Yeah, anyone who has truly “made-it” would not spend time with people who are comparably amateurs. They wouldn’t hang around here just to dispense advice.
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You are funny good on you for your honest opinion
There are those who have made some serious lucky breakthrough and made good money. I remember in the early stage of Brexit, when May lost the first round of the election, the GBPUSP took huge dive. You know the rest.
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Thank you. I mean there are plenty of successful and popular traders. I am yet to bump into one of them on a forum. Which makes me wonder if anyone here has actually met a rich trader on a forum?
I use trading exclusively as an additional type of earnings, but I am quite satisfied with the results of work. As for me, then it is quite real to earn.
Yes of course
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I felt it was a fair comment you made, though i do believe they are people who are successful on here
Being rich is relative to the actual individual.
Someone might say 100k is rich.
Someone might say 1M is rich.
Someone might say 50M is rich.
As you see it is subjective to the individual. Forex is like any other business you’ll have winners/losers. You’ll have individuals who will get rich and those who will blow up their accounts.
I look at my trading from a long term perspective. I’m not trying to get rich I’m just trying to accumulate more to diversify my portfolio. I’m at a level where I’m quite comfortable but I wouldn’t say I’m rich again it’s subjective. I think being rich in my personal opinion is not having to lift a finger for the next 20-25 years and having money that could still support you no matter how bad the world got.
The answer is YES !. Being a trader does not stop at the computer.
i bought a house when the FTSE was on the floor.
Now prices will come down again and i need to move up the ladder, should i buy soon, or wait till prices rocket again. ie the trend, your entry point.
When i go on holiday i pick a destination with a good rate saving at least a few hundred pounds. over 10 years this adds up (probably never get back to the usa at this rate lol
stick with it mate, a demo account and learn to flip
look for multiples of 10x, its doable in this market, i have seen it done personally,
always look for the evidence of what people say
eg fxcm competition in south africa, on acy securities competition in australia, learn from the best.
last month i made a 35% return in a month, i wont get that on a bank account, dont give it back to the market, its too easy too
try market wizards last chapter
so why do i use baby pips, same reason why i use cash on a regular basis, brings me back to the basics and reality.
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The answer to your question is quite as subjective as the definition of rich. As for me I think I got rich from trading Forex, according to my own definition of the word. Before I started trading, I was working as a general construction worker, earning roughly ZAR 200 (about USD12) per day. So, for someone who managed to survive from just as little as less than $15 per day, living in a shack without electricity, I felt rich and still i feel the same because I now can earn around $500 or more per month, renting a bachelor flat, with electricity. So yes, you can get rich trading forex.
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I like the way you put it. I am happy just making a minimum of $500 per month because I used to survived on as little as $200 pm working 9-5. So $500 is more than rich for me…
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Exactly it all depends on our circumstances at the end of the day. This is why I care less for getting rich via trading and just making sure I’m able to still trade 5, 10, or 20 years from now. That’s my ultimate goal but someone else might say I’ll make X amount and I’ll just ease back. It’s all subjective to our personal situation and our living conditions.
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.
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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
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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.