can you honestly get rich trading forex?

 

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I mean honestly? My wealth plan consists of accumulating large chunks of cash from various ...
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    Default can you honestly get rich trading forex?

    I mean honestly?

    My wealth plan consists of accumulating large chunks of cash from various methods and then flipping that money on the forex and stock(options) markets
    I just turned 24 and I believe I can be a multimillionaire doing this by the time im 26-27 years old.

    But forex seems, from what i hear hard as hell, and with very small returns.

    I don't want to waste my time if its not worth it. I thought that forex was very lucrative but a bunch of folk are very pessimistic about it.What gives?




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    Default Re: can you honestly get rich trading forex?

    FOREX is a high risk investment. You can win alot of money, on the other hand you can also lost alot of money within aday.

    I would say, money management is the key factor to win forex. you can learn more at forex*factory.com or baby*pips.com

    remove the *

    Dont waste money buying indicators or guide books or even EA.... those above 2 forums are free ...alot of trading systems are share over there...


    goodluck!
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    Default Re: can you honestly get rich trading forex?

    LOL. Forex is not a get rich quick scheme. It requires discipline and practice.

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    Default Re: can you honestly get rich trading forex?

    you can make a TON of $ with forex but if you don't pay damn close attention to it you can lose it very fast... and it's not a game for small time investors imo. If you can throw xx,xxx at forex investing you can make insane $. Small investing is good for beer money and nothing more... imo...

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    hydroflame7 is offline Junior Member
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    Default Re: can you honestly get rich trading forex?

    anyone know of a good site where I can mess around with a demo account that starts you off with a small investment. Preferably like under $2000, I want to see how I'll do in the forex market trading as real as possible, thanks.

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    Default Re: can you honestly get rich trading forex?

    I dont quite understand how people can lose soo much money or make soo much with forex in such a short time period?

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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by hydroflame7 View Post
    anyone know of a good site where I can mess around with a demo account that starts you off with a small investment. Preferably like under $2000, I want to see how I'll do in the forex market trading as real as possible, thanks.
    I'd be interested in a tool quite similar.

    I've played around with one using the Stockmarket.

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    Default Re: can you honestly get rich trading forex?

    Enjoy....

    hxxp://hosted.org/n/4575109505/Forex.zip
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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by shaqsquash View Post
    LOL. Forex is not a get rich quick scheme. It requires discipline and practice.
    Oh I know its not i was just concerned with rather or not it is possible. I'll be in it for the long haul.

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    Default Re: can you honestly get rich trading forex?

    you can find the answer by your self by oprning a demo account in any broker and start trading

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    Hugo is offline Newbies
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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by chini View Post
    I dont quite understand how people can lose soo much money or make soo much with forex in such a short time period?
    Leverage. It's the same thing that contributed to the great depression here in the 'States.

    Foreign currencies, like futures can be bought with leveraged contracts. (or "on margin")

    Because the pips (units of change in the Forex marketplace) are technically very small, then most brokerages you will go through will allow you to multiply your buying power.

    You put 5k USD into a forex acct, and you can often find yourself buying 500k Chinese Yuan. Now when the Yuan ticks up or down against the dollar only a percentage point or two, you can either double your money or lose it all in a matter of moments, because you're leveraged up to your eye-balls.

    Hope this helps-

    Hugo

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    Default Re: can you honestly get rich trading forex?

    I have not really traded in forex but I trade in options, which some of my friends who trade in forex reckon is kind of the same - in concept they mean. It won't make you a millionaire by day 2 of your trading but it gives you a consistent income regardless of whether the market goes up or down if you are disciplined. The secret, apart from the monitoring methods which you will be able to get at a lot of places or sign up for a course, is to start small and increase your investments. At your age and your target of being a millionaire by, you can as long as you are disciplined and consistent. Hell you could even do it using the BH tactics here anyway.

