, 2018 at 10:37
togr posted:oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.
and bit of luck :)
ESSENTIAL! 😁
Member Since Aug 27, 2017
994 posts
Jun 07, 2018 at 05:48
Masa13 posted:
I like automatic/manual stategy. You have your plan but every strategy couldn't work with only manual trading
I use price action trading system and yes, I handle my live account manually! I have no objection at all.
keeping patience.......
Member Since Feb 02, 2017
37 posts
Jun 07, 2018 at 06:09
BluePanther posted:oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.
Manual trading would require all those elements.
Automatic trading eliminates:
> 'how well you trade'
> 'your experience'
> 'forex knowledge'
> 'strategy'
> 'persistence'
> 'alertness'
> 'etc.'
Get the right system working on auto-pilot and you don't need all those things.
'Risk appetite' would still apply though.
Well, manual and auto trading both has its own pros and cons. Although auto trading eliminates the above elements but there are some problems associated with auto trading style as well:
1. Some EA’s might show positive results in backtesting but the past results may or may not hold good in future.
2. Less room for reversal, once gone, it’s ought to be performed every-time
3. If the strategy is faulty, results would keep trailing the loss
4. As everything is automatic, you may not be capable enough to control trading unless stopping the EA/Robot
5. Flash Crash and Sudden spikes become fashion and can wipe out many small traders
6. In case of any security threat, you might lose everything in fraction of a second
Member Since May 30, 2018
12 posts
Jun 07, 2018 at 12:22
togr posted:Yes very rightly said! A bit of luck can work wonders not just in forex trading but in any profession or job. Can you share any personal experience where luck played an important role in forex trading? It'll be interesting to know. :)oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.
and bit of luck :)
Member Since May 30, 2018
12 posts
Jun 07, 2018 at 12:23
BluePanther posted:very much!! ;)togr posted:oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.
and bit of luck :)
ESSENTIAL! 😁
Member Since Feb 22, 2011
4862 posts
Jun 07, 2018 at 13:43
darrengreg posted:BluePanther posted:oliviapeters posted:
Yes and no. It will depend on how well you trade, your experience, forex knowledge, strategies, risk appetite, persistence, alertness, etc.
Manual trading would require all those elements.
Automatic trading eliminates:
> 'how well you trade'
> 'your experience'
> 'forex knowledge'
> 'strategy'
> 'persistence'
> 'alertness'
> 'etc.'
Get the right system working on auto-pilot and you don't need all those things.
'Risk appetite' would still apply though.
Well, manual and auto trading both has its own pros and cons. Although auto trading eliminates the above elements but there are some problems associated with auto trading style as well:
1. Some EA’s might show positive results in backtesting but the past results may or may not hold good in future.
2. Less room for reversal, once gone, it’s ought to be performed every-time
3. If the strategy is faulty, results would keep trailing the loss
4. As everything is automatic, you may not be capable enough to control trading unless stopping the EA/Robot
5. Flash Crash and Sudden spikes become fashion and can wipe out many small traders
6. In case of any security threat, you might lose everything in fraction of a second
All your so called cons are actually cons of the trading plan.
If you have good trading plan which brings you consistent results
There is nothing easier than code it and run as EA.
24/7
No emotions
No mistakes
Much faster than you.
So the dream when you sleep your system makes money.
I do not just talk here like many other - check my profile, all is AUTO trading, not manual.
Member Since Jan 25, 2010
1360 posts
Jun 08, 2018 at 07:56
togr posted:
All your so called cons are actually cons of the trading plan.
If you have good trading plan which brings you consistent results
There is nothing easier than code it and run as EA.
24/7
No emotions
No mistakes
Much faster than you.
So the dream when you sleep your system makes money.
I do not just talk here like many other - check my profile, all is AUTO trading, not manual.
Agreed.
Key words: 'RIGHT SYSTEM'
Member Since Feb 22, 2011
4862 posts
Jun 08, 2018 at 09:05
MessaelFX posted:
Hello Togr
I am from Canada and im looking for a good system to invest in.
Cheers
Found any?
