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Why isn't everyone rich?

  • #61
  • Jul 6, 2020 7:30am Jul 6, 2020 7:30am
First of all, everything depends on the aspiration, if you set yourself a goal to succeed and purposefully move towards your dream, then everything will work out. Trading is quite a stressful thing, you are constantly taking risks and not every person can calmly experience the loss of their investments and especially draw conclusions from their mistakes. Just as many people are satisfied with the minimum profit withdrawals once they have made a successful trade, such people do not like to risk and this is their main problem, trading is risky, and the ability to properly calculate and analyze them, is the basis for successful brokers.
  • #62
  • Jul 10, 2020 8:26am Jul 10, 2020 8:26am
I feel that's because there are more people losing money in this business than there are making it and this especially includes traders who think they can make extraordinary profits in a short period of time.
  • #63
  • Jul 10, 2020 12:10pm Jul 10, 2020 12:10pm
Think of the random curve.

KP
Do your homework, follow the footprints of smart money
  • #64
  • Edited Jul 11, 2020 9:46am Jul 10, 2020 7:47pm | Edited Jul 11, 2020 9:46am
Why isn't everyone rich?

I think there will always be social inequality.
because not everyone is willing to pay the price.
the hours looking at the graph, the time dedication, the love of patience, not everyone believes in God, so many will not have peace.
but looking the other way, if we lived in a place where everyone was rich, if everyone was rich no one would be rich.
If everyone were rich, soon everyone would be poor, money would have no more value.
  • #65
  • Jul 10, 2020 8:27pm Jul 10, 2020 8:27pm
In 2011 I had a long and heavily read thread here that explained in complete detail how one can trade and be successful. I even opened a new sub-account with my broker and linked it to myfxbook and traded it for a month. The gain for that month was more than 30 percent.

What I noticed after several months of maintaining that thread is that most people are unwilling to do the hard work to learn to trade. It is not as simple as someone like myself giving a trader the keys to a system and they instantly get it. People are not computers. YOU may not be able to trade MY profitable method. A trader must learn on their own what they can, and cannot do.

A trader's personality has a huge impact on the type of trading they should pursue. If you make quick decisions and hate to be exposed to the market for one second more than absolutely necessary (this is me) then you should be scalping or very short term. If you like to mull over all the details before you make a move and have a lot of patience then maybe the four hour or daily chart is for you.

I am going to expose a huge secret so read carefully.

There are many different ways to trade profitably. There are traders making lots of money trading with indicators. There are traders making lots of money with price action. There are traders making lots of money with support and resistance. There are traders making money with all manners of styles and methods. The reason there are so few of us is the same reason there are so few professional athletes, so few millionaires and billionaires, so few successful business owners, and so few leaders in any field.

VERY FEW PEOPLE UNDERSTAND THEMSELVES AND POSESS THE DISCIPLINE TO CONTROL THEIR EMOTIONS AND PERFORM EFFECTIVELY UNDER PRESSURE.

I know this is not what most of you came here to read but it is the unvarnished truth. Most of you are doomed to failure, but not due to your lack of knowledge about how to trade but your lack of knowledge about how to control yourself.
  • #66
  • Edited 10:10am Jul 11, 2020 9:54am | Edited 10:10am
Quoting Seneca pilot
In 2011 I had a long and heavily read thread here that explained in complete detail how one can trade and be successful. I even opened a new sub-account with my broker and linked it to myfxbook and traded it for a month. The gain for that month was more than 30 percent. What I noticed after several months of maintaining that thread is that most people are unwilling to do the hard work to learn to trade. It is not as simple as someone like myself giving a trader the keys to a system and they instantly get it. People are not computers. YOU may not...
In fact, what weighs most is the knowledge that not everyone has, because if they had knowledge,it would bring patience and control.
  • #67
  • Jul 11, 2020 10:16am Jul 11, 2020 10:16am
Quoting Marcieny
{quote} In fact, what weighs most is the knowledge that not everyone has, because if they had knowledge, other things like patience in waiting and control would be solved.
I wish you were correct but you are not. There are many winning trading systems that are known and are freely available. People do not have the discipline to trade them. Most people cannot sit and watch a market without taking trades. I trade ES futures intraday with a 2000 tick chart, generally for only the first 2 hours of the day and, at most I only get two or three good setups most days. I watch price move sometimes for an hour without any entries. It is that discipline that most people lack. Most traders will enter due to FOMO with no plan.

