what does it take to be rich in forex?

**rjferrer** · 01-26-2009, 06:37

what do you think is the most important thing/s you need to have to succeed?

**windtalker** · 01-26-2009, 16:12

Patience, perseverance and a thorough understanding of technical trading coupled with fundamental aspects.
In short, be willing to work to attain your goals and never stop learning.

**BigE** · 01-27-2009, 20:03

Originally Posted by rjferrer

what do you think is the most important thing/s you need to have to succeed?

First, the abandonment of the attitude you "need to be rich" or can "be rich" trading Forex. It's rather important not to get ahead of yourself too much and always treat trading as a job rather than a get rich quick activity. (I won't say scheme)

**finvik** · 01-29-2009, 09:04

well, there are many things that are really needed to make your self rich. the most important factors are Knowledge and patience!
a thorough knowledge of trading terms, charts, trend lines etc. is must, i have seen many people just jump into trading just by listening to the other persons words. mos of them who enter forex trading start learning the nuances after jumping into it..actually it should be like this, know about trading, understand each and everything in it, start with a demo trading software's, after you are sure that yes you know it all, start with actual trading
here is a good ebook for the beginners i have found.
forexsecretsebook [dot] com

**Lucky Trader** · 02-02-2009, 14:56

Hi everybody....

I've been trying to trade with profits since 2005....in vain... I am so tired and disappointed....

Guys, all I want is to ask: is anybody using free trade signals provided by www forex-win com? Want to use them myself but need smb's advice first...
Maybe smb has some good ideas?

Thanks

**Forex_Leader** · 06-11-2009, 16:41

I agree with the former posters. For me, the most important of all (and one of the most difficult of all as well) is definitely PATIENCE.

But I'd say that apart from this "psycological" aspect, the most important element to attain a consistent stream of income from forex is a system which shows you the direction of the markets. If you know the direction, you trade in that direction, you make pips, as simple as that.

Anyway, that's how I personally (finally) started to be profitable. I explain my strategy in much detail in my blogspot blog but can't post the URL here since I'm too "young", but if you're interested, google my nick at blogspot or fly me a pm.

And again, try TO BE P A T I E N T and you'll soon be rewarded.

Happy trading!

Forex Leader

**BECCY** · 06-11-2009, 18:34

What a huuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuge question!!!
And so hard to answer…if we knew the answer we’d all be rich

**Jones** · 06-12-2009, 05:01

I agree with Beccy, plus "rich" is a subjective idea. Do you want to be Donald Trump rich? Or Lindsey Lohan rich?

**BECCY** · 06-12-2009, 17:47

mmm what do u mean by that?
What is Lindsay Lohan rich? You mean having money to use around in a shallow way?..

**Forex_Leader** · 06-14-2009, 01:37

It isn't really the number of pips you make which counts, it's the consistency. That's a mistake new forex traders make. If you are able to make 50 pips per day or even 10 pips on a CONSISTENT basis, then you're in the game. Because at some point, you will increase your pip "value" because your capital will increase, so your pip value goes from 1$ to 2$ to 5$ etc. A pip is worth 10$ (on average, depending on the pair) on a standard lot. So 50 pips/day x 5 trading days is $2,500 per week.

Unless your objective is "I want to be a millionnaire in 2 weeks", $2,500/week will satisfy most of your needs.

**annaj** · 06-25-2009, 17:31

You need to be smart and be lucky of course too.

**BECCY** · 06-26-2009, 19:44

I think so too, but I would also add to be patience and to know when to retreat…
I just read on another thread in this forum that a person said: it’s like poker, but you never get to meet the other guy…
Heheh I thought it was pretty good.

Ps: I think forex it’s better

**FX101** · 06-27-2009, 21:33

Choosing the right broker is 90% of the battle, thanks to this automated system I use, the rest is a piece of cake.

View Profile · 06-29-2009, 18:19

The best forex tool is knowledge and a great broker. I use ACM (I think they are the best) and I try to be as updated as possible with the economical events .

**mackus** · 07-08-2009, 09:04

Matching your personality with both your trading method and profit expectations is a key to success. I think most people pick a strategy that someone else has had success with before they figure out that the time frame or risk or whatever doesn't fit their approach.

**Forex Ranger** · 07-17-2009, 17:23

A few others have said it but I will repeat. You need to invest in your Forex education and understand that it is a constant learning process to get better. You also need patience and the psychological will to keep going when you hit those valleys (and you will hit those valleys along with hitting the peaks). Just keep a even keel.

**VanForex** · 07-21-2009, 08:47

Of course you need to consider a lot of things..
PATIENCE and Perseverance is so important...

**BECCY** · 07-22-2009, 19:46

You are definitely right!
Forex is so personal, and that includes the whole trading method…
If a person doesn’t take the time to build it’s own plan, then this market is not for those people… if you wanna imitate someone else’s method, at least do it on a demo and se if it suits you and if you agree and fully understand it; don’t do it just for doing it…
Regards!