It is possible to be rich in FX!

With all these criticisms all over different threads on how u can never be rich Trading Forex, My question is this WHY ARE WE STILL HERE??? Why are we still following up on threads? Why are we still checking out possible trading systems? WHY ARE WE STILL TRADING??? Pls somebody has got to have an answer to this cos' I JUST DON'T GET IT.

i think it's all possible in forex, you can be rich or bankrupt

Or you can be rich one day and lose it all in the next

95% of traders fail because they dont understand the market, they get all technical and fundemental and try and 2nd guess whats going to happen through economic news etc, they like to be right based on what they talk about, but they are doomed to failure taking this approach.

Thats why theres so many guru's on TV telling you whats going to happen with the dollar and the pound etc, but are any of them rich ? and do any of them get it right most of the time ?...no and no to both, there good at talking........

Trading has nothing to do with any of that...its much more basic

if that's the case, how to understand the market?what's your method?

Seriously why would I tell you how to trade ? (no offence) whats in it for me? No one who can trade professionally on here is going to tell anyone else how to trade.

Im not selling anything by the way, my trading strategy is my own that has taken many years to develop....The only point I make on this thread to everyone is you need to develop your own system from a culmination of putting in the hours, knowledge and dedication.

No one is going to give you the key to riches on here or anywhere else for that matter and especially for nothing.

Research, testing, experimenting and a lot of learning is the only way...well unless you have a mentor that is willing to pass on his wisdom for nothing...... and that assumes what he does, you can do...

lol through out the FF forums there is much negativity about being successful in forex trading ,the problem is one trader's success may be different to what you call successfull , I only stick to my trading plan with money management and the strategy or system tht works with my plan and MM ,to do this first of all I had to work out how much I was investing (starting balance) then I had to work out whats my goal where I want to be ,it was simple I wanted to clear my mortgage which is $145,000 but had to work out consistancy of my strategy ,system at what risk :reward, only then I could work out my trading plan and then finally money management to suite the method ,this takes lot of hours and study

so far I have been trading this past 8 months and have achived only 14% of my final goal ,but its working at its own pace ,and knowing your own system or any method is the key sticking to it and being strict with it

so how do I judge myself successful or not only time will tell ,my starting cap was $20,000

my trading plan is simple based on min 1:1 risk reward and on average I do need to win atleast 6 trades out of 10 ,so its the cycle of 10 trades ,but the trades are only taken if there is min rr 2:1 or more , often I find on average wining 6 trades bags me more then just 1:1 rr ,and there is also provisions for slipage when lossing trades ,targets are calculated each month ,and only compound the risk for increase size lots if the previous months targets are met otherwise money management will not let me take higher risk simples

thats it said what I had too now hope I get there lol

hi all, new to the forum, have used forex factory for 1 1/2 years but this is my first post.. in my first year, i lost a bit more than i gained, since the start of 2011 i have turned that around.. i started a fresh account account for $100 and since, it has ballooned to just over $28,000 (usd).. we are in a very risky business, but some can make money, most won't.. my only advice is keeping it simple, keep the clutter down to a minimum.. good trading to all........

Haha so true, so true, I was just gonna V for ya but I already have. Great post.

rules of trading

1. got a system that you trust is simple enough.
2. if you fail the system, most likely you did not following the rules.
3. never give up, you maybe just a step away to be success.
4. after success, if you happy that is good, if you think other indicator might improve your trading, search for it, but only when you have time to do so.

there is only 2 ifs for me.
1. if I live in better time zone (like in indonisa that is perfet for trader)
2. if I following my rules. (just did not following my rules accept loss).

otherwise, I should be in very good shape for my account.

I have just thought about the title of this thread...."It is possible to be rich in FX"...

Thats like saying..."Its possible to be rich in selling cars"
or..."Its possible to be rich plumbing"
or..."Its possible to be rich doing building work"

Basically it possible to be rich in anything if you have the drive, determination and personality to take the rough with the smooth and the ability to learn and progress...

but Im afraid the answer is "NO" to all of the above if your not prepared to give it 110%...... and no one will hand it to you on a plate, so stop dreaming and start putting in the effort... simple

It is impossible to make such a profit in a short time. I think you watched to many movies.

What the hell is up with all the 'no can do' around here? Despite what everyone said, it's possible but will require tremendous amount of analytic prowess, experience and more than a little luck.

To be honest with you all, there are people in this forum and other forums who shares their idea on how they trade. is that mean you are going to be successful trader as well? may be yes and may be NO. there are a lots of systems and methodes for free all over the internet. do they work? well it depends on US.

I've been trading myself almost 3 years, and I went through lots of ups and down. At first I thought ah the brokers are messing up my trades and whenever I buy, the my trade goes against me and I was so suspecious. After these years, I realized the broker has nothing to do with it. I do check the prices with different broker and they are all the same.

My conclusion to successful traders is not the methode he or she trades, that is only part of the business. I know couple traders and they trade live account, they post their setup before it happen, and they even explaine why? they are also giving lessons and why they do this or that. are they successful? yes they are, b/c they are following the rules of their plan.

Here is if anyone wants to be successful in this business, if you don't have what I am gonna write, you just save your money or give them to charities so you can gain some good deeds and make someone happy.

In order to be successful, YOU HAVE TO BE DESCIPLINED, that is the secret of forex and any business, you have to be disciplined to follow your plan, your strategy, your money management. all related to each other. They always know where to put their stop loss, I mean they don't just put it 20 pips or 50 or 100, there is a reason why they put it where they do. There are support and resistance in the market, and behind those places successful traders place their stop.

The best strategy without discipline is not a strategy or methode, and if there is no discipline, there is NO methode or strategy and then there is nothing to base your buy or sell on except luck.
I am struggling with discipline myself, but I am doing alright now, I started trading live account for a month and half now, but I am putting all my effort on discipline and money management. the first 4 weeks when I started trading live, I forgot that I have a plan lol I ws just buying and selling just to be in the market and I forgot about my methode and all the books I read and practices. My risk suppose to be 4% max but I let my losses go beyond that. that's why most of us don't make it in this business. I am not saying that we are not gonna succeed, instead we will as long as we learn from our mistakes and have discipline.
This is the advice one of them gave me to build discipline and patience, he said, just go ahead and do the setup, buy, sell stop loss, and shut down your computer, come back next day, win or lose. one trade per day with risk reward calculated as your plan suggested.

It only takes time to find your weakest spot, but evently if you stick to your plan and be disciplined, we will make it.

Good luck everyone, and we all have to be positive in our thoughts! that's part of this business.

happy trading.

Anyone know what is the general consensus on the % of traders that are successful long term? I come from an online poker background and the consensus there is that 10-25% of players win. Just interested to see the % of winners in forex.

only 5% to 10% trader is winners in forex

havn't got a clue. just keep a sharp eye on your money management and risk reward and most importantly, imho ,your time input, .
this place is good , use it wisely. .

Well said!!! keep an eye on your money management and risk reward! with discipline and we can be in the 10% of successful traders. If anyone disagree, try it and tell me if you can manage your account with 100% disciplined.

Regards,

Yes, it is possible to become rich in forex market. But for that, you need to have proper knowledge and education about the market.