Can we achieve success?

Beginner Questions
1

Hello everyone! I am relatively new to this site and almost as new to forex (meaning I have medium level knowledge and experience). Recently I started thinking about forex (again) and before trying to develop a (new) personal strategy, I have a few pessimistic ideas/questions about forex.

  1. Firstly, my opinion about forex. I see forex as infinite, unlimited, and what I mean by that is this: if I can make 1 pip profit every month with 100% certainty, then there is nothing stopping me from catching up bill gates.

  2. Are there rich traders, traders who own sports cars and big mansions and have a million dollars in their nightstands, like mayweather, with all their money coming from trading forex?

  3. Are forex experts, people who have deep knowledge of forex, like some of the blog owners from here or other trainers, rich beyond imagination? If they are, then we must thank them each single day for their generosity, for sharing their experience (I do not mean to be ironic in any way, I don’t think I would be here every day posting if I had a lot of money, and I don’t think they would either; however, I really hope they are rich, because if they can do it, then so can I). But if they are not rich, I have a big problem. If people with that level of knowledge and experience are having trouble making money with forex, what chance do I have? Why waste my time training to be like them if that is for nothing?

  4. The same idea as before in a different form. Forex robots, EAs. I try to develop my own EA. It’s nothing spectacular, just some simple ideas written in code. I can’t be that arrogant to believe that I am the first one who had that idea. There are specialized people, people whose jobs are to develop this kind of programs, and I don’t think they succeeded or we would have heard about it. So, again, why waste my time?

  5. At number 2, I was referring to people who love forex. Here I talk about people who make money by selling forex to others. Someone from this site said that it’s easier to make money by selling forex to others than by trading forex. I have that feeling too, and it makes me suspicious of…everything. It makes me feel like that guy trained for forex, traded in forex, most likely failed and came to the conclusion that it’s easier to talk about forex than trading it. If your strategy is so good, your robot or your signals are so good, then why are you using cheap marketing tricks to make me give you 5$ for your product instead of using it yourself? It’s almost like begging. It may be me, but if I had millions in my account, I would not ask anybody for 5$, no matter what it’s for.

These are my turnoffs. I hope I haven’t forgot anything, I have been writing for almost an hour :smiley:

Good night everybody!

2

Good questions. I’ll do my best here.

  1. There are, but they are very few and far between. The percentage is shockingly low. What’s also a small percentage, but still attainable are people who live off of their accounts and are location independent as a result, which means they can live anywhere in they want in the world with a wi-fi connection and do what they love for a living. This is my overall trading goal. If it makes me super rich, great, but nobody will know about it. I don’t flaunt, and my needs are pretty simple. Everyone is different though. You want a Bentley? Go get it, you’ve earned it.

  2. Who knows? I wouldn’t take up that much time blogging if I was already rich. You can however, make money regurgitating the same info to people, and getting them to go to your site and look at it. You can say that the next resistance level is [I]here[/I] and the RSI is [I]here[/I], and [I]this[/I] news event is coming up, which anyone with two eyes can see, but somehow these people are still around ten years later doing the same thing. You can make a living broadcasting what’s going on in the world of fundamentals and give your take on it, even though most of it will end up having no bearing on what price does. There’s a market for this kind of info, no doubt, even though it’s of little realistic help to traders. I love DailyFX for example, those guys are sharp and put out a great product and great resources. But have you ever seen their trading signals?? They’re way in the negative, it’s pretty brutal. So take that for what it is I guess.

  3. I just mentioned this in another thread, it’s really hard to automate a profitable system. I have a manual system, but even when I get a signal, there’s still some brain power involved before I pull the trigger. As far as the EAs that are out there now, 1 out of 50 probably does well, but you have no idea which one it is.

  4. I’m mixed on this. Some people are downright shady, or they’re selling something based on cherry-picked examples that would fail on most other charts and time frames. At the same time, there are people who are really good, and are just trying to get to that level I was talking about above quicker than they would trading alone, which is totally fine. You just have to take the plunge and find one that allows you to back out and stop paying if you don’t like it. I’d say don’t buy indicators though. Most of those programmers don’t trade at all, and there’s no way for you to test drive it for yourself and see how it stacks up on your own charts.

Hope that helps. I’ve been trading since 2010, and turned pro in 2014. This is some of what I’ve learned so far.

3

There are successful traders, but they are not on fourms like this. They enjoy their life. I know a trader on fb, he is mighty rich and his wealth has only same from forex trading, nothing else. So it is possible but you need a lot of practice, patience and a bit of luck as well.

4

Thank you guys for your answers, you managed to give me some confidence.

This is forex for me, episode 4.

Good luck everyone! :smiley:

5

You never know who is a what in an online forum. Just saying. You yourself mentioned a trader on FB so why not be on what may be the biggest forex forum out there? The likelihood of coming across a great trader in any market anywhere is slim as the success rate is low single digit, but you never know where you will come across one or if you came across one.

6

Successful traders are every where , they can be small investors or high too. If their success ratio is good they are actually good traders. Consistency in making profit and low loss determines the success level of any trader .

7

Yes but failed trader are more than successful trader at every where , so achieve success is possible but be failed is more possible so its our choice for decide where we stand . be seriousness and do its as hardly is must we do to be one of the success trader i think

8

WHY NOT??? Million of people are making consistent profits in Forex business, if you are capable of making sure your Winning having a strong strategy and money management, You can be SUCCESSFUL TOO…

9

“Millions of people” !! From where did you get this information? Where are these millions of people that are making consistent profit from trading? I guess you should research your information regarding this.

