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Can you get rich quickly from forex trading?

  • #21
  • May 23, 2013 9:50am May 23, 2013 9:50am
Getting rich quickly should not be the main aim of the forex traders, because if we have good knowledge regarding the forex market then for sure with good account management we can make hell lot of money. Take it slow and grow bigger.
  • #22
  • May 24, 2013 9:31am May 24, 2013 9:31am
Yes you can get rich quick. It is more luck than anythign else though.

For example I knew a guy from Singapore who opened a $1000 account and turned it into $30K in just under a month. he would bet big with tight TP's and no SL. The second month however he tried the same thing and dwindled his account down to $200.

If you are a gambler you can make a lot very quick, but you will lose it all just as quick the moment your luck runs out.

The key to success in any trading is money management. Sure, you don't get rich quick using MM techniques but you don't blow your account in 1 or 2 trades either.
  • #23
  • May 24, 2013 1:28pm May 24, 2013 1:28pm
Good example Lib3rty of a gambling pitfall in forex. To add to this, it is quite possible to open a 1K account and use a martingale EA to turn that account into 30K in 2 months. The luck here is the timing, starting the martingale at the right time and ending it at the right time. Most people do not take back their profits or capital and the martingale eventually blows up.

It is better to spend the time in the trenches learning to carve out a robust system equipped with safe MM techniques and trade it with discipline and patience.
  • #24
  • May 25, 2013 1:06am May 25, 2013 1:06am
Does this martingale EA is good enough to make profits because if this martingale goes wrong then the account can be gone in less than 2 months also. 30K out of 1K is not a realistic thing for me.
  • #25
  • May 28, 2013 10:37am May 28, 2013 10:37am
Quoting hedging
{quote} Forex already made me rich. Oh I am not that rich because I started forex in my student life and I was rich than my other classmates because I was earning good. Now I am improving to make more money.
That's actually good, and for what it's worth, if you were good as a student, you should definitely be able to make more now..
And on the market, approaching it from a gambling P.O.V is not a good idea, been there, done that.
  • #26
  • Jun 5, 2013 10:44pm Jun 5, 2013 10:44pm
To rich quickly is possible only in fairy tales. Forex can be the aim of whole life. It can be the business of whole life. For someone it could be profitable, for someone not. sure it's a pity. but it's the life,
  • #27
  • Jun 5, 2013 10:56pm Jun 5, 2013 10:56pm
If we try to get rick quick through forex trading then we will only lose more in this process. I was in a hurry in first 14 months of my trading career, but I didn't make any money. From there I started defensive trading and by doing this I started making money.
  • #28
  • Jun 6, 2013 12:08am Jun 6, 2013 12:08am
Im aiming to get rich slowly....
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #29
  • Jun 8, 2013 4:51am Jun 8, 2013 4:51am
the currency market is the worlds largest casino. you are gambling on probabilities. Just as a horse racing fan will study form, ground conditions etc traders study patterns and historical levels. It is still gambling when you have no control of the outcome.

A casino relies on this one fact: the longer you are in the casino the more likely you are to lose your money. That's because the odds are in their favor - just slightly. and that's all they need.

Yes you can win big on forex, with incredible chutzpah and a reckless disregard of risk you can do it quickly and then get out. the longer you are in the higher the chance of you losing your shirt.
https://linktr.ee/Soultrader
  • #30
  • Jun 8, 2013 7:02am Jun 8, 2013 7:02am
Quoting soultrader
the currency market is the worlds largest casino. you are gambling on probabilities. Just as a horse racing fan will study form, ground conditions etc traders study patterns and historical levels. It is still gambling when you have no control of the outcome. A casino relies on this one fact: the longer you are in the casino the more likely you are to lose your money. That's because the odds are in their favor - just slightly. and that's all they need. Yes you can win big on forex, with incredible chutzpah and a reckless disregard of risk you can...

The question is....what if i have an edge to beat the spread,slippage& -ve swaps?
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #31
  • Jun 9, 2013 6:20pm Jun 9, 2013 6:20pm
Nice quote, leaves you wanting "more". Yeah, it is one heck of a ride but it is NOT gambling, sorry to abuse that notion but you need to work at being a trade rather than toss a coin and choose "heads/tails"
  • #32
  • Jun 9, 2013 6:28pm Jun 9, 2013 6:28pm
If you know of a fund manager with around 10% returns per month, who has a track record of at least 3 years with small drawdowns, please let me know. I will scrape together $100K and invest and give you a $10K finders fee. Because at that rate, I should be able to retire very wealthy in 5 years.

The reason I trade is because I strongly believe that I should be able to achieve 10% returns a month over the long haul. As my account grows, I will reduce my risk and diversify into stocks and other investments, so I don't expect to grow at 10% a month in about 2-3 years from now.

