Can forex trading make you rich ?
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 25, 2018 at 08:55
Emphasis on:
PATIENCE!!!
PATIENCE!!!
Medlem sedan Sep 12, 2018
9 inlägg
Sep 25, 2018 at 13:53
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
Medlem sedan Apr 18, 2017
920 inlägg
Sep 25, 2018 at 14:18
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?
Medlem sedan Feb 22, 2011
4862 inlägg
Sep 26, 2018 at 07:05
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.
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 26, 2018 at 07:33
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.
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 26, 2018 at 07:34
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.
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 26, 2018 at 07:34
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.
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 26, 2018 at 07:35
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. 😎
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. 😎
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 26, 2018 at 08:03
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!
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 26, 2018 at 10:12
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.
Medlem sedan Dec 28, 2013
171 inlägg
Sep 26, 2018 at 10:29
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...
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 26, 2018 at 10:44
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.
Medlem sedan Feb 22, 2011
4862 inlägg
Sep 26, 2018 at 13:59
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.
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 27, 2018 at 07:31
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.
Medlem sedan Feb 22, 2011
4862 inlägg
Sep 27, 2018 at 11:08
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?
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 27, 2018 at 11:10
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.'
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 27, 2018 at 13:46
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.)
Bilagor:
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 27, 2018 at 13:46
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. 😎
Medlem sedan Jan 25, 2010
1360 inlägg
Sep 27, 2018 at 13:49
'The trend is your friend.'
Bilagor:
Medlem sedan Feb 22, 2011
4862 inlägg
Sep 28, 2018 at 05:37
BluePanther posted: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. 😎
Continued loss of 6 months trading is not small, at least I suppose so.
