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Forex - The ultimate Fastlane (?)

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by raad182, Jan 2, 2019.

  1. raad182
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    raad182 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I know that its very hard to make any money consistently for a long period of time with forex trading but I've seen pro traders saying that an average of 8%/month is pretty doable if you put the effort.

    Why isn't forex mentioned as one of the best fastlane options?

    Pros
    - You can work from anywhere as long as you have a laptop and internet.
    - Flexible hours (Market 24/7)
    - No bosses or direct contact with customers.
    - No selling
    - No networking
    - Acquire useful knowledge about global markets, trends, finance and economics.
    - There is no limit on how much you can make (or lose too) unless you use stops.

    Cons
    - Requires a high level of personal skills (patience, risk management, data analysis, economics...)
    - Requires emotional intelligence
    - High risk
    - Addictive
    - Checking charts and news daily
    - Constant ups and downs


    Last night I was thinking on what skill should I focus on this year and a routine of a trader is really what I'm looking for, independent, flexible, high risk and high reward, fast pace, agressive and competitive. Besides that I've read that most of the pro traders uses robots and system so they just need to put something like 2hour of work per day.

    I live a really simple life and my cost of living is really low so If I start with 50k and average 4% monthly(2k), I could consider myself to be free from the 9-5 world, of course I know that there is a long road before seeing any profit and the majority of traders lose money but we aren't the majority here, right?!
     
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  2. Jechua
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    Jechua New Contributor FASTLANE INSIDER

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    8% a month is not 'doable'
     
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  3. raad182
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    raad182 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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  4. Mainstream7
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    Mainstream7 Beauty is Truth

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    If you start with 50k its doable to have some money system income.
    But it wont make you millions.
     
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  5. Pesh
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    Pesh Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    So in total a modest 14%-40% return per month (or ~170-480% per year) made by them professional and smart retail traders.

    Wondering where that “doable” amount of money comes from. Must be the banks and the multi billion hedge funds. They do seem like the stupidest and the least prepared from the lot :)
     
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  6. MTEE1985
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    MTEE1985 The world belongs to the risk takers Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    A) you linked a forum full of people who are speculating

    B) those percentages you wrote above are yearly and not monthly

    C) why are you asking us if you believe in it? You don’t need our (or anybody else’s) permission
     
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  7. SquatchMan
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    SquatchMan Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    It's not a business.

    Your goal is $2k/month (kind of small, but whatever). There are a lot easier, and less stressful, ways to make $2k/month than Forex trading.
     
  8. James Gill
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    James Gill Bronze Contributor I've Read UNSCRIPTED

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    I don't see how trading can be the ultimate fastlane if it requires a lot of time and manual effort on your part. Maybe it could be the ultimate lifestyle according to your goals but I wouldn't call it a fastlane or even a business.

    Not an answer to the OP but do you guys outside of the UK get a lot of Forex gurus on Instagram, advertising their luxury lifestyle along the lines of:

    "I'm so successful at Forex trading by the age of 22 that I don't want to spend all day doing what I'm actually good at i.e. trading, instead I want to help YOU become financially free! All you need to do is let me set you up an account with a broker that I have an affiliate partnership with and I will then receive a % of your deposit (or a flat fee per sign up) and you'll get access to a 90 day free trial for my signals and be able to earn hundreds per month following my trades! Don't worry about how I have time to do all of this and maintain my status as a top tier Forex trader, and by the way it's none of your business why I still live with my parents even though I'm so successful"

    Seriously I am seeing a huge amount of these people pop up in the past 24 months and really can't believe people are stupid enough to believe it.
     
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  9. Xeon
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    Xeon All Cars Kneel Before Pagani. Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    All day every day on the newspapers (they probably just started on IG). Been seeing this since several years ago or earlier, probably even a decade ago. The same exact style of writing.
     
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  10. levijean
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    levijean Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Go explore autumngold.com and iasg.com to review the actual documented returns of professional futures and forex traders. Ignore any track records < 10 yrs and keep in mind there is significant survivorship bias. It will be a sorely needed reality check as to what is feasible in this business. I have a feeling you will be disappointed.
     
  11. raad182
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    raad182 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    If I could make it to work as a system, anything above 5% would be worthy.

    If somebody is winning, somebody is losing. This is where the " 90% of traders lose money " is applied.

