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. ;)
greenbackFX posted: And it depends largely on your account balance and discipline.
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!
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.
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.
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.
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.
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.
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.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.