Want to know how to get rich? | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How much do you want to make and why do you want to make it 17 replies

I don't want to get rich 18 replies

Let's all get obscenely rich with... The New Commodity Boom! 27 replies

Cowboyfx live calls for free, get rich or go broke trying 445 replies

Is FX just another bogus "get-rich-quick" scam ?? 1 reply

Attachments: Want to know how to get rich?
Exit Attachments

Want to know how to get rich?

  • #21
  • Mar 26, 2015 4:59am Mar 26, 2015 4:59am
Quoting spaceduck
I'd never been good with communication with people, but i'll try to put my 2 cents anyway. There is only one way to get rich by trading, and is like you do, buy or sell, and wait for market to go in profit zone. Buy or sell (doesn't really matter, nobody know where market will go next, up down it's just like flipping a coin), wait... take profits when they come. So there is a question that cannot be not asked: What if market go away in more and more loss territory? You can take many small losses along the way (forget about profit), or you can wait...
Well yeah, nobody knows where its going, but as it turns is the best place to enter. If that seems unclear then the trade is unclear.
My signature is: "Classified".
  • #22
  • Mar 26, 2015 5:01am Mar 26, 2015 5:01am
I hope i will be wrong. but it looks for Long move !!! your position are opposit to the trend. how TP do you use?
  • #23
  • Mar 26, 2015 5:04am Mar 26, 2015 5:04am
Quoting xkubas
I hope i will be wrong. but it looks for Long move !!! your position are opposit to the trend. how TP do you use?
Attached Image (click to enlarge)
Click to Enlarge Name: h4 tp maybe.jpg Size: 199 KB
My signature is: "Classified".
  • #24
  • Mar 26, 2015 5:16am Mar 26, 2015 5:16am
I see this way of trading as the best way of gambling ... it has nothing to do with trading, all you do is enter and pray ... NOT a good way to get rich in my opinion.
  • #25
  • Mar 26, 2015 5:20am Mar 26, 2015 5:20am
Quoting yaed
. If there are any questions, i am avaliable from time to time. Good luck! {image}
Are you rich?
Is your richness based on luck?
  • #26
  • Mar 26, 2015 5:21am Mar 26, 2015 5:21am
Attached Image (click to enlarge)
Click to Enlarge Name: more shorts.jpg Size: 72 KB
My signature is: "Classified".
  • #27
  • Mar 26, 2015 6:06am Mar 26, 2015 6:06am
Quoting joancb
{quote} Are you rich? Is your richness based on luck?
Partially.
My signature is: "Classified".
  • #28
  • Mar 26, 2015 6:09am Mar 26, 2015 6:09am
Attached Image (click to enlarge)
Click to Enlarge Name: all good.jpg Size: 94 KB
My signature is: "Classified".
  • #29
  • Mar 26, 2015 6:10am Mar 26, 2015 6:10am
Quoting JustUsePrice
I see this way of trading as the best way of gambling ... it has nothing to do with trading, all you do is enter and pray ... NOT a good way to get rich in my opinion.
Oh thats very enlightening of you to say. As i close these shorts in profit i will meditate on your wise words. For a bit. Now im done. Off to other things.
My signature is: "Classified".
  • #30
  • Mar 26, 2015 6:29am Mar 26, 2015 6:29am
Hi yaed, Would you please show me exectly in wich S/D area you beging to sell and how you put your TP ans SL?
  • #31
  • Mar 26, 2015 6:53am Mar 26, 2015 6:53am
Quoting k.k
Hi yaed, Would you please show me exectly in wich S/D area you beging to sell and how you put your TP ans SL?
Yeah sure.

SL=when you are at -15% you ought to take a look at what the hell you are doing. I aim at +0.5% to +1% a day.

Attached Image (click to enlarge)
Click to Enlarge Name: TPs on m15.jpg Size: 330 KB


Its a matter of probabilities, so i dont use a one position thinking. As probability increase for a good sell, i increase or decrease how big/many i make the positions.
100 pip is a good 1% chunk or so of youre total account. Something like that. The exact numbers arent important. Maybe you can go 100 pip = 0.5%. Something i dunno. Gotta go one step at a time and get screen time and all that. How big is a D1 candle before its "big"? 100? 200? 50? 500?

