After years in trading, do you still believe in get-rich-fast BS? | Forex Factory

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After years in trading, do you still believe in get-rich-fast BS?

  • #1
  • First Post: Oct 15, 2013 2:20am Oct 15, 2013 2:20am
It's been nearly 3 years since I started trading - I started trading on demo for fun. I've been doing bets with few guys who will earn the most - demo account with 100k and we were going - I had no clue what it is about, so the account would melt in days if not hours - later on I've lost some money, I've had better and worse periods and at the moment over the 3 years I have about 2k less, but the positive side is the knowledge I gained, lots of knowledge, I could probably do workshops in trading psychology but I cannot help myself

anyway, coming back to subject - after few years spent in fx market - do you still believe you can get rich fast?

I don't - I've had better and worse times, and I know that the markets are not trending all the time, you may sit on your ass for days and will barely get 1-2 signals. The way I see it is you need to give yourself 5-10-15 years to get to bigger money - 5-10-15 years of discipline, and to be honest - if I had a good job that is safe (which one is these days) - I would give up on fx. I'll keep trading, but will focus on my full time career more, will try to open side business and will carry on with forex, but I know it needs years to get rich (or luck), and I think then and only then when your main focus won't be getting rich fast on fx, when you'll start treating it as investment for years - only then you may succeed (most of us at least, as there are some people with steel balls who can stick to discipline all the time)

how about you guys - do you still believe in get rich fast in fx market? what are your views? did any of you get to point where you live of fx? I know only one person here that did succeed
On my way to financial independence - if others can do it - I can do it
  • #2
  • Oct 15, 2013 2:25am Oct 15, 2013 2:25am
Quoting Eur Usd
how about you guys - do you still believe in get rich fast in fx market?
If you are an experienced trader with a consistent trading method, you will find the answer here: http://www.forexfactory.com/showthread.php?t=444377
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Oct 15, 2013 2:28am Oct 15, 2013 2:28am
Quoting FerruFx
{quote} If you are an experienced trader with a consistent trading method, you will find the answer here: http://www.forexfactory.com/showthread.php?t=444377
in 10-20 folds? you'd have to trade silver and have 100% good trades, each giving 100% profit (possible in theory on silver) - then you would get rich in few days - but do you know somebody who did?
On my way to financial independence - if others can do it - I can do it
  • #4
  • Oct 15, 2013 2:46am Oct 15, 2013 2:46am
Quoting Eur Usd
It's been nearly 3 years since I started trading - I started trading on demo for fun. I've been doing bets with few guys who will earn the most - demo account with 100k and we were going - I had no clue what it is about, so the account would melt in days if not hours - later on I've lost some money, I've had better and worse periods and at the moment over the 3 years I have about 2k less, but the positive side is the knowledge I gained, lots of knowledge, I could probably do workshops in trading psychology but I cannot help myself anyway, coming...
here I agree with each word of yours.
been there done that, Good Bye
  • #5
  • Oct 15, 2013 2:48am Oct 15, 2013 2:48am
Quoting Eur Usd
{quote} in 10-20 folds? you'd have to trade silver and have 100% good trades
Absolutely not. Did you read the whole thread ? I even doubt that you read the very 1st post !!!
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Oct 15, 2013 3:02am Oct 15, 2013 3:02am
Quoting FerruFx
{quote} Absolutely not. Did you read the whole thread ? I even doubt that you read the very 1st post !!!
yes I've read it, I kept following it on the beginning and still don't believe it
On my way to financial independence - if others can do it - I can do it
  • #7
  • Oct 15, 2013 3:09am Oct 15, 2013 3:09am
Quoting Eur Usd
I know only one person here that did succeed
who ?
  • #8
  • Oct 15, 2013 3:19am Oct 15, 2013 3:19am
Quoting Eur Usd
{quote} yes I've read it, I kept following it on the beginning and still don't believe it
If you don't believe it, so the thread isn't for you because that means that you don't believe in your trading.

As said earlier, if you have a consistent trading method, then this way of managing your money will pay you greatly soon or later if you are patient.
MT4/MT5 EAs/Indicators/Alerts coder
  • #9
  • Oct 15, 2013 3:22am Oct 15, 2013 3:22am
Quoting jasakreatif
{quote} who ?
can't tell, but in few years guy got to point where he trades full time
On my way to financial independence - if others can do it - I can do it
  • #10
  • Oct 15, 2013 3:23am Oct 15, 2013 3:23am
Quoting FerruFx
{quote} If you don't believe it, so the thread isn't for you because that means that you don't believe in your trading. As said earlier, if you have a consistent trading method, then this way of managing your money will pay you greatly soon or later if you are patient.
Quoting Rag2RichesFX
That should go without saying. Variation Using 1:4 RISK REWARD and initial stop loss of $25 Account balance = $50, giving two attempts to get going. Risk = 50% Reward = 300% (4 fold) $50 total, first trade risk $25 Win = $150 total Win = $450 total Loss =$225 total Win = $675 total Win = $2025 total Loss = $~1000 total Win = $3000 total Win = $9000 total Loss = $4500 total Win = $~13000 total Win = $39000 total Win = $117000 total 9 wins, 3 losses. The order of the wins and losses doesn't matter. ___________________________________________________________________________________________...



it is market that decides when you loose, not the trader
On my way to financial independence - if others can do it - I can do it
  • #11
  • Oct 15, 2013 3:29am Oct 15, 2013 3:29am
Quoting Eur Usd
It's been nearly 3 years since I started trading - I started trading on demo for fun. I've been doing bets with few guys who will earn the most - demo account with 100k and we were going - I had no clue what it is about, so the account would melt in days if not hours - later on I've lost some money, I've had better and worse periods and at the moment over the 3 years I have about 2k less, but the positive side is the knowledge I gained, lots of knowledge, I could probably do workshops in trading psychology but I cannot help myself anyway, coming...

