If Forex is the market with the highest capitalization in the the world. Why are there no stories of people turning thousands into millions? I’ve read posts where people have claimed they can make 10% or better in a month and have been doing so consistently for years. So why is it that there are no stories of a someone turning a few thousand into millions by trading FOREX?
There is plenty of stories of guys turning a 100 dollar online deposit into Million of dollars, playing online poker. So why aren’ t there any stories of people turning a few thousand into millions by trading FOREX?
Forget about a verifiable story, or even a creditable story, I haven’t even heard of someone online who bold enough to make this claim. Is it simply impossible to turn thousands into Millions trading FOREX? I imagine no one has done it before because if they have the Media in some way would have picked up on it.
And if someone could turn thousands into Millions trading FOREX he would be able to turn those Millions into Billions and then he would be on the Forbest Richest People In The World list.
So why is turning thousands into Millions, practically impossible trading FOREX? I hear of people claiming that a 10%+ return per month is sustainable, year after year, so why is there an absence of FOREX rags to riches stories?
I’m sure there are some lucky [B][I]gamblers [/I][/B]like this guy…, of course trader can’t make thing like this consistent because this is semi gambling, and there is no way peoples can get rich from poor quickly without gambling, robbing, stealing, prostituting etc… or win a lottery…
Yes it is possible but it is very hard to do it and it takes time. For sure it is easier to win a satellite in poker and then a huge tournament. Or to just win the lottery.
Check for Pizza and his thread. He hopefully will make it! But even if you do a 3% each month and you compound you will get there. Do you know what is compounding?
That’s because they trade commercial volume, retail traders do not and so don’t encounter volume related issues. There is a huge difference between retail and commercial accounts.
Well trading billions and trading few bucks it is not the same things at all. They risk very small position. Maybe 0.01% or less per position. 1% only in very good trades or setups.
Retail traders instead can risk 1-5% per trade no problem. If I lose 100$ I am not gonna die.
Also there is a liquidity problem, when you trade billions you can’t exit and enter the market as you wish.
The only thing I can think of is most people here are not life long traders or full time traders… My personal experience has been it’s going to take me about two years in the negative just to get to the point where I am constantly profitable. The first year was up and down but mostly a slow bleed until I figured out my nitch. The last six months I closed half my total draw-down gap and expect an additional six months or less of steady trading to be in the green for good. This is considering that I have not paid for any Forex Educations. If I did and it made me a successful earlier, I still would have to make the money back that I spent on Forex Education.
I don’t have any plans of grind out financial independence with small test account which the original purpose was learn to trade Forex live successfully with a relative small risk. So at some point I will be infusing more capital after proofing my strategy longer term thus break the rule of building something out of nothing.
Beside, I don’t think people would believe me. That would just be bragging and what good is that in helping others? Becoming a full-time trader and financially independent would be proof enough. To be honest, I think your setting you focus in the wrong area… What’s the importance of a rags to ricks story except for creating excitement and greed in new traders? I don’t think this is helpful… All this does in lead a person to over-leverage and in most case loss their shirt. This was almost me…
I am sure the more experiences traders here would tell you the same thing… Concentrate on developing yourself as a successful trader first and forget about what everyone else is doing. Then think about how your are going to spend it after you earned it.
In closing I ask, why would someone just give away highly successful trade strategies for free? If I where to make my first million in Forex I will not be advertising it on the internet.
Volume constraints are not the core driver of fund return- there are many boutique firms who can freely invest within all caps of stock. Of course volume can have an impact but in a Global environment, this does not have to be a massive issue.
Anyway- all I’ll say is, if somebody is compounding 10% monthly consistently (you would expect at least a 3 year but more likely 5 year track record)- good on them. I’ve spoken to quite a few people who have good track records and they don’t hit anywhere near those types of numbers.
No I haven’t given up. I just started a live account with Oanda. 1% a day is pretty easy in my opinion. Just get in when the momentum is strong and get out quickly. On my demo account I’ve had 5% a day returns for a week straight once, abeit I had losses of 5% too on some days but on the whole I had significantly more 5% wins than losses. I only traded with demo for a month before I decided to start a live account, however I was able to triple my account within that month. Maybe it was a fluke, but I’m risking only 2% per trade with Oanda and so far I’m winning most of my trades.
.If you only get in when there is strong momentum and you can trade multiple currency pairs it would be hard not to make 1% a day. The smaller the profit you aim for the greater certainty you have of attaining it in a strong trend. I say 1% profit a day if your disciplined enough to only trade at times of strong momentum is at least a 90% certainty.
for 3 days scalping. I achieved 19% with 10:1. it’s a bit risky but I will reduce to 4:1 my leverage later.
I think 2.5%-5% daily if you are full time scalper.
10:1 isn’t that risky if your stop is reasonable. If your scalping your take profit should be pretty small as well as your stop loss compared with swing traders. What currency pair do you trade and what broker are you using?
3 days is not enough time to prove that your strategy will work consistently in the long run because the Market is dynamic and always changing. The best traders have the ability to make their system fit any Market. Give us an update in a few months. In my opinion it takes at least a few months before one can claim that a certain percentage profit is possible per day.
I wish it was as easy as you describe it. You maybe have the gift. You maybe see the market better than me. I honestly don’t see that many strong momentums as you can see. Most of the time the currency it is moving up and down 10 pips, other 20pips. Rarely it start a strong momentum. And when it starts few times it keeps going. Sometime it is just a bluff and then fast reverse in the opposite direction.
But well if you see them so well and can catch them 90% of the time well good for you!
Just keep the SL all the time. And don’t risk more than 2%. That is all I can advise you.
10:1 isn’t that risky if your stop is reasonable. If your scalping your take profit should be pretty small as well as your stop loss compared with swing traders. What currency pair do you trade and what broker are you using?
3 days is not enough time to prove that your strategy will work consistently in the long run because the Market is dynamic and always changing. The best traders have the ability to make their system fit any Market. Give us an update in a few months. In my opinion it takes at least a few months before one can claim that a certain percentage profit is possible per day.
It’s true there aren’t that many strong trends. But I would say you can find at least one a day if your trading more than one currency pair. They usually happen after important news events or at moments when a technical correction is due.
