Anyone here made >$1 million trading?

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spearchew

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Hi guys,

I'm going to play the devils advocate here, right?

I doubt anyone who ever uses these forums has ever made this sum of money from Forex, or anything close. Anyone disagree?

I believe most of you have lost money, and I believe some of you have made money. However this is to be expected. Get 1000 guys to play the roulette wheel for a while, and some of them will end up with more than they started.
In the long run though - losers.

It seems that a great many people who take up Forex trading base their actions on technical analysis - looking at what the graphs , aka historical data, is telling them. I don't believe you can gain a real advantage by simply reading the graphs.

Warren Buffet says:
"I realized technical analysis didn't work when I turned the charts upside down and didn't get a different answer"

And finally, any offer of "forex training", guides or winning methods are clearly, by logic - garbage. Any man who had a truly, long term, winning strategy would be too busy counting his winnings to hand out his ideas for a few $$$. Many people who use these forums are desperate for a get-rich quick scheme, it is not surprising that the vast majority of Forex users end up losing.


Discuss.
 
You are right, you cant gain a real advantage by simply reading the graphs. And just because Warren Buffet cant make it work, doesnt mean others cant.

Charts alone will get you so far. You need to build up the whole package to become a successful trader. If it was as easy as reading charts everyone will be minted. Combine all the components and you can reach the million $ mark and exceed it.

And yes most people that come here come looking for the holy grail when infact there isnt really no at all. So people just spend years looking for one and blowing their account trading various systems, whereas if they had spent that time to live the market they would be in a much better position right now.
 
Spearchew---I have, ------several times. --------Unfortunately it was not my money but the banks. Back in the early 80`s , no PC`s and no charts. God I feel Old!!! Used to trade positions between $5m and £50 m all day long as part of a forex team.
 
Last edited:
I think the question should be: has anyone made $1 million and kept it?

I know plenty of traders who have hit the $1 million mark; however, I know few who have stayed there.
 
shadowninja said:
Admit it. You blew your winnings on marmite and marmalade sandwiches.
Click to expand...

Ahhh, you know me so well!

Lol, I'm afraid I have a long way to go before I become a member of the $1 million club. Probably another 7 accounts, 50 years and my sanity!

Sometimes I think I should just retire to deepest darkest Peru :rolleyes:
 
This is right. Mostly traders lose money. The reason is that they concentrate on technicals analyses and not on chart itself. A chart tells whats going on. Second, they always search for signals to trigger. A trader should know what to do when he is in a trade.

Fakhar
 
fakhar said:
This is right. Mostly traders lose money. The reason is that they concentrate on technicals analyses and not on chart itself. A chart tells whats going on. Second, they always search for signals to trigger. A trader should know what to do when he is in a trade.

Fakhar
Click to expand...

Hi Fakhar,

Of course traders look for signals to trigger. Technical analysis and chart reading go hand in hand; they are connected. Aren't we looking for trades based on what what the chart patterns are telling us?
 
spearchew said:
Hi guys,

I'm going to play the devils advocate here, right?

I doubt anyone who ever uses these forums has ever made this sum of money from Forex, or anything close. Anyone disagree?

I believe most of you have lost money, and I believe some of you have made money. However this is to be expected. Get 1000 guys to play the roulette wheel for a while, and some of them will end up with more than they started.
In the long run though - losers.

It seems that a great many people who take up Forex trading base their actions on technical analysis - looking at what the graphs , aka historical data, is telling them. I don't believe you can gain a real advantage by simply reading the graphs.

Warren Buffet says:
"I realized technical analysis didn't work when I turned the charts upside down and didn't get a different answer"

And finally, any offer of "forex training", guides or winning methods are clearly, by logic - garbage. Any man who had a truly, long term, winning strategy would be too busy counting his winnings to hand out his ideas for a few $$$. Many people who use these forums are desperate for a get-rich quick scheme, it is not surprising that the vast majority of Forex users end up losing.


Discuss.
Click to expand...

Yeah me main man user Market on dis site ooo iz a guinea pig fancier iz won a million u shud send im a message bruv
 
It shouldn't be too hard to get to £1,000,000 really if you start with a decent amount of capital.

