Is it impossible for American traders to get rich in forex? | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading forex profitable is impossible! 269 replies

Can you get rich quickly from forex trading? 389 replies

It's impossible to lose money in Forex!!! 91 replies

The impossible-question regarding Forex 63 replies

Never get rich trading forex 5 replies

Attachments: Is it impossible for American traders to get rich in forex?
Exit Attachments

Is it impossible for American traders to get rich in forex?

  • #21
  • Edited 10:40pm Nov 19, 2014 2:35pm | Edited 10:40pm
Now that we all know the facts, isn't it now clear it is a waste of time for us American retail traders to trade with a U.S. based account of 50:1 leverage? If you want to make small potatoes, then I guess 50:1 is okay. BUT, if you would like the opportunity to grow your account to several thousand dollars per week, then the U.S. based retail forex accounts of 50:1 leverage will NOT work - UNLESS you have a large amount of money that a 50:1 leverage account requires. In fact, even $1000 per week will be pretty difficult with an account of 50:1 leverage, unless you have fairly large amount of money for the margin requirement that the 50:1 leverage will force you to have.

I am not trying to "rain on anyone's parade" in regards to those of us that is using 50:1 leverage, but I am just stating facts. At some point we have to face reality instead of pretending otherwise. We have to instead work on the solution to this problem.
"Trading is a mental sport." - Ziad Masri
  • #22
  • Nov 19, 2014 10:15pm Nov 19, 2014 10:15pm
Quoting Quickdraw
{quote} Rtm, thank you very much for your comment and providing a dose of reality for others here. I was beginning to think I was the only one here at FF that understood the uselessness of 50:1 leverage for the retail trader. Yes, 50:1 leverage is good for those people that have a lot of money for capitalization, but that low leverage is not good for the retail trader (unless that retail trader has abundant capital to trade with, just like the "big boys" do).
I think if the only broker availabhle to you in forex is from a 50:1 broker you are better to not even trade FX, stick to your equities or futures on your TD ameritrade.
All posts are my personal opinion
  • #23
  • Nov 20, 2014 1:48am Nov 20, 2014 1:48am
Quoting Quickdraw
The below is a post I made at another thread (except I added a little more to it here). Nobody responded to it and so I decided to make it into its own thread. The reason I made the post into this thread is because the subject matter is SO important to those of us that have a goal of getting rich in forex (I assume all of us would like our forex trading to make us rich). Even though I've been involved in forex trading since 2005 (and a member here since 2006), I have only dabbled in it during all this time and taken demo trades only - but even then...
You want more funds in your account. You do not have the funds. What to do?
Find someone with money and show them your results.
A trade should be based on an assumption based on facts
  • #24
  • Nov 20, 2014 10:40pm Nov 20, 2014 10:40pm
Quoting Mave
{quote} You want more funds in your account. You do not have the funds. What to do? Find someone with money and show them your results.
Yes, that is a good idea. However, when it comes right down to it, I'd rather not depend on others and instead only depend on myself - and that includes funding my own account. But, if I can't fund it for whatever reason, then of course your idea is something to consider.
"Trading is a mental sport." - Ziad Masri
  • #25
  • Last Post: Nov 20, 2014 10:52pm Nov 20, 2014 10:52pm
I think the best option for the American traders here - including myself - is to look for a broker overseas ... outside the United States. Many brokers outside the U.S. have 200:1, 400:1, and even 500:1 leverage. However, from what I understand, not all foreign brokers will accept American traders. But still there are some foreign brokers that will accept Americans.

Sooo... are there any American traders here at FF that use a broker from another country? If so, who do you use and how satisfied are you with the broker? And for those of you in other countries that uses a broker that is not U.S. based - and your broker happens to accept Americans - can you please give recommendations?

All recommendations and suggestions will be greatly appreciated and will help others here such as myself.
"Trading is a mental sport." - Ziad Masri
0 traders viewing now