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Has anyone become wealthy from forex?

  • #101
  • Aug 10, 2018 2:19am Aug 10, 2018 2:19am
I personally don't know anyone who has raked up millions from forex trading. They do however make odd profits now and then. But that doesn't mean forex cannot be a profitable avenue for people. The thing is that you need to be consistent and that requires quite a lot of efforts, dedication and time. And very few people get that kind of success in forex. Forex is not everyone's cup of tea
  • #102
  • Aug 10, 2018 8:28am Aug 10, 2018 8:28am
Quoting deltaROYAL
I personally don't know anyone who has raked up millions from forex trading. They do however make odd profits now and then. But that doesn't mean forex cannot be a profitable avenue for people. The thing is that you need to be consistent and that requires quite a lot of efforts, dedication and time. And very few people get that kind of success in forex. Forex is not everyone's cup of tea
Broker CEOs definitely rake in the millions, if you ask me.
  • #103
  • Aug 11, 2018 4:51am Aug 11, 2018 4:51am
Quoting VEEFX
{quote} 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...
Thats very amusing to hear..how many retail traders do you personally know and what % of the trading community does that % represent for you to think for know the financial success of every single retail trader lol thats funny enough...you dont take about things you dont know..its not right.
''If its BULLSHIT when automated trading it manually is STUPIDITY''
  • #104
  • Aug 17, 2018 2:01am Aug 17, 2018 2:01am
A lot of people got rich out of forex, but keep in mind that the normal success rate on any platform is standing on 10-30%, as you can see from the new risk disclaimer. now its hard to measure success because its changing every day, one can be making a lot of money one day and be losing the next day all of it.
I know a few people who are doing it for a living, and they provide their family everything they need, not sure about being Rich though lol but im sure there are some people who are making A LOT of money out of it.
  • #105
  • Aug 17, 2018 9:31am Aug 17, 2018 9:31am
Quoting btcFX
A LOT of people have become wealthy from forex!! Most of them though, you will not see advertising that fact; or trying to sell you anything!
That's true. If someone's trying to sell you something - a strategy, an EA, lessons, etc. the first thing you should ask yourself is why they're not using that thing to make more money off trading.
  • #106
  • Aug 18, 2018 2:48am Aug 18, 2018 2:48am
Quoting btcFX
A LOT of people have become wealthy from forex!! Most of them though, you will not see advertising that fact; or trying to sell you anything!

How many people you have seen, those become wealthy from Forex ? Honestly speaking, I have never found much guys
  • #107
  • Aug 18, 2018 3:38am Aug 18, 2018 3:38am
in forum community there is no trader , there is all good adviser . LOL
  • #108
  • Sep 1, 2018 2:20am Sep 1, 2018 2:20am
I have seen few people around me who have made handsome amount of money from trading, but they do suffer losses too at times.
  • #109
  • Sep 1, 2018 8:50am Sep 1, 2018 8:50am
Quoting Madison
I have seen few people around me who have made handsome amount of money from trading, but they do suffer losses too at times.
Do you know for how long they have been trading?
  • #110
  • Sep 2, 2018 3:13am Sep 2, 2018 3:13am
Time is a big deal in Forex trading , there is no one in here who got wealthy within very short time , so it is more appropriate to keep a long term trading mentality , if you want more something from this stock market.
  • #111
  • Sep 5, 2018 8:46am Sep 5, 2018 8:46am
To return to the original question, I think that the main people who become wealthy from Forex are the people owning the brokers.
  • #112
  • Sep 10, 2018 9:38pm Sep 10, 2018 9:38pm
Yeah I do believe you can become wealthy trading forex but it's not easy at all. Seems it's more futures or commodity wealthy traders than forex but not sure why.
  • #113
  • Sep 10, 2018 11:42pm Sep 10, 2018 11:42pm
Quoting mlawson71
{quote} That has always been my question to people selling strategies/indicators/EAs/training/etc. - if it's so good and profitable, why do you waste your time selling it rather than using it yourself to make money without having to deal with other people?
Simple: Because you can never have enough money.

