Yes JonnyFX i’am totally agree with you , billionaires do not trade with risks. simply because they do not need to do that , they have many ways in gaining money without risk.
Maybe forex options is their target.
Two add my two cents, after a certain critical mass is reached, it is impossible for the common joe-trader to keep winning big sums of money in trading. If you look at how these big shots make money, they are usually leveraging on “information” and “influence” that they possess due to their wealth. I mean Buffet himself made tons of money by forcing the companies to do certain things his way. Carl Icahn always forces companies to trim their fat and improve the balance sheets. Icahn also buys stock in companies and then start pushing some other company to do a take-over of the first company. And we all know the stories of venture capitalists that invested 5 mill in a startup, took it public, and ended up with two billion in profits.
The moral here is, unless one is in those influential positions one can’t just make it big. I mean uber big. However, a good smart trader could make a decent living and then some if he sticks to basics and not get greedy. If he is smart enough, he will probably make more than the best paying job his education can get him. and that is what I am trying to accomplish, make atleast upto my potential and improve my living. I don’t dream of a million dollar yatch, a good hot meal everyday and the ability to spend time with my is family is all I want.
Good luck.
I don’t think so. It’s neither about security issue nor the Forex trading type but simply that the Forex millionaires/billionaires choose not to let anyone knows about fortune they made. As we are all aware, Forex is the most liquid, volatile, massive ever market, but the fact that many many, many many people caught frustrated in it, and they keep silent about it, so that of their effort to minimize people’s frustration. Forex is not suitable for all investor, rather than investing in it, better just selling egg to make money.
i don’t know any, though i’d be willing to wager there are a ton of hedge fund traders making a good bit of money in the forex market. i’m sure there are also individuals, but they may not be publicizing it. after all, broadcasting one’s wealth can attract lots of people you don’t want to attract.
i trade forex, and for the individual trader, i think it is best to view it as part of your wealth management portfolio. definitely a good amount of money can be made – i certainly prefer forex a lot more than i prefer stocks or any other market – but i don’t think it is the kind of thing where i will make millions or billions off it. for starters, the idea of “it takes money to make money” is still applicable to forex; if you are getting 40% a year returns, which is great relative to other investment options, you still need a 1,000,000 balance just to make 400,000 (and that’s before taxes, of course).
I have yet to hear of a single person who has made a large amount of money just from forex. Sure, there’s people with loads of money who happen to trade forex, and there’s people who made a lot of money during a period in which they traded forex (among other ventures) - but as for getting “rich” from forex itself? nope.
Some people reckon long-term trading is more productive? How about this - maybe long term traders make so fewer trades than day-traders that they survive, on average, for a longer period of time. Account erosion per trade taken is probably similar.
From where I’m standing, the whole idea of earning a worthwhile income from forex seems to be a complete fantasy. A minimum wage job will put you on the right side of the earning probabilities, compared to trading forex. You might as well invest $1000 in scratch cards.
Hey, it would be cool if I’m wrong, but that’s just my assesment so far.
Well.
For one thing, Warren Buffet trades currency, He’s made over 100 million in a single year just by trading the NZ dollar,
He’s also into the Brazilian R$
but he has his own theories on investing ie buying what seems to be undervalued–
since we are only short time speculators, we wouldn’t fit with his theory or investing.
There are a few people whom became billionaires, just search em up on forbes or google, and a lot banks make billions through currency exchanges.
But we’re on a different foot hold here, we’re using brokers to gain access to this market, Banks have all the advantages at their side, though I don’t believe it would be impossible for us to reach the ‘millionaire’ status.
Just because Buffet trades currencies doesn’t mean that is where most of his successses come from. Forex futures are a minor player with him. He is about companies not currencies. Forex is only a piece of most peoples portfolio. Successful people that is.
I know that, but the people were asking if it’s even possible to make a million dollars through forex and I’m just saying that I don’t see why it’s impossible to reach that, as long as you know what your doing and your not scammed.
Agreed, it’s possible.
So would any of you consider the Forex to be a good “stepping stone” into the world of investing, or would you recommend starting somewhere else and then getting into Forex?
Is anyone here (millionaire or not) getting most of their income from trading on the forex???
i’d say most of the people here aren’t making that much money. This is a site for learning and discussing. Trying to work out the kinks.
When I’m able to grow my trading account to the size I think will give me a good solid monthly return on, I probably wouldn’t be back here at all. This place would no longer be of benefit to me.
I’m sure there have been a couple of people who have treaded this site and have become semi-rich/well-to-do. But I doubt they’re still hanging around.
I didnt start out on this site but I wish I did. I live of my forex trading. Giving people a different insight from the norm. If everyone turned their back when they made money you wouldnt know about forex. Maybe if people who played football didnt show the people trying to learn you wouldnt watch the Superbowl in febuary. You cant say kick rocks everybody then there is no progress.
You live off nothing but your forex trading? No other investing? I’m just curious because I have so many questions about actually managing a life on forex.
80% is forex about 20% real estate. I invest my money because I plan on not trading or doing anything when I’m 30. I plan on retiring. I dont make a profit of other investing I just put the profits back into the business/ investment. Build it u so I can live off it when I’m 30. I dont go willy nilly anymore because I use about 60% my monthly income to invest. And live off the rest.
How old are you now, if you don’t mind me asking?
Im 24. 1983 was a good year
lol. You are where I want to be. I’m 22, and working on getting my account up to the size I want. But I want to be living off of forex primarily in the next couple of years.
You sir…are an inspiration.
Its not easy but if your consistently making a profit. About 20K you can live off of. I pocket half the days pips and leave the rest in the account in 2 years after doing that I have 73.2K in my account and I started with 1K. I took alot out to buy stuff. But 20K is the minimum.
Well i’m impressed with you youngin’s. I wish I had had my head screwed on right at that age and had a direction where I wanted to go. I’m just 30 now and just getting my bearings. I feel like such a late bloomer now… lol 
Dont feel that way When I was in the Navy I had a instructor who put it all in different light. The guy was on the cutting room for anything electronic. My mom traded currency but really long term. My insturctor was rich. He didnt travel with suitcases. He didnt stay in hotels. He bought condos to stay in. He taught so he could have something to do during the day he donated his check to the sudents. I think we all were go getters from then on. He taught us to keep going and to test stuff til it worked. And when your comfortable let other know what you did