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Can you honestly earn a good living or even get rich through forex?

  • #221
  • Jun 8, 2013 9:56am Jun 8, 2013 9:56am
I am making little profits from trading and obviously it had changed my financial position to a great extent. The only problem is that I have little capital because of which I only trade on micro lots. But with the passage of time, I'll increase my capital to raise my profit.
  • #222
  • Jun 8, 2013 1:12pm Jun 8, 2013 1:12pm
Quoting hedging
I am making little profits from trading and obviously it had changed my financial position to a great extent. The only problem is that I have little capital because of which I only trade on micro lots. But with the passage of time, I'll increase my capital to raise my profit.
u may make a good profit in micro account, however once you move to a bigger lot u will feel a bit different.
why? it will depend on your psychology and your mentality.

if you can go through that someday you'll play such a super huge lot. you'll have to change your strategies as there is some limitation buy/sell orders at specific price but in this phase you already a rich man
Everything in the world has its own rhytms
  • #223
  • Jun 8, 2013 11:07pm Jun 8, 2013 11:07pm
Quoting COopa
{quote} u may make a good profit in micro account, however once you move to a bigger lot u will feel a bit different. why? it will depend on your psychology and your mentality. if you can go through that someday you'll play such a super huge lot. you'll have to change your strategies as there is some limitation buy/sell orders at specific price but in this phase you already a rich man
Perhaps. All people are different.

For me personally, after I finally stopped blowing up my $200 accounts and finally started to get ahead....it was then that I found I had confidence.

I felt more stress when I was at a $200 micro account level.

When I got to trading 10 lots and then 15 lots I felt deep calm and great peace. This was true because I KNEW I was on top of Forex now; that I KNEW how to make money with certainty.

When I was at the $200 micro account level, I was stressed out hoping I would not stuff it up (again); hoping that I finally had learned something and could make money.

You are correct in that when you get to much larger trade sizes, that there are limits set on your account.

Market maker type brokers will seek to control the size of your total positions, because they are your enemy trading against you. ECN-STP brokers are different. They are just passing your order thru to the banks for a flat fee, and they do not trade against you. So they will accept large lot trade sizes. They may limit any one trade to 100 lots; but they will let you have many 100 trade lots.

I am up $50 million plus some change now. I trade 500 lots when I trade. And I only have around $200,000 in my account before profits not withdrawn. For me now, I have no stress if I were to blow up my account (which I still do a few times a year).

Forex is my main love and business. Forex is my primary driver in life for excitement.

But I do it for the money, not the thrill.
  • #224
  • Jun 14, 2013 7:19pm Jun 14, 2013 7:19pm
i found this in dancing phil's profile:

About dancingphil
I'm an Australian who has lived in SE China the past 6 years. I am an aggressive large lot trader with special skills in hedging and Counter Trend (CT) trading.

I'm especially good at pissing off idiots. I do mentor people occasionally, but ONLY if I like and respect them.

After passing the $50,000,000 Forex profits mark in 2013, I began loading up on gold, and I currently hold 386kgs while looking to grow that to 1 metric tonne later this year.

Country China
City/Town Guangzhou
Occupation Forex Trader
Trading Experience More than 5 years
Trading Style(s) Technical Analyst, Price Action
Preferred Trading Strategy/System(s) Knowing that will cost you
Preferred Trading Platform(s) MT4

---------------------------
-----------------------------
-------------------------------

i am sure that dancing phil is on the level with us all, but let's take a look at him a bit closer:

he has fifty million dollars of trading capital.
and he possesses 386 kilograms of gold?

let's do the math regarding that gold...

one kilogram equals 35.274 ounces...

one ounce of gold is now approx: $1400.00 usd

386 kilograms of gold equals 13615 ounces of gold and then multiply that by fourteen hundred dollars per ounce...

13,615 x 1400=19,061,000.00 USD

ok, i see, dancing phil has tuned his metatrader account from two hundred bucks into almost seventy million dollars?

obviously he has no explorer cuz he wants to maintain his privacy? or was it anonymity?

has anybody here personally seen this oversized and busting at the seams metatarded account that has no trade explorer attached to it?

somehow, i dont believe this story...

and then considering that he states that if i want to know his trading system method that that will cost me? come on, plz, if i had fifty million of capital and twenty million dollars of raw gold, i would be way too bizzy running my little trading empire to mentor any phkng body... get the phk real..

i am from the show me state of missouri..

so, show me.

zero/.
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  • #225
  • Jun 14, 2013 7:49pm Jun 14, 2013 7:49pm
Quoting slam.dunk
i found this in dancing phil's profile: About dancingphil I'm an Australian who has lived in SE China the past 6 years. I am an aggressive large lot trader with special skills in hedging and Counter Trend (CT) trading. I'm especially good at pissing off idiots. I do mentor people occasionally, but ONLY if I like and respect them. After passing the $50,000,000 Forex profits mark in 2013, I began loading up on gold, and I currently hold 386kgs while looking to grow that to 1 metric tonne later this year. Country China City/Town Guangzhou Occupation...
Firstly, your knowledge of gold is zero.

Gold is measured in TROY ounces, not your imperial ounce. There are 32.15 troy ounces in a KG of gold. I have 12,400 TROY ounces. It cost me $17,000,000 at my entry price. This investment is not in addition to more than $50 million in profits I have made; rather it was bought from those profits.

As to mentoring, almost all people I have mentored have been people from my personal life face to face. The last person I took on was 6 weeks ago, my ex-girlfriend from 4 years ago. Did I charge her? Damn right I did; so that she has skin in the game and doesn't quit when it gets hard to learn.

Mentoring has never been about making money. It is about the teacher getting the best of the lesson. Mentoring has been helpful to me lifting my own game as a professional. I am not in the business of recruiting students. I have no ebooks to sell, no video courses to sell, no web site etc.

But why do I need to publish my results? I have nothing to prove, and no one to prove it to. And certainly I've never given a rats arse to what trolls such as yourself think about me.
  • #226
  • Jun 14, 2013 8:24pm Jun 14, 2013 8:24pm
Quoting dancingphil
{quote} Firstly, your knowledge of gold is zero. Gold is measured in TROY ounces, not your imperial ounce. There are 32.15 troy ounces in a KG of gold. I have 12,400 TROY ounces. It cost me $17,000,000 at my entry price. This investment is not in addition to more than $50 million in profits I have made; rather it was bought from...
ok, fine, so i am not an enthusiast about gold enuff to know that it is measured in troy ounces instead of plain old ounces and i estimated your gold holdings as being nineteen million instead of the more accurate amount of seventeen million dollars?

whatever, that is so splitting hairs, and i stand by my statements..

Quoting dancingphil
{quote}But why do I need to publish my results? I have nothing to prove, and no one to prove it to. And certainly I've never given a rats arse to what trolls such as yourself think about me.
you dont need to publish your results, you could just continue on as you are and just tell us all about how rich you are DUE TO YOUR SUCCESSES IN TRADING and you could just continue TELLING US ABOUT YOUR FIFTY MILLION DOLLARS and you could just continue TELLING US THAT YOU MENTOR ONLY THOSE THAT YOU LIKE AND RESPECT and you could just continue calling me A TROLL.

i am okay with that, if you are okay with that.

it works for me.

happy trading,

zero/.
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  • #227
  • Jun 14, 2013 9:14pm Jun 14, 2013 9:14pm
I believe you dancingphil. I want to believe someone was able to turn a small account into a crap load of money. It gives me incentive to go for the gold. No pun intended.
  • #228
  • Jun 14, 2013 10:12pm Jun 14, 2013 10:12pm
Quoting Smokeymar
I believe you dancingphil. I want to believe someone was able to turn a small account into a crap load of money. It gives me incentive to go for the gold. No pun intended.
Haha, yeah I did guess you weren't talking about going for my gold.

On learning a new skill, the old wise man said, "Study hard all the conventional wisdom, and then do NOT do that".
  • #229
  • Jun 16, 2013 9:50pm Jun 16, 2013 9:50pm
dancingphil,

relax now, cuz we were just messing with you, we all turned twenty bucks into a billion dollars and it only took us a couple of weeks and we all live with supermodels and we all go out on friday night to party with mick jaggar and we all ride unicorns to the office and we all....

i personally have six hundred and fifty billion euros and i have five hundred million tons of gold.

so suck on that.

zero/.
contact zero 510-684-1114
  • #230
  • Jun 16, 2013 11:51pm Jun 16, 2013 11:51pm
Quoting Ishtana
There has been a lot of interesting and useful discussions since I started this thread. But I still haven't asked this question yet: Is there anyone here in this forum who becomes a millionaire purely from trading forex?
But I still haven't asked this question yet: Is there anyone here in this forum who becomes a millionaire purely from trading forex?

sometimes it is difficult to find openness in public forums

:I believe there are people who are consistently making money here
but the problem is they do not want to express
why ?
if they tell the truth
many people say he is arrogant and ask for proof
and a lot of disagreement,, and causing contention,
then they think,,, akh ,,,all of it is useless
Better silence

and conversely there is also

I also believe,,,there are many who always lose and lose
they also do not want to express
why ?
they said to himself
If I tell the truth,,the most I get
scorn and advice,,,sometimes get insults,,sometimes incorrectly blame
akh,,I am ashamed to say
Better silence
if there is something you should keep secret,simply just save it,, so, just
  • #231
  • Edited 12:47am Jun 17, 2013 12:26am | Edited 12:47am
Quoting Ishtana
There has been a lot of interesting and useful discussions since I started this thread. But I still haven't asked this question yet: Is there anyone here in this forum who becomes a millionaire purely from trading forex?
Theoretically it's possible. But you have to consider that most successful traders (and by successful I mean wealthy) built their wealth by putting their money into several different markets. Diversity seems to be a common practice amongst these people.