I dont know any "Get 100% in 30 days" bullshit. Depends on the market i guess. Depends on how much you are willing to loose. Depends on if you gotta go get your son at kindergarden.
My signature is: "Classified".
  • #32
  • Mar 26, 2015 6:58am Mar 26, 2015 6:58am
Quoting yaed
{quote} Yeah sure. SL=when you are at -15% you ought to take a look at what the hell you are doing. I aim at +0.5% to +1% a day. {image} Its a matter of probabilities, so i dont use a one position thinking. As probability increase for a good sell, i increase or decrease how big/many i make the positions. 100 pip is a good 1% chunk or so of youre total account. Something like that. The exact numbers arent important. Maybe you can go 100 pip = 0.5%. Something i dunno. Gotta go one step at a time and get screen time and all that. How big is a D1 candle...
Thak you very much for being helpfull as always and sorry for my bad English.
  • #33
  • Edited 8:05am Mar 26, 2015 7:15am | Edited 8:05am
Quoting spaceduck
I'd never been good with communication with people, but i'll try to put my 2 cents anyway. There is only one way to get rich by trading, and is like you do, buy or sell, and wait for market to go in profit zone. Buy or sell (doesn't really matter, nobody know where market will go next, up down it's just like flipping a coin), wait... take profits when they come. So there is a question that cannot be not asked: What if market go away in more and more loss territory? You can take many small losses along the way (forget about profit), or you can wait...
Am I wrong to be hanging around ForexFactory calling everyone stupid? I hope I'm not and do note I make no claims about my own intelligence level. Despite years of interest in trading I'm still preoccupied with other projects so I can't contribute anything but the simplest info to forex discussions, that is: calling people out on absolute bullshit that people still seem to take seriously, to try and reduce the noise level on this forum (or to feed my ego, I hope not).

So, I just wanted to say that this is the stupidest thing I've ever heard on ForexFactory, and I hope you can think about this better and learn from your mistake.

You're first of all completely wrong about no one knowing where the market will go. Tons of people do (in a probabilistic sense), and you could have known as well. The European Central Bank announced long time ago that they were going to perform quantitative easing. This lowers interest rate, which is highly correlated with the exchange rate. And as you can imagine quantitative easing isn't a 1 day thing, it's a process done over a long time so there was plenty info there you could have made use of, alone, as part of a strategy, or input into an already successful automatic, mechanical trading system, improving it's success rate.

The main point I want to make however is how stupid it would be to trade a market you see as completely random. You simply can't profit from that. You would just be funneling all your money to your broker of choice and improving the liquidity of the market, nothing more. You could do better watching old women at casinos counting how many coins they put into the slot machines. I believe you can find a small opportunity to earn a bit more money than YOU put in. Or even better, you could play poker 'betting' on the fact that your opponents won't play as optimally as you do. If all play optimally (none will) no one profits but the house.

It would be quiet a spectacle to become "rich", as you worded it, flipping a coin. Not just once, but over and over and over.

Edit: On second thought, these kinds of posts aren't useful. Those that are serious about forex will certainly see already what I'm pointing out.
  • #34
  • Mar 26, 2015 7:17am Mar 26, 2015 7:17am
boring...
Gold Expedition Return This Year: -15.9%
  • #35
  • Mar 26, 2015 8:01am Mar 26, 2015 8:01am
Quoting CuriosityFX
{quote} Am I wrong to be hanging around ForexFactory calling everyone stupid? I hope I'm not and do note I make no claims about my own intelligence level. Despite years of interest in trading I'm still preoccupied with other projects so I can't contribute anything but the simplest info to forex discussions, that is: calling people out on absolute bullshit that people still seem to take seriously, to try and reduce the noise level on this forum (or to feed my ego, I hope not). So, I just wanted to say that this is the stupidest thing I've ever heard...
Well congratulation Mr. "I know the future", of course if you tell me where eurusd will be at the end of today or of this week or of this month or of this year that would be appreciated..

I ask you because my time-travel machine is temporarily broken, trying to fix it though, or maybe i will buy a new one on ebay!

When i say the market is random, i don't mean it just go up and down for no reason, of course if it go up is because there are buyers buying it, for reasons (like the recent usd depreciation because the fed didn't delivered what was expected), or the longterm eur downtrend due to first the negative interest rate and now QE.

It's always funny to look the past and say "hey you see it was easy", all i'm saying is that this kind of stuff you can do by look at the past, but to make money (this thread is about become rich, aka make a lot of money) you got to know the future.

