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Has anyone become wealthy from forex?

  • #21
  • Jun 5, 2017 8:04am Jun 5, 2017 8:04am
The people who have become really wealthy through forex/trading have usually done it trading other people's money as well as their own i.e. look at some the hedge funds that trade in forex and how much money the founders and fund managers make
  • #22
  • Jun 6, 2017 4:48am Jun 6, 2017 4:48am
Quoting Linguini
The people who have become really wealthy through forex/trading have usually done it trading other people's money as well as their own i.e. look at some the hedge funds that trade in forex and how much money the founders and fund managers make
Good point. That hadn't actually occurred to me before, but the answer does apply to the original question.
  • #23
  • Jun 6, 2017 5:29am Jun 6, 2017 5:29am
Personally don't know anybody making money in forex. Have heard of a lot but never met any online or offline. Guess i might have to become a sucessful trader to meet successful traders.
  • #24
  • Jun 7, 2017 7:55am Jun 7, 2017 7:55am
All interesting responses. I'm still on the fence. Is it time to trade yet?
If it were not so, I would have told you...
  • #25
  • Jun 8, 2017 6:59am Jun 8, 2017 6:59am
Quoting virgilcain
All interesting responses. I'm still on the fence. Is it time to trade yet?
Every day is time to trade, if you can see a good signal on the chart that you can make use of in order to profit.
  • #26
  • Jun 8, 2017 10:17pm Jun 8, 2017 10:17pm
Quoting virgilcain
All interesting responses. I'm still on the fence. Is it time to trade yet?
Becoming wealthy by trading practically impossible. But if you have that much risk appetite of risking insane amount of money by technical/fundamental conviction, surely it makes you wealthy overnight or little span of times. There're many example including Soros.

But there are people who make living in trading have very good capital / buffer money for themselves. Now how one should project his income and part finance his/her monthly expenses , discussed in some threads by me.

If you wanna be somewhat wealthy stay invested for long time in shares/ stock market.
Never Gamble Forex
  • #27
  • Jun 9, 2017 5:35am Jun 9, 2017 5:35am
Quoting TradeForex1
Its possible to make very good living. But mega wealthy like billionaire, dont think so.

If someone is able to make very good living, why is not able to be bilionaire? Then it should be only about lot size, the rest remain same, isn it? (except psychology)
  • #28
  • Jun 12, 2017 5:22am Jun 12, 2017 5:22am
If there are people who become truly wealthy from Forex trading, apart from the occasional very learned and talented trader who already had a large account to begin with, those are the higher ups of the large brokers.
Most large brokers' operating volumes number in the hundreds of billions of dollars, you can imagine the kind of money their CEOs and board of directors make. They might not be billionaires, but they have become very, very wealthy, while the regular traders like you and me lose money. As for the ordinary employees, who knows, it probably depends on the broker.
  • #29
  • Jun 21, 2017 7:11am Jun 21, 2017 7:11am
I know few traders in my country who are already changed their financial status by doing Forex trading! But I am not! Right now my monthly target is 10% only! Yes, I am happy on my small monthly percentage! For me, it’s a slow process!
  • #30
  • Jun 25, 2017 12:00am Jun 25, 2017 12:00am
what do you mean by wealthy? is that you do not need to have a job anymore? Or wealthey when can buy yahts and ferraris?

I had been in seminar of one trader in my country live. He said he makes money from forex. He does seminars ocationally, but as he said he is not into doing seminars too much, because its not worth his time, he makes more in trading. But the seminar organisers said they try hard to ask him to come and teach.

I did not see him driving with ferraris, I heard studends saying - he does not look like rich. Yea, maybe its good also to hide how much you earn, so you have less potential people attacking your money.

But it is good that you are your own boss.

WHat I did not like is that as he said he watches and listens news everyday whole day. When I am listening those news, I get tired, their voices sound negative often. I do not get how can somebody like to listen to those voices whole day.