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    luxint is offline Registered Member
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    Default Re: can you honestly get rich trading forex?

    Most of the major brokers will give you a demo. Check out www.interbankfx.com

    Lux

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    dikozall is offline Newbies
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    Default Re: can you honestly get rich trading forex?

    I am using FXCM.com ! The software is a little confusing the first 1 or 2 days but actually it is great. Also they are legal and real trader!

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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by chini View Post
    I dont quite understand how people can lose soo much money or make soo much with forex in such a short time period?
    Beginner's guide:

    You buy or sell one currency using another. To keep it simple - let's say you are going to buy British Pounds with US Dollars. At present 1 USD gets you .55708 GBP. However, you buy in 'lot' sizes - again to keep it simple - a lot size might be 100,000 USD. So, for your $100,000 you get 55,708 GBP (Ignoring fees charged by your broker). In effect, you now have £55,708.

    You don't pay out $100,00 - you pay out an amount known as 'initial margin' which is set to be an amount that will cover any likely loss you will make. However, your losses are not limited. If things don't go your way you are liable for the whole loss.

    Suppose, the exchange rate moves such that 1 USD is now worth .55000 GBP. In order to close your trade you 'sell' your 55,708 GBP for dollars. At the new exchange rate 55708/.55000 = 101,287.27 USD. So, you make a profit of 1,287.27.

    That sort of movement can happen in a day - no problem. And, of course, it can go the other way as well, so losing money is quite easy too. In fact, it's so easy that unless you know what you are doing you can lose fortunes - very quickly.

    This isn't how it works in practice - although it's close enough to show you how you can make or lose money.

    I don't trade FOREX - I think it's too risky - but I've lost 40,000 in a day trading stocks/shares with no problem at all..

    If you don't understand it - DON'T DO IT

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    Default Re: can you honestly get rich trading forex?

    Oh yes you can become very wealthy and then you can find you have lost it all.

    DO NOT leave your funds in the hands of a trader or manager. They do not generally have the same emotional attachment to YOUR funds as you do !


    Learn all you can to make all your own decisions. Learn much, learn carefully and learn patiently.

    Time and patience are your greatest assets here. If you expect to do it in a year..........oooops wrong money making choice for you !

    There is such a myriad of great educational tools online.

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    Default Re: can you honestly get rich trading forex?

    '...There is NO GET RICH QUICK SYSTEM!

    It DOES NOT EXIST!

    IT IS A MYTH!

    To get rich requires work, discipline, dedication and a total blinkered concentration on your goal and a willingness to do WHATEVER it takes to achieve it.

    After that commitment, the rest is easy.

    The fastest way to achieve huge wealth is the way I did it: Choose something you enjoy doing...Something you would do even if people wouldn't or couldn't pay you to do but you still do it for free...Something you live and breathe and can't stop doing...Something you wake up and want to do before you think about eating and something you miss meals to do...Something that is like a drug that you are addicted to do for life...and then do it all the time, missing sleep but still do it to perfection and become the best. Concentrate on that and in a short time the money will fall from the sky continually'.

    Easy-peasy!...and I will give you a money-back guarantee that it works.

    themagician
    Last edited by themagician; 09-17-2008 at 09:59 AM.

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    Default Re: can you honestly get rich trading forex?

    forex isn't a get rich quick scheme, but can provide a lucrative alternate income if you know what you are doing.

    I've bee trading for 4 years and just gone live, perfecting my strategy and management.

    the key is to know as much as you can as in forex, what you don't know can and will hurt you.

    you could easily be a multi-millionaire by the time you're 27, but a day later if your position goes against you, you can be left with about £63,000. big difference.

    My plans spread over 4 years, with very small targets between (even as small as £50 sometimes.) to make it easier to see where i'm going and how to get there.

    PS - its also a s**t life when you're watching hundreds falling away from you. I left a posisition open last night and actually didn't sleep all night. I hated it, and thats 4 years of paper trading. Making the trades isn't hard, but having the balls to keep them is!

