I scale traded EURJPY 5m with no stops for 45,000 pips in 5 weeks, very dangerous because my opinion this is a total scam market, controlled by a server computer that knows exactly what I'm up to and where and trades most of my own money against me.
10 pips a day can make you rich quickly 242 replies
Who has become rich trading forex? 412 replies
Once you can trade profitably are you rich? 43 replies
DislikedIn Forex retail.. you never get rich, perhaps several thounsands/month if you're lucky and your account is >30.000.- and you know how to put your strategy to work. There is no so called "edge" that you think you have, since "edge" is belong to the "central bank (CB)" to "edge out" what they considered a bad guy (aka HF). But you can take advantage of the "edge" just like surfing, you wait patiently for wind and wave (the "edge" that belong to the mother nature) and at the right moment you surf by the wave. This is what you take advantage...Ignored
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What "edge" you are looking for and claimed that you have if you deposit merely $1000? or $5000 for one lot?. For sure there is no edge with this amount of investment. Even with $ 50.000 you barely can breath..Ignored
DislikedSg_Trader,
Please ignore the critics here. I fully believe that it's possible.
Imagine someone with Live access to FXCM Trade Servers. With good computing capacity and Trading Book/Open Balance at his hands, he can predict with good accuracy, the movement of market for next 5 Pips.
I read about a guy in my country whose parrot predicts 20 Coin Flips and never fails (Precognition). Forex is also all about Flip (Market Up or Down). If the story is true and you let the parrot be the EA, then it would work as well.
Time machine is another idea....Ignored
Disliked.. where's the difference between $5K and $50K in terms of edge?! Are you able to move the market with a $50K account? You can trade one lot with $50K and 0.1 lots with $5K and place the same trades using the same edge and make the same percentual win or loss regardless of account size.. Risk management and edge are different things..
Have to agree with pride1760 in this.. if one has sustainable positive expectancy with his method (can be any), then he has a working edge.. read Tharp (and many others) to sort it out..Ignored
To name a few ...
So I'd be amazed at finding a retail spot forex trader who is rich from trading forex from a $5,000+ account. Not saying its not possible but too many traders are holding on to that notion they'll be that lucky ones to do so. Most forex traders will lose their shirts and quit, others will make a nice living trading forex. But to get rich trading forex, you'll need to already be rich. The forex market, as it currently stands, is set up so the average day trader will fail. You're chances of making a decent living trading forex is high if you're a Buy and Hold trader. Reason why Buy and Hold traders have the possibility/opportunities to make a decent living is they are not pron to typical broker ethics, lack of information, high cost of business, and questionable data.
DislikedInvestment to trading 1 lot (for good take home pay):
$1000.- leverage 1:100
$5,000.- leverage 1:20
$50,000.- leverage 1:2
Risk management 1-2% loss tolerance
For $1000.- investment with leverage 1:100, account wiped out (broker happy)
For $5000.- investment with leverage 1:20, account criple 40% (broker win)
For $50,000. investment with leverahe 1:2, account damage 4% still intact 96% easily to get back.
Conclusion:
For investment $1000-$5000 (there is no edge whatsoever)
Trading 1 lot is to give charity to the brokers (they're...Ignored
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I will say this once and once only. There is no such thing as 'wasted time' when you are learning, only wasted opportunitys.
Your edge is not defined by the size of your account. In order to properly assertain whether that edge exists over a long period you need to have data, years of historical and at least a start in present. I could trade with the same approach with 5k or 50k. If I take the same trades the results will be the same albeit the latter will result in a greater monetary win (or loss).
RTIgnored
DislikedQ: Is it possible to be rich in FX trading with $1000-$5000.- investment ?
A: No matter what edge do you defined that fit for you trading style, the answer is NOT!
Demo trading is much better off to learn the strategy and finding edge if you may say, and real micro-mini account ($1000-$5000) is to test and get learning curve to cope the "psychology factor of trading" and will never bring your income up and get rich as the topic ask for.Ignored