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Has anyone become wealthy from forex?

  • #81
  • Mar 11, 2018 4:36pm Mar 11, 2018 4:36pm
Quoting RoboSeer
{quote} A trader friend of mine has committed suicide after many years' of losses, financed by large personal loans (from loan sharks) during the last year... Well, her "life had been changed by trading" for sure...
May she be in peace now.
Unfortunately, the dramas associated with this scam are not common.
Don't give up on your dreams. Keep sleeping.
  • #82
  • Mar 16, 2018 1:15am Mar 16, 2018 1:15am
There are huge numbers who are comfortably earning huge profits on this market. if one does not try to make things complex and trade high then he will surely be wealthy. This market has tremendous stories of people earning effectively.
  • #83
  • Mar 17, 2018 8:23pm Mar 17, 2018 8:23pm
Quoting dbrown518
. This being said, if someone found one of those "no brainer trades" only 2 times per MONTH yielding only... 80 pips each? trading with a $100,000 account at 500:1 leverage you would be able to hold a $50 million dollar or 500 lot position. 500 lots at $10 per pip, per lot = $5,000 per pip is that correct? $5,000 per pip x 80 pips = $400,000 in a single trade with say 5%/$5,000 at risk. Is this kind of trading not common with "no brainer technical set ups" or directly after big "fundamental news"? If not, is it possible for someone to tell me why?...
Dbrown,
Most traders start with $100 and looking to make $1 million in a few months. So they place 30% of their capital per trade, so instead of capturing 100 pips, 5 pips is easier. If they lose the $100 capital, it will take a few months to replace it from their day job.

You know from your business, money makes money, if you don't have enough capital running your business, it could go under no matter how good your business plan is. Starting with $100, making $200 in a few months is realistic. Starting with 10K making 20K etc.

So yes, if you have the capital, you certainly can go about your method, but if you do make a loss, you can rebound and continue. Also not many Brokers will allow you to have 500:1 with large capital. George Soros won't be able to get 3:1 !. If your case opening 5 acct with 20K may get you 500:1 leverage each. Different brokers have different rules.

The second question is opportunity cost. If you give up your business and trade forex, which is an unknown, and if you failed, you have nothing to fall back on. So you need to be successfull first before giving up the other work. That is why most traders (including me) consider trading using EA, a robot that makes money while we keep our day job since mentally and physically trading after the day job is difficult.

welcome to the world of forex.
  • #84
  • Mar 21, 2018 10:35am Mar 21, 2018 10:35am
Of course, Otherwise there wouldn't be markets that exist and quite a sizable market too!
  • #85
  • Mar 21, 2018 11:14am Mar 21, 2018 11:14am
" Let's take an average intraday retail trader taking a conservative 15 trades per month, winning 10 and losing 5, risking 1% with 1:1 risk:reward. Taking into account market holidays and time off say he trades 10 months of the year and compounds. That's a return of 60% a year "
This was a quote from a page I read, I don't understand the maths behind this, could some explain the maths please? Thanks
  • #86
  • Mar 21, 2018 2:39pm Mar 21, 2018 2:39pm
Quoting Tier
There are huge numbers who are comfortably earning huge profits on this market. if one does not try to make things complex and trade high then he will surely be wealthy. This market has tremendous stories of people earning effectively.
But practically it is difficult to find these kinds of traders, generally successful traders always like to hide themselves.
  • #87
  • Mar 24, 2018 11:59am Mar 24, 2018 11:59am
It's not that easy to become rich in forex. Moreover, it's just not for everyone. I've already been trading for two years and of course I don't make millions, but I have enough money to travel and to fulfill my personal needs without spending too much time on trading.
  • #88
  • Mar 26, 2018 4:43pm Mar 26, 2018 4:43pm
I don't know any of this kind. I really know a lot of traders and for them forex is either a hobby or a" time killer", but by far not the income and of course not the main one.
  • #89
  • Mar 26, 2018 8:10pm Mar 26, 2018 8:10pm
You don't hear from them, because:

1) Their inboxes explode from the 95%

2) They constantly receive ridiculous offers to trade for other people.

3) The rest are among jealousy, anger, envy and hatred because of it (usually expressed in disbelief).