    A) Its a high risk investment, of course people are speculating.
    B) Some users mention Monthly and others Yearly.
    C) Im not asking for permission, just a reality check from someone who already tried.

    Would you mind to mention a few? Im open for ideas. I just need 2k/Month to live.

    I've done a deep research on the subject and seems like its really hard to get started (profitable) and after that you could trading using a system and would make your life easier.

    And there are scams like that in any field " I've lost 10pounds in one week with this magic diet " .

    I've checked both and didn't found the directory with the files.
     
  12. GPM
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    GPM Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    I think the fact that you need a sizable chunk of money to start with to even make this worthwhile, and that you need to invest time to even make it work automatically make this NOT fastlane. How about the fact that its speculation and a million factors outside your control can cause it to tumble down to nothing.

    I think there is a disconnect here between what fastlane is, and what potentially "get rich quick" are.
     
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  13. raad182
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    raad182 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    You don't need that much of money to start plus there are simulators to practice until you find a system that works.
    In any enterprise you will need to put some working hours and there are things like Stop Loss (where you can limit how much you can afford to lose)
    But Im just getting started with the basics so you may have some reason besides this, its a lifestyle attractive for me... No boss, only my laptop and I, flexible working hours...This is my dream.
    I don't how this works in the real world but the idea of sleeping while a robot runs a system to make money for me sounds like a fastlane for me.

    C - Not at all but you can use stops.
    E - Easy to get started, hard to stay. Requires a high level of certain skills.
    N - Not
    T - Robots can do the heavy work
    S - Systems (automation) - requires monitoring and eventual adjustments. I don't know if compound interest can count as scale.
     
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  14. eliquid
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    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    The problem is, your expectations about everything in this project/idea are wrong.

    I'll point out just 1 of them.

    You mentioned $50k and 4% return being $2k. Yes that is the math, but that is NOT how you trade Forex ( or crypto or stock, etc ). You will be bankrupt in 2-5 trades once you start.

    You never, never, never, ever use 100% of your bankroll. This is how noobs lose their shirt and more.

    You only risk maybe a few % of your bankroll per trade. This way if you get into a bad trade you can exit quickly and do another trade. This way, if you only risk 2% of your bankroll per trade, you can lose many times before you are "out" to try to regain and move up. If you risk 100%, you will be hurting by your 5th trade big time.

    It doesn't matter how many times you "practice" on a demo account, playing with real money is different.

    This is just ONE example of how your expectations of how this works is very wrong.

    I am not trying to scold you or be harsh, but you really have a while to go to understand how this really works before jumping in.

    If you are hoping to use $50k and get 4% to profit you $2k per month, you need a bankroll of a couple million to play with so you don't end up at $0 after 5 trades.

    .
     
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  15. raad182
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    raad182 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    [​IMG]

    I guess I should just forget about Forex, unrealistic expectations :(

    By now I can't think about anything else to start, Im starting to few sick with all this energy burning inside me while Im sitting here on my cubicle.

    I will just resell some pens to build some momentum and expect some eureka.
     
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  16. ZCP
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    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    @raad182 damn, dude. didn't know this thread was going on too.....

    stop asking. start doing. while you are doing, paths will open up. opportunities will present themselves. you will learn much and then be able to set a path.

    you are in a rowboat in the middle of the ocean. you have no idea which way to go to reach land (success).
    - if you sit still, you are F*cked
    - if you start rowing, even in the wrong direction, you will do two things:
    1. determine if that was the right direction
    2. you will get F*cking stronger. so when you do see land, you will get there more quickly.
     
  17. raad182
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    raad182 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I just felt like my mom catched me doing something wrong lol

    But yes man, you are right and today was really good to read your words and the others users here.
    I was expecting some support from the forum but seems like people here are really interested in helping others and I really appreciate.

    Thanks for your time and words, tonight I will spend some time alone to digest the advices I've received today and press the " action " button.
     
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  18. ZCP
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    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    DO something between now and 6p today. You have 3 hours to start your journey. Use them!
     
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  19. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Yes, it is the ultimate Fastlane.

    Not trading it, but convincing people they can make 15% a month doing it, and then sell them the whole kit-and-kaboodle; training programs, seminars, books, trade strategies/alerts, bots, and boom!! Fastlane!

