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Can you get rich quickly from forex trading?

  • #301
  • Jul 9, 2017 6:41am Jul 9, 2017 6:41am
I don t know why maximum traders always consider success in Fx as a unfeasible thing. It’s very simply. Don’t see big dream when you are a newbie. Just put a simple target and achieve it. After all maintain a trading discipline with consistency. Then success will come
  • #302
  • Jul 10, 2017 8:04am Jul 10, 2017 8:04am
Quoting JamesFaulkn
I don t know why maximum traders always consider success in Fx as a unfeasible thing. Its very simply. Dont see big dream when you are a newbie. Just put a simple target and achieve it. After all maintain a trading discipline with consistency. Then success will come
A lot of traders do end up losing money. Whether it's lack of discipline, knowledge, experience, subjective circumstances in their lives that prevent them from trading, the rate of people who don't succeed is quite large, unfortunately.
  • #303
  • Jul 10, 2017 9:12am Jul 10, 2017 9:12am
Quoting sandycarrot
Can you get rich quickly from forex trading ? if not ? why not just do the job in general or if there is capital ,why not invest your capital in mutual funds, or leave it to fund managers or something like that , or on the other side if you earn 10% profit in a year in trading do not bother trading alone / does not need to work hard alone leave it to fund managers or mutual funds you will get over it with a smaller risk than the handle itself THX for your comments / participation / input , S.C.
No, you can't get rich quickly, but you can slowly for less risk.
Trading with a 2% risk with a Risk/Reward of 3:1 compounded will build your account steadily.
Some people have got rich quickly, but the majority of those who tried it got poor quickly instead.
Keeping it Simple
  • #304
  • Jul 11, 2017 4:31am Jul 11, 2017 4:31am
Quoting richrockfx
{quote} No, you can't get rich quickly, but you can slowly for less risk. Trading with a 2% risk with a Risk/Reward of 3:1 compounded will build your account steadily. Some people have got rich quickly, but the majority of those who tried it got poor quickly instead.
Not to mention that those same people often lose the money they've profited just as quickly because they keep taking risks.
  • #305
  • Jul 11, 2017 7:06am Jul 11, 2017 7:06am
Hi All,

Much of this will be a regurgitation of many of the things popularly said in here so I will say them again and shine them up with a little fairy dust and try to answer the big question: Can I make a fortune in Forex?

The short answer is yes. But the back story is its very, very, very unlikely. The simple fact that there is little or no barrier to entry means you can sit at your desk looking at your own flavour of website and 12 minutes later be 'short' on pork belly binary options with 300:1 leverage and a 95% drawdown. Then you will probably try again, reasoning that red must be black the next time, so you go 'long' on Oil (I mean, everyone knows oil right?) and wonder why the money leaves your account quite so quickly.

Many of you in here will know me, some I have had the good pleasure of meeting in person where I believe my credentials are legitimate. References available on request. (Not really I am just trying to give you the reader the sense that this is not my first rodeo.)
The project I am involved in, in real life works exclusively with brokers and some banks and I have sat in on my share of board level meetings where the fate of the newbie is discussed, from selling your account to other brokers to some particularly colourful schemes to get you to part with your cash. Now, I am not suggesting all are like this but they are out there.

What is important to realise is you are an individual, on your own, up against some of the most intelligent and well resourced organisations you might imagine. I have heard FX defined as a zero sum game, where for every £1 you lose its being snatched up by someone on the other side of the globe and while this is not strictly true it does shape some of the environment you are in. To name just a few things you are 'up against', we work with teams who have server farms sitting right inside the GLOBEX or CME. One of our own servers is connected by a fibre-optic lead directly into a data server where we measure latency in nanoseconds. The teams I work with start at stupid 'o clock each day and strategists analyse the markets and maintain a fluid and deep conversation live with each other with 'hot' positions being exploited immediately, all the time being analysed and re-assessed.

Now, to sit at your desk with your Galaxy S2 (or whatever) and believe you can compete equally is nothing short of naive. You can't. You will win through a process of binary statistics (you can't flip a coin more than a certain amount and be wrong every time) but when I say you are up against systems that can probably predict the head or tail of the trade with around an 85% accuracy, the odds are somewhat against you.

Finally and probably in closing as I could go on all day, you only need to look at the statistics many US brokers are required to publish around account performance. While I have enjoyed my share of arguments as to their accuracy (Mingary?) the short version is its likely only 2% of accounts generally generate a consistent profit over much more than a year...if you fancy yourself to be capable of performing in the top 2% of people in here, then you are invited to get trading.

