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can you honestly get rich trading forex?

Discussion in 'Making Money' started by charliefromthachi, Sep 17, 2008.

  1. charliefromthachi

    charliefromthachi Registered Member

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    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?
     
  2. superman28

    superman28 BANNED BANNED

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    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!
     
  3. shaqsquash

    shaqsquash Regular Member

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

    mrsix Power Member

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    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...
     
  5. hydroflame7

    hydroflame7 Junior Member

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    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.
     
  6. AgentZero

    AgentZero Jr. VIP Jr. VIP Premium Member

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    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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  7. itunesg0t0wn3d

    itunesg0t0wn3d Newbie

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    I'd be interested in a tool quite similar.

    I've played around with one using the Stockmarket.
     
  8. MontyzPython

    MontyzPython BANNED BANNED

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    Enjoy....

    hxxp://hosted.org/n/4575109505/Forex.zip
     
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  9. charliefromthachi

    charliefromthachi Registered Member

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    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.
     
  10. pinkystinkymailinatorcom

    pinkystinkymailinatorcom Junior Member

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

    Hugo Newbie

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    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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  12. smokes4life

    smokes4life Regular Member

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    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. :)
     
  13. luxint

    luxint Registered Member

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  14. dikozall

    dikozall Newbie

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    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!
     
  15. PhiltheBear

    PhiltheBear Jr. VIP Jr. VIP Premium Member

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    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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  16. Bugalugs

    Bugalugs Regular Member

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    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.
     
  17. themagician

    themagician Regular Member

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    '...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
     
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    Last edited: Sep 17, 2008
  18. jammie

    jammie Jr. VIP Jr. VIP Premium Member

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    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.
     
  19. charliefromthachi

    charliefromthachi Registered Member

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    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?
     
  20. jammie

    jammie Jr. VIP Jr. VIP Premium Member

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    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.