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Can you get rich quickly from forex trading?

  • #101
  • Aug 10, 2013 1:24am Aug 10, 2013 1:24am
Trading live on small accounts is not going to net you the big bucks overnight but it will provide you with loads of real time trading experience..and after a few years of disciplined trading, you should start making profits consistently.
Is is possible to get rich by trading in the forex market? Yes, but after a few years only..
  • #102
  • Aug 10, 2013 3:57am Aug 10, 2013 3:57am
Quoting Rag2RichesFX
{quote} yup i know a few pulling over a mil a year.. some.. 500k a month hedge fund managers of billionaire funds make 10-100 million per month.
A few years ago I was introduced to a US trader. I'd just had my most successful year ever, he'd just LOST 11% for the year

He still made 60 times more than I did for the year, and that was after paying fairly considerable operating costs, and heavily discounting the annual management fee that his firm charged clients.

At that time, an average months return for me in percentage terms was greater than this guys best ever year, he had a lot of money under management, I didn't.

That's the way to get rich, earn tens of millions in fees even in a losing year, and 20% of profits in a good year even on modest returns can of course get you the odd 100M month once in a while
  • #103
  • Aug 10, 2013 4:02am Aug 10, 2013 4:02am
Quoting Razzle
{quote} A few years ago I was introduced to a US trader. I'd just had my most successful year ever, he'd just LOST 11% for the year He still made 60 times more than I did for the year, and that was after paying fairly considerable operating costs, and heavily discounting the annual management fee that his firm charged clients. At that time, an average months return for me in percentage terms was greater than this guys best ever year, he had a lot of money under management, I didn't. That's the way to get rich, earn tens of millions in fees even...
For the big bucks, the key is not to trade but to get OPM.
Of course you must show "some profit" from your trading operation, then become or hire some good sales person and marketers. Your operation becomes 10 % trading 90 % sales (looking for / finding "investors and clients"). Get that OPM, 100 Million minimum. Trading is risky, managing money is not.
  • #104
  • Aug 11, 2013 12:13pm Aug 11, 2013 12:13pm
It sounds like brokers managing huge money for other has bigger possibility of getting rich faster than the trader itself.
I agree that better start on small amount and low risk.
  • #105
  • Aug 12, 2013 7:19pm Aug 12, 2013 7:19pm
How do you think George Sorros got to where he is today - by using the same approach, and hooking more investors to invest in his hedge fund.
  • #106
  • Aug 13, 2013 9:45am Aug 13, 2013 9:45am
It takes time and effort to actually be profitable in the forex market. No getting rich overnight, and if your new its good to trade in small lots don't gain much but you do get experience. Money comes later. Iam fairly new thats what i do. there's a lot to learn.
  • #107
  • Aug 14, 2013 9:31am Aug 14, 2013 9:31am
Quoting chucho85
It takes time and effort to actually be profitable in the forex market. No getting rich overnight, and if your new its good to trade in small lots don't gain much but you do get experience. Money comes later. Iam fairly new thats what i do. there's a lot to learn.
Agree. If you can the follow rules and manage the risk properly you can get rich quickly.
  • #108
  • Aug 14, 2013 11:04am Aug 14, 2013 11:04am
Options or Traditional Forex Trading?
uphill battle
  • #109
  • Aug 15, 2013 9:16am Aug 15, 2013 9:16am
Quoting Gizmosis350k
Options or Traditional Forex Trading?
Options trading way to risky than forex trading
  • #110
  • Aug 29, 2013 12:02pm Aug 29, 2013 12:02pm
We can get rich from Forex quickly if trader is having proper trading skills and knowledge and has ability of earning good and consistent profit so trader should focus on learning first to earn good and consistent profit.
  • #111
  • Aug 31, 2013 3:54am Aug 31, 2013 3:54am
Quoting trader121
{quote} Albert Einstein said: "The only way to beat roulette is to steal the money when the dealer is not looking"
Quoting FerruFx
{quote} FerruFx said : "The only way to beat the roulette legally is to not play".
You might find these youtube videos interesting.
Inserted Video

Inserted Video


As for the thread topic..........