    I wouldn't buy into an EA or someones "100% proved make millions" system, but i would look into courses. They offer touch on things traders take for granted which won't be in any books.

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    Default Re: can you honestly get rich trading forex?

    I'm currently reading "the way of the turtle" by chris faith. He was the most successful of the turtle traders. Anyone else read it?

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    Default Re: can you honestly get rich trading forex?

    i've never heard of him/the system, but i might have a read when i've done everything i need to do for this month.

    i wouldn't follow someone elses system though - what works for them may not work for you.

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    Default Re: can you honestly get rich trading forex?

    Okay here's the deal with forex. Can you get rich? The guy who taught me (lets call him Jim) makes $80k profit a month. He knows people that make $300k a month.

    Can you get rich overnight? NO WAY. Jim has been trading since the 80s when he hand charted his own analysis (no computers then). I traded for 3yrs and still did not make a profit.

    I've read A LOT of books and spoken to a lot of traders (not just forex, options, futures, cfds etc) and all the successful ones say the same things.

    YOU WILL NOT CONQUER any market until you sort out your mind. If you have any money issues, any abundance issues, any beliefs of unworthiness etc etc etc - the market will wipe the floor with you. The great thing is that you don't generally know you have any of these issues until you start trading.

    You can learn every technique under the sun, every signal, every indicator, every chart and every fundamental announcement, but they count for nothing when you are using REAL money.

    You can trade for years in a dummy account - but the second your brain knows there is real money at play is the second you will meet the real you. That's the problem with the market - everything is at 1000x magnification.

    Every successful trader I have met have all said they wiped out their live account 3 times over before they finally got it. This is why you have to be prepared to lose it all.

    If you are only looking to make money then my advice is to stay away. If you have a passion for it then by all means go for it. Any trader that actually earns good money from it will tell you they do it because they love it, money is an after thought.

    Having done both, my passion is internet marketing. The money is much more consistent and passive. I still enjoy trading, but only when I am not relying on it.

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    Default Re: can you honestly get rich trading forex?

    To answer your original question "can you honestly get rich trading forex?":

    Google the name George Soros.

    Never mind his politics, look at the amount of money he made and the answer to your question becomes obvious.

    Currency trading is literally the art of creating money out of thin air, if you're good.

    Personally, I don't have time for any more "methods" in my life, particularly ones with this much risk. Not that risk is bad, but I can't control the economic and political factors involved in Forex. I prefer things I can control more directly.

    My .$02

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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by scubaslick View Post

    Google the name George Soros.
    You mean the guy who made 1 Billion dollars in a day?

    I think that should give some people the potential of Forex.

    One of my associates good friends is a billionaire - And Forex has been good to him!
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    Default Re: can you honestly get rich trading forex?

    invest in Hedge Funds man thats their secrets trust me search hedge funds in google
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    Default Re: can you honestly get rich trading forex?

    The short answer is yes. however I will echo the words of many in this thread. It takes discipline, study and perseverance.

    I have been a professional trader since 1988 (yes I have the silly jacket, badge and access). I was going to go on a rant here, but honestly I don't have the time.

    Maybe this will help... it is 12:10 EST on 09/17/08 I jumped in this morning at 9:00 am and have already pulled $3,380.00 Profit USD out of the currency markets. That puts me up to $11,190.00 USD profit for the week (mon, tues and today).

    I love chaos (bankruptcies, fed takeovers, etc.) because it creates volatility and volatility is what makes forex traders money.

    I trade a very simple proprietary system that is based on 1 indicator and price action.

    And no I won't share it. Nothing personal but it took me 3 years of in the trenches trading to develop and most newbies wouldn't understand it anyway.

    For me (and most "real" traders would agree) trading is a state of mind. It is when you break through the technical crap and become an intuitive trader (you "feel" the market) that is when you become successful.