I made a very modest 60 points on the DOW today. At £2 a point that didn't equate to much. However, if i had £16,667 per point- i would have made a million. What a missed opportunity that was. (and yes, i do believe a SB company may take this kind of bet- look at that footballer guy that has so far lost £300 million through IG betting £300,000 a point and more).

Anyway, in the above example, the trade only went against me 5 points. So, if you had about £200,000 capital and just sat around and waited for a stonking opportunity then jumped on board... an easy £1,000,000

I just realised- the original post was in $'s not £'s- therefore it would be even easier :).
 
I haven't made anything close to a million from trading, but it is what I do for a living and my profits come from an approach based purely on technical analysis, so I'd suggest that anyone who dismisses TA hasn't researched it fully enough.

With regards to system sellers, I always thought the argument that they would surely just trade to be a little stupid. They might be profitable traders but lack capital. Knock out a system and you can generate hundreds of thousands, even millions in sales, which will then allow you to trade much larger positions and make more money.

(I do recognise of course that most system sellers aren't profitable traders to begin with...)
 
spearchew said:
Hi guys,

I'm going to play the devils advocate here, right?

I doubt anyone who ever uses these forums has ever made this sum of money from Forex, or anything close. Anyone disagree?

I believe most of you have lost money, and I believe some of you have made money. However this is to be expected. Get 1000 guys to play the roulette wheel for a while, and some of them will end up with more than they started.
In the long run though - losers.

It seems that a great many people who take up Forex trading base their actions on technical analysis - looking at what the graphs , aka historical data, is telling them. I don't believe you can gain a real advantage by simply reading the graphs.

Warren Buffet says:
"I realized technical analysis didn't work when I turned the charts upside down and didn't get a different answer"

And finally, any offer of "forex training", guides or winning methods are clearly, by logic - garbage. Any man who had a truly, long term, winning strategy would be too busy counting his winnings to hand out his ideas for a few $$$. Many people who use these forums are desperate for a get-rich quick scheme, it is not surprising that the vast majority of Forex users end up losing.


Discuss.
Click to expand...

In so far as you confuse trading with gambling don't expect a decent answer.
Get 1000 guys to play the roulette wheel for a while, and some of them will end up with more than they started.
In the long run though - losers.
Click to expand...
Technical analysis works fine,do not judge others by your lack of knowledge.
Not every trader sets out to make a million! in a short period of time, If you develop a decent understanding of T.A, it can make you a very good living.

As for warren buffet. stop judging people by his limitations
 
I have so far turned my free £100 from my SB account into £200 on chart reading alone. Warren Buffet probably make his $$$ through other methods and therefore didn't care for technical analysis??
 
I can't remember the exact quote, but Mr. Buffet said something along the lines that he knew technical analysis didn't work when he turned the chart upside down :D

Another one of Warren's sayings is that you shouldn't buy a stock unless you were happy to buy it if the stock exchange would be closed for a decade.

He is a value investor. If you want to emulate Mr. Buffet then never mind about technicals. Look at how relatively cheap it is, don't use any leverage, and consider the company's long term prospects. I honestly think it is that simple.
 
I took a dim view of technical analysis because I wanted to provoke people into discussion.

Are you all familiar with efficient market theory?
"The efficient-market hypothesis states that it is impossible to consistently outperform the market by using any information that the market already knows, except through luck."
I am continually learning more about the world of finance, however, the view expressed above is one which makes sense to me - and for that reason I would warn 'socomrider' and others against mistaking short term profits (like he experienced, £100 -> £200) for 'good' analysis.

The whole business of Forex "trading" shares similarities with that of online casinos - users experience some successes in the short run, they start to believe that their 'methods' are working, and pile in more money. Often it ends in tears, no?

I have not read this book, however I believe it would do many forum users some good...
Fooled by Randomness - Wikipedia, the free encyclopedia
 
spearchew said:
Are you all familiar with efficient market theory?
"The efficient-market hypothesis states that it is impossible to consistently outperform the market by using any information that the market already knows, except through luck."
Click to expand...

Depends on the definition of "consistency" I guess; I've been making a living from nothing but technical analysis for over two years and I know people who have been doing it a lot longer than that...
 
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