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 can't just go in the forex market expecting huge wins when its trending range is about 50 pips. While with index CFD it's 100-200 points.
You hear me right? With a good trade I make around 4 times more than I make on forex market.
That's 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):
-It's not a single trading instrument, it's pairs of basically 2 financial instruments making it harder to trade.
-Due to it's 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 don't 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 don't 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, I've 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 it's 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( https://youtu.be/EBXFxX9RhhU , https://youtu.be/RERVfzwv9Qc ) 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 that's 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 don't 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. Don't 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)
Don't use indicators, don't use what most of people use. Because most of them are losers.
So yeah. You can't 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.