Also, a lot of successful traders consider the discussion of earnings to be tacky. That's just how it is. Not to mention, if I was making bank, I wouldn't post about it on a public forum unless I wanted to be bombarded with PMs from newbs
  • #232
  • Jun 17, 2013 5:18am Jun 17, 2013 5:18am
Quoting dancingphil
{quote} Haha, yeah I did guess you weren't talking about going for my gold. On learning a new skill, the old wise man said, "Study hard all the conventional wisdom, and then do NOT do that".

you are perfect example what is wrong about this place, you are pure fraud and here to scam people, you can tell those little stories to kids, all regular REAL traders know that.
swing it!
  • #233
  • Jun 17, 2013 10:12am Jun 17, 2013 10:12am
Quoting dancingphil
{quote}I am up $50 million plus some change now. I trade 500 lots when I trade. And I only have around $200,000 in my account before profits not withdrawn. For me now, I have no stress if I were to blow up my account (which I still do a few times a year). Forex is my main love and business. Forex is my primary driver in life for excitement. But I do it for the money, not the thrill.
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  • #234
  • Jun 18, 2013 11:48pm Jun 18, 2013 11:48pm
Wow, I'm currently working minimum wage and I'd love to get started with a Broker in London for about $500 if I'm lucky and get tutored up to making at least $70-100 monthly to cover the utilities.

But after reading most of this thread...I must say it has discouraged me a lot.
uphill battle
  • #235
  • Jun 19, 2013 2:42am Jun 19, 2013 2:42am
I hope l can. I'm learning every day.
Many traders have made that, so i believe we can make it too, though I haven't regard it as my normal work.
Forex is the biggest market in the financial world and it contains lots of opportunities.
  • #236
  • Jun 19, 2013 3:37am Jun 19, 2013 3:37am
CAN YOU HONESTLY become tom cruise will smith micheal jordan or jackson or blah blah nothing is guaranteed in this world just do what you like or love and leave rest to your destiny and hardwork.
GBP/USD
  • #237
  • Jun 19, 2013 6:41am Jun 19, 2013 6:41am
Quoting Gizmosis350k
Wow, I'm currently working minimum wage and I'd love to get started with a Broker in London for about $500 if I'm lucky and get tutored up to making at least $70-100 monthly to cover the utilities. But after reading most of this thread...I must say it has discouraged me a lot.
I'm being very sincere when I say that trading is not for you. Save your money. If you feel like you want to try trading, please don't deposit any real money. I stress, don't deposit any real money. Open a demo account for a while.
  • #238
  • Jun 23, 2013 9:46am Jun 23, 2013 9:46am
Quoting dancingphil
{quote} Firstly, your knowledge of gold is zero. Gold is measured in TROY ounces, not your imperial ounce. There are 32.15 troy ounces in a KG of gold. I have 12,400 TROY ounces. It cost me $17,000,000 at my entry price. This investment is not in addition to more than $50 million in profits I have made; rather it was bought from those profits. As to mentoring, almost all people I have mentored have been people from my personal life face to face. The last person I took on was 6 weeks ago, my ex-girlfriend from 4 years ago. Did I charge her? Damn...

Folks, don't pay this guy for any lessons or do anything that he claims to be doing. He is a fraud. I made detailed posts about him in the members lounge. Do read them before taking anything he says seriously.
  • #239
  • Jun 23, 2013 1:43pm Jun 23, 2013 1:43pm
Sure you can!

Forex Market is like a home business, in fact its the closet to a home business. Meaning; You don't have a boss limiting your paychecks. The trader can gain as much as he wants (If he is correct on the trades). Everyday (Except Fridays) can be a good trading day.

Winning Hints:
- Use the Alligator Indicator* (5,15,30 minute time frame)
- Use the "HA" (Heiken-Ash) indicator*
- Use MACD indicator

Cool!
- Chris
  • #240
  • Jun 24, 2013 6:58am Jun 24, 2013 6:58am
Quoting slam.dunk
dancingphil, relax now, cuz we were just messing with you, we all turned twenty bucks into a billion dollars and it only took us a couple of weeks and we all live with supermodels and we all go out on friday night to party with mick jaggar and we all ride unicorns to the office and we all.... i personally have six hundred and fifty billion euros and i have five hundred million tons of gold. so suck on that. zero/.
Well said!
50 mils? From 500 lot's scalping/hedging?Yea sure,i'll try that tomorrow too!
Btw,yes u can make living from a 5000$ low leveraged account,with not risking more then 1-2%/trade (not like a king anyways),but compound interest can make wonders in yrs,even months.
Something like that:


http://img69.imageshack.us/img69/6392/5qw.png
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