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Who has become rich trading forex?

  • #61
  • Jan 14, 2008 12:06pm Jan 14, 2008 12:06pm
Different name same post, with the name Forexbabe, what you wasting your time for.
http://www.forexfactory.com/showthread.php?t=22826




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
  • #62
  • Jan 17, 2008 9:21am Jan 17, 2008 9:21am
Quoting smjones
I know at least 5 who make over 1 million a year that are on this forum, They just do not want that info to be public. I have seen some of their statements.

For them the focus is not on the money. They still trade when the action is happening, and if that means getting up in the middle of the night, they get up in the middle of the night. They do not think to much about the money, they are always thinking about their next trade and learning from the previous ones. Three of these five trade several instruments of which Forex is one. 2 trade exclusively Forex and one of those that trades Forex exclusively earns on average about 3.5 mil per year.

It is not hard to make a million. Just go buy 4 houses and rent them out and instantly you are a millionaire.

What Is the challenge is to find your passion. So if you are only looking to make money quick, I would say you have little passion for trading and the money will always elude you. If on the otherhand you cannot stop thinking about trading. It pervades almost all your thoughts, you may succeed if you learn and then apply what you learn and then learn from your application and then apply again.

IMO,
scott

Stupid comment lol... nah I would like to learn how they do it. It true if you take this a bussiness you are here for the money but for the wins.
2008 C63 Benz coming soon !!!!
  • #63
  • Jan 20, 2008 1:40pm Jan 20, 2008 1:40pm
so long as u have consistency & discipline w/a good system u should be okay then.
  • #64
  • Nov 18, 2008 9:14am Nov 18, 2008 9:14am
After I met this guy I became a believer that it can be done, just not me, someone smarter

I actually know personally a person that made 1 million out of 75k. I went to York University for my MBA with this guy, Iyad Atuan. he is an engineer turned into a trader. Once i asked him about the switch, he start trading in 03, and blew a couple of accounts but in 2005 he broke even and made some profit. he told me the secret to make money in FX is to understand the market (the fundamentals) and just use technicals for optimal entry and exit.
however, i realized that you need that gut feeling where you know where the markets are going which i don't have. so i was lucky that he opened his own firm so i have a managed account with him.

So yes, there are people that made millions in FX BUT not just from technical, you need fundamentals.

i hope this helps

p.s. my account is at 180% so far this year. if you want to learn more check his site (send me a PM).
  • #65
  • Nov 18, 2008 2:08pm Nov 18, 2008 2:08pm
Cue greedy, lazy newbies spamming your inbox. And when they lose money, it serves them right so enjoy spending their cash on your champagne.

The market reveals who we really are...
  • #66
  • Nov 18, 2008 4:29pm Nov 18, 2008 4:29pm
[quote=MrCampbell;2358127]

So yes, there are people that made millions in FX BUT not just from technical, you need fundamentals.quote]

Traders can become millionaires by trading technicals only. Your comment is incorrect.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #67
  • Nov 18, 2008 5:41pm Nov 18, 2008 5:41pm
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...
Awesome post mate. Many good points made, however i don't think the creator of the thread will appreciate the depth of value in this post. Almost need to live it before you can understand the points made. I know i didnt.

I've read every book available... both well known, highly recommended works, and also the plethora of rubbish ebooks out there. I knew all the theory - but didnt learn to appreciate it enough to apply it untill i had personally broken all the rules, and suffered through the consequences.

I still break the rules more often than i would like....

MM

Cheers.
"If it bleeds ... we can kill it"
  • #68
  • Nov 18, 2008 5:42pm Nov 18, 2008 5:42pm
Who become rich trading forex?

Your broker.
  • #69
  • Nov 18, 2008 6:01pm Nov 18, 2008 6:01pm
[quote=CTGUY;2359307]
Quoting MrCampbell

So yes, there are people that made millions in FX BUT not just from technical, you need fundamentals.quote]

Traders can become millionaires by trading technicals only. Your comment is incorrect.
Absolutely.

If you're tech's, or more specifically, your technically oriented framework for making trading decisions, is sharp enough on a short time frame... fundamentals don't matter. You will end up putting yourself on the right side of any subsequent market move, much sooner than you could accumulate information and develop a tradeable view using fundamental analysis as your primary decision making tool.

However, if you are a swing trader - or even longer term... a solid understanding of the fundamental situation - as well as a well informed guesstimate of how things will unfold down the track - becomes very important to having long term success.

