Got rich with forex
Most new traders want to jump from step one to step five in the space of a few months. Realistically, you will have to go through each step to succeed and it will take you some time. So I am sorry to be the one to tell you this but Forex is very much a get rich slowly game. Well the fact is that most people do not get rich quick in any career or business. So giving up on Forex because it will take you time to achieve success is silly. I personally feel that the best thing about Forex is the freedom it provides.
Unlike most careers, once you become consistently profitable in Forex you can scale back your chart time. Over the past two months, I set up a stop watch and timed the total amount of time I spend trading per week. I found that on average I spend six hours per week trading.
Compare that against the hour work day most people are forced to do these days. Forex is the obvious winner. Forex certainly does have a lot of benefits and it can turn your life around. However, please do not fall into the trap of thinking that you will be rich within six months. Click here to cancel reply.
Email will not be published required. It is very much in the beta stage right now. You are still on the old Super VIP system. Always refreshing advice from an experienced trader. Thanks Nick ur method have been life saving for me. You do not have to have excessive cash in order to succeed. What you need is know someone who has blown theirs risking too much any any amount. What has the purchase date got to do with anything?
I see what your saying but the logic is quite simple and is commonly used by software and web application designers. The new web application that allows users to view the course is currently in the beta stage. The fact that it is new means that it can have a lot of bugs. I am only allowing a small group of people to access it at the moment so they can give me their feedback and I can fix bugs. If I give access to over one thousand people I will receive hundreds of bug report emails weekly.
As with most new software or web apps we are currently beta testing so it is not publicly available. Top notch post Nick! I still remember starting out and thinking how fast I was going to make money.
Until I started losing it of course. I would like to say to the younger croud that I hope you fully understand how lucky you are. Take the following to heart!!! Oh; for you smarty pants that think at 50 we have to take it slow; just 3 years ago I smoked a local highschool sprinter in the Never underestimate old peoples o:. I spent the last 2 weeks contemplating if I should continue. Then I lost it ALL! Very scared of loosing any more but this is my chosen career.
I will start over but take it slow. This is my first time that I will post here as I feel that what Nick said is important. I want to share with everyone a trading story and why it is better to wait for your trades. Many years ago when I was young and naive and living on Long Island I used to pass by a brokerage firm in Bay Shore on my way to the marina. The brokers would leave the door open and you can see the ticket tape.
This how I got interested in trading. Back then I had no idea what the numbers and letters represented. One day out of curiosity I was standing outside the door looking at that ticket tape and one of the brokers invited me in. He told me have a sit and enjoy the show. Sitting a few sit from me was this old man. Anyway, as I was sitting there this old man got up and started yelling. I still remember the words as it startled me. So did everyone else in the room.
It was a long time ago. At the time I did not know what that meant. The broker picked up his phone and said something like buy 50 something something. I could not hear him but now I know that is what it was.
The old man sat back down at his chair. I had no idea what just happen. Who the hell was gay in that movie? I went to talked to the broker that invited me in asked him about the crazy old man. He told me he comes here a couple of time a month and trade the meats. He told me just sit down and watch him again in about an hour. So I sat there, watching all those numbers on that ticket, still confuse but more intrigue then before.
About an hour and a half later as I watched the ticket tape the old man did it again. Then old man then leave. Everyone in the room just watch him leave. I went to talked to the broker that invited me in. He told the story about this old man. He said a couple of times a month this old man comes in and buys the meats at the CME. Mostly he trades the bellies. He only trades 50 lots and always go for half a point or more depending on the time of day. I had no idea what this man was talking about but he told me that this old man makes a nice living doing this.
Later, as I got older I realize what this old man was doing. If my theory is correct, this old man would trade off of the meat and agriculture reports and buys after the selling stop. He would wait for the trade to COME to him. This is important what I am saying. This old man only traded a couple of time a month. Lets do the math. He trade 50 lots. Multiply that by what, 50 lots. How much is that? Nick only trades about 6 hours a week and is making a living.
I hope you all enjoy this story. BTW, last year issue of Traders magazine they have their annual top traders. He only trades a couple of times a month and takes the rest of the month off. How would you like to have that job? I have seen many newcomers who thought that forex is a get rich fast scheme.. Been there but i survived! Verry verry thanx for this…i am trading for last 1 year and lost huge money ,but from last three weeks iam in proffit….
Nick is very right, there is no profession that does not need initial time investment before success and to think forex is an exception is a big mistake. Unfortunately for the impatient it is a long road. So sit back, have a beverage and listen to what the experienced people like Nick have to say.
Forex brokers market makers shows the market for newcomers as the Holy Grail. In one article I read that you will make more than your neighbor sitting on the couch.
However, it may take year before you can trade for living. Realistically it takes several years to master Forex but you could be profitable in under a year. You simply need to start on the right path which most of us do not do. Albeit a short article but nonetheless is of monumental importance. In the past looking for the magic EA and indicators has cost me a lot of grief and money. Nick you have nailed it entirely. By far the best technique is knowing the key SR levels and the understanding of candlesticks which will betray who is in control of the market, the bulls or the bears at any given time.
Larger time frames rule absolutely because they are reveal the true nature of PA movement. Add to this recipe good risk management and diligent patience and the market will reveal itself.
The market will not co operate with fools and and as such will chew and spit them out by the wayside. It pisses me off. Thanks for the beautiful and exiting facts shared above. I am new here and will like to share my experience. Sometimes 6 Years ago I walked into a Cyber Cafe where I saw a young guy with his Laptop containing some lines, charts, graphs and dots. I eventually decided to take a career in FX as I always to be free and be my own boss. I later went to the drawing board and relaunched into the main FX Market.
Remember that as forex is a game of currency pairs, for one currency to go up, the opposing currency must go down. This means that where people are making money, others are losing money.
This is very different to trading in stocks and shares where it is possible for all the shares to go up in value at the same time if the economy is doing great, and for them all to go down at the same time if some major economic upset occurs.
Unfortunately the split of winners to losers is not an even For starters for every trade that is made the broker is taking a small commission. On top of that professional forex traders, banks and other financial institutions will be taking an uneven percentage of the winnings.
But some do — so could you be one of them? Private dentists can make lots of money. You need to study for many years, practice all the various techniques, pass exams, and have the time and money to be able to go through all of this. I think the reason for this perception is due to how easy it is to trade. No one who is sane anyway would think about having a go at doing a root canal procedure. Where would you even start! However anyone can make a trade on forex.
You just have to open an account, press a few buttons, and you are making a trade! The fact that it is easy to make a trade does not mean it is easy to consistently make winning trades every day, year after year. To be a winning trader you will need to do large amounts of study, practice regularly, and have the right attributes to place and manage your forex trades. Forex , get rich quick , risk. This entry was posted on Wednesday, December 2nd, at 8: You can follow any responses to this entry through the RSS 2.
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Can trading forex make me rich? So do people get rich from forex?