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Has anyone become wealthy from forex? 172 replies

Why the rich could not become richer? 13 replies

Will most Forex brokers even allow you to become rich? 6 replies

Has MT4 Multi Account Terminal trading become obsolete? 2 replies

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Who has become rich trading forex?

  •  tazmet
  • | Joined Jun 2007 | Status: Gold Member - Solid Gold Baby! | 47 Posts
Ok, I read this somewhere that the primary investor of Hotspot FX was Joe Lewis, a billionaire who made his money investing in currencies.

I think that would place him in the 1% don't you?
My business model Get pips => Keep Pips => Repeat
Best answer on the thread. It's about beating yourself and sticking to your correct plan...EVERYDAY. One trade where you bend the rules, can blow several days, weeks, months of earnings. Conquer yourself and you stand a chance in this market

Quoting narafa
I can see that you are not convinced that there are traders out there who really make money consistently out of the forex market...If everyone is losing, who is winning??? If the structure of traders in the forex market is 99% losers as you say, then where are the remaining 1%???

Besides, you are saying that you are searching for the top 1% traders who can really beat this game....It's not about beating the game....It's about beating yourself in the first place....It's about being conservative & risk oriented...It's about thinking about how much can I lose on this specific trade before I think about how much can I potentially win on this trade...It's about beating fear & greed inside yourself...It's about adjusting your leverage according to the probability of success of every trade...It's about when to close a trade, it's about when to take a vacation & stop trading for a while....

So as you can see, it's about yourself in the first place....You will find yourself involved in almost every single action in the market, so if you can't handle yourself, no matter how good your entries or exits are, you won't be able to consistently make profits....


Thanks,

Nader
I have been trading Forex for almost 2 years.Have purchased and read many books. I have only recently started earning real money, I've lost a lot. Now thoughts of quitting my offline job are entering my mind.;-)))))
Quoting mrxit
Best answer on the thread. It's about beating yourself and sticking to your correct plan...EVERYDAY. One trade where you bend the rules, can blow several days, weeks, months of earnings. Conquer yourself and you stand a chance in this market
Well said mrxit.
Quoting Pundit
I have been trading Forex for almost 2 years.Have purchased and read many books. I have only recently started earning real money, I've lost a lot. Now thoughts of quitting my offline job are entering my mind.;-)))))
Word of caution, you should trade the forex for a couple of years and successfully before quiting you present job. You should save enough money up where you can live off it it for a year just in case your forex trading turns around. Quitting now is like jumping into a body of water and not knowing if the water is 2 feet deep or 30 feet deep.
I know someone who traded fx on demo for few months, did well on it, then opened a real account with £10k, turned that into over 100k, opened a business, now trades with other peoples money and drives a ferrari. All in less than 2 years. I saw his statements on cmcMarkets, he makes average £80k a month. He said he uses very few indicators. Thats all he said.

Regards
If you really want the story of a good trader, look up a guy named George Soros.

Most of the older traders here will be familiar with the time Soros broke the bank of england. Pretty amazing stuff.

Quote
Currency speculation

On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanismfloat its currency. countries or to
Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England."
The Times October 26, 1992, Monday quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."
According to Steven Drobny,[9] Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position," in accord with Druckenmiller's own research and instincts.
In 1997, during the Asian financial crisis, then Malaysian Prime Minister Mahathir bin Mohamad accused Soros of using the wealth under his control to punish ASEAN for welcoming Myanmar as a member. Later, he called Soros a moron.[10] Thai nationals have called Soros "an economic war criminal" who "sucks the blood from the people".[11]


--Wikipedia
hi
i know a man that turn his account from the first month from 10K to 110K
i dont know how! he will not tell me ..
and i think he will not talk to me again .
but what i know he is trading on oil...
just read jacko's house of pleasure and pain thread in the journal section.

i think he started out with like 100k+? but now has over $1 mil. all in 2-3 years
hi guys...
I started trading 4 weeks ago and am confused to be honest, what is it about trading that appears that only 5% people that trade are successfull. I have been on course teaching about looking at the big picture, all time frames, putting in support/ resistant lines, using fibs and divergence. simply looking for break of trends and knowing how to enter and exit. always placing a trade in direction of trend.
This with money management has lead to be placing 43 trades havin 7 flop trades..what i wanna ask is are the people lossing money actually doing these things....what actually if it can be pin pointed is leading to loss?
if someone can answer this i think it would be a great help as a newbie like me wants to hit the ground running.
I know it is possible to get rich from this profession...as many other professions out there you have a real passion for.

I got in to this to with the fantasy of many hundreds of thousands of dollars in my BA like so many beginners here, and after about a month reality set in...deep. It was freckin' difficult trying to learn how to trade (not including profitably). It's like learning a new language that many average people will have a difficult time comprehending if you tried explaining your reality (why I learned to avoid the topic altogether)

At some point in your journey, assuming you didn't quit already, you will come to learn to just want to make more winning trades then you do losers.

