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Why the rich could not become richer? 13 replies

why is everyone so afraid to average down? 201 replies

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Why isn't everyone rich?

I declared war against the kingdom of nords!

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is this a gaming forum or a trading forum ? I like to drink beer.
Very easy question to answer; because it takes money to make money.
Quoting hilmy83
{quote} What an ignorant statement Over the years I've come across traders who are successful that post on here and other forums. Sure, they don't post as much but saying that they avoid forums like the plague just shows how ignorant you are. Pro traders are human beings like the rest of us. From time to time they want to connect online. And yes some do have egos like the rest of us. Forums are just one of many social media where they come and connect like Twitter, discord, etc So the point is, you have to look little harder in the buried useless...
How useful is the CME courses on their site? Any other recommendations for researching and better understanding currency markets. I remember going through your trading journal a while back..thought you left FF.

Cheers.
Quoting spotrate
Very easy question to answer; because it takes money to make money.
I second you. The best way to describe it.
Quoting spotrate
Very easy question to answer; because it takes money to make money.
Well, that couldn't have been answered in a better way. Also I think some people are not able to do well on the management part too. Managing money isn't everyone's cup of tea and many fail here.
Quoting hilmy83
{quote} What an ignorant statement Over the years I've come across traders who are successful that post on here and other forums. Sure, they don't post as much but saying that they avoid forums like the plague just shows how ignorant you are. Pro traders are human beings like the rest of us...
Did you see their live accounts? If yes post link to them, page where you saw it...Red FF diamond is not trading success it is socializing success.
Everyone is not rich because everyone have not gotten what it takes to become rich and most people are not creative in nature but competitive.
Imagine "Rich person " spending his time showing off on ff, funny,right?
Being "rich" means to be smart,and spend time correctly .
Consistency will bring everything...Be good.
100% Is The Target v.1 All Time Return: -95.4%
Why isn't everybody rich from Forex trading?

The simple answer is because just like succeeding in any field with a possibility to make MILLIONS, it is not easy. In fact, it is pretty much improbable that you will succeed long term trading Forex.

Think about it, why isn't everyone who plays basketball an NBA player? It takes hard work and skill to succeed trading, period. You wanna be a professional athlete you have to practice every day, and practice harder than your peers to succeed. You need a winners mentality. You can become rich trading Forex long term, the issue is do you really want it? Are you willing to put in the hours of practice and reading the market, studying economics in order to even begin to wrap your head around it? Probably not. Most people want a system or EA based on technical analysis or indicators to get them rich. It is not that simple, unfortunately. If it was, everyone WOULD be rich.
Does everyone have to be rich? After all, it will certainly lead to some incredible changes in the market and in the world. It's normal that some people get more than others, it's called class division, and it's been there at all times. Plus, I don't think everybody deserves to be rich. Because for the most part really successful and rich people get profit and recognition precisely because they work hard and do their best to bring them more money, it would be unfair if people could get wealth without work, in the end it would just lose its meaning and it would lead to about the same state of affairs as total poverty.
Because not everyone can achieve great results. Not everybody can work without sparing their energy. Not everybody can't feel sorry for themselves and whine the first time they fail. Not everybody can be in constant search and create interesting ideas. It is very interesting, and at the same time quite difficult, so it is not given to all. People don't always want to bear such a huge responsibility, they just want to be rich without making any efforts. It's like they've won the lottery. They just don't deserve to be rich, they won't bring anything good into this world, they won't help others and they won't try to do better for someone. Such people live better when they just go to work and get a steady income. I don't want to hurt anybody, but I think you know what I mean.
Quoting khat17
What Percival said is true. Let me elaborate. Everyone has had wins and losses. Some persons don't like to post their details for various reasons. I won't brag because I'm not "rich". So here's the thing...... All persons get interested in Forex for various reasons - some because of the potential money (most maybe) and some because it's something they like. In the end, as stated, for someone to win someone has to lose. There are various approaches but there is nothing guaranteed. Of the many approaches I'd like to highlight two that usually follow...
Haha really enjoyed reading this post it described everything perfectly. So glad i was only stuck on step 2 for like 3 months seeing from posts in this forum how people have been trading for 10+ years and are still making the same mistake of consistently switching systems/strategies. Blessed to have ran into the right information early on in the trading journey.
Why isn't everyone rich?

