I posted this on the r/Forex subreddit and wanted to post it here:
I think there needs to be more documentation, if there is any, on success stories in Forex. I’ve been looking for the last day or so and can’t find any from a retail traders perspective. Like with CIS and BNF in the stock market. I just watched videos on George Soros and Stanley Druckenmiller who made $1 billion dollars from I believe buying the marc and shorting the pound.
But I have had a very difficult time finding examples of retail traders who are successful. Theres people on youtube who claim they are, but theres suspicion that they are just scammers who make money selling courses.
Please share yours if you have one or point to another if you know of one. Im trying to see if trying to trade in the forex market is even worth my time. I’m trying to make thousands a week not 100s. And I want to see if its possible to make millions from this.
Edit: It’d be preferable if people could provide proof and/or point to specific examples rather than just saying they heard of somebody’s success. I read a bit about the Inner Circle Trader and on their site it said his net worth is estimated to be 25 million; a highly successful multi million dollar trader. Idk if its true but I want to find stories like this and proof of them.
And therein lies the problem. Any pursuit demands aptitude, skill and experience. Proof is useless - just because somebody else can make $25M in trading doesn’t mean at all that you can. Too many people come into trading thinking it is so easy that anyone can do it. Every single broker advertises that “70% of traders lose money”. But there are a million subscribers to BabyPips. Being humble helps. Taking more than a few hours helps. Did you start with the BabyPips School of Pipsology yet? It is a good place to start.
Hello.
Very nice to meet you here.
I understand that you are considering whether you need to start trading or not.
And that is why you are trying to find an example retail trader who made millions from forex trading.
Right?
I think you can find many forex traders who are making 5-10% of return a month on average.
I am doing it and I think the others are also making that much consistently.
However, in order to make more than a million from trading, and not losing that million after you make it, you will need really tough mentality, perseverance and a good trading plan.
People are smart enough to make money in forex trading, and there are many trading strategies available online.
But retail traders have problems with maintaining their performance for a long time.
Not only one or two years, but for more than 15 years.
And trading success takes that much time, and there is no shortcut to trading success.
I also have never seen a person who made more than one million from forex trading, who sticked to his plan without deviation for more than 10 years.
But I want to be the one.
And I think I can do it.
If you want to see some strategies then I can recommend some of the very good trading strategies and trading plans.
However, making millions takes time, effort, requires tough mentality and 10+ years of perseverance.
I think it’s a bit much to ask for someone to share their story and then prove themselves to you, a stranger. Why? Just to convince you to join the forex world? You have expectations of making millions. And you’re expecting others to fulfill those expectations? Seems a bit arrogant to me.
If they provide you with proof, will you challenge it? To what end?
I apologize if I appear rude. But, I think your request is rather impolite.
How much effort did you put into your search? A few videos? How many books did you read? There are tons of books and articles about/from people who make money from forex and trading in general. Yet, that’s not enough, and you want people to provide proof to YOU?
I, too, was skeptical at first. I messaged someone on the forum and asked about his personal journey to consistent profitability. He told me, and it was an interesting story. I really appreciated it. Maybe, I’m wrong, but I think asking for proof seems excessive.
While some traders on YouTube or elsewhere may claim success, be cautious of those who primarily sell courses. It’s essential to verify their credibility and consider multiple sources of information.
A forex success story for me is Doyle Exchange. I follow him on youtube, he isnt trying to sell anything its just talking about his setup and man have I see his life change overtime.
Also to anyone reading this, a good sign to know if someone is fake is to look for the title/caption of: Earned X thousands in X hours. That’s just fake.
Even if the trade might reach TP in a few hours it’s not that easy, a lot of work and research has to be put prior to that.
And if instead, that’s scalping, then that should be normal (depending on you account size) and your losses are probably around the same size. So in this case that would be 100% misleading.