Therefore, you don't hear from them because it's just not worth their time.
  • #90
  • Mar 26, 2018 8:22pm Mar 26, 2018 8:22pm
Quoting Tier
There are huge numbers who are comfortably earning huge profits on this market. if one does not try to make things complex and trade high then he will surely be wealthy. This market has tremendous stories of people earning effectively.
Yeah, alright!
Maadik Hugiis. IQ 69.
  • #91
  • Mar 26, 2018 10:58pm Mar 26, 2018 10:58pm
Quoting virgilcain
What I am wondering ous whether any of you or people you know personally have gone from being poor or economically unprosperous to wealth as a result of forex trading. This it's after all the goal we all are seeking and laboring intensively to accomplish so out may be help ful to see that others have actually accomplished this. And I'm not talking about Soros or other market wizards, but regular people. Either you or someone you know. Thanks.
I now have a wealth of knowledge, that counts?
  • #92
  • Mar 26, 2018 11:02pm Mar 26, 2018 11:02pm
[quote=2dollardog;10910234]You don't hear from them, because:

Concur my observations and experiences are ....and using Chris as an example...

Chris Lori is a member of FF is also a fund manager and I believe successful trader.

What would he or others like him gain from putting himself out on the forums? I have been part of his PTC and know that he does not have free time or suffer fools gladly, which is often what is needed to engage here, I suspect for many of the successful traders who do, the saying "no good deed goes unpunished" is uttered before they go away leaving the rest of us poorer for their absence. Just my thoughts and observations.....for what they are worth
  • #93
  • May 8, 2018 8:01am May 8, 2018 8:01am
Quoting Hunterr
It's not that easy to become rich in forex. Moreover, it's just not for everyone. I've already been trading for two years and of course I don't make millions, but I have enough money to travel and to fulfill my personal needs without spending too much time on trading.
Within 2 years you got good result, sounds good. But practically I have never found at any guys who actually changed his life very rapidly from this stock exchange. It’s not a minor deal.
  • #94
  • May 9, 2018 7:23am May 9, 2018 7:23am
Quoting AdamCrist
{quote} Within 2 years you got good result, sounds good. But practically I have never found at any guys who actually changed his life very rapidly from this stock exchange. It’s not a minor deal.
Me neither. Success in Forex takes years and for some (a lot) of people it never happens, unfortunately.
  • #95
  • May 17, 2018 2:40pm May 17, 2018 2:40pm
Quoting mlawson71
{quote} Me neither. Success in Forex takes years and for some (a lot) of people it never happens, unfortunately.

Sorry mate , I didn’t understand your point , can you please make sure more what you thinking success.
  • #96
  • Aug 6, 2018 8:52am Aug 6, 2018 8:52am
Quoting RoboSeer
{quote} A trader friend of mine has committed suicide after many years' of losses, financed by large personal loans (from loan sharks) during the last year... Well, her "life had been changed by trading" for sure...
This is sad. May god bless her soul.
  • #97
  • Aug 7, 2018 1:03am Aug 7, 2018 1:03am
Quoting Hunterr
It's not that easy to become rich in forex. Moreover, it's just not for everyone. I've already been trading for two years and of course I don't make millions, but I have enough money to travel and to fulfill my personal needs without spending too much time on trading.
Right forex can make you wealthy but it is not that easy like most of the novice traders think before joining forex. And yes forex is not for everyone that is the reason lot of traders quit forex after trading some time.
  • #98
  • Aug 7, 2018 8:49am Aug 7, 2018 8:49am
One other thing people should keep in mind - the majority of people who become rich from Forex are actually the ones working for and owning the Forex brokers.
  • #99
  • Aug 7, 2018 3:37pm Aug 7, 2018 3:37pm
Quoting yousername
{quote} "Has anyone become wealthy from forex?" I am grateful I'm able to print money from Forex
sure but are you okay with quitting your primary line of work and replace your "forex printing machine" with full time income? That (to me) is a gauge of success in retail trading. Anyone can make money from forex for a brief period but making money consistently as a primary income from retail spot forex market is 100% fallacy. I have yet to come across anyone who have quit their primary line of work to generate 100% income from trading in retail spot forex. In other markets... maybe but not in retail spot fx.

EDIT: I know what you do for a living... lol
Staying in my lane...
  • #100
  • Aug 8, 2018 4:41am Aug 8, 2018 4:41am
Anyone can make profits in forex for a short period of time but what matters is bring consistency in the profits which is actually hard to achieve and takes a lot time.
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