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Who has become rich trading forex?

  • #341
  • Mar 21, 2014 5:22am Mar 21, 2014 5:22am
Quoting Lara24
Hi First of all - sorry this is not exactly relevant to the thead but I really need some advice and I can't start my own threads yet as a Junior Member. I'm not really a trader but I run an ecommerce business. I buy my products abroad and must pay in USD, my home currency is GBP. I have outgoing payments over the next 12 months of around 400-500k USD. Right now we have a very good rate on GBP/USD so I would normally do a forward contract to secure this good rate for 30-50% of my projected outgoings, so total around 200K USD. I work with 3-4 FX companies...
1. It depends on you when you are ready to make GBP/USD CFD. Broker offers are the same, they profit from spread not more.
2. Spread for GBP/USD 1-2 pips.
  • #342
  • Mar 22, 2014 9:20pm Mar 22, 2014 9:20pm
Quoting Affirmed
{quote} There are two sides to the spectrum. Most are on the negative side, and there are those select few who have made it big - no doubt about it. The problem in the example you showed above is not the nice equity curve, but the huge drawdown. Many people can replicate this; however, only actually a few can do so without such dire large drawdown. Months and months of success can easily be wiped out in one trade.
NEGATIVE is losing your money in a gambling based scheme.

And let me tell you that 99.6% of people lose money in this scheme.

Someone posting in a forum WARNING USERS to AVOID losing their money... Well... I will consider that person to be 100% POSITIVE.

And I will consider those GUYS MOTIVATING users to stay in FOREX to lose their HARD EARNED money from their JOBS... I will consider those GUYS to be TRULY NEGATIVE ONES...

All said.
The Black Swan: The Impact of the Highly Improbable
  • #343
  • Edited 8:36am Mar 28, 2014 8:04am | Edited 8:36am
Mingary and Mapleleaf....you two are the most pessimistic people / friends or identical twins on this board. It is true most will lose in this game, but the point is that success is very much possible. If you guys or same person are so pessimistic use it in a more positive approach such as tell people most will lose - flat out or it is very risky. Why the melodrama? The way you approach it is just a turn off - sound like a depressing person. Anyhow, didn't Hanover explain to you already in this post http://www.forexfactory.com/showthre...73#post6948673 how it is possible and how others are doing it? Also look at this post - http://www.forexfactory.com/showthre...52#post7368552 - many others...

To many traders starting, currency trading is a very risky business. If you can demo for at least a year without killing an account, then you maybe ready to trade; however, if you somehow blow up your account due to some insane drawdown or martingale technique, you are not ready and will be like the rest of failed trader. --- see how easy and positive that was M&M - simple and to the point?
Management of drawdown is true skill to trading.
  • #344
  • Edited 2:36am Mar 29, 2014 2:24am | Edited 2:36am
Quoting Affirmed
Mingary and Mapleleaf....you two are the most pessimistic people / friends or identical twins on this board. It is true most will lose in this game, but the point is that success is very much possible. If you guys or same person are so pessimistic use it in a more positive approach such as tell people most will lose - flat out or it is very risky. Why the melodrama? The way you approach it is just a turn off - sound like a depressing person. Anyhow, didn't Hanover explain to you already in this post http://www.forexfactory.com/showthre...73#post6948673...
I contend that it's not so simple.
Long term success in Retail Forex trading (trader at home type) is very, very rare (and I am an optimist).
You (rhetorical you) will win some, believe you have found an edge... and then lose, and believe you will recover - and sometimes you will. It is always a constant mix of the two - if you are lucky there will be no increase in the account - and you may call that a success if you want and blog on forex forums . Over time, you will be thankfull to have a real job, that pays real bills and that supports your retail forex trading habit.
Also, on a side note. It's clear that the US has the intention of destroying Retail Forex. Without their support it's becoming a rather dismall little game played by 1000s of traders with 200 dollar accounts getting wiped out on a regular basis by "big money".
  • #345
  • Edited 9:39am Mar 29, 2014 8:54am | Edited 9:39am
I have made the error of getting drawn into one of these 'is it real' discussions before and was rewarded with abuse from a few. Seems I am stupid or I enjoyed it. Who knows.

We are a team of 4 full-time traders, who have just recently expanded to include a number of new team members across several time zones. I can only speak for the 4 at its core. We all live comfortable, financially independent lives based only on the returns of our trading accounts.

This is not a piddling contest for distance, but I happen to think this 0.4% stat people throw around is rubbish. We work with a handful of large brokerages and communicate at a senior level. If you take the thousands of small, $100 accounts that get opened and then trade it all away in 12 minutes then yes, it probably is as high as that. However, I interpret the question as 'If I am serious about this can I be successful' and my reply is 'absolutely yes'. I spoke yesterday with a director of one of London's largest institutional service providers, who have a few private accounts on their books for those who they deem 'worthy' and I can assure you the stat of individuals making money on their accounts is substantially over 80%. In a discussion some weeks ago with a sales-person at one of the worlds largest retail brokers by volume, he was quite happy to say that accounts funded with more than $50,000 rarely lose money. He gained nothing by saying this yet its probably true because those folks are probably serious traders. I believe the term in the industry is 'churn rate' and on the minnow accounts it can be as high as suggested, but the number is clearly aggregated.

