Can forex trading make you rich ?
Ahli sejak Jun 08, 2014
120 hantaran
Aug 14, 2015 at 03:17
That is a very interesting question .
https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
Often , the best trade is no trade at all
Ahli sejak Sep 20, 2014
365 hantaran
Aug 14, 2015 at 07:20
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.
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.
Ahli sejak May 11, 2011
235 hantaran
Aug 14, 2015 at 10:48
@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.
Ahli sejak Sep 20, 2014
365 hantaran
Aug 14, 2015 at 12:24
(disunting Aug 14, 2015 at 12:28)
@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.
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.
Ahli sejak Mar 29, 2011
25 hantaran
Aug 14, 2015 at 12:29
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.
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”
Ahli sejak May 04, 2012
1608 hantaran
Aug 14, 2015 at 12:36
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...
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
Ahli sejak Oct 23, 2010
198 hantaran
Aug 14, 2015 at 12:45
Yes...It can make you rich if you avoided and you saved your money from real potential and continuous loss of capitals.! :)
forex_trader_139412
Ahli sejak Jul 16, 2013
385 hantaran
Aug 14, 2015 at 12:53
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 $.
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 $.
Ahli sejak Mar 29, 2011
25 hantaran
Aug 14, 2015 at 13:01
(disunting Aug 14, 2015 at 13:05)
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”
Ahli sejak May 04, 2012
1608 hantaran
Aug 15, 2015 at 22:08
@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...
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...
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
Ahli sejak May 14, 2015
12 hantaran
Aug 16, 2015 at 06:11
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.
Ahli sejak May 14, 2015
12 hantaran
Aug 16, 2015 at 06:12
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..
Ahli sejak Aug 14, 2015
19 hantaran
Aug 17, 2015 at 06:18
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.
Ahli sejak May 04, 2012
1608 hantaran
Aug 17, 2015 at 08:02
(disunting Aug 17, 2015 at 08:28)
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...
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)
Ahli sejak Nov 21, 2011
1718 hantaran
Aug 17, 2015 at 10:47
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!)
Ahli sejak May 04, 2012
1608 hantaran
Aug 17, 2015 at 11:05
(disunting Aug 17, 2015 at 11:15)
@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...
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)
Ahli sejak Nov 21, 2011
1718 hantaran
Aug 17, 2015 at 11:30
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 ^^
Ahli sejak May 04, 2012
1608 hantaran
Aug 17, 2015 at 11:44
(disunting Aug 17, 2015 at 11:52)
@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”.'
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)
Ahli sejak Nov 21, 2011
1718 hantaran
Aug 17, 2015 at 11:59
Yes you are right... Always the same story.
Let me build my army... you will see my point later.
Let me build my army... you will see my point later.
Ahli sejak Jan 05, 2014
4 hantaran
Aug 17, 2015 at 13:46
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 :)
Risk big, win big!