    Every week you'll have a new batch of young believers yet to be burned by reality!
     
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  20. socaldude
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    socaldude Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I'm a skeptic and a believer in Forex.

    Skeptic in that it tends to attract money chasers who just want to make money.

    Believer in that if you can put yourself in the 1% in terms of skill you can make some money.

    I used to make money trading the peso and dollar interbank rate with the street rate.

    The strategy was clear: Leverage difference of two markets, wait for slight uptrend and tight spreads and boom quick $200(2-3 times a week). Bought a Zurich Santander personal insurance plan in case I was robbed(never happened).

    The strategy was clear, a pattern was identified and worked consistently.

    If you don't have clear rules you lose money and are gambling.
     
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  21. PizzaOnTheRoof
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    PizzaOnTheRoof There Is No Rescue Boat Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    How on earth could this be the best Fastlane option if you can’t make money consistently?!?!?!

    Here’s my revised version:

    C- No assets to own. Could lose large amounts of $$$ overnight. You don’t control the trading platforms/accounts. F

    E- To make a lot of money, you need a lot of money. Anyone can create a trading account yet no nothing. Most of us are stuck somewhere in the middle. C-

    N- No need here! Isn’t that great? Nope. No need means nobody cares, nobody knows you, you have no reputation...unless you’re selling courses. C-

    T- Huge time suck while you’re building your “system”. Then it’s relatively hands off. B-

    S- Only way to scale is to (ironically) stop day trading and start hustling courses, ebooks, etc. But only if you’re successful in the first place. C-

    Just to play devils advocate, digital products like courses and ebooks are almost 100% profit margin.

    It’s a no brainer business wise but it comes off as scammy when everyone is doing it.
     
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  22. PizzaOnTheRoof
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    PizzaOnTheRoof There Is No Rescue Boat Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Dude you are all over the place. Go read the gold and notable threads and take a couple days to chill out.

    Since you’re so insistent on having a step-by-step plan, do this exact thing and only this thing next week:

    Step 1: Physically walk into 25 local businesses.

    Step 2:
    Ask to speak to the owner and tell them “Hello, my name is ____. I’m working on a personal project and am surveying local business owners about challenges they face while running a business in 2019. Could you give me a couple ideas?”

    Step 3: Relish in all of your new business ideas.

    Step 4: Pick one and create/offer a solution.

    Step 5: Call the business owner who had that problem and offer it to them.
     
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  23. RazorCut
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    Yes my best friend uses this same strategy in a different field. He wrote a algorithm that analyses odds. He compares what his system says with what the main companies in the market are saying. He puts his money on those with the greatest disparity. He is banking on his algorithm being better than theirs in predicting the market. He consistently makes around a $1000 a day for probably 3-4 hours work.

    However most people in his field lose money consistently and there is a constant turnover of newbies all chasing the dream. It's the 1% that make it a full time occupation.
     
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  24. raad182
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    raad182 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hey guys, thank you all for the replies!

    Yesterday, I started a Forex demo account, it starts with 100k and in the 1st hour I've made 700 randomly, today I've played a little bit more and now my P/L is -800.

    I didn't know what I was doing, I just wanted to see some live action on how things works and now I got what a lot of users were saying here. Its extremely hard to have a winning streak, you will always win some and lose some... I don't see how someone could put 10% - 20%, Forex is really crazy, its difficult to predict so minimal moves (PIPs) on a currency.

    Other thing is that by just doing it for 2-3 hours I've felt how it could play with my health. I was so excited looking at the charts and waiting to enter a position that I didn't see the time passing by... Its really addictive.

    I will keep practicing until february just to check my learning curve and I'm curious to see how automatized systems works but one thing is for sure, I can't rely on it to make a living.
     
  25. loop101
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    loop101 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    If you can consistently make money trading a fake account, there are several platforms where you can charge people real money to automatically follow your trades with their real money. You don't personally need any money to start.

    Having said that, I've never seen an "expert forex trader" share their long-term trading results in any certifiable way. I have seen countless traders have a good run, start charging people money for their "system", then crash spectacularly. Those sites where you can follow other traders are full of those examples.

    The only people I've seen make consistent profits (over decades) are the brokers, high-frequency traders, and those selling trading courses or selling bots.
     
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