I was given the analogy of a surgeon some months ago. This is a full-time job and like the surgeon would be foolish to think he can perform open heart surgery in week one, professionals in Forex with years of work are making what heart surgeons are. More in fact I think?

So yes, I know of more than one wealthy individual who have done, and continue to do 'ok' out of forex trading.
In life you get 3 types of people, those who can count and those who can't.
  • #346
  • Mar 29, 2014 9:41am Mar 29, 2014 9:41am
Quoting HedgePiglet
I have made the error of getting drawn into one of these 'is it real' discussions before and was rewarded with abuse from a few. Seems I am stupid or I enjoyed it. Who knows. We are a team of 4 full-time traders, who have just recently expanded to include a number of new team members across several time zones. I can only speak for the 4 at its core. We all live comfortable, financially independent lives based only on the returns of our trading accounts. This is not a piddling contest for distance, but I happen to think this 0.4% stat people throw...
Hey Hedge, hope you are doing good. Yeah, I got sucked in to trying to show those 2 I was doing well and making a living solely from Forex but they are just negative nellies to the core. It's pretty much only the 2 "M" brothers that are constantly trolling and I'm starting to believe they may be one and the same since the garbage spewing out of their butts is pretty much the same. And he is really the only one throwing out that .4% nonsense.

I mean if you are going to open a few $100 or $1,000 accounts, buy the EA of the week and leverage yourself to the hilt yeah you are probably going to blow your accounts repeatedly and then get pissed on a forum and dispute the fact that you can't make money in this business which we both know is total crap.

As you said the way to trade if you are serious is make it your business and fund it like a business. Unfortunately most these days are looking for the easy way to make big bucks
  • #347
  • Mar 29, 2014 12:02pm Mar 29, 2014 12:02pm
Quoting yazzie
{quote} Unfortunately most these days are looking for the easy way to make big bucks
Hi Yazzie,
I do notice the negative comes from the same voices, I do wonder why they come to a forum which discusses trading and all it involves if all one does is tear it down. The vitriole seems limited to FX too, where a small step-change to facebook shares and everyone agrees there's money to be made.

The argument that systems come and go is amusing. Personally I think most just get tired of armchair critics but then I won't dwell on the negative too much. For us, we base all we do on the GMMA. A system first pioneered by Mr Daryl Guppy several decades back. The fact that he is an advisor to the Australian parliament and a featured contributor to CNBC Asia suggests to me anyway, that the fundamentals of his system have stood trial in forums like these and prevailed. So we have made subtle adaptations to his system to suit our personalities as a collective and happen to make money, I can't see how it becomes too hard to accept. We don't throw bones!

Before I am accused of being misleading, our team are currently investing our energies in the DOW/Nasdaq/S&P eMinis and have done for the last 10 weeks or so. We have struggled with much more than a 50/50 hit rate on the FX pairs since the start of the year and since we are not automatrons, we are fortunate to adapt what we do and continue to profit.

I do believe its a keystone in our success that we do constantly evaulate, modify and adapt but the basics remain unchanged. I don't believe we have anything special, other than good trading services (our brokerage gives us superb spreads), good software (a hybrid of industry standard and our own studies) and a respectable work ethic. After I sent my last response I thought about it while making tea. We meet online every morning. I wonder how many vocations that I attempted where I surrounded myself with experts and was at my desk by 06:45 and willing to listen I wouldnt start to be a success at after 5 years of hard work? Coupled with this, none of us actually ever stop. We speak constantly, if we are away from our desks we are messaging and emailing and the information flow is a constant.

I do agree with some of the sentiment though, particularly where automated systems are concerned, I have my reservations. We do take in sentiment, news, activity, range, spreads and a myriad other variables at any given moment a simple 'yes/no' formula would be questionable.

My position remains unchanged. $5.8 trillion changes hands every day. Even the banks get record fines for losing money and my belief is they enjoy even less flexibility/opportunity than individuals, is it so hard to believe a few hundred a day heads our direction?
In life you get 3 types of people, those who can count and those who can't.
  • #348
  • Mar 29, 2014 1:58pm Mar 29, 2014 1:58pm
Quoting yazzie
{quote} Hey Hedge, hope you are doing good. Yeah, I got sucked in to trying to show those 2 I was doing well and making a living solely from Forex but they are just negative nellies to the core. It's pretty much only the 2 "M" brothers that are constantly trolling and I'm starting to believe they may be one and the same since the garbage spewing out of their butts is pretty much the same. And he is really the only one throwing out that .4% nonsense. I mean if you are going to open a few $100 or $1,000 accounts, buy the EA of the week and leverage...
My BS radar is going off scale....I sense enormous pretense from you two...
  • #349
  • Mar 29, 2014 2:20pm Mar 29, 2014 2:20pm
Quoting Mingary
{quote} My BS radar is going off scale....I sense enormous pretense from you two...
In a way you guys are right...The majority here are loosers in a few months time.
  • #350
  • Mar 29, 2014 2:23pm Mar 29, 2014 2:23pm
Quoting Mingary
My BS radar is going off scale....I sense enormous pretense from you two...
Surprise surprise...
Mingary: On the 10th of January this year I extended an invite to you personally to see what we are doing. I offered to show you live charts with our work on them on the day. I further invited you to be ruthless with it, even in public but conditional only on me showing it to you. You declined.