Happy to answer any meaningful questions if you have any, otherwise hello to all you new folks and happy trading.
In life you get 3 types of people, those who can count and those who can't.
  • #306
  • Jul 11, 2017 4:23pm Jul 11, 2017 4:23pm
Thank you very much for your nice post.
You suggested US broker , I have not used at any US broker but I appreciate all of them , because their regulation is better than any others , but so many US brokers don’t allow all trading techniques . That’s why the traders who are particularly beginners fall a great trouble. Can you explain more about?
  • #307
  • Jul 12, 2017 5:30am Jul 12, 2017 5:30am
You're welcome.
It has been my experience that even the best regulated brokers are no guarantee of safety. I cite the CHF 'crisis' last January (or was it the January before?) where a HUGE spike in the Swiss Franc literally imploded accounts in a minute. I personally watched several big brokers fold as a result, including Aplari and others.

Something of a concern in the US is the reversal of the 'Frank-Dodd' rules which were implemented after the GFC to limit activity like hedging and excessive leverage and there is widespread concern that the change will create more exposure in US brokers but I guess only time will tell.

Quoting MitchellMcC
Thank you very much for your nice post. You suggested US broker , I have not used at any US broker but I appreciate all of them , because their regulation is better than any others , but so many US brokers dont allow all trading techniques . Thats why the traders who are particularly beginners fall a great trouble. Can you explain more about?
In life you get 3 types of people, those who can count and those who can't.
  • #308
  • Jul 12, 2017 9:23am Jul 12, 2017 9:23am
Quoting HedgePiglet
Hi All, Much of this will be a regurgitation of many of the things popularly said in here so I will say them again and shine them up with a little fairy dust and try to answer the big question: Can I make a fortune in Forex? The short answer is yes. But the back story is its very, very, very unlikely. The simple fact that there is little or no barrier to entry means you can sit at your desk looking at your own flavour of website and 12 minutes later be 'short' on pork belly binary options with 300:1 leverage and a 95% drawdown. Then you will probably...
Hi HedgePiglet, although disheartening - I believe you have a point. I'm trading from ZAR country and trying to be pro in my approach but it's kind of tough if you're trying to work a dayjob and trade after hours (I trade US markets so back home for the US open). Not moaning or finding excuses, just stating some facts . It does take much dedication and hard work. How do you think can a retail trader get an edge? Is there any chance to PM you? Regards. Saffaboytjie
  • #309
  • Jul 13, 2017 4:41am Jul 13, 2017 4:41am
Howzit!

Verstaan jy?
I'm a fellow pale native from south of the equator and always happy to help out. I see you have given me a follow (thanks!) and if you look at my posts you will see one where I spent a few months trading the ALSI and ALMI. I'll see if I can find my link.

https://www.forexfactory.com/showthread.php?t=527896

Give it a read, I set it up to specifically provide a perspective on the South African markets and what is available. Happy to look out for a DM from you though I believe the rules in here have tightened up a little so just reply here if you don't have success.


