George Soros has a proven track record.
Good example, but he is one in millions of traders to do this, there are very less traders that are filthy rich, a trader can make some extra cash consistently but getting very very rich is very very rare.
You are right. The guy (insidertrading) asked for an example and I thought I give him one, because he stated: you canāt become rich (from forex trading). There are more individuals worth naming, but I guess it is not my job to do the work for him and make a list. But just to give another example, there is Jim Rogers too. The āone in millionsā expression is unfortunately true to almost every aspects of life. Nobel prize winners are rare too. But there are smaller and also prestigious prizes out there to win. This is also true for forex trading. There are people who stick out from the crowd. But there are people who are not so āfamousā, but still doing well. In China and Russia, millionaires are born every day. Many of them are real retail forex traders and they are not selling their trading methods (why should they?). Instead, they live a rich life from the money and invest their profits into real estate and other opportunities in the area. But they are definitely not the so called āNobel prizeā winners of forex tradingā¦ 
I donāt think people should become very very rich. Most people canāt handle it. Check out the statistics about Lottery winners. And also some guy gets rich and usually the next generation of the family loses the riches! I think you are rich enough when you go for shopping with your family and you donāt really need to count how much you spend. But I donāt think that you should buy all the junk you see in the shops eitherā¦ Because it would be a waste of resources and then your offspring would not have a future in the long run. That is true for forex trading. You should keep long term goals in your mind. You should not think short term (like a get rich quick scenario). George Soros became real rich at the age of 50. And he borrowed money heavily to reach his goal. It was very risky. But by that time he figured out something about the forex market that made him rich. I mean super rich or even too rich. That is truly unexpected. But such is life. Always expect the unexpected. And many times it happens. It happened to me. I bought a real estate for my own pleasure. A couple of years later I got tired of it and as it happens I sold it and I pocketed a huge profit on it. It was unexpected, because when I bought the place it was very cheap with no prospect to become valuable. And when I sold it I did not have to advertise it. A person came to me with an offer. I looked around and realized that this offer is very generous. So, I told to this person to give me some more money for my expenses and I got it. It was very unexpected. So, we could look for example at the Chart of EURJPY. And also we could look at the news and fundamentals. Maybe there is a turn in the tides there, because the Chart is at a historical extreme. And we buy or sell at that point, because it is a very good and unexpected offer. And this was done in human history since there is the concept of trade. Maybe we just make it too complicated in our minds. Even pre-historic men could do it!!! And they didnāt have the technical and fundamental analysis tools what we have now. I guess there is too much ānoiseā in the system now. The people who can filter this ānoiseā out, become rich!
I think we should remain moderate with our expectations and targets. It is not full truth that people cannot become rich with forex. They can certainly get rich with their effort and trading skill. Everyone has not same ability to had high earning from forex. it differs person to person how much they get return from forex trading.
If youāre expecting too much in this business with full dedication, youāre just wasting your time and your money also. The key in this business is patience.
First of all, the OP is basically right. Making it in the world of trading is extremely difficult, although not impossible in my opinion. Problem is, you are facing with the same failure rate if you start a ārealā business. 80% of them goes bankrupt within the first two years. Not to mention the administrative headache that goes with it. If you go belly up trading, you just lose your invested capital. Thatās it.
He is also right about the āgurusā. Never trust anybody in this business. Especially if he charges you for the āhelpā. If I had an easy magical system that makes me money each day, Iām sure as hell that I would keep it a secret. Why on Earth would I want to sell it, let alone share it for free? That doesnāt make any sense. I probably would enjoy the money and the freedom and would not give a damn about anybody else. Period.
Becoming rich is pretty subjective though. What are we talking about? Millions? Billions? Where I live, if you make a 1000 bucks a month, you are making good money compared to what people are wage slaving their lifes away.
Anyway that is my opinion. It is an interesting topic which worth exploring in more depth.
excellent post.
Iām going to come on here and say, follow your dreams. You can make a great living on forex you can make nothing on forex. it depends on MM and your dedication. I made 1200$ on a 3000$ account, trading extremely risky yes like 30% account risk because i didnāt care. So if you get to say 50,000$ yes a lot of money but snowball it up while you work over the years, 50,000$ at 2% account risk, say you can make 4% return each week, which is only a 2:1, so thats easily realistic, 16% a month, ( iāve done it and do it ) not with that large account though, and thats 4% of 50,000$ = 2000$ a week, 8000$ a month, 106,000$ a year. So tell me, who is doing this, how we cannot do it please? Drawdown? Yup it happens, but thats just MM, you set a limit and follow it, if you got a sound system that has a nice win rate, and you follow your rules, youāll come out profitable.
Just saying, Iām living proof and i could name off a few others too that i know that are not famous.
FX trading can make you rich, if you know what youāre doing. Compounding is a wonder, but compounding goes both ways. If you can focus on money management then over time your profits should compound, and as long as you donāt let it get to your head you will be fine
Become rich from forex trading , this is hard task I think but still possible, as long as trader they have good skill and have small drawdown which they can making more winning trades than loss trades and on last period of time still profit, with patience hence they can become rich from forex business
You get out, what you put in, as with any task asking for consistency and repetition.
You guys are funny.
What is being rich?
I have traded forex in the past but now I am into CFD for some months. Basically with a proprietary strategy I was able to turn 100 euros to 10k in 2 months. Now I am making from 200 to 500 euros per day with a minimum risk.