Jun 10, 2018 at 06:14
I'm constantly looking for a strategy, which would be able to make 5% profits on equity constantly every day... I know that it's practically not possible, because that would mean that, if you would for example start with only 1 USD, and if you trade 20 days per month, you would end up with around $120.000 in one year and that's something what nobody did so far and most probably noone ever would.
But on another hand, it easy happens to me to make often not just 5% per day but up to let say 20% per day. More than that is usually much harder and involves some luck too. BUT... it also often happens that I do very well for a week or two weeks, making from around $150 to over $600 (this happened recently), but then I was stupid enough, that I started to trade DE30, with one full lot (minimum lot), instead of 0.01 lots as I (almost) always trade. And beside that, I had even 4 of such big trades... and how it ended... as it happens in such case... if I would have only $100 in account, then my account would survive the swing, but I didn't...
So I think that if I would just keep discipline always, having good money management, also being able to WAIT until trend changes (isntead of jumping into trend or trade against the trend), then I could have much more constant profit days, without those big loses.
Tell me, what do you think... ;)
But on another hand, it easy happens to me to make often not just 5% per day but up to let say 20% per day. More than that is usually much harder and involves some luck too. BUT... it also often happens that I do very well for a week or two weeks, making from around $150 to over $600 (this happened recently), but then I was stupid enough, that I started to trade DE30, with one full lot (minimum lot), instead of 0.01 lots as I (almost) always trade. And beside that, I had even 4 of such big trades... and how it ended... as it happens in such case... if I would have only $100 in account, then my account would survive the swing, but I didn't...
So I think that if I would just keep discipline always, having good money management, also being able to WAIT until trend changes (isntead of jumping into trend or trade against the trend), then I could have much more constant profit days, without those big loses.
Tell me, what do you think... ;)
Jun 10, 2018 at 06:14
Hmm, can we edit our posts here after we send it? I wanted to edit one sentence, but I can't... it should be 'if I would have only $100 more in account, then my account would survive the swing (deep downtrend and then back up), but it didn't...'.
Thanks.
Z
Thanks.
Z
Member Since Jan 25, 2010
1360 posts
Jun 11, 2018 at 13:22
(edited Jun 11, 2018 at 13:24)
To manifest a reality of forex riches, you need to practise the four laws of the universe:
“If you want to have more control of how your reality is manifested, you need to understand all of the four basic manifestation laws, not just the Law of Attraction. Also, you need to be patient and have faith in these laws. Otherwise it will be very hard to manifest your thoughts into reality. These four basic manifestation laws are very well known in the world of secret societies and royal families. They have used these laws to bring them tremendous success, wealth, and power.”
“If you want to have more control of how your reality is manifested, you need to understand all of the four basic manifestation laws, not just the Law of Attraction. Also, you need to be patient and have faith in these laws. Otherwise it will be very hard to manifest your thoughts into reality. These four basic manifestation laws are very well known in the world of secret societies and royal families. They have used these laws to bring them tremendous success, wealth, and power.”
Member Since May 30, 2018
20 posts
Jul 01, 2018 at 06:08
Yes it can, provided you know how to trade well to get rich and hold onto your profits. Otherwise you can incur huge losses also.
Member Since Mar 02, 2017
50 posts
Jul 03, 2018 at 06:05
Forex can make you rich easier than a lot of things... but you need at least something like 10.000 hours of study and practice to master something.
I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.
You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year
After that, I wonder why I spent so much energy in Medicine...
I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.
You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year
After that, I wonder why I spent so much energy in Medicine...
Trade safely... Remember, a high Drawdown means a high risk!
Jul 03, 2018 at 06:13
Arcferreira posted:
Forex can make you rich easier than a lot of things... but you need at least something like 10.000 hours of study and practice to master something.
I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.
You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year
After that, I wonder why I spent so much energy in Medicine...
Thank you for sharing such an inspirational example Allan. Stay sparking.
forex_trader_431941
Member Since May 23, 2017
8 posts
Jul 04, 2018 at 06:46
From the people I've spoken to (emailed / PM'd) the 'big' money made isn't so much from trading, it's from Signal Subscriptions and Education delivery.....and then compounding it.
