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Do You Know Any Millionaire or Multimillionaire Forex Traders?

  • #41
  • Sep 9, 2015 9:57am Sep 9, 2015 9:57am
Quoting Mingary
{quote} No need to meet any. Logic alone will tell you they don't exist "long term with consistent results"
Mingary, do not be shy. Your successes deserve recognition.
  • #42
  • Sep 9, 2015 9:58am Sep 9, 2015 9:58am
Quoting Atokys
{quote} Logic tells me that they can and do exist into perpetuity.
Faulty logic... (:
If that is the case then there would a vastly huge number of forex millionaires.
Apparently not the case ...
  • #43
  • Sep 9, 2015 10:00am Sep 9, 2015 10:00am
Quoting grin
{quote} Mingary, do not be shy. Your successes deserve recognition.
oops ....
  • #44
  • Sep 9, 2015 10:05am Sep 9, 2015 10:05am
Quoting Mingary
{quote} Faulty logic... (: If that is the case then there would a vastly huge number of forex millionaires. Apparently not the case ...
Thats a non sequitur. The statement does not disprove the possibility of successful trading.
  • #45
  • Sep 9, 2015 10:16am Sep 9, 2015 10:16am
Quoting Mingary
{quote} No need to meet any. Logic alone will tell you they don't exist "long term with consistent results"
I'm not sure why you post on a Forex forum if you're so skeptical about long term success in this endeavor?

I know 3.. of the 3, I've met 2 and know 1 personally... long term, million$+, successful traders who did not start out anywhere close to being millionaires.

Whoever said they wouldn't post on forums like this because of the negativity is correct.

Too many people come here looking to be spoon-fed and feel entitled to everyone's secrets.. don't want to go on an off-topic rant here though.. so..

To the original poster, yes.. and like everyone else, why? You just want to know if they exist? or you want to know if they will help?

Well, they can't help if you have poor trading psychology and poor money management.. that is the difference between success and failure.. it's not a system.
In fact, the successful traders I know.. you could put together a system similar to theirs after going through the babypips school. Get your discipline sorted out and everything else will fall into place. Focus on your own trading. Stop being distracted by other traders and other systems, and start thinking long-term.
  • #46
  • Sep 9, 2015 10:35am Sep 9, 2015 10:35am
Quoting Basilgsa48
http://www.timeslive.co.za/local/201...ares-his-story
sadly this guy was exposed as a fraud today ,making his money selling courses with material taken from babypips website
  • #47
  • Sep 9, 2015 10:49am Sep 9, 2015 10:49am
there was lot of Billionaires forex traders now they are Millionaires
  • #48
  • Sep 9, 2015 10:57am Sep 9, 2015 10:57am
Quoting FXKabab
{quote} I'm not sure why you post on a Forex forum if you're so skeptical about long term success in this endeavor? I know 3.. of the 3, I've met 2 and know 1 personally... long term, million$+, successful traders who did not start out anywhere close to being millionaires. Whoever said they wouldn't post on forums like this because of the negativity is correct. Too many people come here looking to be spoon-fed and feel entitled to everyone's secrets.. don't want to go on an off-topic rant here though.. so.. To the original poster, yes.. and like...
It's obvious that short term success is possible. There is ample evidence for it.
On the other hand ... long term success AND in the millions seems to be non-existent.
Considering the countless thousands upon thousands who have tried over the years for many, many years; long term success should be a lot more prevalent and easy to find.
However, the word is always hearsay (I know someone, who knows someone ...) and / or the forex millionaires are out there but they stay hidden "because of the negativity"
Occam's razor... the simplest explanation is usually the correct one.
Simple logic: Long term success in the forex does not exist.
  • #49
  • Sep 9, 2015 10:59am Sep 9, 2015 10:59am
Quoting Inceptionist
{quote} Ed Seykota, Richard Dennis and Larry Williams are successful traders...Ed Seykota was using a trend following approach, Richard Dennis was using a simple trend following strategy... "Larry Williams won the 1987 World Cup Championship of Futures Trading from the Robbins Trading Company, where he turned $10,000 to over $1,100,000 (10,900%) in a 12-month competition with real money." Source: Wikipedia I might agree with you about Soros and Kovner as investors, but Williams, Dennis and Seykota were never investors and they were traders like...
Larry Williams cheated.
He entered the competition with several accounts. He was very lucky with of of them .. (:
  • #50
  • Sep 9, 2015 11:01am Sep 9, 2015 11:01am
Quoting Mingary
{quote} It's obvious that short term success is possible. There is ample evidence for it. On the other hand ... long term success AND in the millions seems to be non-existent. Considering the countless thousands upon thousands who have tried over the years for many, many years; long term success should be a lot more prevalent and easy to find. However, the word is always hearsay (I know someone, who knows someone ...) and / or the forex millionaires are out there but they stay hidden "because of the negativity" Occam's razor... the simplest explanation...
The conclusion you may draw from that is that success is an incredibly difficult feat. I don't think anyone would disagree.
Quote
Occam's razor... the simplest explanation is usually the correct one.
You also misapplied Occam's razor; which states that simpler theories are preferable to complex ones saying nothing of correctness.
  • #51
  • Sep 9, 2015 11:02am Sep 9, 2015 11:02am
Quoting alexnn
I know a millionare forex trader, but he used to be a billionare before he started!