BTW, at 10% per month, a 100K investment will grow to $30 million in 5 years. I don't know about you but I'm a simple guy. I can easily retire on that money. Hell, I can retire on $5 million. At 100K a year, I'd be living like a king and assuming I can only make the inflation rate on my money, $5 million will last me 100 years! I currently live on only $30K. And I'm living a good life. I won't know what to do with $100k per year!
  • #33
  • Jun 10, 2013 12:00am Jun 10, 2013 12:00am
There are more people scraping a living working at Mcdonalds than forex traders wasting their lives hoping to make a mint.
You would think that working at McDonalds would really suck (and I am sure it does)
But compared to 99.999999 % of forex traders they are the WINNERS.
  • #34
  • Edited 6:28am Jun 10, 2013 3:24am | Edited 6:28am
Yes, you can get rich. And no, you can not get rich trading forex. If you go into forex with the mentality that you are going to get rich quickly, you will fail miserably. I learnt it the hard way. I hoped I would be retiring within a year or of starting forex. It was after I brew away my entire acc in 5 months that I realised it was not as easy as I had thought. After being humbled by this experience, I actually found that making small consistent gains was a lot easier. Yes, with a reasonable acc size and aiming for around 10% or so returns per month, it is very possible to make a descent income in forex. Forex trading is not as difficult as most of us take it. What is difficult is the psychology of trading and MM (throw in greed as well).
  • #35
  • Jun 10, 2013 3:56am Jun 10, 2013 3:56am
According to human, honey bee can't fly.


Honeybee does it anyhow.
  • #36
  • Jun 11, 2013 1:27pm Jun 11, 2013 1:27pm
Okay, the last comment did not make sense to me - can you clarify it?
I mean, if the honey bee can't fly, how on earth does it collect the honey it needs?
  • #37
  • Jun 11, 2013 1:44pm Jun 11, 2013 1:44pm
Yes, you can definitely get rich quickly from trading forex ... BUT only AFTER you have actually learned how to trade - and that can take you a very long time. In fact most people don't make it that far ... probably because they run out of money.

  • #38
  • Jun 11, 2013 7:24pm Jun 11, 2013 7:24pm
Quoting Forexnuts
Okay, the last comment did not make sense to me - can you clarify it? I mean, if the honey bee can't fly, how on earth does it collect the honey it needs?
When I first read your message, 'the last comment did not make sense to me', I thought you were criticizing my point. Hope I'm incorrect.

What I actually meant is, according to the human scientific knowledge, there are some ratios between an insect's body weight and wing weight for the insect to fly. Actually honeybee's body weight is much higher than the wing weight and it must not be able to fly.

But it's a miracle for the scientist that how does the honeybee fly. The great human being's stats are proven wrong by a small bee. It's just the bee's will power.
--------------------------

Leave this. We have a meditation Guru named Vedhathri Maharishi in India. He's proven to bend a spoon (may be... like shown in Matrix) just using his mind power and without touching the spoon. His talent was examined and he proved this. He didn't die in the distant past. He was alive even until 2006. So you don't have to question this. He agreed he's not god but just a guru who just born as human.

Now if you ask someone 'Can you bend spoon just using mind power'? The obvious answers would be No. But another human just like you and me proved we could.

But the thing is, we don't know how he attained that position. Like wise, anybody can get rich quickly in trading. But you may have to spend years learning the 'trick' about how to get rich quick.
  • #39
  • Jun 11, 2013 8:04pm Jun 11, 2013 8:04pm
Quoting Bhoopalan
{quote} When I first read your message, 'the last comment did not make sense to me', I thought you were criticizing my point. Hope I'm incorrect. What I actually meant is, according to the human scientific knowledge, there are some ratios between an insect's body weight and wing weight for the insect to fly. Actually honeybee's body weight is much higher than the wing weight and it must not be able to fly. But it's a miracle for the scientist that how does the honeybee fly. The great human being's stats are proven wrong by a small bee. It's just...
itīs an urban legend.

Quote
-------------------------- Leave this. We have a meditation Guru named Vedhathri Maharishi in India. He's proven to bend a spoon (may be... like shown in Matrix) just using his mind power and without touching the spoon. His talent was examined and he proved this. He didn't die in the distant past. He was alive even until 2006. So you don't have to question this. He agreed he's not god but just a guru who just born as human. Now if you ask someone 'Can you bend spoon just using mind power'? The obvious answers would be No. But another human just like you and me proved we could. But the thing is, we don't know how he attained that position.

come on... now its really getting silly
  • #40
  • Jun 11, 2013 9:28pm Jun 11, 2013 9:28pm
Quoting Myo
{quote} itīs an urban legend. {quote} come on... now its really getting silly
That's exactly the point. Those who don't care what others think, keep achieving.
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