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It is possible to be rich in FX!

  • #61
  • May 19, 2011 5:59pm May 19, 2011 5:59pm
Some interesting comments , but the ones that always make me laugh are those wanting proof of accounts.....lol, What do you think this is a free place to come and print money and make you rich !

Im not selling anything but you couldnt put a price on my strategy and knowledge, Ive invested heavily in time and commitment and spent years at my terminal 15 hours a day discoverying how the market ticks.

Once you become profitable trading you quickly realise that the reviews on places like Forex Peace Army are not completely accurate....why? simple..... because 95% of traders lose and therefore they write frustrated reviews blaming everyone but themselves.

All I can say is when it happens and you can trade it becomes something you dont have to think about, you become relaxed and confident, but it takes commitment and time.
  • #62
  • May 20, 2011 1:22am May 20, 2011 1:22am
I will , I hope ...
  • #63
  • May 20, 2011 5:49pm May 20, 2011 5:49pm
But i ment those people who are trying to teach you FX.. and charge you for it... if they are trying to teach you .. they mostly tell you about their great trading experience bla bla bla...so this guy should or lets say must prove that he is able to teach you .. of course there is no need for anybody to prove anything but a person who is charging you to teach needs to prove that's my opinion and if people get used to this a lot of charlatan will be gone ...
  • #64
  • May 22, 2011 4:48am May 22, 2011 4:48am
Quoting Winny N.
But i ment those people who are trying to teach you FX.. and charge you for it... if they are trying to teach you .. they mostly tell you about their great trading experience bla bla bla...so this guy should or lets say must prove that he is able to teach you .. of course there is no need for anybody to prove anything but a person who is charging you to teach needs to prove that's my opinion and if people get used to this a lot of charlatan will be gone ...
Hey Winny

Totally agree.... that if someone is charging they need to prove to you that they can infact make a profit themselves, as there is no degree, title or qualification to say your profitable at trading, only making money itself and your own personal success counts in this business.
  • #65
  • May 22, 2011 6:00am May 22, 2011 6:00am
You can only fail if you give up!

All these people failed but went on to be successful because they never gave up.

Henry Ford Went Bankrupt, Now Worth Millions! $188,000,000,000
Donald Trump Went Bankrupt, Now Worth Millions! $3,000,000,000
Walt disney Went Bankrupt, Now Worth Millions! $1,100,000,000
Anna Nicole Smith Went Bankrupt, Now Worth Millions! $450,000,000
Henry J. Heinz Went Bankrupt, Now Worth Millions! $400,000,000
George Foreman Went Bankrupt, Now Worth Millions! $300,000,000
Bob Guccione Went Bankrupt, Now Worth Millions! $400,000,000
Kim Bassinger Went Bankrupt, Now Worth Millions! $250,000,000
Clarence Saunders Went Bankrupt, Now Worth Millions! $180,000,000
Milton Hershey Went Bankrupt, Now Worth Millions! $150,000,000
Larry King Went Bankrupt, Now Worth Millions! $144,000,000
William c durant Went Bankrupt, Now Worth Millions! $120,000,000
Ulysses S. Grant Went Bankrupt, Now Worth Millions! $95,100,000
Francis Ford Coppola Went Bankrupt, Now Worth Millions! $67,400,000
Isaac Hayes Went Bankrupt, Now Worth Millions! $50,000,000
MC Hammer Went Bankrupt, Now Worth Millions! $33,000,000
Wayne Newton Went Bankrupt, Now Worth Millions! $30,000,000
Burt Reynolds Went Bankrupt, Now Worth Millions! $30,000,000
  • #66
  • May 26, 2011 8:39am May 26, 2011 8:39am
Quoting willf
You can only fail if you give up!

All these people failed but went on to be successful because they never gave up....
Good self motivation post.
  • #67
  • May 27, 2011 12:02pm May 27, 2011 12:02pm
Anna Nicole Smith Went Bankrupt, Now Worth Millions! $450,000,000


loooooll this one is really great!! But even this is a lesson she never gave up......
  • #68
  • May 28, 2011 10:42am May 28, 2011 10:42am
Quoting willf
You can only fail if you give up!

All these people failed but went on to be successful because they never gave up.

