Forex - Is it possible..

[hc99]

I mean it's not impossible but it's very very unlikely, it's just gambling a lot of the time so be careful

I'd only call it gambling if you're blindly throwing money at it, though I sometimes allude to options trading as a type of gambling. But, it's an educated gamble where you know the variables, calculate/accept your risk, and work within your stop loss parameters. In that sense, you could say many other things in life are gambles, like driving your car for a road trip (much riskier than flying in a plane to your destination, for example). There's enough info/tools/indicators that you can use if you're educated enough to make reasonable estimates of where an underlying might go (unlike a game of roulette, for example), equally for stocks as forex. You just have to find that edge and use it. People often ask, do you think "it" is going to go up/down? Uh, let me check my crystal ball... okay, it looks like a 50/50 chance. Crypto might be more of a crap shoot, of course. The edges I focus on are lead-lag and price action, because I like to KISS. One currency pair might follow the price of oil, for example, another something else totally unrelated. It takes education and practice to get there, and everyone should start with paper trading first. So do it, and find out what you think for yourself. Paper trading accounts tend to be free with most brokerages, if not your favourite one then try Interactive Brokers.

 

[achiever2011]

So you hear about these young kids starting with £100 and making £200k in a few month trading forex... but is it actually possible? The average person i know suggests 30% per month is the maximum to expect on average.

No they are just stories to trap you to buying courses. Do not believe. Average return is like 15-20% annual for very good investors.

 

[skule]

Thats totally unreal unless you are just gambling your $ to any stock that looks good and win always, thats possible I mean in 1913 at Montecarlo the ball landed in black 26 times in a row at the roulette, so you just have to be in the good side of all your trades 26 times in a row but again the odds for that happening are too low that you can try to do the same in the stocks and you will lose a ton of $ just gambling until you see atleast 2 wins in a row.

 

[Mikey121]

I’ve been doing forex for a while, but to be honest with you I and most people make there money by signing them up to a broker, so for instance I sign someone up I get 120 pounds I’m not sure what my boss gets nor do I care as some days I can have a few sign ups so this is fine for me, I have good days and bad days.

 

[Leader777]

That's what u call gambling

 

[Mikey121]

That's what u call gambling

Get a good tipster online and do horse racing and football betting

 

[Cryptowhale225]

So you hear about these young kids starting with £100 and making £200k in a few month trading forex... but is it actually possible? The average person i know suggests 30% per month is the maximum to expect on average.

Ok I will stop you there... that's not possible even with high leverage.

 

[Fragmaster]

All extreme rags to riches trading stories have something in common:

https://en.wikipedia.org/wiki/Survivorship_bias

It's similar to asking lottery winner for tips on how to pick numbers.

 

[ThatBloke]

It’s gambling in a different format. I’ve known a guy who used to do this but he already had few other businesses making him money. He played big. The more money you invest, more money you can get. Only if you are willing to take the risk of losing.

I think most of the people who are promoting this niche making good money from affiliate commissions from brokers. It’s like getting someone to gamble and no risks involved. Easy! You might want to look into that instead.

 

[ultralogin10]

Answer resolved, i'll stick to what i'm doing

 

[oliversmith]

forex and crypto are the two high risk markets currently, according to a statistic I know over 95% of players lose. If you want to invest, my advice is put 10% of your capital in bitcoin and forget a few years, without trading

 

[win993]

If they are making that kind of return on their money, where is it coming from?
Secondly, try to open a brokerage account.
Read the account opening terms and conditions. They will mention something like "risk of loss is high...".
You do know why that's in there, right?

 

[OnlineA]

Everything is possible and I am speaking from experience, as I have been trading for a living for a couple of years now. BUT 999 out of 1000 forex traders have no clue what they are doing and if anyone promises you anything, he is lying. Nobody can promise a certain amount of pips, % or anything, I couldn't either. I take what the market offers me, but even after 10 years in in, I don't know whats going to happen next week and I am not pretending to know, unlike many others. I always trade what I see on a day to day basis.

 

[B1TCS]

Everything is possible and I am speaking from experience, as I have been trading for a living for a couple of years now. BUT 999 out of 1000 forex traders have no clue what they are doing and if anyone promises you anything, he is lying. Nobody can promise a certain amount of pips, % or anything, I couldn't either. I take what the market offers me, but even after 10 years in in, I don't know whats going to happen next week and I am not pretending to know, unlike many others. I always trade what I see on a day to day basis.

How much % of the profit are you able to generate per month

 

[OnlineA]

How much % of the profit are you able to generate per month

That depends on the account size, the bigger the account, the less leverage I use. Without using leverage 2-5% per month(big accounts) and mostly using up to 1:10 on medium sized accounts, 1:20 or more on small accounts, so simply multiply with 10-20.

But I am also playing with crazy high leverage on small accounts for the adrenaline. Best result there was 20k% in a month, when I turned $3 into $600. Currently I have a small account with 5k% after 2 weeks.

 

[B1TCS]

That depends on the account size, the bigger the account, the less leverage I use. Without using leverage 2-5% per month(big accounts) and mostly using up to 1:10 on medium sized accounts, 1:20 or more on small accounts, so simply multiply with 10-20.

But I am also playing with crazy high leverage on small accounts for the adrenaline. Best result there was 20k% in a month, when I turned $3 into $600. Currently I have a small account with 5k% after 2 weeks.

I started trading few months ago, blew some accounts because of poor risk management, now I'm trying to spend less time looking at charts and follow my trading plan

 

[OnlineA]

I started trading few months ago, blew some accounts because of poor risk management, now I'm trying to spend less time looking at charts and follow my trading plan

I blew more accounts than I can count in the past decade, its part of learning. You don't learn anything from trading demo, because trading is 50% skill and experience and 50% psychology. And you never experience the second part with fake money.

Just learn the patterns, follow fundamental news, COT reports and retail positions(retail is mostly wrong).

And best is to learn during Asian session, because its less volatile and easier to trade.

 

[W1ckd]

Very possibly, they just stumbled on the right indicator and interpreting their own trigger on it.
its a chance game same as the chance of getting a high IQ, 1 in a x will get their luck.

But then its like winning the lottery.
Its better to fail miserably and find the right trigger/pattern/indicators after a hard learned period.

Understanding the mechanics of a moving average or the fundamentals of a mfi/macd whatever, takes quite some time to learn

 

[YujinTan]

I does park a bit money on forex, yes I use signals from a product behind also got telegram chat from fellow traders etc.
I honestly say yes you can say is gambling as no body really know whats next the market go , traders just for cast base on the movement etc.
also need to take note of risk managment. i shall say is not a get rich thing but it does if the market give what you have forcast .

I not say really earn a lot from forex, just park some fund on it . I does withdraw some money but not say like few k , or even hundred k .

lo if I got big funds I does wanna put 10k or more

 

[200]

Forex Affiliate is still a good business. Earned my fair share.
Actually trading not so much.