You just cracked my code. I laughed out loud.
  • #52
  • Sep 9, 2015 11:04am Sep 9, 2015 11:04am
Quoting Atokys
{quote} The conclusion you may draw from that is that success is an incredibly difficult feat. I don't think anyone would disagree. {quote} You also misapplied Occam's razor; which states that simpler theories are preferable to complex ones saying nothing of correctness.
Indeed, my theory on the existence of long term success is rather simple! (:
  • #53
  • Sep 9, 2015 11:08am Sep 9, 2015 11:08am
Quoting Mingary
{quote} Indeed, my theory on the existence of long term success is rather simple! (:
Whether or not it is simple or complex, it says nothing of its correctness.
  • #54
  • Sep 9, 2015 11:10am Sep 9, 2015 11:10am
I know a trader who has made a comfortable lifestyle off of forex, however, he says that too many people expect to become rich way too quickly. He said that it takes time and that forex isn't a get rich quick scheme.
  • #55
  • Sep 9, 2015 11:11am Sep 9, 2015 11:11am
I don't know any of them but there should be many traders who are earning so much to become a millionaire or multimillionaire. I have started trading since 3 years with my current brokers and in these years I have earned a lot so there may many traders who earn unlimited profits through their broker as earning in Forex is Limitless.
  • #56
  • Sep 9, 2015 11:19am Sep 9, 2015 11:19am
Quoting Atokys
{quote} Whether or not it is simple or complex, it says nothing of its correctness.
Yes it does, it's a problem solving principle. basically, complexity should be added to the theory only if the simpler answer is not correct.
  • #57
  • Sep 9, 2015 11:27am Sep 9, 2015 11:27am
Quoting Mingary
{quote} Yes it does, it's a problem solving principle. basically, complexity should be added to the theory only if the simpler answer is not correct.
Occam's razor simply states that one should not explain using a complex theory when a simple one is sufficient. It says nothing of correctness.

Back on topic; consider the following statements:
1. It is possible to produce a profitable trading system and verify its long-term profitability through backtesting
2. It is possible for someone to have adopted such a system

Therefore, if both are true, long-term profitable trading is possible.
  • #58
  • Sep 9, 2015 11:33am Sep 9, 2015 11:33am
Quoting Atokys
{quote} Occam's razor simply states that one should not explain using a complex theory when a simple one is sufficient. It says nothing of correctness. Back on topic; consider the following statements: 1. It is possible to produce a profitable trading system and verify its long-term profitability through backtesting 2. It is possible for someone to have adopted such a system Therefore, if both are true, long-term profitable trading is possible.
This is the point of failure (:
Invariably, backtesting eventually fails in real time under real and current market conditions.
  • #59
  • Sep 9, 2015 11:34am Sep 9, 2015 11:34am
Frankly, I'd "let go" of the conversation, at this point, guys?

(I intend to.)

Mr Mingary just wants to "Be Right" about this, and those discussions generate far more heat than light. However many I've met myself, who have been making their livings for decades this way, and become hugely successful in the 7-8-figure league, he's only going to continue to tell us that "Logic dictates that they don't exist".

Perhaps we're all hallucinating, and so are they?!

Some people are willing to listen to others' experiences and perhaps sometimes learn something from them: others simply aren't, because the words "Sorry, I may be mistaken" just aren't in their vocabulary at all.

Either way, the discussion's become sterile, now, from my perspective.
  • #60
  • Sep 9, 2015 11:35am Sep 9, 2015 11:35am
Quoting mrjinks
Hi Folks. Do you know any millionaire or multimillionaire forex trader in person? Seems so hard to find one... Thanks in advance, MrJinks.
why bother about someone else, even I know him/her I will never be him/her.
we don't predict, we only ride
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