Henry Ford Went Bankrupt, Now Worth Millions! $188,000,000,000
Donald Trump Went Bankrupt, Now Worth Millions! $3,000,000,000
Walt disney Went Bankrupt, Now Worth Millions! $1,100,000,000
Anna Nicole Smith Went Bankrupt, Now Worth Millions! $450,000,000
Henry J. Heinz Went Bankrupt, Now Worth Millions! $400,000,000
George Foreman Went Bankrupt, Now Worth Millions! $300,000,000
Bob Guccione Went Bankrupt, Now Worth Millions! $400,000,000
Kim...
Like it......nice list....

Any type of business carries risk... it comes with the territory.... as the saying goes, nothing ventured, nothing gained.....
  • #69
  • Jun 1, 2011 5:58am Jun 1, 2011 5:58am
Of course it is possible, but you also have risks of be nervouse,paranoic and unlucky))))
Okay, let's have fun...
  • #70
  • Jun 1, 2011 10:19am Jun 1, 2011 10:19am
it is possible, I think the OP is live in singapore, which in a timezone that is good for forex trading. therefore for his/her success is way better then us who live in North America.
  • #71
  • Jun 2, 2011 4:32am Jun 2, 2011 4:32am
Quoting mtuppers
it is possible, I think the OP is live in singapore, which in a timezone that is good for forex trading. therefore for his/her success is way better then us who live in North America.
Yep, time is everything!)
Okay, let's have fun...
  • #72
  • Jun 2, 2011 5:33pm Jun 2, 2011 5:33pm
technically , its possible.
If your broker is loyal/honest with you and executes trades transparently and pays up in the end, yes you can seriously get rich...

The amount of leverage they offer these days and extremely low spreads can allow for that.
Just a simple analysis or study of candlestick charts is required to make money...
You spot the trends. and put them to ur advantage.
By "trends" , i mean a specific combination of a few candlesticks which appear right before the price moves. If you can spot these sequences, you can get really rich...
But there always is a risk factor.....

Thank you
  • #73
  • Jun 3, 2011 1:15am Jun 3, 2011 1:15am
Quoting klrman
It is possible, but usually in the broker's favor with all their tricks
YES, I am aware recently that "Stop hunting" & "Spread widening" that negatively influence trader/subscriber profits to the brokers advantage. Hence how can a client/ trading subscriber check integrity of the broker's server with just access to the client interface provided by the broker in popular platforms like MT5 or and many others ?
Do the regulator's have periodic/ regular technical "IT systems" audit in place ?
  • #74
  • Jun 5, 2011 4:25am Jun 5, 2011 4:25am
Quoting faiez
technically , its possible.
If your broker is loyal/honest with you and executes trades transparently and pays up in the end, yes you can seriously get rich...

The amount of leverage they offer these days and extremely low spreads can allow for that.
Just a simple analysis or study of candlestick charts is required to make money...
You spot the trends. and put them to ur advantage.
By "trends" , i mean a specific combination of a few candlesticks which appear right before the price moves. If you can spot these sequences, you can get really rich...
But...
No Disrespect, but these are the comments that traders that consistently loose make, i.e. about the brokers and there tricks etc, it’s just the stock whining excuse of frustrated and poor trading, you don’t understand so you blame everything else.

Spreads widen and shrink all the time depending on market conditions.

A hypothetical example......place a trade just before NFP...

1) Your spread will be high
2) Forget about your stop value its worthless in this situation, if it does get hit the slippage will be 20 to 30 pips easily due to the almost certain high volatility at these times, it’s called taking a risk, if it goes in your favour then your target can slip 20 to 30 pips in your favour....my point is you can’t have it all one way.

So my friendly advice would be... stop wasting your time discussing the broker conspiracy theory and concentrate on how to trade, its more productive and useful
  • #75
  • Jun 5, 2011 5:11am Jun 5, 2011 5:11am
A Chinese guy has actually turned $30 into $8000 in Nord platform within less than two months. Details can be found in a thread of a Chinese forum:

http://www.fx998.com/read-htm-tid-112324.html

There was an investor password for everybody to observe his trading, but the password has been withdrawn on the past Friday when his account balance droped to around $5800 and he decided to finished his demonstration.

