Can you get rich quickly from forex trading?

[carlipkott107]

quote If by 1:4 you imply that the TP = 4 x the SL (Van Tharp would call that 4:1) after costs, then you would require a phenomenal entry method to deliver a 75% win rate. By means of contrast, simply using random entries, accomplishing 1:4 RR would imply 1 win for each 4 losses, or a win rate of 20 percent. If you are scalping, then factoring in costs will lower this to ~ 15%. Risking 50 percent of your account means that 2 consecutive losses will lead to destroy. With Excel's binomial formulae, the probability of ruin is therefore 0.999999248562504, or, in other words,...

you seem to forget about scaling down with champions

2 losses wont blow off the account (unless you're only starting out and yet to have any net winners)

the whole point of this this kind of cash management is that A WIN IS THE SAME AS A LOSS

all that matters is that you win 66 percent of this time.

You can actually get away with a 51% win ratio and complete this. . If you run it on a long enough sample of trades

however the goal is the least quantity of trades as possible

2 steps forward 1 backward


the more trades you run, the smaller of a win you want to yield the following results

1:2 r/r, stop reduction 50 percent, tp 100 percent ----- $50 first risk -- 11 net winners

100 -win
200 -win
100 -reduction
200- win
400- win
200- reduction
400- win
800- win
400- reduction
800- win
1600- win
800 -reduction
1600 -win
3200 -win
1600 -reduction
3200 -win
6400 -win
3200 -reduction
6400 -win
12800 -win
6400 -reduction
12800 -win
25600 -win
12800 -reduction
25600 -win
51200 -win
25600 -reduction
51200 -win
102400 -win

20 wins. . 9 losses... total profit $102000. .

[segarpra]

quote no im saying if you set a daily goal of 10 pips a day or 50 pips to make 10%, state that you're using a betting .10 for every 1k in accountper week and did that for two years beginning with 5000$ youd be a millionaire.

Setting a goal isn't the requirement to accomplish the millionaire result.

Consistancy will enable a bit

[Danichesa]

quote Are you referring to this story I heard - there was a trader which made million from few thousands in 1 day?

No im saying in the event that you set a daily aim of 10 pips a day or 50 pips to make 10%, state that you're using a gambling .10 for each 1k in account, a week and did that for 2 years starting with 5000$ youd be a millionaire.

[sandrapunis]

in case it's possible to devote two years into a strict plan you can have 1-3 million starting with $1000

Are you speaking to the story I heard - there was a trader that made million from few thousands in one day?

[Tataylo]

you can go from $25 risk to $117,000 in 12 trades, with just 9 of those being winners (75% win ratio) using a 1:4 risk reward and risking 50% of the complete account after every win

If by 1:4 you mean the TP = 4 x the SL (Van Tharp will call that 4:1) after costs, then you would need a phenomenal entry system to provide a 75% win rate.

By way of contrast, only using random entrances, attaining 1:4 RR will mean 1 win for each 4 declines, or a win rate of 20%. If you are scalping, then factoring in costs will lower this to ~ 15%.

Risking 50% of your account usually means that 2 consecutive losses will lead to ruin. With Excel's binomial formulae, the probability of ruin is consequently 0.999999248562504, or, in other words, of avoiding 2 consecutive declines over a 12 commerce chain is 1 in ~ 1.33 million**. XLS connected (yellow areas mean gt; 99.5% or lt; 0.5%).

[** as a million appears deceptively small, when exhibited as 1,000,000.... According to wiki, 1 standard 8oz cup will hold about 7,200 grains of rice. Hence beating odds of 1.33 million to 1 would be equal to tipping 185 cups of rice right into a vat, then picking the one 'correct' grain]

I guess doing the math is easier than finding an entry system that's capable of producing the desired outcome. But onecliqforexmember has turned $200 to $50 million, so I guess it is possible. Good luck.
https://www.cliqforex.com/attachment...1912836440.xls

[R0ox85]

FX is all about risk management from what I have discovered.

[Churiurdin]

Yes, you can get wealthy after you start trading correctly, not affected by the human plogy, so losing the gaming edge etc.. However, for you to acquire this level of temperament you'll have to work hard and spend some time. So it isn't like easy money immediately! On a longer term, if you survive the first phase and possess a very clear mindset, you will not regret your choice.

I agree. I know several men and women who've been investing in FOREX for a long time, who are now wealthy who've used the money they made from FOREX to start up businesses.

[oxsPor]

It's true, you can get rich after you start trading correctly, not influenced by the individual plogy, decreasing the gambling edge etc.. However, for one to acquire this amount of temperament you will have to work hard and spend some quality time. So it isn't like easy money immediately! But on a longer run, should you survive the initial phase and have a very clear mindset, then you won't regret your choice.

[mmmery]

With excellent skills, I'm sure we could!

[javipknoe25]

Can you get rich from Foreign Exchange trading? Definitely. Can you get rich? It's possible, but not always very probable. Fantastic trading requires years of practice and study. Nevertheless, some folks do get lucky.