Quoting saffaboytjie
{quote} Hi HedgePiglet, although disheartening - I believe you have a point. I'm trading from ZAR country and trying to be pro in my approach but it's kind of tough if you're trying to work a dayjob and trade after hours (I trade US markets so back home for the US open). Not moaning or finding excuses, just stating some facts . It does take much dedication and hard work. How do you think can a retail trader get an edge? Is there any chance to PM you? Regards. Saffaboytjie
In life you get 3 types of people, those who can count and those who can't.
  • #310
  • Jul 13, 2017 5:15am Jul 13, 2017 5:15am
Unfortunately, it’s a wrong approach! For the reason that, there is nothing like shortcut way of success in every field including Forex! Basically, Forex trading business is one of the smartest profession! So, new traders need to start this trading profession with learning approach! In addition, I started my trading with demo and I used this account for one year, then I open my live, so no shortcut way!
  • #311
  • Jul 13, 2017 7:16am Jul 13, 2017 7:16am
Quoting HedgePiglet
Howzit! Verstaan jy? I'm a fellow pale native from south of the equator and always happy to help out. I see you have given me a follow (thanks!) and if you look at my posts you will see one where I spent a few months trading the ALSI and ALMI. I'll see if I can find my link. https://www.forexfactory.com/showthread.php?t=527896 Give it a read, I set it up to specifically provide a perspective on the South African markets and what is available. Happy to look out for a DM from you though I believe the rules in here have tightened...
Ek verstaan mooi HP . I've read that thread. Really good and thanks for sharing that info! I'm going to go through that again. I also use 25% to 125% of 5day ADR as possible targets with some pivots but the main focus is price action around historic key levels and associated bid / ask distribution. I.e. who is winning on each bar (using 5 min, 377 tick, 89tick and 10sec for NQ). I try to get an interpretation of market sentiment based on the order flow and price action. Easier said than done . Anyways, thanks for replying and if you feel the need to assist someone who really wants to see consistency in his trading - I'm raising my hand . PS - It looks like FF doesn't allow PM's. PS - Last bit of 2c info - I'm starting to learn to code with the main goal of implementing that in my trading. Thanks again HP and may you trade well!
  • #312
  • Nov 7, 2017 4:37am Nov 7, 2017 4:37am
That’s not proper way of trading! Basically, it’s a long time process! I see, all of successful Forex traders have such a long time trading experience; so there nothing like shortcut way of money making.
  • #313
  • Nov 7, 2017 5:55am Nov 7, 2017 5:55am
Getting rich from Forex trading is completely impossible for the traders who are particularly newcomers , they carry the mostly percentage from 90% who are losers. So, newcomers first of all have to keep tendency to pass a long time in here.
  • #314
  • Nov 7, 2017 9:39am Nov 7, 2017 9:39am
Unless a newbie is extraordinarily lucky - something which one cannot count on - they're highly unlikely to get rich quickly. Or profit at all, for that matter. Learning how to trade well takes a lot of time and effort and often losses while you learn.
  • #315
  • Mar 23, 2018 3:03pm Mar 23, 2018 3:03pm
Quoting mlawson71
Unless a newbie is extraordinarily lucky - something which one cannot count on - they're highly unlikely to get rich quickly. Or profit at all, for that matter. Learning how to trade well takes a lot of time and effort and often losses while you learn.
Maybe, few traders get quick money here but end of the day; they lose everything! Moral of the story; without proper knowledge & experience, Forex is impossible.
  • #316
  • Mar 24, 2018 2:13am Mar 24, 2018 2:13am
Quoting sandycarrot
Can you get rich quickly from forex trading ? if not ? why not just do the job in general or if there is capital ,why not invest your capital in mutual funds, or leave it to fund managers or something like that , or on the other side if you earn 10% profit in a year in trading do not bother trading alone / does not need to work hard alone leave it to fund managers or mutual funds you will get over it with a smaller risk than the handle itself THX for your comments / participation / input , S.C.
Yes is possible if you use example 50 % risk of account, also remmber that you loss 50 % ! So its all depend from risk level!
[email protected] om
  • #317
  • Edited 6:50am Mar 24, 2018 4:17am | Edited 6:50am
Only with several millions AUM
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #318
  • Mar 24, 2018 10:03am Mar 24, 2018 10:03am
Quoting GeorgeBaile
{quote} Maybe, few traders get quick money here but end of the day; they lose everything! Moral of the story; without proper knowledge & experience, Forex is impossible.
True. And those profits are often more a matter of luck than anything else, unfortunately.
  • #319
  • Mar 31, 2018 9:31am Mar 31, 2018 9:31am
Quoting JamesFaulkn
I don t know why maximum traders always consider success in Fx as a unfeasible thing. It’s very simply. Don’t see big dream when you are a newbie. Just put a simple target and achieve it. After all maintain a trading discipline with consistency. Then success will come
Simple answer is No. Forex trading is a work of professional skilled people. You just can't make money by entering into the market. You need extensive learning. This learning doesn't happen overnight. It takes years to make a well defined trading system. Most people make mistake by taking forex lightly. As a result they get washed away from the market.
  • #320
  • Mar 31, 2018 10:40am Mar 31, 2018 10:40am
Quoting AgusKurniaw
{quote} Simple answer is No. Forex trading is a work of professional skilled people. You just can't make money by entering into the market. You need extensive learning. This learning doesn't happen overnight. It takes years to make a well defined trading system. Most people make mistake by taking forex lightly. As a result they get washed away from the market.
You are absolutely right; success is a long time process; I know a trader how has almost 4 years trading experience but till now he is struggling; it’s not easy to be a consistent performer.
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