10

I have a FB friend that started trading in January with $250 bucks and payed for a education set on strategies. He also follows a group of live traders. He’s turned that $250 into $8k in 6 months.

11

It will be interesting how the next 6 months go. Thats not a big sample. Impressive yes but still not very long in forex time.
Forex time is like dog years lol

12

I once saw a person on fb turning $100 to $11000 in less than 2 months. He was a good trader (had some years of experience) and he himself agree that this only happened mostly due to some good luck. He said he used his strategy but risked more than usual and it paid off. This can’t be repeated through out anyone’s trading career.

14

Yes some people can achieve a success and some can’t. The number of those successful is small unfortunately. The way you put everything together here shows me that you are in a very pessimistic mood about forex trading and that is not the way successful traders are thinking.

15

This good motivations words. most of us have loss experiences, so its not wrong if many people hard to get success in here even can’t . but yes you are right , we need optimistic to be our power when facing bad conditions

16

Mmm as a relatively new trader and since taking some time off from the forums to just focus on my demo account I found myself being less influenced by the opinions of others and to just focus on the strategy that I have put together. No doubt it’s been tweaked according to the more successful trader’s but i’m gaining confidence in my ability, not others. Great posts as always.

17

It is possible to be successful trader because there high chances of trading profitably in forex when you are good trader and patient enough with good trading experience. In all business not every one succeed .Its all about determination to achieve your aim.

18

Yes, you’re right. Patient and a lot of experiences will help traders in making right decision in many different conditions of market because if you did a lot of practices to gain experiences then you could know the positive and negative things to use in certain condition and using certain tools (indicators, price action, or any other tools). So, it’s possible for traders to become successful in here when you prepared good trading plan and you had a lot of experiences.

19

Yes just the traders who have high patience level that can survive in this business . cause as we know there are many condition that not we want and every times we do this business we will have duty for learn and learn to have high skill to know new updating about forex market

20

Good evening…

My question is: what is meant by ‘success’?

On dictionary.reference.com, the first definition of

this noun contains the following specification:

“the accomplishment of one’s goals.”

The question, then, becomes this: what are our goals, in

trading forex?

My advice: let the millionaires be millionaires, and set

realistic goals for your trading.

‘Success’ means different things to

different people, because we all have different goals.

Your life is not the cover of a glossy magazine: it

belongs to you. Be honest to yourself and do not

let someone else’s packaged dream ruin your

ability to think for yourself.

Trade safe.

21

The theory is good. I think it’s the “100% certainty” parts that blows it.

There’s no 100% certainty, in forex trading, about the outcome of any [U]individual[/U] trades, but there [B]can[/B] [I]sometimes[/I] be close-to-certainty about the [U]collective[/U] outcomes of 500 trades, in the right hands, given the right education, training, practice, skills and experience. (Sometimes, though, there isn’t even that.)

Yes - some. But I think even if their incomes come from trading forex, it turns out on a closer examination that their original seed-capital sometimes came from gradually accumulating their 6-figure/7-figure bonus payments from the financial institutions where they trained as forex traders and put in their initial “10,000 hours” under day-by-day and/or hour-by-hour professional supervision.

In other words, a proportion of them may be ex-employed-pro’s.

(Just like almost all the people interviewed in those Jack Schwager books. :wink: )

Having said that, I admit I have a sports car myself ([I]not[/I] quite of the type you were referring to, though!) and that did come from money I earned myself, and [I]some[/I] of that was from trading forex. I’m nowhere near the “big mansion”, though. But maybe there’s hope for all of us? Which is, of course, what you started off the thread to discuss …

A few, I think.

[B]No[/B] reason I can think of.

I’m not sure it is “the same idea as before in a different form”: it might be a different one.

I’ve never seen any conceivable justification for interesting myself in EA’s, robots or automation, and I don’t expect to, any time soon.

Overall, that’s probably true, I’d think.

That’s healthy. :wink:

Personally, I give “forex vendors” (other than occasional authors whom I perceive as expert traders with [B]primarily non-financial[/B] motivations for writing the books - I can give specific examples, if you want) a [B]very[/B] wide berth, through mistrust, which I think is both very well-placed and very realistic.

Absolutely right.

Someone who had [U]really[/U] developed “an EA that really worked” wouldn’t be selling it on ClickBank for $197 (or $497): he’d be licensing it to a financial institution for $100,000 per month and a percentage, like all those US professors who got into bed with [I]Credit Suisse[/I] did, in the 1990’s. Financial institutions pay people [I][U]fortunes[/U][/I] to develop, investigate and assess such things, and are always on the lookout for them. The ones for sale through forums and other advertising are the ones that can’t possibly pass those tests. (In other words, they’re crap. Just my opinion, natch.)

So, for the most part, I agree with you.

And am still making what most people would call a reasonable living, trading forex from home. I’ve been doing so for over 2 years, with a total of 8 years’ work at it before that, too (but [I]very[/I] part-time). I’ve also had a partly-forex-trading family background, quite a lot of forex-related education, and just about every advantage you can imagine.

So I [U]know[/U] it can be done.

Just as I also know that it isn’t [I]actually[/I] done by most people who try.

We all have to decide for ourselves whether or not we’re going to let that put us off, but in my opinion your attitudes and beliefs as expressed above are well-informed, healthy and entirely reasonable ones. :slight_smile:

Good luck!