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Can you get rich quickly from forex trading?

  • #241
  • May 25, 2016 3:02pm May 25, 2016 3:02pm
Hi! I'm new in the town. Liked the topic
My answer is: on theory, it's possible.
But exactly this kind of thinking - getting rich quckly, leads most of the traders to bankrupcy.
  • #242
  • May 26, 2016 5:04am May 26, 2016 5:04am
Rules #1 "trade the money u are affordable to lose, "
2# "patient"
i know its easy to say, but i've failed these rules always.
  • #243
  • Jun 3, 2016 8:34pm Jun 3, 2016 8:34pm
Hi,

As far as I know only 1% of the population becomes rich off investing. Maybe <1% becomes rich quickly on investing.

Based on my experience trading needs discipline and risk management. You dont need to be expert on technical analysis/ fundamental analysis, but you need to master discipline and able to adhere to your risk management rules.

Ironically, the more you think to become rich quickly, the more you lose money.

I dont put my money on mutual funds - I pick and choose my own stocks. But if that is too much work/risky for you do couch potato investing (http://canadiancouchpotato.com/) and value averaging (http://www.investopedia.com/terms/v/value_averaging.asp). You will make average at least 10%-12%/year in 5 year-period.
  • #244
  • Jun 15, 2016 9:43pm Jun 15, 2016 9:43pm
for the rich in forex, can not quickly. rich in forex we need patience and a long process. if we want to get rich in forex then we need to be able to invest our time to studying and practicing trading well
  • #245
  • Jun 16, 2016 12:43am Jun 16, 2016 12:43am
Quoting gabanda
for the rich in forex, can not quickly. rich in forex we need patience and a long process. if we want to get rich in forex then we need to be able to invest our time to studying and practicing trading well
Patience & discipline. Actually they are one & the same. Just spelt alittle different. Plus experience.
You gotta experience pain before gain.
Money makes money.
No guts no glory.
Combine all the above with a winning strategy & "Whalla"
Without having an understanding of down, you can never appreciate up.
  • #246
  • Jun 17, 2016 2:45am Jun 17, 2016 2:45am
Quoting anonymousey
{quote} Patience & discipline. Actually they are one & the same. Just spelt alittle different. Plus experience. You gotta experience pain before gain. Money makes money. No guts no glory. Combine all the above with a winning strategy & "Whalla"
I wanted to contribute to your post. I think when they used the terms patience and discipline, they are
referring to as patience to wait for your trading setup and let it play out without panicking during normal fluctuations of the market (exiting early or widening your initial stop loss for example) and the discipline to follow your strategy religiously. That means if you lose a few trades you are not trying to look for another strategy, as long as you have a positive expectancy of course. You are not going to win them all, but you can control your risk. You must accept this.
  • #247
  • Jun 17, 2016 3:53am Jun 17, 2016 3:53am
I think you won't be rich quickly. Be steady, slow, and organized. You'll get rich later.
  • #248
  • Jun 21, 2016 1:20am Jun 21, 2016 1:20am
rich in forex is not easy to get rich in forex then we need a good trading skills,. with good skills will allow us to trade with the maximum and therefore, we have a lot of skills practice with a demo account or to participate in the contest demo. and to rich with forex we must patience
  • #249
  • Jun 21, 2016 4:35pm Jun 21, 2016 4:35pm
Looking to get rich quick in the Forex market will keep your account blown. Is it possible to get rich quick with Forex? Yes.... but usually after taking the time to master the skill first and going thru the losses and learning from them.
  • #250
  • Jun 21, 2016 4:56pm Jun 21, 2016 4:56pm
Quoting sandycarrot
Can you get rich quickly from forex trading ? if not ? why not just do the job in general or if there is capital ,why not invest your capital in mutual funds, or leave it to fund managers or something like that , or on the other side if you earn 10% profit in a year in trading do not bother trading alone / does not need to work hard alone leave it to fund managers or mutual funds you will get over it with a smaller risk than the handle itself THX for your comments / participation / input , S.C.
Yes, you can get rich really quick. But only after you have put tons of hours learning to analyse the chart
MY SITTING, NEVER MY THINKING!
  • #251
  • Jun 22, 2016 3:23am Jun 22, 2016 3:23am
I think its possible to get rich quickly trading, some have done it... But its not very likely. When I first started I made a lot of money really quick but I was lucky and eventually I lost it all even more quickly! Now I am happy if I can make small profits consistently and compound!
  • #252
  • Jun 22, 2016 6:22am Jun 22, 2016 6:22am
If you have sufficient knowledge that is helpful for you. Then yes you could be rich quickly by Forex Trading.
  • #253
  • Jun 22, 2016 1:17pm Jun 22, 2016 1:17pm
Every trend/indicator follower on forum is bilionare treader (just follow indicators, trends and you will make million crazy people believe 99% losers are not fact)

You can make money only if you get higher timeframe (to avoid spread) and dont want to wait one week then when every indicator show it is best to sell you place buy and do it for 30 pairs and be nervous on profit like you are on loses.
  • #254
  • Jun 23, 2016 9:05pm Jun 23, 2016 9:05pm
to become rich in forex then we need patience and discipline are high. Because to be rich then we need a process, can not quickly and therefore we must remain cautious when trading
  • #255
  • Jun 24, 2016 1:15am Jun 24, 2016 1:15am
so how and where does someone find good principles in trading for newbies. I coach competitive youth soccer and understand about the technical bases that an athletes needs to success. I have seen a few players really succeed and many more fail due to lack of technical skills. How do I find good instruction to learn the technical principles to improve my skills as there is so much hype but I want to know the real aspects of forex trading. Any suggestions?
  • #256
  • Jun 25, 2016 7:33am Jun 25, 2016 7:33am
yes if you are consistently achieving 30% monthly, compounded will be alot, even with small capital.
Pips Collector EA, No Martingale, No Grid
  • #257
  • Jun 26, 2016 3:15pm Jun 26, 2016 3:15pm
How many of you do forex as a living?
  • #258
  • Jun 26, 2016 6:14pm Jun 26, 2016 6:14pm
I am new to this whole shebang and even i know it takes time to start seeing returns.

I admit though for a long time now i have been getting acquainted with different markets and it has taken me way to long to part with this same mentality of getting rich quick, and I feel now that i have let go of this "greed factor" I guess you could call it, I am no longer filtering all the information available and dismissing what does not contribute to massive gains and my unrealistic expectations.

I guess what i am trying to say is just let go of this get rich quick mentality from what i can see it seems like the only way to move on.

I am also only a newbie tho and i accept all and any help available.
  • #259
  • Jun 29, 2016 3:06am Jun 29, 2016 3:06am
Quoting Killerqueen
How many of you do forex as a living?
Considering the purported 95% failure rate of newbie traders I'd say there's not a lot of people who can do that, unfortunately.
  • #260
  • Jun 30, 2016 3:00am Jun 30, 2016 3:00am
Quoting mlawson71
{quote} Considering the purported 95% failure rate of newbie traders I'd say there's not a lot of people who can do that, unfortunately.
I can better say that forex is a very professional market which does not allow any mistakes, that's why the failure ratio is above 90 % as new traders join forex and whenever they make mistake they looses money. However those who learn from their mistakes and let go off their losses make enough profits with the passage of time.
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