…Because I’m cheating.

According to online sources, the biggest Forex broker is IC Markets with 22 Billion worth of trades placed per day on average. This means 22,000 lots daily making for commission iflows of $132,000 per day going from the gamblers to the firm as base line. Obviously most of this money gets burnt up as payroll and advertisrment and other company expenses. My point is that the numbers sound extra large, since 1 lot means 100k leveraged money, but trading 22 billion a day without people getting margin calls may just be good enough for a break even Forex firm.

If they have 4 million active account holders, that means that the avarage daily trade size per account holder is half a micro lot or 0.0005 lots (1 micro lot is the smallest trade that can be opened). Yes, there must be tons of dormant accounts. For most people the ultimate reality of trading is waiting to become whole again, putting up more money to avoid a margin call temporarily, increasing size, rinse and repeat until there is nothing left to put in again.

The dream is always the same.

Two scammers above, the latter owns a broker. There is a reason why Ira never puts on a trade: he does not have to take risk or gamble in the market, isn’t there a serious conflict of interest here: if you lose, he wins – as long as you are placing the trades with him.

You have to be really careful about what is an edge in the market. Most things these people would sell you for money does not put your odds above 50%, which is equal to rolling the dice.

There was some “Forex Billionaire” labelef jet on LimbedIn. I should have take a snapshot of it.

Almost anyone whoever claimed to be a Forex Millionaire, never was one.

There is not a single Forex broker that could pay out a Billion Dollars.

Understand the following, becoming a billionaire from forex would be one way only: by owning a brokership. Even then you need a major operation with 10+ countries, preferably a monopoly of sorts (like Interactive Broker has for US stocks in Europe) and ultimately you need to have your own publicly traded stock.

Péterffy Tamás is a Billionaire for being the majority ownner of IG, but they are only in small part dealing with Forex / currency pair derivatives, mostly Futures and Stocks.

The revenue being $2.7 Billion a year does not tell you anything about net profits. If they are smart enough they spend most of the money before taxes.

Talking of Peterffy, look up an interview where he talks about the Flash Crash: he kept telling his crew to “raise the spread”.

That’s the broker’s only real tool, and how effective is it? It renders 95% of the possible automated retail systems non-profitable to break even and the remaining 5% operates with small sizes, no stop losses waiting for the day of the reconing, the margin call.

Try to design a trading system that operates with 1-2 points (0.1-0.2 pips) of spread by default, but can experience a spread going to 340 points (34 pips) not only at the daily balancing, but around any decreased liqidity event.

Ira’s Net Wort does not seem to be public. I know a guy personally who owns a Forex Broker in Africa. He does ok, but he is nowhere a Billionaire.