In other words, the future is unpredictable, call it unpredictable or random it doesn't matter, nobody know where market will go next (nobody but the central bankers and their gang, and sometime some politician).

This is just a fact, anything else is bullshit.

I will not push this conversation further, i know most of you don't like to hear these facts, most of you prefer to believe that a particular indicator or a particular system can make you all rich, and in fact it is true.

But a coin flip can make you rich as well, the success don't come from the system, it only comes from how trades are managed once opened.

That is also what is doing our friend in this thread (just my opinion), he is so far able to bring some profits, he talk about PA but for me it is really bullshit, he can have the very same results just by using a coin flip to decide if open buy positions or sell positions.

Peace!!!!!!!
  • #36
  • Mar 26, 2015 8:16am Mar 26, 2015 8:16am
Quoting CuriosityFX
{quote} Am I wrong to be hanging around ForexFactory calling everyone stupid? I hope I'm not and do note I make no claims about my own intelligence level. Despite years of interest in trading I'm still preoccupied with other projects so I can't contribute anything but the simplest info to forex discussions, that is: calling people out on absolute bullshit that people still seem to take seriously, to try and reduce the noise level on this forum (or to feed my ego, I hope not). So, I just wanted to say that this is the stupidest thing I've ever heard...
And by the way, seems like you didn't catch the irony of my first post, yes it was ironic.

My point (a hidden one!) was that nobody can make consistent profits for a long period of time, for the simple fact that the market doesn't have many inefficiencies, sure we are still all trading, and some of us did already or will become rich by trading profits, this is absolutely natural.

During a whole year, out of 100 traders there is always at least one that make huge profits (perhaps even 10000%), 20 that make modest profits, 30 that make small profits or breakeven, another 30 that make consistent losses, and perhaps 20 that destroy their accounts.

This is just normal (gaussian) distribution, is everywhere.

Now these 100 traders can use a coin-flip strategy or a fibo-MA-PA-S&R technical strategies or pure fundamental strategies, it really doesn't matter, the result doesn't change.
  • #37
  • Edited 8:56am Mar 26, 2015 8:28am | Edited 8:56am
Quoting spaceduck
{quote} Well congratulation Mr. "I know the future",
I'm really confused. What is your position? That you can, or that you can't make money from forex?
I believe your first post said that you can become rich from a random market. Now however you've said that to become rich you've got to know the future. But then you say the future is unpredictable or random and that nobody knows where the market goes next (except a select few), and yet then you say that managing the trades correctly can get you rich.

I believe you have contradicted yourself many times. But as you say, you've never been good with communicating with people (same here, because of my bad grammar) so who knows. Maybe your first post was hinting at the fact that if you modelled the market as a random walk, then there would be some probability of breaking even from a loss, lets say. I don't know what that probability would be and over how long of a time. That kind of theory won't aid you in trading (not exactly true, but for this example). There's a cost to all entries, you have a limited balance, limited time, and the market isn't a random walk.

You can't get rich from trading randomness. What the hell are you talking about?

"The success don't come from the system, it only comes from how the trades are managed once opened". So the opening doesn't matter? And how exactly are you going to manage anything with no expectancy of anything whatsoever. No indicator of abnormal events. No indicator of anything. Everything is just random. You can't 'manage' your position with no information.

Can you give me some info on how I might make money from flipping a coin, since the markets direction is like flipping a coin? Let's model it like this: if you get heads, you win $50, if you get tails you lose $50. A coin toss costs $1. Where do we go from here?
  • #38
  • Edited 9:13am Mar 26, 2015 8:41am | Edited 9:13am
Quoting spaceduck
{quote} And by the way, seems like you didn't catch the irony of my first post, yes it was ironic. My point (a hidden one!) was that nobody can make consistent profits for a long period of time, for the simple fact that the market doesn't have many inefficiencies, sure we are still all trading, and some of us did already or will become rich by trading profits, this is absolutely natural. During a whole year, out of 100 traders there is always at least one that make huge profits (perhaps even 10000%), 20 that make modest profits, 30 that make small...
Ok now I get you. You forgot to shift the distribution because of entry costs. But yes if the market is random you indeed can't expect to make profit. I'm still not sure what you meant by managing the position though.

The thing you've 100% forgotten is data science and statistics. If I've created a model that is and has performed well, then it can be expected to perform well in the future as well. Most people on here slap random indicators on their charts, interpret them in non scientific manners, expecting to turn a profit yet having never measured if that was even to be expected or not. I don't. I'd never trade a system unless it had already shown to be able to predict the markets. And this doesn't come from some random tests based on nothing like if (measureA > measureB*2) and if that didn't produce results, I'd change the question a bit, etc. No, that would simply be curve fitting. I base my stuff on sound theory only.

You are 100% incorrect that the markets are not predictable. If I measure them to be predictable, then they are predictable. The system matters. If 1 system performs better than the other, then it DOES perform better than other. Most systems are trash hovering around 50% win rate. Just because you haven't seen a good system, doesn't mean they don't exist. You are way too bold in stating what you think are facts, absurd 'facts' I might ad. Maybe you can be forgiven for thinking mechanical systems wont work, but fundamental? You think there is NO way, in all the complexities of THE ENTIRE WORLD, that I can't get myself an EDGE above others? That's absurd. There's way too much complexity in the world to explore, to conquer, to not be able to get a simple EDGE over others. Predicting peoples', countries', and the world's trends and futures is not impossible. It's entirely possible!

Do you think George Soros' success is just due to chance? Do you have any clue how clever he is? I have read some of his articles he's written. He THINKS about the world. He PREDICTS it. He doesn't go around forums claiming the world is impossible to predict. Instead he does the exact opposite and proves you wrong. If you think it's just up to chance, then I ask you: why do you think he just happens to be a Jew? I'm pretty sure they do have a larger brain size on average which correlates with IQ. I'm not 100% sure with this, but it is one of the ugliness's of the world that people of different origins and races have different attributes ON average which may or may not work well for the modern world. This makes the world ridiculously unfair for some, as you can imagine. If he were just a random success, he probably wouldn't be a clever dude. He'd just be 'normal'.
  • #39
  • Mar 26, 2015 9:10am Mar 26, 2015 9:10am
Quoting CuriosityFX
{quote} Ok now I get you. You forgot to shift the distribution because of entry costs. But yes if the market is random you indeed can't expect to make profit. I'm still not sure what you meant by managing the position though. The thing you've 100% forgotten is data science and statistics. If I've created a model that is and has performed well, then it can be expected to perform well in the future as well. Most people on here slap random indicators on their charts, interpret them in non scientific manners, expecting to turn a profit yet having never...
Yes i get you, sorry if i may had sounded a bit aggressive, i actually like to have "strong" conversation.
I see that i was a little bit confusing with my statements, ok i will try for the last time to put my thoughts in a way as simple as possible.

1) the market is not random, funamentals and other events have a huge impact on it (for example fundamental datas, central bank policies, etc.).

2) these impacts start in the moment that the event is known to the market, and last for some time (some may have an impact that last for years, some for only 10 minutes).

3) the random/unpredictability comes from the fact that regardless of the first 2 points, at any time new events can impact the market, and change the current trend (be it short, medium or long term trend).

From the point 3, the assumption that the future is still not fully predictable, this doesn't mean of course that there cannot be found good opportunities (the first 2 points are enough to create opportunities on a consistent basis), it simply mean that we can never be 100% sure of what will happen.

Now, in light of these facts, make money is surely possible, but it is not always possible or easy (point 3).

I must admit that the coin-flip stuff was really a provocation, i myself in my trading take consideration of the first 2 points (fundamentals) and the overall market structure and its elasticity (like the FFT you mentioned).

However, sometime even the best scenario, where fundamentals are on your side, technicals (market structure) are on your side, timing is on your side, even in such scenario, there is always a probability (may be high or low, but it is always present) that the market will act on the very opposite way, for reasons that at the moment (or never will) are not yet known to the public.

And this is way, become rich is possible, but noooot easy... especially if we take in consideration the human-mind weaknesses, the subconscious tricks, etc.

On my side, i trade from more than a decade, i've seen great traders with absolutely sound knowledge of both technicals and fundamentals go burst (or just make losses) from time to time, and i've seen also unexperienced traders make huge amount of moneys without even knowing what was happening (luck?).

So that's it, as for you, you sound somebody who know what you're doing so it is really a pleasure to have this "conversation" with you.

Apologizing to the thread operator to have written so much off-topic, good luck to everyone!
  • #40
  • Mar 26, 2015 9:54pm Mar 26, 2015 9:54pm
can you summarize your strategy
0 traders viewing now