MM
"If it bleeds ... we can kill it"
  • #70
  • Nov 18, 2008 6:31pm Nov 18, 2008 6:31pm
Quoting Tjpld
Who become rich trading forex?

Your broker.
I really really wanted to post that yesterday, but I decided against it. hehe
  • #71
  • Nov 18, 2008 6:32pm Nov 18, 2008 6:32pm
Perfectly stated my friend...thank you

[quote=MMDealer;2359459]
Quoting CTGUY

Absolutely.

If you're tech's, or more specifically, your technically oriented framework for making trading decisions, is sharp enough on a short time frame... fundamentals don't matter. You will end up putting yourself on the right side of any subsequent market move, much sooner than you could accumulate information and develop a tradeable view using fundamental analysis as your primary decision making tool.

However, if you are a swing trader - or even longer term... a solid understanding of the fundamental situation...
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #72
  • Nov 18, 2008 6:44pm Nov 18, 2008 6:44pm
I understand it. That means traders don’t need economic knowledge to be profitable. Not only your broker will become rich but technical experts as well like good scalpers.
  • #73
  • Nov 18, 2008 7:23pm Nov 18, 2008 7:23pm
i agree with you. after reading a lot of threads throught some forums of this kind, i make the same conclusion though. You can have a good profit average as a short term trader even if you do not take too much attention to the news related to central bank decisions or employment rates and stuff. It is ok if you just get along with indicators (no more than 3 i would say) and develop your own thing. bollinger bands work for me with EMAs! try those out!

cheers
  • #74
  • Nov 18, 2008 7:42pm Nov 18, 2008 7:42pm
Quoting Jetson
i agree with you. after reading a lot of threads throught some forums of this kind, i make the same conclusion though. You can have a good profit average as a short term trader even if you do not take too much attention to the news related to central bank decisions or employment rates and stuff. It is ok if you just get along with indicators (no more than 3 i would say) and develop your own thing. bollinger bands work for me with EMAs! try those out!

cheers
The most important rules you can follow are as follows:

- Don't add to a loser unless you intended on scaling in in the first place (and obviously with smaller positions)

- Decide where you will exit the trade if it's wrong and stick to that decsion. You will be successful if you follow those rules and dont allow "the big hit" to take place. Hard stops aren't necessary - but if you dont trust yourself, try to muster up the courage to use them. I say that because i have a negative association with hard stops. If you believe in the setup, and trust your system (positive expectancy built up through testing) this shouldn't be a problem.

Again, im rubbish with these rules sometimes... i still make money alot of the time... but probably more because of luck and feel for the market.

I know that if i follow those single two rules... my P/L will take care of itself. I hope that in posting this i have helped to steer a newbie away from the depths of despair i have experienced in breaking them. Wiping out the profit of many good trades with a single loser (or losing half your account etc.) is absolutely demoralising. Avoid that.

MM
"If it bleeds ... we can kill it"
  • #75
  • Nov 18, 2008 8:25pm Nov 18, 2008 8:25pm
I’m more into scalping, I really don’t feel like putting that much effort on interpretring a lot of charts and indicators when I can just profit from the price changes in short time frames. Your giving some hopes in this thread, I might become a millionaire.
  • #76
  • Nov 19, 2008 7:41am Nov 19, 2008 7:41am
Quoting Tjpld
Who become rich trading forex?

Your broker.
Yes thank you http://www.forexfactory.com/nfs/cust...tar57951_1.gifTjpld.
You finally opened my eyes about those 1% of winners in the forex market.
I am glad that after 2.5 years searching for the BIG truth about forex I didn't spent a single cent on them !
  • #77
  • Nov 19, 2008 10:26pm Nov 19, 2008 10:26pm
I am fast getting rich
  • #78
  • Nov 20, 2008 12:45am Nov 20, 2008 12:45am
I'm a hack and sell Amway crap for a living.
Not all sins are created equal
  • #79
  • Nov 20, 2008 1:57pm Nov 20, 2008 1:57pm
Hello Alig

My first trade was on 3 November 2008. Since then I have profited on some trades and lost on some.

About 15 minutes ago, a profitable trade brought my trading account up to $2.55 more than my beginning balance.

The rest is up to me.

Toni Turner says, 'Don't trade to make money, trade to trade well. When you do this you will make money.'

All the best with your trading.

Forever40
  • #80
  • Nov 20, 2008 2:28pm Nov 20, 2008 2:28pm
A fool and his money will soon part.
Forex is not a get rich kwuick solution ...at least not one that will last more than a few days
100% of traders are losers. Just that some win more than they lose!
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