    This takes patience and discipline.... most traders blow out their accounts before they ever hit the nirvana of being a trader.

    Sorry for the rant. (actually I am not).

    however I have grown weary of newbies thinking they can beat the markets after having some marginal success in a "demo" account over a few days.

    Seriously.

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    Default Re: can you honestly get rich trading forex?

    Companies fail. When they do, the market has spoken. It is the natural cleansing process of a market. It allows for new companies to enter the market place, and to do things right, because obviously the failed company has not. Forex is risky.

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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by conjamuk View Post
    Companies fail. When they do, the market has spoken. It is the natural cleansing process of a market. It allows for new companies to enter the market place, and to do things right, because obviously the failed company has not. Forex is risky.
    WTF? Forex is risky... so is getting out of bed every morning. So is eating (stuffing) cookies, driving, flying, walking, breathing, sex... shall I go on?

    Just because something is risky doesn't mean its bad. Risk, like everything else can (and should) be managed.

    It is the risk that makes you alive. It is the risk that heightens your senses. It is the risk that gets you out of bed, stuffs your cookies, gets you in the car, on the plane... it is the risk that creates the reward.

    For any of you not willing to take a risk, just send me your money... because I will and if I fail; I will fail fast and move on to the next risk.

    Seriously

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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by charliefromthachi View Post
    I'm currently reading "the way of the turtle" by chris faith. He was the most successful of the turtle traders. Anyone else read it?
    Yes. But turtle trading is all about spreading risk. Trading Forex, by and large, is about being deliberately risky. And, you can find the original turtle trading strategy somewhere on the net as a PDF - it's much better than faith's book because it goes to the fundamentals.

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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by scubaslick View Post
    To answer your original question "can you honestly get rich trading forex?":

    Google the name George Soros. [...]
    Soros did not get rich trading forex. He was rich already. He was actually rich enough to manipulate the financial markets to get much richer.

    One thing to remember - forex is a zero sum game - every dollar someone makes, someone else loses. Now, if central banks can be forced to intervene, then governments may lose and speculators win (as Soros did), but that doesn't happen very often. So entering the forex market is like sitting down to play poker with a bunch of professional poker players who have studied the game for years and have much bigger bankrolls than you do. You might get rich, sure, but you are far more likely to end up broke.

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    Default Re: can you honestly get rich trading forex?

    YES YES YES

    BUT ONLY IF YOU ARE THE FOREX COMPANY OWNER (and you stay away from forex)

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    Default Re: can you honestly get rich trading forex?

    You can get rich even by playing poker or sport betting - there are hundreds of people who got rich because of that - ... but there are more safe and passive ways of doing it, and this forum provides lots of methods, less riskier than trading forex.

    Since I cannot control the markets, it is not for me. But you decide if it is for you, in anyu case be persistent.

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    Default Re: can you honestly get rich trading forex?

    agree with shithappens, and many of the other members here.

    I once interviewed for a developer position at a fx company ... they had a sweet office setup in downtown, had over 40 staff, great views, perks, etc.

    I ended up taking another position but shortly after two years, that fx company folded and was chased by dozens of people being ripped off. Basically, however well you do it, fx is still a form of gambling and there's no way to create a win win situation.

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    Default Re: can you honestly get rich trading forex?

    I think xtra and hj40 have the most accurate view of trading forex. In futures or stocks its more like an auction process that determines the price, or, as good as its ever going to get for you. When you trade forex your broker's network are the ones who create your data feed and the chart you see. They determine the spread you pay, what price you get in and out at and how your charts move. They own the game, between the 2 of you who do you think has the best odds?


    I agree with the other 3 or 4 traders, its a mind game that takes complete dedication and perseverance. Your successful method won't come from another trader or a book, it comes from within. When you're in the market and accepting the risk you definitely know you're alive. Follow the others advice and you may survive it. As far as areyouserious and the gent who made a fortune in forex I believe both of you would have done the same in any market you chose. Didn't really have anything to do with the forex market.


