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Do You Know Any Millionaire or Multimillionaire Forex Traders?

  • #61
  • Sep 9, 2015 11:36am Sep 9, 2015 11:36am
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...
You see countless of thousands failing because the market is rigged against basic human instincts. .and these thousands failing are the ones who are out there posting for new systems or new ideas etc

How many traders here do you think have a trade plan? Probably less than 10% that post here.

Then, how many do you think over-trade, revenge-trade, risk too much, add to losers, make their stop losses wider after some drawdown in a trade because they just want to give the trade some more "wiggle room", or adjust their take profits smaller after an entry because they fail to stick to their plan and opt for quick profit? And that's just the short list of errors your average trader makes. Probably over 90% that post here.

If you had the patience and discipline to write a trading plan and stick to it without committing any of the errors listed above, do you not think you would succeed long term? And if you later posted about your success because you wanted to "give back" to all the "negative and self-entitled" traders here lol.. would these traders who are currently failing even bother to listen? Or would they think it sounds like a lot of hard work and time, so I'm just gonna keep looking for the next system or indicator that lets me turn $100 into $100,000 overnight and THEN maybe I'll take this seriously lol

So no doubt there are thousands upon thousands struggling, but that doesn't mean there also aren't thousands succeeding.
  • #62
  • Sep 9, 2015 11:37am Sep 9, 2015 11:37am
Quoting Mingary
{quote} This is the point of failure (: Invariably, backtesting eventually fails in real time under real and current market conditions.
No, it doesn't. It only fails if used improperly.
  • #63
  • Sep 9, 2015 11:38am Sep 9, 2015 11:38am
Quoting Xela
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...
You're right. No point getting sucked into this one.
  • #64
  • Sep 9, 2015 2:04pm Sep 9, 2015 2:04pm
I know a few, all of them on the institutional level though
  • #65
  • Sep 9, 2015 3:02pm Sep 9, 2015 3:02pm
I have never met a forex millionaire. However, I know a guy who is making money with trading, mainly with Italian stocks. Another one trades the Bund Future quite successful. I am trading currency futures and I make money. Not a lot, but the time put into trading is worth doing it.
  • #66
  • Sep 9, 2015 3:02pm Sep 9, 2015 3:02pm
the market makers create moves one way to fool you and take profit the opposite, and all along will get you to believe the correct way to trade are trendlines and support resistance. Your stops are targeted all the time. Think about that.
  • #67
  • Sep 9, 2015 3:22pm Sep 9, 2015 3:22pm
Simply Brokers and dealing desks will never let you make 100 k .
Do you think they can lose for you to be Millionaire
  • #68
  • Sep 9, 2015 3:23pm Sep 9, 2015 3:23pm
Quoting headfake
{quote} yes, they don't hang around forums though, too much negativity, they don't use ma's and don't think markets are random either
They do use ma's , and market always correct .
- realize this after trading forex for 5 years .
Exits == most important part of your strategy
  • #69
  • Sep 9, 2015 3:27pm Sep 9, 2015 3:27pm
trader has to be capable( knowledge, skills, patience, discipline, capital..) to make million before complain about broker and dealing desk.
  • #70
  • Sep 9, 2015 3:31pm Sep 9, 2015 3:31pm
Quoting Omar-Forex
Simply Brokers and dealing desks will never let you make 100 k . Do you think they can lose for you to be Millionaire
Why are you talking about things you have no idea about?
  • #71
  • Sep 9, 2015 3:40pm Sep 9, 2015 3:40pm
I think they know exactly what are they talking about. Funny, but I never made money with a forex broker. When I trade futures I make money despite the wider spread. And man, I am not talking about ICAP FX. I do not have 5 millions to give them a try.
  • #72
  • Sep 9, 2015 3:44pm Sep 9, 2015 3:44pm
this thread is a great example why most traders will never be successful.
everyone dreams big, but only some are willing to work hard.
  • #73
  • Sep 9, 2015 3:56pm Sep 9, 2015 3:56pm
Quoting 666
I think they know exactly what are they talking about. Funny, but I never made money with a forex broker. When I trade futures I make money despite the wider spread. And man, I am not talking about ICAP FX. I do not have 5 millions to give them a try.
So, if you know what you are talking about, please explain me how FX retail brokers operate and how they trigger your stops. Or explain me how anyone else triggers your stops.

If you never made money with your forex broker, it's definitely not your broker's fault
  • #74
  • Sep 9, 2015 4:17pm Sep 9, 2015 4:17pm
Lol. I worked for a fx broker many years. Let me expain it to you in this way: Have you ever Seen a non-deposit bonus from a futures broker like Interactive? Have you ever been spiked for 30 pips during no-news-time after making 300 percent profit on your fx retail deposit? Guys like you know nothing about retail fx. They blame everything on Money Management when they fail.
  • #75
  • Sep 9, 2015 4:18pm Sep 9, 2015 4:18pm
So, dream on on your shinny wannabe-fx-dream.
  • #76
  • Sep 9, 2015 4:24pm Sep 9, 2015 4:24pm
Wait, I forgot this one, sorry: Had the broker suddenly changed it's liquidity provider after you have withdrawn 500 percent profit (not micro account) on your deposit? If yes, we are playing in the same league. Otherwise: I know exactly why I am trading fx-futures since 2009.
  • #77
  • Sep 9, 2015 4:47pm Sep 9, 2015 4:47pm
Quoting Omar-Forex
Simply Brokers and dealing desks will never let you make 100 k . Do you think they can lose for you to be Millionaire

You're thinking of counterparty market-makers who are pretending to be brokers, not brokers. A broker is someone who executes a trade on your behalf in an underlying market to which you don't yourself have access, in exchange for a commission, and has no financial interest at all himself in the win-or-lose outcome of your trade.
  • #78
  • Sep 9, 2015 4:49pm Sep 9, 2015 4:49pm
Quoting 666
Lol. I worked for a fx broker many years. Let me expain it to you in this way: Have you ever Seen a non-deposit bonus from a futures broker like Interactive? Have you ever been spiked for 30 pips during no-news-time after making 300 percent profit on your fx retail deposit? Guys like you know nothing about retail fx. They blame everything on Money Management when they fail.
let em talk..i think you already know.

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  • #79
  • Sep 9, 2015 4:51pm Sep 9, 2015 4:51pm
Interesting conversation here. I think the question that we should be asking is "Do you know a person who takes out monthly withdraws from his forex account and uses it as his/her primary income?"
Know your edge and trade within it
  • #80
  • Edited 5:30pm Sep 9, 2015 5:01pm | Edited 5:30pm
Quoting fxtrader29ca
Interesting conversation here. I think the question that we should be asking is "Do you know a person who takes out monthly withdraws from his forex account and uses it as his/her primary income?"

Amen.
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