Can forex trading make you rich ?

Aug 14, 2015 at 03:17
24,716 Views
771 Replies
Member Since Sep 24, 2013   14 posts
Mar 22, 2022 at 12:45
I started with $1.000 on DEMO account few days ago, March 18th 2022. Today it's March 22th (there was also 2 days weekend between 18th and 22th) and I have already over $3.000 in this demo account.
Check also my stats, how many profits and losses did I close. ;)

https://www.myfxbook.com/members/Zoki/zoki-demo-2022-03-18/9473384

So what do you think? ;)
Member Since Nov 06, 2018   83 posts
Mar 23, 2022 at 09:52
tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.
Member Since Sep 24, 2013   14 posts
Mar 23, 2022 at 13:02
PeteLanceley posted:
tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.

Theoretically yes. Market volatility also/even on shortest time frames gives A LOT of pips every day. Theoretically it's possible to make thousands trades each day, which if all would be in profit, would just constantly keep increasing the equity and with proper growing lotsize it would be probably easy to grow equity at least for 100 times every day.

So this question should rather be, can you (we) become rich with forex? Because forex can you make you rich, if you would trade constantly 100% profitable. But in reality it's you (we, each of us) who are just not able to do that in practice. :D

There is also another problem, as we know, for every dollar on the winning side, there has to be a losing dollar on the other side as well. So if someone really becomes rich, that money has to come from those who lost that money and that's usually higher number of people with smaller deposits, to equal each one who becomes rich.
Member Since Mar 11, 2022   18 posts
Mar 24, 2022 at 07:39
Yes, that is a possibility! But you need to also have good skills. Also, consistency matters, irrespective of whatever you do.
Member Since Jul 20, 2020   399 posts
Mar 24, 2022 at 07:59
PeteLanceley posted:
tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.

Thats the key isnt it, most want it today and want the success of trading masters of 10years in a matter of hours lol
Member Since Mar 11, 2022   38 posts
Mar 24, 2022 at 09:35
Making money in forex trading depends on the trading skills and psychology a trader has. Traders need to work hard and learn about forex trading which comes with time and experience.
Forex trading does not make every trader rich. There are many traders who quit due to the lack of proper knowledge.
Member Since Feb 04, 2022   9 posts
Mar 24, 2022 at 11:05
Forex trading is very unlikely to make 'you' rich, 90% of traders lose money. But a very very small amount can make significant $$$
Member Since Apr 03, 2021   470 posts
Mar 24, 2022 at 23:35
All businesses maybe can make rich, included in forex trading business, but how to become rich from forex trading is not simple, this is need to learn and hard work, forex trading is not getting quick rich at a short time or overnight, forex is risky business, in trading profit and loss always occurs, success in demo account does not guarantee success later in real account.
Member Since Jun 07, 2021   72 posts
Apr 25, 2022 at 10:42
Yes, there is a possibility. But there are a lot of factors to consider, starting with your trading skills.
Member Since Dec 22, 2021   9 posts
Apr 25, 2022 at 16:39
You can get rich from forex but more than likely you will become poor and lose all your funds. The choice is yours
Member Since Apr 03, 2021   470 posts
Apr 25, 2022 at 23:39
Forex included high-risk high returns, today profit can't guarantee will get the same result for tomorrow, in fact, there are successful traders able to make huge money from forex trading, all depending on skills, if skills are still below average, don't spend big money in forex maybe only waste money.
Member Since Aug 10, 2021   178 posts
Apr 26, 2022 at 01:49
Yes, definitely it can but always remember forex is a risky business and you never can be a successful trader if you have no proper skills and only comes for making money fast.
Member Since Feb 15, 2022   219 posts
Apr 27, 2022 at 04:21

Proper money management can make you rich in trading. Forex money management is a set of processes that a forex trader will use to manage the money in their forex trading account. Traders should keep their attempt running to develop themselves every moment. A cogent effort should be given to turn every day a profitable day and traders who are perseverant can only do that.
Member Since Apr 18, 2022   51 posts
Apr 28, 2022 at 11:25
Yes, you can make a living from forex trading. Earning well from forex totally depends upon your trading style and the strategies you use. One needs to be consistent with good skills.
Member Since Apr 14, 2022   16 posts
Apr 29, 2022 at 09:37
That's the best part about Forex trading, it can make you extremely wealthy in 4-5 years or less, and it can also make you bankrupt in less than 24 hours. I believe that people who have the attitude of getting wealthy will never do so, but those who accept that they will most likely not do so and strive for a consistent return, even if it is only a few percent per year, will succeed in profitability and have a chance of being wealthy.
Member Since Oct 27, 2020   16 posts
May 02, 2022 at 09:32
Forex trading can actually make you rich but it is not easy to do so. Traders need to work hard to consistently develop excellent trading skills and have in-depth knowledge about the forex market.
Member Since Oct 29, 2020   21 posts
May 02, 2022 at 09:33
You can make as much money as you want. This is only possible to achieve if the trader has a well calculated trading plan consisting of trading strategy with an edge, risk management strategy, and entry and exit points are predetermined.
Member Since Mar 28, 2021   617 posts
May 07, 2022 at 06:56
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 :)

I am not searching here any shortcut way! Traders are mostly risk-intent. This is the reason that always keep them lag behind. So, traders should focus maximizing their skill so they can benefit from trading. Demo trading can help them in hitting their target. Besides all those, they should gather enough knacks over risk management policy.
Member Since Aug 10, 2021   178 posts
May 09, 2022 at 01:09
Yes, if you are an expert in forex trading. Forex is not something that can be entered without a thorough understanding of how the market operates. Although one can gamble and get wealthy, one can also gamble and go completely bankrupt. The greatest approach to making money in forex trading is to have a complete understanding of the market.
Member Since Jun 07, 2021   1 posts
May 10, 2022 at 09:54
Yeah obviously, forex has the potential to make you quite wealthy. Many traders who have witnessed the lucrativeness of the forex market have left well-paying occupations to focus on this financial industry. You might get a high income from trading the forex market if you understand your demo thoroughly and develop your trading technique with respectable money and risk management.
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