Could Someone Become Rich By Forex Trading? - Lets Discuss - page 6

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RaptorUK: They won't . . . it's all paranoia and ignorance coupled with Coin Toss class strategies.  What does the Coin Toss need to be a Coin Toss ?  Stops that get taken . . . "if it weren't for the Broker stop hunting my strategy would be a winner" . . .  yes of course because that would then be a shift in the R:R for the same WR and yes they Strategy would then win . . .
Agreed. It's mostly coin_toss [minus the spreads]. Or a negative expectation trading which the masses are doing. But instead of blaming that, the brokers makes a much easier targets....Perhaps because they're the few winners in this equation. Trading ain't easy, much time, analysis, costs and self_responsibility needs to be assumed. People who likes placing blames on others have no_place in risk_ventures (imo). And I would avoid them like a plague.
 
Ubzen:

Non-Sense. All speculations and no proof.

What does the broker have to gain by Stopping you out? Answer= The Spreads.

What does the broker have to gain by Not-Stopping you out? Answer= The Spreads.

So why Stop you out and risk Millions in fines and lose their Business? .............

If a Broker is a Market_Maker and holds the other sides of your trades .... Then you can say there's a Motive. If someone have such broker and believes the broker is cheating then move unto an ECN Broker, Contact_Regulators and Sue_for_Millions. Do_Not play Cat_&_Mouse with a Cheating Broker who have all your deposits in his hands.

Remember: the Broker isn't your enemy, they're your Business Partner. They charge you the Spreads/Commission the rest is between you and the [5_trillion daily volume] Forex market.

This is exactly what I meant. A bit lazy today.
 
abhishek72457:

Could Someone Become Rich By Forex Trading?

is it possible to be Rich by trading forex markets?  

I think you should chose it as a side business, not a full time business. if you want to be a rich overnight, then you are just in dreams, but if you want to take profit  as your pocket money then it is possible through forex trading.
 
angevoyageur:

If someone believes that brokers are "sniffing" stops, and still continue to trade, it's simply a fool. If someone knows that a broker is "sniffing" stop, he has to complain to regulators.

I agree with your expression, and by little rephrasing it, we can answer the question in the topic.
If someone believes he can get rich on forex, it's simply a fool.
If someone knows how to make money on forex, he makes money and becomes rich;)
 
KenMcCormick:

I disagree, If a broker sniffs stops, the strategy can be changed, either no stop is set at all, or a higher risk stop., For example my stops are usually 10 to 15 pips, if the broker starts to sniff, I could change to 50 pips and monitor broker price feeds via a third party. If the broker cheats I have proof and can collect via a law suit, plus inform regulators, or threaten to, to get a fair resolution. In business I think it is required to have systems in place to protect yourself from potential fraud, and to have the data, to back up claims. This way it is more likely to prevail in litigation. This is required unfortunately, as we do not live in a perfect world, so many people are dishonest. An example is, a certain broker was recently sued by regulators for unfair slippage practice, all victims recovered losses. There are many such law suits that cost brokers much money for cheating clients, and/or manipulating systems. They are required to pay restitution and fines. You may come out ahead. One doctor sued for damages, and came out with $27 mill. on a $100k account.

I do agree to informing regulators, it helps get your fair resolution.

Thank you for such Information..
 
tabi9879:
I think you should chose it as a side business, not a full time business. if you want to be a rich overnight, then you are just in dreams, but if you want to take profit  as your pocket money then it is possible through forex trading.
Thanks for Advise Mate. and yes all points are true.
 
Please Keep sharing and discussing friends. it really helps a lot  of people as these topics and discussions have never been discussed earlier(As much as i have read).
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