The only ways to get rich quickly at forex (as a retail trader) is to either:

1. Take outrageous risks, and be incredibly lucky (take the approach used in threads like this or this), or

2. Find an exceptional mentor (preferably one who knows how heavyweight players manipulate price movement)

Otherwise it's years of long hard study, and even then you might not make it.
  • #112
  • Aug 31, 2013 4:19am Aug 31, 2013 4:19am
Quoting hanover
You might find these youtube videos interesting.
Well known "issues" which are fixed since few years now
MT4/MT5 EAs/Indicators/Alerts coder
  • #113
  • Aug 31, 2013 5:42am Aug 31, 2013 5:42am
Yes why not , anyone can be rich quickly to done forex trading but he must be experience and need to be more professional .
  • #114
  • Aug 31, 2013 6:17am Aug 31, 2013 6:17am
to be honest getting rich is easy with forex if you know what you are doing, and atleast it requires 10k to get started.once my account will hit 10k size, I might think to trade for living, until then I have to work 9-5
been there done that, Good Bye
  • #115
  • Aug 31, 2013 7:26am Aug 31, 2013 7:26am
yes you can get rich quick


the problem is, newbies lack the skill and patience to do so (waiting for the best trades and then pouncing)


and newbies think QUICK means like a week or a month. and they think RICH means over 10 million

okay yes its possible to go from $100 to $100,000 in 1 month but for a newbie likely not, and even for experienced traders, very difficult.


but you can go from $25 risk to $117,000 in 12 trades, with only 9 of them being winners (75% win ratio)
using a 1:4 risk reward and risking 50% of the total account after each win




biggest recommendation to newbies is to trade 0.01 lots until you can consistently win trades.
then increase the risk higher and higher, the more profit you are trading on.
Be hopeful in a winning position, and fearful in a losing position.
  • #116
  • Aug 31, 2013 7:29am Aug 31, 2013 7:29am
Quoting WhiteHorse
to be honest getting rich is easy with forex if you know what you are doing, and atleast it requires 10k to get started.once my account will hit 10k size, I might think to trade for living, until then I have to work 9-5
you can get to $12,000 with 8 NET WINNERS, using a risk reward of 1:2 and initial risk of $50


http://www.forexfactory.com/showthread.php?t=444377


you are right though. the more money you have the easier it is to consistently make gains.

albeit small gains, you can pretty much guarantee making $300 a day if you have a $100,000 account,
using a drawdown max of only $1000 (1%)

and that drawdown max is rarely hit.
Be hopeful in a winning position, and fearful in a losing position.
  • #117
  • Sep 2, 2013 12:45pm Sep 2, 2013 12:45pm
Quoting WhiteHorse
to be honest getting rich is easy with forex if you know what you are doing, and atleast it requires 10k to get started.once my account will hit 10k size, I might think to trade for living, until then I have to work 9-5
But what if you think you know what you are doing, you have deposited 20k and quit 9-5, when in reality all before that was a fluke and after some time you are left alone only with you confidence?
  • #118
  • Sep 2, 2013 3:51pm Sep 2, 2013 3:51pm
Quoting DitterPD
{quote} But what if you think you know what you are doing, you have deposited 20k and quit 9-5, when in reality all before that was a fluke and after some time you are left alone only with you confidence?

if it is a flunk, grab your resume and go for job hunt once again
been there done that, Good Bye
  • #119
  • Sep 3, 2013 3:32am Sep 3, 2013 3:32am
Quoting WhiteHorse
{quote} if it is a flunk, grab your resume and go for job hunt once again
...and add qualities/skills - "Pro-active, self-starter, risk taker, resilient"
  • #120
  • Sep 16, 2013 8:09am Sep 16, 2013 8:09am
if you can dedicate 2 years to a strict plan you can have 1-3 million starting with $1000+
He who knows when he can fight and when he cannot, will be victorious.
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