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Can forex trading make you rich ?

Aug 14, 2015 at 03:17
18,969 Views
779 Replies
Member Since Mar 23, 2020   63 posts
Mar 24, 2020 at 08:16
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.
Member Since Mar 16, 2020   10 posts
Mar 25, 2020 at 17:41
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.
Member Since Mar 04, 2020   48 posts
Mar 26, 2020 at 10:41
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.
Profits
JapaneseGroupFx
Member Since Feb 28, 2020   77 posts
Mar 26, 2020 at 11:13
Trading can make you very rich if you can keep to risk management, I'm glad to be a trader.
Matt (BluePanther)
Member Since Jan 25, 2010   1359 posts
Mar 26, 2020 at 16:37
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


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Member Since Nov 08, 2011   93 posts
Mar 26, 2020 at 21:18
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
test the waters, before you dive in
Member Since Mar 26, 2020   3 posts
Mar 27, 2020 at 12:40
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.
Director of foreign currencies
Member Since Mar 26, 2020   3 posts
Mar 27, 2020 at 12:56
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.
Director of foreign currencies
Profits
JapaneseGroupFx
Member Since Feb 28, 2020   77 posts
Mar 27, 2020 at 13:31
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
Member Since Jan 10, 2020   37 posts
Mar 27, 2020 at 14:04
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.
Member Since Jan 10, 2020   37 posts
Mar 27, 2020 at 14:27
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.
Member Since Mar 23, 2020   63 posts
Mar 28, 2020 at 10:22
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.
Member Since Mar 23, 2020   9 posts
Mar 30, 2020 at 12:30
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
Member Since Mar 23, 2020   63 posts
Mar 31, 2020 at 06:57
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.
Member Since Dec 28, 2019   18 posts
Apr 04, 2020 at 16:52
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.
Profits
JapaneseGroupFx
Member Since Feb 28, 2020   77 posts
Apr 04, 2020 at 18:13
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
Bung Tobing (bungtobing)
Member Since Apr 22, 2014   45 posts
Apr 05, 2020 at 11:15
You need to study and interpret the markets yourself in order to be successful long term
Member Since Oct 19, 2019   34 posts
Apr 06, 2020 at 11:21
If you keep your research on and be serious and passionate about forex, then there's nothing that can stop you from being rich.
Member Since Apr 02, 2020   39 posts
Apr 06, 2020 at 11:47
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
Member Since Apr 06, 2020   10 posts
Apr 06, 2020 at 12:39
If you are lucky, wealthy and smart then forex trading can make you more rich but if you are anything else you will struggle. Just like anything in life, those who have a head start will finish first
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