Your opinion in here is meaningless. Quite why you delight in being deliberately opposite is confusing, but I have satisfied myself that I have tried where you are concerned and must accept you have suffered such horrific trading losses personally, either by your own hand or the hand of an 'expert' (to read BS'er), rehabilitation is impossible.

Thank you again for your input, its now been upgraded from rhetoric to ignorance.
In life you get 3 types of people, those who can count and those who can't.
  • #351
  • Edited 2:56pm Mar 29, 2014 2:41pm | Edited 2:56pm
Quoting HedgePiglet
{quote} Surprise surprise... Mingary: On the 10th of January this year I extended an invite to you personally to see what we are doing. I offered to show you live charts with our work on them on the day. I further invited you to be ruthless with it, even in public but conditional only on me showing it to you. You declined. Your opinion in here is meaningless. Quite why you delight in being deliberately opposite is confusing, but I have satisfied myself that I have tried where you are concerned and must accept you have suffered such horrific trading...
Unfortunately for you you have no credibilty and you can never be credible if you are dealing with forex from a holier than thou perspectve.... I have seen this little song and dance so many times before.
Been there... done that, i know a poser when i see one.
And you referred to Darryl Guppy.. huge, huge turn off (all truth be said the same goes to all the run-off-the-mill popular trading gurus)
BTW, I am just doing my own thing... I am way past needing any help or advice. This is a public forum anyone can pretend to be anything... (I am a little tea pot)
  • #352
  • Mar 29, 2014 2:44pm Mar 29, 2014 2:44pm
Quoting Vitez
{quote} In a way you guys are right...The majority here are loosers in a few months time.
Indeed yes... and with many variations in between.
BTW it's "losers" not "loosers".
  • #353
  • Mar 29, 2014 2:54pm Mar 29, 2014 2:54pm
Quoting Mingary
{quote} Indeed yes... and with many variations in between. BTW it's "losers" not "loosers".
English is my second language, maybe Vitez shares my language 'deficiency' given him being in Slovenia. Your services as a grammar Yoda are graciously received. For all else, you have my position. Thank you.

In life you get 3 types of people, those who can count and those who can't.
  • #354
  • Mar 29, 2014 2:55pm Mar 29, 2014 2:55pm
I know two people.
They trade less but with perfect timing keeping risk low
The Thief of Wall Street
  • #355
  • Mar 29, 2014 2:58pm Mar 29, 2014 2:58pm
Quoting Chicky
I know two people. They trade less but with perfect timing keeping risk low
Don't tell Mingary.

"I'm a little teapot short and stout,
here's my handle here's my...(pause)

OH F@CK IM A SUGAR BOWL!!!"
In life you get 3 types of people, those who can count and those who can't.
  • #356
  • Mar 31, 2014 2:39pm Mar 31, 2014 2:39pm
Quoting Mingary
{quote} Indeed yes... and with many variations in between. BTW it's "losers" not "loosers".
Thank you! How come check spelling ignores that?
  • #357
  • Mar 31, 2014 2:47pm Mar 31, 2014 2:47pm
Quoting Chicky
I know two people. They trade less but with perfect timing keeping risk low
risk low = profits low

I'd prefer then max risk and if winner no need to work for a year/s and if loser back to work

Btw aren't you the -98% guy?
  • #358
  • Apr 3, 2014 9:10am Apr 3, 2014 9:10am
I am not rich but because of forex, I have pretty easy life.Last 5-6 years I do win 5-10% monthly .i do have a large capital to trade though, that is why I do well.
The secret is not to be greedy in forex, if I am happy with my daily gain,I close the shop, that is my MOTO.That is it.
  • #359
  • Apr 3, 2014 2:29pm Apr 3, 2014 2:29pm
Quoting Vitez
{quote} Thank you! How come check spelling ignores that?
Just one of the quirks in the forum..
  • #360
  • May 5, 2014 4:09pm May 5, 2014 4:09pm
  •  aBaxs
  • | Joined Jan 2011 | Status: http://www.socialtrading-aula.com/ | 72 Posts
What's about George Soros? He started small and grow to one of the biggest player ever. Just focus one think and become a master. It is not important to be good at many things, be the best in one area.
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