can you honestly get rich trading forex?

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

Thread Status:
Not open for further replies.
  1. charliefromthachi

    charliefromthachi Registered Member

    Joined:
    Jul 17, 2008
    Messages:
    53
    Likes Received:
    22
    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

    Joined:
    Jul 15, 2008
    Messages:
    63
    Likes Received:
    3
    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 BANNED BANNED

    Joined:
    Nov 17, 2007
    Messages:
    335
    Likes Received:
    1,919
    LOL. Forex is not a get rich quick scheme. It requires discipline and practice.
     
  4. mrsix

    mrsix Power Member

    Joined:
    Sep 13, 2008
    Messages:
    785
    Likes Received:
    466
    Location:
    PNW
    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

    Joined:
    Jul 22, 2008
    Messages:
    135
    Likes Received:
    98
    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 Regular Member

    Joined:
    Jul 10, 2008
    Messages:
    408
    Likes Received:
    83
    Occupation:
    Self Employed
    Location:
    Playboy Mansion
    I dont quite understand how people can lose soo much money or make soo much with forex in such a short time period?
     
    • Thanks Thanks x 1
  7. itunesg0t0wn3d

    itunesg0t0wn3d Newbie

    Joined:
    Aug 18, 2008
    Messages:
    22
    Likes Received:
    6
    I'd be interested in a tool quite similar.

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

    MontyzPython BANNED BANNED

    Joined:
    Nov 3, 2007
    Messages:
    1,315
    Likes Received:
    316
    Enjoy....

    hxxp://hosted.org/n/4575109505/Forex.zip
     
    • Thanks Thanks x 1
  9. charliefromthachi

    charliefromthachi Registered Member

    Joined:
    Jul 17, 2008
    Messages:
    53
    Likes Received:
    22
    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

    Joined:
    Jul 27, 2008
    Messages:
    109
    Likes Received:
    96
    you can find the answer by your self by oprning a demo account in any broker and start trading
     
  11. Hugo

    Hugo Newbie

    Joined:
    Jan 25, 2008
    Messages:
    28
    Likes Received:
    42
    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
     
    • Thanks Thanks x 2
  12. smokes4life

    smokes4life Regular Member

    Joined:
    Dec 21, 2007
    Messages:
    200
    Likes Received:
    59
    Location:
    Marlboroland :)
    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

    Joined:
    Jun 16, 2008
    Messages:
    69
    Likes Received:
    22
  14. dikozall

    dikozall Newbie

    Joined:
    Apr 23, 2008
    Messages:
    36
    Likes Received:
    94
    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 Junior Member

    Joined:
    Feb 17, 2008
    Messages:
    197
    Likes Received:
    93
     
    • Thanks Thanks x 6
  16. Bugalugs

    Bugalugs Regular Member

    Joined:
    Jan 27, 2007
    Messages:
    204
    Likes Received:
    381
    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

    Joined:
    Mar 25, 2008
    Messages:
    221
    Likes Received:
    1,084
    Location:
    Brit in Thailand
    '...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
     
    • Thanks Thanks x 2
    Last edited: Sep 17, 2008
  18. jammie

    jammie Power Member

    Joined:
    Feb 24, 2008
    Messages:
    773
    Likes Received:
    455
     
  19. charliefromthachi

    charliefromthachi Registered Member

    Joined:
    Jul 17, 2008
    Messages:
    53
    Likes Received:
    22
    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 Power Member

    Joined:
    Feb 24, 2008
    Messages:
    773
    Likes Received:
    455
    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.
     
Thread Status:
Not open for further replies.