    Best of luck

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    Default Re: can you honestly get rich trading forex?

    forex is too risk for me...
    i have lose arund 10k in forex...so if you dont understand it...please dont try your luck at forex...
    must be very discipline and practice all the time...with latest forex news

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    Default Re: can you honestly get rich trading forex?

    Nice post lotus. I have never traded forex, but did trade futures for awhile in the early/mid nineties. Paper trades mean very little. You will trade differently with a real money account until you learn to take your emotions out of play. I'm not sure I ever totally reached that point.

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    Default Re: can you honestly get rich trading forex?

    you can get rich doing anything if you put the work into it.

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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by lotus View Post
    Okay here's the deal with forex. Can you get rich? The guy who taught me (lets call him Jim) makes $80k profit a month. He knows people that make $300k a month.

    Can you get rich overnight? NO WAY. Jim has been trading since the 80s when he hand charted his own analysis (no computers then). I traded for 3yrs and still did not make a profit.

    I've read A LOT of books and spoken to a lot of traders (not just forex, options, futures, cfds etc) and all the successful ones say the same things.

    YOU WILL NOT CONQUER any market until you sort out your mind. If you have any money issues, any abundance issues, any beliefs of unworthiness etc etc etc - the market will wipe the floor with you. The great thing is that you don't generally know you have any of these issues until you start trading.
    Please Elaborate on this . . . . are you saying that you have to believe you deserve to be wealthy to actually achieve it in the markets?

  46. #38
    luxint is offline Registered Member
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    Default Re: can you honestly get rich trading forex?

    Read 'Trading In The Zone' by Mark Douglas for a clear explanation of what lotus is saying.

    Lux

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  48. #39
    Bugalugs is offline Regular Member
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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by charliefromthachi View Post
    Please Elaborate on this . . . . are you saying that you have to believe you deserve to be wealthy to actually achieve it in the markets?
    This is a post from my blog from April 2007. It talks about the very issues of the psychology of forex trading.


    "While anyone may enter this cash currency exchange market (FOREX) it is recommended that for beginners, a thorough education is gained before using your own dollars. A basic education can be gained via various methods such as online education sites, books, CD’s, seminars, online platforms and the experiences of a mentor. These days there are other methods of going into this business but I shall not cover them here as a basic education is the wisest way to proceed in the beginning before using the even the so called automatic trading. A well laid foundation gives confidence.

    Various platforms also provide a very basic education and these may be used to “play” gaining experience in the “buy” and “sell” process. This forms no endorsement of any one platform and online research will reveal many but for ease of use one can be found HERE. It would be useful to familiarise your self with them. They can provide basics in learning and are very handy in practising while playing in real time without using “real” money.

    It has been proven that many who go well on the practise run using the platforms can often fall flat once they start using their “own” money. The psychological triggers of using your own money affect performance. It has to be expected that you will have not only gains but losses. We can say you must try to be emotionally stable but with money that can be a difficult ask, so always but always cut your losses and never try to chase or add to a losing position. If you develop a passion for FOREX you can enjoy the game and succeed lucratively whilst enjoying some of the excitement it can ignite.

    A book that is recommended is The Psychology of Trading by Brett N Steenbarger , a clinical psychologist who has an intimate knowledge of FOREX being a trader himself."

  49. #40
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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by shithappens View Post
    You can get rich even by playing poker or sport betting - there are hundreds of people who got rich because of that -
    And, wearing my ex-bookmaker hat, I can tell you that there are thousands who get poor by playing poker or sports betting.

    It's not, as someone said, a zero-sum game. Because there's always a middle man. Just like the zero in roulette, or the bookmaker's percentage, or the broker's fee.

    So, you may win $100 and someone else may lose $100 but you'll both pay a $5 broker's fee.