If you are a profitable trader, you are usually not trading 24/7. You trade your prefered sessions (like London or NY session) and then call it quits. Or just specific days or events (News). This means you have a lot of free time too. Why not use some of this time helping others?

And why charge money for your time training / educating someone? Because it is actually effort, it costs you some of your live time, which you dedicate to some strangers and never get back. So if you were not to charge money, this means you are just giving yourself away for nothing. People would abuse this. So you need a filter and entry barrier.

It doesn't matter how much money you make from trading. Your (live) time is still valuable, also your knowledge and experience.

Sure, all the snake oil sellers aren't worth a penny. But if you are real, then there is nothing wrong charging money.
  • #114
  • Sep 11, 2018 7:17am Sep 11, 2018 7:17am
Quoting mw108
{quote} Simple: Because you can never have enough money. If you are a profitable trader, you are usually not trading 24/7. You trade your prefered sessions (like London or NY session) and then call it quits. Or just specific days or events (News). This means you have a lot of free time too. Why not use some of this time helping others? And why charge money for your time training / educating someone? Because it is actually effort, it costs you some of your live time, which you dedicate to some strangers and never get back. So if you were not to charge...
I am not against charging money for your work. I was just wondering why they even need this money to begin with. Why expend the time and effort to teach if they're raking in the profits from Forex trading, rather than do something else with their time.
  • #115
  • Sep 11, 2018 10:27am Sep 11, 2018 10:27am
Quoting mlawson71
{quote} Why expend the time and effort to teach if they're raking in the profits from Forex trading, rather than do something else with their time.
It is part of human history, that elders (in terms of experience, knowledge, wisdom, ...) teach the youth. If nobody would teach, nobody would learn, right? And it isn't unusual that education costs money. Either it costs you money or your instructor.
Yes, you can always say "You can learn all on your own" and you are certainly right, regarding Financial Markets. Nobody forces you to buy a Strategy / Tutor- or Mentorship / etc. People end up there after they tried and failed and tried again and failed again, etc. Problem is that they most likely end up at Snake oil sellers and not at the righteous people.
  • #116
  • Sep 11, 2018 2:54pm Sep 11, 2018 2:54pm
I think a lot of people get caught up in total $$/time frame, when for me, it is easier to break it down a little more. Many people starting out wouldn't trade for a measly $800/month profit, but look at it this way: an extra $800/month will pay a house note for many, so it's like getting a free house. Or a car note (or two), for a "free" car. You don't need to make a million dollars to change your lifestyle for the better.

The good thing about currency and options trading is that you just need to get good at predicting the direction of the underlying object. Once you can do that, then what limits your income is the amount you invest in each trade.
  • #117
  • Sep 11, 2018 6:59pm Sep 11, 2018 6:59pm
Brokers make money from forex.
Sellers of systems/EA'S/Technical analysis sellers, holy grail sellers make money from forex.
  • #118
  • Sep 11, 2018 7:47pm Sep 11, 2018 7:47pm
Quoting VEEFX
{quote} 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...
Yes you are totally right...
It's important to have a safety net such as a stable job or business or multiple incomes before playing the forex trading game.
This is not investment/trading advise. Will not hold accountable for loss
  • #119
  • Sep 11, 2018 7:50pm Sep 11, 2018 7:50pm
Quoting VEEFX
{quote} 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...
This..... Spot on Mate
  • #120
  • Sep 12, 2018 2:47pm Sep 12, 2018 2:47pm
Well simply put, you have to have money to make a lot of money.

Are you really going to trust most retail brokers with $100k+ of your own money, so you have the margin available for $10/$20/$30+ a pip??? Most brokers are market makers, and they are definitely looking to take your money.

Hedge funds and guys like Soros aren't trading in the retail market and when they trade, the market generally goes where they want it to. Famously, Soros took a billion dollars off the B.o.E. because he had enough wealth and was willing to invest more than the B.o.E was.

You can make money in FX, but I highly doubt millions are on the table for anyone here. I have been trading for around 10 years, and 9 of those have been profitable.
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