And I swear the goodness, the funniest thing happens...as your focusing on making more winning trades (because making money...is not a skill), you find yourself trading bigger lots much more comfortably and becoming consistently richer by the month. While still focused on making solid trades.

It seems like a contradiction to a traders ultimate goal, but it's an epihany you need to have soon if you wan to do well in this business.

Anyways, I'm still a bit new to this, but that's my 2 cents
Quoting nAVIN2007
hi guys...
I started trading 4 weeks ago and am confused to be honest, what is it about trading that appears that only 5% people that trade are successfull. I have been on course teaching about looking at the big picture, all time frames, putting in support/ resistant lines, using fibs and divergence. simply looking for break of trends and knowing how to enter and exit. always placing a trade in direction of trend.
This with money management has lead to be placing 43 trades havin 7 flop trades..what i wanna ask is are the people lossing money actually doing these things....what actually if it can be pin pointed is leading to loss?
if someone can answer this i think it would be a great help as a newbie like me wants to hit the ground running.
95% you have to see how they come to that number. You can also say 99.9% of all 8 year old little league players dont make it ( to the majors). Not all end up trying, they stop playing at age 13, 15, 18. Most people give up after seeing the time it takes and buckets of money just dont start rolling in because you want it at first. Basicly most just give up and move on to the next dream and next dream and next dream....
Quoting nAVIN2007
I have been on course teaching about looking at the big picture, all time frames, putting in support/ resistant lines, using fibs and divergence. simply looking for break of trends and knowing how to enter and exit. always placing a trade in direction of trend.

Felt the need to say your going about it the correct way, in my opinion. Start bigger time frames and work down also look at pivot point levels.

Best of luck to you.. Althought luck is not as important as good solid learning and hard work (time learning)
Quoting mohshr001
hi
i know a man that turn his account from the first month from 10K to 110K
i dont know how! he will not tell me ..
and i think he will not talk to me again .
but what i know he is trading on oil...
Hopefully you do understand that oil is not spot forex trading, correct? This may be why he is not speaking to you.
Quoting Rogue$Trader
95% you have to see how they come to that number. You can also say 99.9% of all 8 year old little league players dont make it ( to the majors). Not all end up trying, they stop playing at age 13, 15, 18. Most people give up after seeing the time it takes and buckets of money just dont start rolling in because you want it at first. Basicly most just give up and move on to the next dream and next dream and next dream....
This needs to be programmed into every computer. Every time 95% lose pops up, so does this.
My two cents:

There is no REAL education out there. There are no REAL mentors (except Jacko, and a handful of others.)

People don't know how to trade. There is no blueprint for it. No "proven" method.... only the stupid Head and Shoulders patterns that are cliche to all trading books.

Every once in awhile, you find someone like Darkstar that seems to have some sort of real edge (his stop hunting strategy) but the reality is, most people trading are naive to the real world conditions that drive the market.

Fibonacci? Please..... Nicotina? Please.... There is no real logic in those methods... "IF A, THEN B." That's what I like. Cold, hard facts when I put my money down.
I'd really try to work on that guy if I were you.... needle him for information.

Quoting eagle_eye
I know someone who traded fx on demo for few months, did well on it, then opened a real account with £10k, turned that into over 100k, opened a business, now trades with other peoples money and drives a ferrari. All in less than 2 years. I saw his statements on cmcMarkets, he makes average £80k a month. He said he uses very few indicators. Thats all he said.

Regards
Quoting tdion
My two cents:

There is no REAL education out there. There are no REAL mentors (except Jacko, and a handful of others.)

People don't know how to trade. There is no blueprint for it. No "proven" method.... only the stupid Head and Shoulders patterns that are cliche to all trading books.

Every once in awhile, you find someone like Darkstar that seems to have some sort of real edge (his stop hunting strategy) but the reality is, most people trading are naive to the real world conditions that drive the market.

Fibonacci? Please..... Nicotina? Please.... There is no real logic in those methods... "IF A, THEN B." That's what I like. Cold, hard facts when I put my money down.
I'm just gonna assume the statements above exclude me...
google:
Quoting twoblink
I'm just gonna assume the statements above exclude me...
Hi twoblink, with the stuff that you write you are excluded for sure! and how is that website of yours coming? is it done? I am eagerly waiting and so are alot of people! to all the folks on this thred Good Luck
In order to become rich with Forex, you need to realise the most important aspect i.e. yourself.
You have the potential. If you do your background reading, build up a discipline, learn when not to get out and when to, keep your eyes on the news and graphs........you'll can achieve.

Be patient with the trades, be realistic with the gains.
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