    The professionals at this game lose (some of the time). But they've got deep pockets and reserves to fall back on. Most amateurs don't. And when you've blown your $10K or $50K there's no use saying that you didn't know...

  50. #41
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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by charliefromthachi View Post
    Please Elaborate on this . . . . are you saying that you have to believe you deserve to be wealthy to actually achieve it in the markets?
    I am saying that whatever beliefs you currently have about money are magnified by the forex market. It's hard to explain until you've been there but there is a standard pattern that most people go through:

    stage 1: total newbie - takes some time to master the basics, usually makes a nice little profit because they are focusing on what to do rather than the money. (usually lasts a couple of months)

    stage 2: beginner - now comes the emotional rollercoaster. joy, surprise, panic, anger, rage, desperation, wild abandon, anxiety, arrogance, etc. Every one of these emotions can be experienced in the space of 10 minutes on the forex. Most people set out with a plan, but once you're on the rocket, all plans go to shit. (begins ONLY when you are trading LIVE - usually lasts 1 month to 6 months)

    stage 3: the fixer - now you are aware that it's just not working for you. so you research, research, research. There has to be that 1 GOLDEN indicator, that one perfect system, and you just know that once you find this it'll all work out. (this stage can last years)

    stage 4: the reality - slowly it starts to dawn on you that maybe the answer lies in your head. You realise that you need to train your brain to detach, and you need to control your emotions. A good trading plan is but 5 % of the picture. What really matters is what filters you are looking through when you look at the market. In other words: are you seeing an entry signal because you are down 3 trades in a row this week already and you want to break even, or is it a genuine signal? Are you letting that trade run because it really is about to turn around or is it because you can't bear to be wrong? Are you taking profits now because you are desperately in need of an emotional high, or is it the end of the run? (this can take years to master, best to get here asap)

    stage 5: mastery - this is where you are so detached from the emotional side of things, that you can have 3 months in a row of losing $30k (per month) and you are still calm and happy. You trade because you love it, but you don't need anything from it and you certainly don't get any emotional fixes from it. You are perfectly in tune with the market, and yet you know that the market is the leader not you. You KNOW you will never KNOW the market and that is okay.

    Hope that is more clear. Our brains just aren't used to this kind of reality. When the market turns on us, it is our nature to look for evidence to support that our original position was RIGHT (this often means holding onto a position for much longer than the indicators show would be sensible). Unlike our brains, the market has NO LOGIC. But we try and give it logic. Our brains can't deal with that kind of detachment. So we either chose to train our brain, or we give up. And 99% of all traders give up.

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  52. #42
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    Default Re: can you honestly get rich trading forex?

    Quote Originally Posted by lotus View Post
    Our brains just aren't used to this kind of reality. When the market turns on us, it is our nature to look for evidence to support that our original position was RIGHT (this often means holding onto a position for much longer than the indicators show would be sensible).
    And that way lies bankruptcy.

    NB - Lotus is right on the money with the rest of the post. People, generally, can't be emotionally detached. They cheer when they win and they get depressed when they lose. And you can afford to do neither.

  53. #43
    powerx is offline Newbies
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    Default Re: can you honestly get rich trading forex?

    Maybe this thread will help you. I never share my trading strategies, so please don't ask. But can make you money with Profits sharing method.

    http://www.blackhatworld.com/blackha...of-thread.html

    Thanks

  54. #44
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    Default Re: can you honestly get rich trading forex?

    So many people start in forex with a $5k or $10k account and have visions of making $100k a year...if anyone has these thoughts...time to come down to earth.

    The best traders in the world don't even do a 100% return in a year. It's commonly said that 10% of traders are profitable.

    Wanna get rich in forex? Become a broker, they are the ones getting rich

  55. #45
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    Default Re: can you honestly get rich trading forex?

    I think you are better off working hard with Internet Marketing, the ROI is great, consistent, and you can sleep at night.

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