How Forex Trading Can Make you Rich?

[4pipsSake]

I know people who are currently making a killing trading currencies, but they have years of experience to get these money in life.

Depends what you define as a killing, $1000 or 30k plus per month. I know how to trade currency and have derived an income from trading since 1992. My point is more so focused at newby traders warning them of the pitfalls of trading spot fx. I would estimate that 98% of everything on the net is BS in regards to education, EA's, and brokers related to FX and other.. I would like to see all these traders making a killing considering only about 3% of traders actually make money consistently, so what are the other traders doing??. A few yrs ago i was reading some statistics on the average loss and how long it took before a FX trader gave up. The loss was $13,700 and the time line was 2.5 yrs.

I know you can make money trading FX as I do, but its not as easy as everyone thinks. My average monthly return since 1992 is a 5.8% profit p/m, excluding position share trading.

 

[charmingdude]

You need to learn each and every aspects of Forex Trading. You need to learn about analyzing the market trend.

 

[4pipsSake]

You need to learn each and every aspects of Forex Trading. You need to learn about analyzing the market trend.

What about interest rate differentials? That's what moves currency. And beige book, unemployment. cpi, gdp, fomc, If trading NZD you need to be aware of GDT.

Its just not about the trend., even though the trend is the way to go.

Forex is different than any other market because you are comparing the strength of one currency against another.

 

[Esha.J]

Can you get rich quickly from forex trading? Yes. Is it easy? Probably not. Forex needs experience, discipline and patience.

 

[4pipsSake]

Can you get rich quickly from forex trading? Yes. Is it easy? Probably not. Forex needs experience, discipline and patience.

I've read that in almost every book that professors to teach trading. And guess what, most those books are written by people who can not trade.

 

[Esha.J]

Lols, Thats true my friend. All writer are only for creating content, we are the traders who create and work with such risk.

 

[4pipsSake]

Forex. MT4

London Open Trade. Any pair, but stick to the majors.

Wait for 30min candle close. If candle closes higher than the open your bias is long, vice versa.

After the break above the 30 min candle wait for it to retrace and enter on the 5min candle in the direction of the break. Daily target around 20 to 30 pips profit. Stops below entry candle or the opening low.

Be patient and practice, won't work all the time but can make some nice income once you are confident.

Can add 30 min Market Profile which will be a significant benefit.

I do this trade often and it does work.

Breakout box attached. You need to change pips above, pips below from 100 down to 10. This box begins at the euro open.

 

[4pipsSake]

Food for thought.

If you can consistently make just 10 pips per day with just 1 lot = $100, however, if you are consistent and have the funds to do it who said you can't trade 10 or 30 plus lots?

 

[Money Trust]

So many people just gullible, I remember when Forex started, all the hype of commissions free when dealers were making a killing as they controlled the data and 4 pip spread cost much more than one tick spread in the futures plus commis. People simply go nuts thinking some investment is going to make them rich by getting 10% a month and why there will always be Ponzi schemes. Making easy money is like hatching alligator eggs in upper Canada or raising Jackalopes.

That's why I'd rather trade currency futures if I can't trade currencies through the banks. The retail FX market is a rip-off.

 

[4pipsSake]

That's why I'd rather trade currency futures if I can't trade currencies through the banks. The retail FX market is a rip-off.

I agree. However there are times when you can make some nice returns on spot/retail, however, hang around to long and you will get targeted and then hammered.