Jul 04, 2018 at 08:58
gouldii posted:
From the people I've spoken to (emailed / PM'd) the 'big' money made isn't so much from trading, it's from Signal Subscriptions and Education delivery.....and then compounding it.
LOL I hope youre being ironic. Sounds like they were trying to sell you a signalling service 😂 compounding however is very useful for growth.
Member Since Jan 25, 2010
1360 posts
Jul 04, 2018 at 09:49
(edited Jul 04, 2018 at 10:01)
gouldii posted:
From the people I've spoken to (emailed / PM'd) the 'big' money made isn't so much from trading, it's from Signal Subscriptions and Education delivery.....and then compounding it.
Yeah, shysters make a killing selling “get-rich-quick” EAs, signals, and courses: it’s their business model to pump as many customers/subscribers as they can, then dump a product and pump the next “best thing”.
But it is not a sustainable business model because they need to keep creating new products each time their original product “flops” (fails). This business model generates a negative reputation which permanently mars their future offerings.
Real trading profits will generate way more money sooner than sales or subscriptions ever could.
Jul 04, 2018 at 09:58
Arcferreira posted:
Forex can make you rich easier than a lot of things... but you need at least something like 10.000 hours of study and practice to master something.
I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.
You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year
After that, I wonder why I spent so much energy in Medicine...
Only 800 hours of trading in 4 years, trading 4 hours per day? Hmm, maybe you mean 4 hours per week? Otherwise I would be wondering how can you do medicine job AND 4 hours of trading day every day... ;)
Z
Member Since Jan 25, 2010
1360 posts
Jul 04, 2018 at 09:59
Arcferreira posted:
Forex can make you rich easier than a lot of things... but you need at least something like 10.000 hours of study and practice to master something.
I am a doctor. My Medicine graduation had 6 years, studying at least 50 hours per week. (6 x 50 x 50 = 15.000 hours). After that, I spent 3 years to become a Surgeon (3 x 80 x 50 = 12.000 hours) and another 2 years to become an ICU doctor (8.000 hours). After 40.000 hours studying and working , I became an expert. My wage? 240.000 USD/year.
You will not master Forex trading without effort... I am studying technical analysis for near 4 years, 4 hours a day... (4 x 50 x 4 = 800 h). After 800h I can make easily 3-5% monthly, with low DD. Over 150.000 USD? 90.000 USD/year
After that, I wonder why I spent so much energy in Medicine...
Moral of the story: Persistence pays. Well done.
Member Since Mar 02, 2017
50 posts
Jul 04, 2018 at 10:05
gouldii posted:
From the people I've spoken to (emailed / PM'd) the 'big' money made isn't so much from trading, it's from Signal Subscriptions and Education delivery.....and then compounding it.
Sinal subscriptions and education delivery? Yes, there is a lot of people making big money selling them. Signals are 99.9% provided by robots that use Martingale as money management strategy. Sooner or later you will loose all your money... 1000 subscriptions paying 50 USD to your signal and you get 50.000 monthly.
Education delievery is another jackpot. It is easier to found a myriad of courses from 'famous' traders and analysts from Investing.com, CNBC, Fxstreet...names like Justin Bennett, Kathy Lien... they can easily have 2.000 students paying from 300 to 3.000 USD in a course. 600.000 to 6.000.000 USD easily...
There is the programmers, robot sellers and others trying to profit over the greedy trader
But I have to disagree. Good trading strategy is about money management and risk control. After I understand that, I started to profit.
How many traders here risks the same amount in all trades? Example: 50 USD risk in every trade, or 1% of equity? How many traders keep a log from trades, to analyse winning ratio and reward:risk ratio? How many traders has a strategy and follow it straight, avoiding overtrading?
Open a demo account, place supports and resistance lines in a 4h chart (use fractals for this purpose). Go to 1h chart. Wait a break or bounce candlestick patternat this level (study price action), and place a SL 10 points over or under this candlestick pattern. Place your TP1 the same size your risk, and TP2 at next support/resistance. Risk always the same amount per trade. You will be surprised.
Trade safely... Remember, a high Drawdown means a high risk!