Note: The connection to the mentioned Chinese forum may be down sometimes.
  • #76
  • Jun 5, 2011 5:26am Jun 5, 2011 5:26am
Quoting ab1
No Disrespect, but these are the comments that traders that consistently loose make, i.e. about the brokers and there tricks etc, it’s just the stock whining excuse of frustrated and poor trading, you don’t understand so you blame everything else.

Spreads widen and shrink all the time depending on market conditions.

A hypothetical example......place a trade just before NFP...

[color=black][font=Verdana]1) Your spread...
u got me wrong...
I aint blaming all the brokers...I'm just saying that there are ( from wat i heard ) fraudulent brokers which dont pay u the money u have made when u try to withdraw.
If u find a reliable broker which pays u ur money when u withdraw, nothing can go wrong if u know how to trade. And u can get rich as well. I'm not saying that u cant get rich cuz of the evil brokers, im saying that on a demo account its possible to make huge amounts. But when u make on real one, some brokers dont pay. Such brokers shud be avoided..And good/bigger brokers be used like maybe MIG bank etc..
  • #77
  • Jun 5, 2011 11:52am Jun 5, 2011 11:52am
I actually saw a friend of mine turn 10k into 50k in just a few weeks but he sadly lost it all a few weeks later by getting greedy and now his account is sitting at 1k. It blew my mind to see the amount of money he was sitting on for just a brief period of time.
  • #78
  • Jun 5, 2011 5:01pm Jun 5, 2011 5:01pm
Quoting paul1
Demo = game enviroment.

In demo game enviroment i could go all out and maybe beat mike tyson.
In the real enviroment I would die pretty quick lol.
I would be scared,and would not take this same risks.
The harder i tried more hurt i'd get.
If i had a real lucky move an hurt him he would probably come back an rip my ears off lol.
Get the point hehe.

Plenty millionaires in forex demo contest,none in real account contest.!!!!
Can someone PLEASE explain the difference(disregarding REAL Money and emotion)

Regards

Ken
  • #79
  • Jun 5, 2011 6:38pm Jun 5, 2011 6:38pm
Quoting kendeb57
Can someone PLEASE explain the difference(disregarding REAL Money and emotion)

Regards

Ken
Hello Ken,
I can explain some of the difference. But not while disregarding REAL Money and emotion, because that is most of the difference.

I have come to believe that, if all of these charts were about something else, and had nothing to do with money.... then it would actually be much easier to play this game. I have seen time and time again, traders who practiced their setups on demo and, after doing surprisingly well for a bit of time, fell apart as soon as they went live. I've seen them take the same trades on demo and live side-by-side and bail out of the live trade with a small gain or small loss because of fear. And then allow the demo trade to go on and make a nice profit, just like they had been doing for the past 'few weeks'.

Taking a demo account and running it to great heights just doesn't compare to the nerves it takes to do the same with a live account. The numbers start getting bigger and so does the fear and greed. A few losses in a row, and the trader enters a slump just like professional baseball players do when they enter a batting slump.

It certainly 'seems' like it should be just as easy to repeat the demo success with live accounts, but it's as hard to explain why that isn't usually true as it is to do it.
  • #80
  • Jun 5, 2011 6:42pm Jun 5, 2011 6:42pm
Quoting kendeb57
Can someone PLEASE explain the difference(disregarding REAL Money and emotion)

Regards

Ken
Me too.
And I think the problem goes deeper --

When live, I went through something similar to the 10-50k post, if only doubling and then bringing to an eighth my much less capital at the time.
Only now, I experience horrendous losses in simulator.

There's gotta be some formula that relates
to the setness of rules and calm logic of mind,
for each of
pennies/real,
demo (fake at regular speed),
and demo simulator (fake at top speed) / backtest (I'd guess: semi-automated).

An initial guess would be that simulator emphasizes standardization of method and real goes for leverage, and thus calm mind around others.
Demo, then, would be light on actually mattering, like simulator is, at the same time it's easy on time pressures, like real is.

So, for some people, this is enough to make 1k%'s on demo. I've read of people doing similar with a self control of how long and how little of a real amount is traded with to run it up; some of them kept their $.
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