A method which can prove success full is - if you have for example $15000- then only trade below 0.5 lot volume and this is called discipline and money management - risk should be as low as possible to think and do emotionless trading - And one can have a break for a week or so if a draw down happens or if monthly targets achieved - just think simple knowledge of charts and little techs can do wonders if one trades for example 10 shares of apple with more than $50000 capital - by minimizing the burden or pressure on mind is the best way to be in trading
finding A M S
  • #12
  • Oct 15, 2013 3:31am Oct 15, 2013 3:31am
Quoting Eur Usd
{quote} {quote} it is market that decides when you loose, not the trader
its the trader being on the wrong side of the big hands.

nothing more than that

lets not over complicate it.
Be hopeful in a winning position, and fearful in a losing position.
  • #13
  • Oct 15, 2013 3:32am Oct 15, 2013 3:32am
Quoting Eur Usd
it is market that decides when you loose, not the trader
And what ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #14
  • Oct 15, 2013 3:32am Oct 15, 2013 3:32am
Quoting Eur Usd
{quote} in 10-20 folds? you'd have to trade silver and have 100% good trades, each giving 100% profit (possible in theory on silver) - then you would get rich in few days - but do you know somebody who did?
now you just sound like a newbie man. no offense or anything but....

have you ever heard of leverage?

3 years you been trading really?


for IRAs, silver is a fantastic way to make great returns. but with leverage, ill stick with currencies.


wait.. why are you talking about 10-20 fold? this thread is talking about a 100% return in 1 trade, not a 1000-2000% return



please state any questions you have and i will clarify as best i can, thanks
Be hopeful in a winning position, and fearful in a losing position.
  • #15
  • Oct 15, 2013 3:32am Oct 15, 2013 3:32am
Quoting Rag2RichesFX
its the trader being on the wrong side of the big hands.
Exactly.
MT4/MT5 EAs/Indicators/Alerts coder
  • #16
  • Oct 15, 2013 3:39am Oct 15, 2013 3:39am
Quoting Eur Usd
{quote} {quote} it is market that decides when you loose, not the trader

you got it wrong - it is the trader who decides to take the position or cut the losses short - the market doesn't know what happens to each and every individual trader- it just provides opportunity to enter and exit the trades and nothing else - market collects information from people all over and just reacts to it - most patterns do work approx similarly as it did in the past -but one should just need patience to find it and use it - remember one thing forget about making fast money because there comes all the errors most of time
finding A M S
  • #17
  • Oct 15, 2013 3:42am Oct 15, 2013 3:42am
@Rag2RichesFX and FerruFx - have you succeed? if no then it is only a proof I am right. Out of curiosity I'll start testing your method, but If after 20 trades there will still be some cash on the account it will be miracle. there is difference between theory and practice. all you need is 2 bad trades in a row and you're done, game over
in your words:
50$
after one loss: 25$
after 2 loses: 12$
in this point you need to earn over 300% without losing, just to get your money back - posssible with high leverage, but if you trade with high leverage - 50% loss comes faster - please show me picture of your explorer if you did succeed - it will be the only proof I am wrong
On my way to financial independence - if others can do it - I can do it
  • #18
  • Oct 15, 2013 4:01am Oct 15, 2013 4:01am
in one point in my life I got to point when I was just looking at chart and without drawing anything on chart I knew where the price will go, where to enter, when to exit - there was no s/l, only tp - in 2 months I did earn 700% with this method (trading on EU only) - I needed only 2-3 failures (which will happen sooner or later) to fall down
of course I could count it:
500
after 2 months: 4000
after 4 months: 32.000
after 6 months: 256.000
and so on, but how far will your luck go.
and if you say it is possible then show me your explorers - of course you won't, but you will say I am not right.
On my way to financial independence - if others can do it - I can do it
  • #19
  • Oct 15, 2013 4:04am Oct 15, 2013 4:04am
Quoting Eur Usd
I'll start testing your method
Keep in mind that you will succeed because of your trading skill ... nothing else.

You are still arguing about a thread you didn't read. Do your job, then and only then be back to give your opinion ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #20
  • Oct 15, 2013 4:23am Oct 15, 2013 4:23am
hi ts

just to answer your question

ive starting fx trading in 2006 and turned full time fx trader in 2007

stopped in 2009 (due to some domestic probs and a passing of a fam member) and resumed this year.

fx trading is not a get rich fast thing....

as my teacher (who brought me into fx) told me, what do i want to look for in fx trading...

fx trading is just like a job like any others except this has given me a lot of freedom in terms of time.

my time is no longer controlled by my bosses or clients

my daily target is 30 pips a day and im doing fine.

so the answer to your qn, i never believe fx trading is a get rich fast scheme.

may the pips be with you
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