You need to choose the right market for the right strategy, you canāt just go in the forex market expecting huge wins when its trending range is about 50 pips. While with index CFD itās 100-200 points.
You hear me right? With a good trade I make around 4 times more than I make on forex market.
Thatās because with stocks the market is 70% of time trending, while in forex the market is 70% times in consolidation.
There are several problems (for me trading forex):
-Itās not a single trading instrument, itās pairs of basically 2 financial instruments making it harder to trade.
-Due to itās small daily range you need to trade it long term. And trading longterm means less accout growth in time.
-CFD Indices are intraday only (you can trade them long term but then you donāt get the logic of stock markets and how it can gap against you). Generally with my strategy I have 2-4 winning trades per day (I trade Dax and Dow in duo, their movement is very similar. Dow usually takes the controls of the market direction after NY opening).
-Forex is 24 hours. Yep this is bad because the morning in stocks is previsible and gives the market its momentum.
You basically need to think differently with stocks and indices. The index prices of CFD are derived from futures prices so you can trade futures too and see how they behave differently from forex market.
So yes you can get rich (winning 20k per month for me is rich, I donāt have time to trade now because of my exams but last moth i made 10k. For now I am happy to get 1k per week).
I think that the reason I am able to win is because I have a strategy no one has, Iāve actually scanned for the whole crap of internet to see if anyone was doing like me and nope. I guess that makes me special (lol)
The reason I think why I have a unique strategy is because i have made it from scratch using the scientific method. No indicators, market structure. But itās not about strategy only. I tried to teach a friend and he only became consistent after 2 months. He was mainly chasing and revenge trading, but I learned a lot from him and enhanced my strategy too.
I was basically willing to make a quality course to teach people( YouTube , YouTube ) but due to the number of arseholes on forums and in life i prefer to keep it for my own for the moment. Haters gonna hate, and winners will find a solution to become successful anyway.
After all thatās what the sceptic are saying, if you are sucessful why are you sharing your strategy and not make millions.
But back to the business. In CFD market I am able to get from 5 to 20% of return on investment per day. (only had -5% day twice).
So all you need to do is to find a market that moves a lot and has a small spread. Build an effective strategy that lets you have at least 1/5 risk reward strategy ratio. (mine is from 1/5 to 1/10 when the market had a big range yesterday or some days before).
Stick to your strategy (this is the most hard).
And stop hanging in the forums like this. You will learn nothing here, the fact that so many people are sticking to forex and are afraid of other markets (oh my god cfd are risky and dangerous blablabla) means all of it and is the perfect definition of losers, people who are afraid of change and learn. I donāt say that I am perfect and my strategy and execution is perfect, but each time i see something new I try to learn and to see if it can be any use for me. Donāt be afraid to forget what you think you know about the markets and build new stuff, new strategies, new ideas. ( I have made about 10 backtested strategies before coming to the one I am using today)
Donāt use indicators, donāt use what most of people use. Because most of them are losers.
So yeah. You canāt get rich (consistently) in forex if you have less than 100k account. But you can in futures and CFD market. People with a 30k account in futures are actually most likely to make more than a 1million account in stocks. Think about it.
I have an open mind and find this interesting. I still believe you can be consistent in forex and make great money with a good strat and MM. My question To you is, where did you learn to trade stocks website wise?
You can make consistent gains in forex but in order to be rich you need to have a good amount of money to start with (considering you have a very good strategy and good execution).
I am just saying that you can be more successful elsewhere.
I learned EVERYWHERE. I began with books about harmonic trading and all the videos of Jason Stapleton (learned to read market structure there). For strategy creation Investors Live helped me alot.
And then I red about pretty every book I found interesting (most of them are garbage for strategy building but good for trading psychology) and every video I found interesting on youtube.
In short Iāve checked almost every traderās stuff there. From Tim Sykes to even scammers like Russ Horn. There is always something that you can learn.
Chris Dun is a very good dude also. I recommend! YouTube
NB: I am not part of Investors live or Jason Stapleton program. Just talking about the stuff I found free online.
PS: I donāt recommend trading stocks. I recommend trading CFD and if you are an US resident trade futures. But CFD and some futures are based on stocks dynamics.Thatās why I talked about stocks.
@VladWulf: May I ask you if your original strategy still works? Did you need to tweak it a bit in the meantime? Can you basically sketch what it is about apart from trading CFDs?
Thanks!
you digged out a thread in which noone posted for over 2 years.
all these people posting here are broke and gone long time ago. noone will answare you anything.[quote=ādfahren, post:136, topic:69022, full:trueā]
@VladWulf: May I ask you if your original strategy still works? Did you need to tweak it a bit in the meantime? Can you basically sketch what it is about apart from trading CFDs?
Thanks!
[/quote]
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Though I am a mid level trader, i donāt fully agree with the content. Yes it is difficult to earn good money consistently in this forex market due to continuous sudden changes in the exchange rate. But is not impossible to earn sufficient money on a regular basis.Again most of my friends are not wiling to learn forex trading continually but I think learning the trading tools and technologies is a never ending process.
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It is really hard to earn money with forex trading but not impossible ,some efforts make it possible for me to get enough earning from trading . If you aim to get rich in less time then it will not support you . All not make same earning in forex only few are highly profitable in this field.
I always knew, in my heart, that if I hung around in this forum for long enough, eventually an insightful soul would neatly encapsulate the entirety of the underlying reality of the markets in a single, devastatingly profound sentence.
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