The biggest fallacy in trading is the belief that (If I just knew the best entry method I would be successful). The entry method is, at most, only about ten percent of the puzzle. Money management is a big part maybe forty percent. Discipline and psychology make up the rest and most important part.

I have been doing this for twenty years now. It took five or six years to finally figure out that the entry method was the easiest and least important part of trading. Once i learned that I then began to work on the most important skills of self discipline, integrity, and the psychology of trade management. You can truly make money flipping a coin for entries if you have integrity and discipline with money and trade management.
  • #68
  • Jul 11, 2020 10:37am Jul 11, 2020 10:37am
Quoting Seneca pilot
{quote} I wish you were correct but you are not. There are many winning trading systems that are known and are freely available. People do not have the discipline to trade them. Most people cannot sit and watch a market without taking trades. I trade ES futures intraday with a 2000 tick chart, generally for only the first 2 hours of the day and, at most I only get two or three good setups most days. I watch price move sometimes for an hour without any entries. It is that discipline that most people lack. Most traders will enter due to FOMO with...
waw I am not correct? knowledge is everything
  • #69
  • Edited Jul 12, 2020 4:26am Jul 11, 2020 11:43pm | Edited Jul 12, 2020 4:26am
If the return is high there's high risk involved, generally. if they make 1000%/year that means they can lose 100% in a day. simple.

Trading is often seen as a way for the poor to get rich... it applies to all traders not just FX..

this can happen once in a million (or a billion?) with the help of luck. especially in 2020 with all the competition going on...

so instead of trying to turn $500 into a million, I'd rather get a job. if you are good at saving money, you'll have plenty of capital to invest in a wiser way.
  • #70
  • Jul 16, 2020 1:59pm Jul 16, 2020 1:59pm
Quoting Marcieny
{quote} waw I am not correct? knowledge is everything
Knowledge is not hard to get... meaning anyone can get clued up on fundamentals, positioning, CB policies, whatever "knowledge" you think moves the markets... which means if knowledge was all important then surely trading success would simply be a case of getting that knowledge - which is easy... or paying for it... which we knows doesn't exist. So no, knowledge is not everything IMO. Discipline, knowing yourself, having your own edge and a bit of luck trumps knowlegde.
  • #71
  • Jul 16, 2020 3:57pm Jul 16, 2020 3:57pm
Quoting Hyperion
{quote} Knowledge is not hard to get... meaning anyone can get clued up on fundamentals, positioning, CB policies, whatever "knowledge" you think moves the markets... which means if knowledge was all important then surely trading success would simply be a case of getting that knowledge - which is easy... or paying for it... which we knows doesn't exist. So no, knowledge is not everything IMO. Discipline, knowing yourself, having your own edge and a bit of luck trumps knowlegde.
without knowledge we have no discipline, to expect some things, and it is knowledge that lets you start a business.


but I don’t even know why I’m giving my opinion that this thread is full of men with high ego.
  • #72
  • Jul 16, 2020 7:27pm Jul 16, 2020 7:27pm
Quoting Marcieny
{quote} without knowledge we have no discipline, to expect some things, and it is knowledge that lets you start a business. but I don’t even know why I’m giving my opinion that this thread is full of men with high ego.
OK well then can you answer me this? Why in the universe of investment banks with all their research and PhDs (surely THEY have the knowledge you are referring to?) can they not agree on where any instrument will trade in the future? They are pouring over all the stats and economic outcomes and all they can do is have opposite views on a currency??!!! BTW I do have a large ego but I didn't think I was expressing it in my reply above.

Exhibit A below.
Attached Image (click to enlarge)
Click to Enlarge Name: Annotation 2020-07-17 122407.jpg Size: 74 KB
  • #73
  • Jul 17, 2020 2:27am Jul 17, 2020 2:27am
I wonder, if ones gets in the shoes of those who print the money, would one make everyone rich? Why I think not...

In precise, about trading, the price app moves in almost perfect squares of any desireable size, one can possibly imagine.

