Can forex trading make you rich ?

I think profits depend on how we trade. Forex is not at all easy, no doubt the market definitely has a lot of opportunities for us, but how we tap them is what determines our earnings.

Cizel89 posted:
I think profits depend on how we trade. Forex is not at all easy, no doubt the market definitely has a lot of opportunities for us, but how we tap them is what determines our earnings.

I completely agree. If you take anything seriously you will become a pro. The same is true in forex.

According to me the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.

Trading can make you very rich if you can keep to risk management, I'm glad to be a trader.

kimdeep posted:
yes can its true forex make you rich

Brighthouse posted:
Forex is more likely to ruin you financially than make you rich. But there is a chance that you can get rich from Forex. That is why we all keep going

Yes, I got lucky after ten years (Sep-Oct 2018: $50,000 - $13million)
Now at 11.5 years I think I finally have it: 400% per month = $3million by August 2020?

'The AMOUNT of money you have does not matter; what matters is the SYSTEM you use. No AMOUNT of money can save you if you have a bad SYSTEM. Conversely, if you have a good SYSTEM you can start with a small AMOUNT and easily become rich.' (Matthew Todorovski)

THIS IS NOT DEMO

JapaneseGroupFx posted:
Trading can make you very rich if you can keep to risk management, I'm glad to be a trader.

Amen to that

zackvz posted:

FxMasterGuru posted:
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...

P.S. And by 'successful' I don't mean buying Ferraris, Lamborghinis and yachts from profits, but living off comfortably from Forex profits for at least a year or two...

Yes there is...I am one. I live comfortably from my FX gains and my account balance is definitely considered 'retail'.

If you really think its impossible to trade successfully as a retail trader, then you have already failed by listening to all the garbage on the internet - including listening to me right now :)

yes i agree with you on this one, there are some successful retail traders but people fail to realize that to be a successful trader you need to master a very good trading system. To be a good trader one must take his /her time to learn trading strategies that suits him/her as a trader.

To be a successful fx trader one must have a very good trading strategy, making money in forex is real but without a good trading system it is practically impossible to be among the very few traders that are making it on a daily bases.

princeso2020 posted:
To be a successful fx trader one must have a very good trading strategy, making money in forex is real but without a good trading system it is practically impossible to be among the very few traders that are making it on a daily bases.

And include some nice deposit, not trying to use cents to make millions

What do you guys do in the forex market? Why are you writing it is impossible to make money on forex? If it is impossible to make money then why invest here? Forex is a high-risk market. Losses are inevitable. Believe me it is impossible to trade only in profit. But if you are calculating your management then losses can be reduced. For example I do not want to lose more than 5% of my balance on each transaction. So I am calculating the amount that I am ready to lose if the market goes against me. Of course there are force majeure events. But if I earn then my earnings may already vary in%. The main thing is to have time to close before the rollback.
And money management will help you from a psychological point of view. So you will be less nervous.

princeso2020 posted:
To be a successful fx trader one must have a very good trading strategy, making money in forex is real but without a good trading system it is practically impossible to be among the very few traders that are making it on a daily bases.

Yes it is. And moreover you must always improve the strategy. cause for my dissapointing one strategy can not brings profit all the time. at one moment it is just stop brings you money.

princeso2020 posted:
To be a successful fx trader one must have a very good trading strategy, making money in forex is real but without a good trading system it is practically impossible to be among the very few traders that are making it on a daily bases.

I totally agree with you. A good trading system is really important.

Steve75 posted:
Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury

Said like a true Forex trader. This is the truth for 99% of all traders. Better take your Forex trading cash and put it towards getting a new career

Steve75 posted:
Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury

Right, it is for sure a rocky path, nothing comes easy here, but losses.

It could provide you with some nice income potentially and probably that's all, I am highly doubt you will get something reallly so high from it absolutely and possibly. So let's clear all the doubts on that matter anyway. There are people who are rich cause of trading, but not many.

Thetafyn posted:
It could provide you with some nice income potentially and probably that's all, I am highly doubt you will get something reallly so high from it absolutely and possibly. So let's clear all the doubts on that matter anyway. There are people who are rich cause of trading, but not many.

Yes you can get something very high, I'm testimony to that

You need to study and interpret the markets yourself in order to be successful long term

If you keep your research on and be serious and passionate about forex, then there's nothing that can stop you from being rich.

Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury