Forex can make rich if trader already has good skill trading, this will become additional income if they treat forex as a part-time job, maybe trading is the greatest business because has flexible time, some professional traders maybe they treat forex as full time, but for investor they treat fore as one portfolio investment, because besides profitable also forex is risky.it depends on trader itself.
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? ;)
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? ;)
RobertFerrari
Member Since Aug 15, 2021
383 posts
Mar 22 at 13:01
greenbackFX posted:I don’t think account balance is an issue here! When you have a good trading skill, then your tiny trading balance would be enough here! Of course, a healthy balance is a plus point, but again your trading skill if your main capital here!
And it depends largely on your account balance and discipline.
Definitely yes. Do not underestimate this option of earning, because it can bring not the best results.
PeteLanceley
Member Since Nov 06, 2018
83 posts
Mar 23 at 09:52
tranle447 posted:Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.
That is a very interesting question .
https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
PeteLanceley posted:tranle447 posted:Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.
That is a very interesting question .
https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
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.
Yes, that is a possibility! But you need to also have good skills. Also, consistency matters, irrespective of whatever you do.
CraigMcG2020
Member Since Jul 20, 2020
331 posts
Mar 24 at 07:59
PeteLanceley posted:tranle447 posted:Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.
That is a very interesting question .
https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
Thats the key isnt it, most want it today and want the success of trading masters of 10years in a matter of hours lol
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.
Forex trading does not make every trader rich. There are many traders who quit due to the lack of proper knowledge.
Forex trading is very unlikely to make 'you' rich, 90% of traders lose money. But a very very small amount can make significant $$$
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.
Yes, there are many traders who have built wealth with forex trading. But whether you can or not is up to you. Becoming a successful trader is a long path. Often people focus only on the goals, not on the efforts that are required to achieve those goals. If you are ready to put into the work consistently, then forex trading can turn out to be a very rewarding path for you.
whitneytyler
Member Since Jun 07, 2021
72 posts
Apr 25 at 10:42
Yes, there is a possibility. But there are a lot of factors to consider, starting with your trading skills.
You can get rich from forex but more than likely you will become poor and lose all your funds. The choice is yours
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.
Williamfreed
Member Since Aug 10, 2021
176 posts
Apr 26 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.
saluteband
Member Since Apr 14, 2022
31 posts
Apr 27 at 04:07
Yes, forex may make you rich as far as you make profits and know-how to bear your losses.
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.