It seems to me, noone I know, is aware of that perfect square system, used on all tradeable instruments, on all markets. The squares are the one and only reason, trading is so damn hard...️️🟥🟧🟨
Maadik Hugiis. IQ 69.
  • #74
  • Jul 21, 2020 1:49pm Jul 21, 2020 1:49pm
MoneyZilla are you speaking about Ganns square in your post? Actually, I was investigating this strategy and found no results that this strategy actually works. Maybe it was good strategy in the beginning of trading, in a Ganns time, but it seems that it is not working in contemporary markets
  • #75
  • Aug 13, 2020 2:48am Aug 13, 2020 2:48am
Quoting Hodges
MoneyZilla are you speaking about Ganns square in your post? Actually, I was investigating this strategy and found no results that this strategy actually works. Maybe it was good strategy in the beginning of trading, in a Ganns time, but it seems that it is not working in contemporary markets

I am speaking about a regular squares of any possible size.
Never heard about Ganns squares...
How one can put his last name on a square shape, I wonder?
Maadik Hugiis. IQ 69.
  • #76
  • Edited 4:25pm Aug 13, 2020 4:07pm | Edited 4:25pm
Do you really think you can go on a chart, make a handful of nice trades then at the end of the week, collect your huge winnings.
Who’s money do you really think you are getting your hands on - your brokers profits.
Suddenly those nice spreads you were receiving start to increase, your friendly broker now decides to ring you to say “hello, you are doing well”
Really he is looking to make it harder for you the following week, or take you off their B book server and place you on live server account.
Then the Liquidity providers do the rounds of asking who the brokers profitable profitable traders are, what are their ID’s because they want to ban them from the market.
If you were highly successful and trading a $100K account, they will make it dam hard to stay profitable or simply just ban you.
That is why you don’t hear from highly profitable Forex traders, they had to move on to other trading markets more free on crooks.
Personally I try and keep a low profile always keeping my account balances under $10K. I trade with about 7 brokers rotating the accounts I trade with every couple of months.
I ensure withdraws are only once a month and will pull all funds after a period.
Bottom line, keep multiple accounts with low balances and always look for new brokers to trade against before they know who you are.
Trading thin liquidity at the boundary of the charts
  • #77
  • Aug 13, 2020 8:12pm Aug 13, 2020 8:12pm
Quoting RickM
Do you really think you can go on a chart, make a handful of nice trades then at the end of the week, collect your huge winnings. Who’s money do you really think you are getting your hands on - your brokers profits. Suddenly those nice spreads you were receiving start to increase, your friendly broker now decides to ring you to say “hello, you are doing well” Really he is looking to make it harder for you the following week, or take you off their B book server and place you on live server account. Then the Liquidity providers do the rounds of asking...

Lol

That is a huge load of crap to swallow!

Aren’t you the one bragging to have had 100% hit rate in the past few days with 20> trades and having a 90% hit rate ?

Many brokers are not market makers but pass your orders along the intra bank market while taking a commission. At least even market makers do it by averaging their orders...

A reputable broker, which isn’t hard to find nowadays, can’t make much if you are profitable other than welcoming you. At worst if you are with a crook broker offering very low spread and leverage up to 2000, unregulated in the UK, EU or USA, is only gonna widening his spread, will keep any positive slippage and delay your withdrawals, at worst if a pure bucket shop, he will not honor your withdrawals, but this has nothing to do with trading, only about scammer. Choose a broker like Darwinex, FXopen, ICmarket, Alpari, Oanda, etc...

Why everybody isn’t rich is easy to answer. If for any reason most of the traders will be better educated on how to make money, then the market will balance itself and it will be only very rewarding for only 1% of the traders, like it is yet and will always be...

Forex is a liquidity and a zero sum game, therefore it’s not how good you are at it but how better you are than other. Darwinism at is purest! Like you can see in elite sports, in the song and movie industry, it will always balance itself regardless how good you are but regarding how better you are...
LDFX Trading Ltd
  • #78
  • Aug 13, 2020 11:16pm Aug 13, 2020 11:16pm
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?...
Your reading to much to start with- as not many will tell you their secret simply because they will get questioned or call a liar.
Now to prove a point simply trade in the direction of an ema between 10 and 20 and take trade off the rejection of the ema and target 30-40 pip using the 4hr chart.
Use 0.01 lot and double up the lot size on every trade. With a start of $300.00 you will have +$1 million before completing 30 trades.......Now read this again.
  • #79
  • Dec 23, 2023 7:21pm Dec 23, 2023 7:21pm
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...

As a forex trader, this is what you need to know.
I am not yet successful infact i gave up multiple times but I wish i knew all these way back in 2006 when i first got introduced to retail forex trading.

Thank you Khat17.
  • #80
  • Dec 23, 2023 8:24pm Dec 23, 2023 8:24pm
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...

Excellent post

Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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