Is there anyone here who became rich just from trading?

Frankly, yes. I have turned over a 300% profit from a $60k balance within 3 months.

But just as everyone has been saying above me, you earn it fast but you can also lose it fast.

But I would like to comment on some facts.

It isn’t true that you will lose it fast if you pay attention to what Babypips teaches you. I have been on this website for 7-8 years and I would consider myself as an above average trader.

You see many get rich quick courses promising you high yields and returns from a $100 - $1,000 account. This is entirely rubbish. Based on the leverage you are getting and strategy used, there is no way you can multiply or compound that small account into $1,000,000 in 1, 2 or even 3 years. It just isn’t possible.

The only way you can do that is if you risk big. Where they usually say you do not risk 1-2% of your account on 1 trade. If your account has a balance of $1,000, that’s basically $20 max loss. And if you’re looking at a 2:1 RR ratio, that’s $40 max profit per trade. Just think about how long it would take you to get from $1,000 to $1,000,000 if you are working on $40 max profit especially since no one can guarantee you a 100% win rate.

I saw someone post that most traders here are either on their learning phase or have started for a few months on a demo/live account. I just want to share my opinion, being someone who has lost a lot and also won a lot. Hopefully no one gets misconceptions about trading and thinks that this is the get-rich-quick method and end up being burnt.

1 Like

I know a bro who gave me the link to babypips, he’s a millionaire so I doubt you saying there ain’t no millionaires here you just won’t see much on these comment section

I agree as well, i haven’t come across anyone who became rich just be trading but probably could have used trading for extra source of cash.

you cant try to become rich, you have to wait for the opportunities

1 Like

you aren’t including compounding interest

I can’t say that I earned all the money thanks to Forex, but for an additional source of income it fits just fine.

There is no figure for you to use compound interest on.

Can you guarantee a win rate of 50% every month? If you can, how many trades are you planning to do? Will you do 100 trades and stop? If that’s the case, that’s around $2,000 a month which is 20% of a $10,000 account.

Then again, ask around to see who is confident enough to do 20% profits on a MTM basis. Even top traders don’t try to produce such high % profits with a much larger account.

So if you would like to include compound interest, could you let me know how your variables would work out? I would be very interested to see your numbers. Perhaps you’re the hidden gold mine among us.

I was just making a comment based on yours which said how long would it take to grow a 1000 account to 1 million at 40 a day profit ? a flipping long time - but with compounding - much less

James, I think you should relook my original post.

Hi guys,
This is easily done in an Excel spreadsheet.
There is a compound interest formula that says:
P=final capital
A = initial capital
n = number of periods of compounding (eg weeks, months, years)
i = rate of interest for the period.

P=A*(1+i)^n The carete symbol (^) means “to the power of”

In your theoretical case of compounding $1,000 per day at $40 profit per day, then:
A = $1,000
P = $1,000,000
i = $40/$1,000 = 4%
n = number of days to compound $1,000 into $1M at 4% interest each day, every day.

$1,000,000 = $1,000*(1+0.04)^n. The solution for n is 177 periods, 0.885 years, or 46 weeks. For a net 4% per trading day each and every day, to put this in perspective, if you go back in time to 2009 and buy one dollar worth of a Bitcoin (1,000 coins), which are worth almost $1,000,000 today, that would have taken you ten years to achieve. Obviously, Forex trading is much faster so you have come to the right place. :slight_smile:

Yes, you can become rich but slowly and steadily with experience.

yes and become middle aged or old and becoming rich dose not have the same appeal

1 Like

Good answer! It really takes dedication and knowledge to become rich with forex trading. The best advice for beginners that I have is to be prepared for losses and to never stop [learning how to trade.

If you have a reliable broker and a good and profitable trading strategy,it is obvious that you can earn a huge money from this market.

To get into the FOREX Trade with the ambition or notion of becoming rich is the wrong mind set. You can lose your money just as fast as earning it. DISCIPLINE is first and foremost. All else will fall into place. You can blow your first lot and be discouraged. So just go with the flow of the charts.

Ask me in 3 years :wink:

honestly speaking i have seen very traders who got rich from Forex trading , its a very long term process , for that reason we lost interest after passing sometimes.

Not there yet, but I think I’m on the right path of getting there. After all, who wouldn’t want to be Richard Dennis.

It all depends on what the rich means to you. I believe that you can become rich in trading with the same chance as without money. It all depends on your efforts. If you want to make a lot of money, you’ll have to make an effort equivalent to your demands. Remember that everything always depends on you, only you will make yourself rich and no one else.

There are many who have earned heights by just trading forex. But yes, it needs sheer hard work and good skills to achieve that position.