But he said it is possible to be profitable without fundamentals - so it means no news listening. Only that profits are smaller.

Also he said he does not leave any open positions overnight. So maybe new for him matter a lot, because he probably uses very short term trades.

I would say he is wealthy because he is his own boss. There are lot of people who are having less money and shitty boss.
  • #31
  • Jul 31, 2017 8:49am Jul 31, 2017 8:49am
Quoting TradeForex1
Its possible to make very good living. But mega wealthy like billionaire, dont think so.
Most traders should just aim to be consistently profitable, instead of going after a huge amount of money or pips. Betting the farm on a trade and seeing it go against you is not a comfortable position to be in - even if it makes it back to the BE point.

"Small" consistent profits day in and day out, gradually increasing position sizes as you see your system working for you will lead to a comfortable income.

I agree with what TradeForex1 said about becoming a billionaire through forex trading. It is highly unlikely, but nothing is impossible. However, making a good living off trading forex is very much attainable.
Less is more
  • #32
  • Jul 31, 2017 10:37am Jul 31, 2017 10:37am
Quoting yesyoucan
{quote} Becoming wealthy by trading practically impossible. But if you have that much risk appetite of risking insane amount of money by technical/fundamental conviction, surely it makes you wealthy overnight or little span of times. There're many example including Soros. But there are people who make living in trading have very good capital / buffer money for themselves. Now how one should project his income and part finance his/her monthly expenses , discussed in some threads by me. If you wanna be somewhat wealthy stay invested for long time...

Just to ride on this there are many tools to keep you financially disciplined check this out.
https://play.google.com/store/apps/d...nvestmentguide
  • #33
  • Jul 31, 2017 11:28am Jul 31, 2017 11:28am
In my country, there have so many successful Forex traders! That’s way, I’m very hopeful! Yes, I know it’s a challenging profession but not impossible! In addition, I don’t care about the others trading result!
  • #34
  • Jul 31, 2017 11:30am Jul 31, 2017 11:30am
Quoting DarrenLehma
In my country, there have so many successful Forex traders! Thats way, Im very hopeful! Yes, I know its a challenging profession but not impossible! In addition, I dont care about the others trading result!
Which country is that, I am suspecting Singapore or Australia
  • #35
  • Aug 1, 2017 2:40am Aug 1, 2017 2:40am
Quoting DarrenLehma
In my country, there have so many successful Forex traders! Thats way, Im very hopeful! Yes, I know its a challenging profession but not impossible! In addition, I dont care about the others trading result!
Egypt?
And why is that so?
  • #36
  • Aug 1, 2017 6:52am Aug 1, 2017 6:52am
What is the Forex legislation in Egypt like, I wonder. How are the brokers regulated? By whom? Under what conditions do they operate?
  • #37
  • Aug 1, 2017 5:22pm Aug 1, 2017 5:22pm
Anyone can become wealthy its just about how you aim to do it and the time youre willing to spend doing it. I see it in 2 ways you either modify the money management in your trading plan (I hope you have one) trade with big amounts and high leverage, get lucky and become instantly wealthy. Or build up your riches slowly and conservatively over time. Its just up to the trader and their personal preferance and style.
Why are you trading?
  • #38
  • Aug 1, 2017 5:54pm Aug 1, 2017 5:54pm
In my opinion, if you want to become wealthy trading FX, you have to be willing to think in order to come up with the necessary edge which would allow you to beat the market on a consistent basis. Secondly, you have to equip yourself with patience, because without it you will not be able to exploit that edge to the fullest. And, of course, patience is important for thinking itself.
  • #39
  • Aug 1, 2017 9:14pm Aug 1, 2017 9:14pm
Of course you can make six figures - millions from trading but not trading micro lots and not using 99% of the strategies talked about in these forums
  • #40
  • Aug 1, 2017 9:25pm Aug 1, 2017 9:25pm
Quoting Solo11
{quote} Egypt? And why is that so?
Because they have denile (sorry Dad joke)
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