Fair enough question. Mainly there are a couple reasons (a) trading any instrument (forex, futures,stocks) is a zero-sum game. When slippage, commission costs, are included, it's a negative-sum game. (b) Forex is a highly-manipulated market - the top 10 banks control most of the market flow. Those banks aren't in the habit of giving away their money to small-fry retail traders. They hunt for stops, they push prices every which way to knock traders out of their positions. (c) Most retail traders rely on technical analysis, which doesn't work. I realize that will rankle some feathers and defenders of TA will rush to its defence. Don't bother - I'm not going respond nor will I even read your posts. My only question to you is this: If TA works, then why aren't you a trillionaire? That's the bottom line. I've seen too many foodfights on this topic on FF. They always go like this - Person A: TA is a fallacy. Person B: No it isn't! Why, I've made a fortune! Person A: Really? Show me your bank account! Person B: I don't have to show you anything! Person A: If you're unwilling to prove your claims, then why did you make them in the first place? As you can guess, I agree with Person A. If you're not willing to back up your big claims, then , frankly, sit down and shut the F up.
Quoting rover99x
{quote} a bit of advice, don't use demo charts, they tend to be manipulated, all demos can teach you is how to use the platform! I've not been trading full time for ten years but for about three years now, quite profitable.... I have loosing days, in fact loosing weeks but seldom loosing months. To my mind technical analysis is very overrated and doesn't give you any real edge on entries.
LOSING, LOSING, LOSING!!
All you touch and all you see, is all your life will ever be.
Forex is not a quick rich program, but you can make a lot of money with forex. To become a successful trader you need to learn the basics of Forex and then start trading and get some experience with a demo account and make money.
Quoting Bushy
{quote} Forex is not a zero sum game, it's a positive sum game, it's one great big Ponzi scheme, if you look at the statistics of the increase in turnover etc, you will find that you have money coming from nowhere, this only happens in Ponzi schemes, it can only be done since it's decentralised.
This was a great read, thank you very much!
Emotional Control. Process, not outcome.
That's really a very good question. For most people, trading is just a hobby, a way of "spending time with benefit". Few people can really afford to quit their fixed-pay fulltime job and trade all day long. And to do that you have to be a really good trader, who does not just have knowledge in this particular area. Talented traders also have knowledge in psychology, economics and political science. You not just have to be interested in similar topics - you have to live it. And since there are really very few such people - there are not so many rich traders. I have thought about it for a long time and I think my answer has actually been helpful to some of you. Thank you for feedbacks!
Quoting Dasilvja
I'm relatively new to Forex trading. I've been doing a lot of reading and it's helped develop my perspective of all of this. After looking on myfxbook.com at some of the systems and EA's people use, it doesn't appear to be uncommon for people to have a monthly ROI of over 3%. Some are a lot higher, actually... unless I'm reading it wrong? The way I see it, as long as people aren't making withdrawals, then there's no reason they can't be earning tens of thousands a month in just a few years... even with a modest initial deposit. So what am I missing?...
We need to define "rich" first.
In terms of profitability, there´s some traders, who average 30% a week, dig deep in FFAA and you will find them, not scammers, they share what they do in a group. You can actually see what they are doing.
Getting "money rich" is a different story, easy to make a very nice living for these successful people, but if you start compounding into millions, big problems appear. Like finding the right broker. So they start with 10000 every year, empty the account when it is time to buy Christmas presents.
There´s this other trader, he makes sometimes half a million a week but needs like 6 different brokers to split his massive day trading orders.
Mind you, these are some of the best traders around, and contrary to commonly, failed traders, these traders do exist.
not rich is also many reasons, but with trading is not rich mainly need no knowledge and just want to take shortcuts and fast
During this time I have tried different systems used different methods of entering the market-advisor of stop orders autoclickers etc. I finally found a way when I go to the market with a 97% confidence.
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