Can forex trading make you rich ?

Aug 14, 2015 at 03:17
26,178 Views
771 Replies
Member Since Feb 22, 2017   1 posts
Sep 10, 2017 at 06:26
i know a couple of people that got rich through trading fx and futures.
it's been a very lengthy and painful process for all of them though. and there's no guarantees.
actually wrote a blog post on this if you wanna check it out
sickoftrading.blogspot.com/2017/09/how-i-became-profitable-daytrader-and.html
shoulda just gotten a job
Member Since Aug 11, 2017   886 posts
Sep 10, 2017 at 06:38
I don’t know why people give up Forex because of lacking exact trading knowledge. At present there are many kinds of sources to learn Forex in a proper way. Just need the trader’s patience to acquire real trading experience by passing a long time.
Member Since Aug 09, 2017   95 posts
Sep 10, 2017 at 06:45
Forex trading is most comfortable and suitable place to earn money in a proper way, but you have make sure some mandatory rules for that . but practically mostly traders are loser from here due to lack of exact trading knowledge which is the key to success in this volatile trading place. Besides good trading knowledge it is also important to ensure proper trading plan , money management , risk management and obviously a reliable support from a credible trading broker.
Member Since Apr 25, 2012   285 posts
Sep 10, 2017 at 06:49
Nutter21 posted:
My aim is to design a robot to do it all for me. The it will be easy living'

Thats a very good aim.
Member Since Sep 12, 2017   3 posts
Sep 13, 2017 at 13:56
There is no guarantee whether it would make you rich or lose whatever you have. It is a very long journey that needs a lot of effort and determination. You cannot think of making the money and become rich immediately. If you love trading you need to be determined and most important you should have the back up money which you can afford to lose and should not affect your life.
Member Since Jun 14, 2015   4 posts
Sep 14, 2017 at 06:19
if you are a professional trader , you can be rich.


so , now, study about the character of professional trader


good luck
sahraei.forex@
Member Since Sep 13, 2017   3 posts
Sep 15, 2017 at 09:58
yes it can make you rich or living good if you are in the 95 % of succesfull traders ,other than that you're cooked
forex_trader_264513
Member Since Jul 23, 2015   6 posts
Sep 17, 2017 at 08:48
Of course it can but you need to have a proven strategy like this one:

Member Since Dec 06, 2017   7 posts
Dec 08, 2017 at 11:16
Of course forex has the capacity to make you very rich. A lot of traders having seen for themselves the lucrativeness of the forex have abandoned their well paying jobs to focus on this financial market. If you learn your demo well perfecting your trading strategy with commendable money and risk management; you could go make a good income from trading the forex market.
Member Since Oct 31, 2017   13 posts
Dec 10, 2017 at 08:19
But who really does that? You don't see many (any) genuine retail Forex millionaires
Member Since Nov 04, 2017   13 posts
Dec 11, 2017 at 08:09
tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp


If you know how to use your actions and manage them through good strategies, it could lead you to be very successful.
apple1st
forex_trader_275100
Member Since Sep 17, 2015   126 posts
Dec 11, 2017 at 08:34
MiguelMM posted:
But who really does that? You don't see many (any) genuine retail Forex millionaires
need a lot of experience and software to make stable money in FX
98 % off all money in Forex BlowUp
Member Since Aug 27, 2017   994 posts
Dec 12, 2017 at 07:34
apple1st posted:
MiguelMM posted:
But who really does that? You don't see many (any) genuine retail Forex millionaires
need a lot of experience and software to make stable money in FX
98 % off all money in Forex BlowUp

But I don’t think any software is essential here; if traders have enough trading and experience, that’s enough for manual trading.
Member Since Nov 21, 2017   33 posts
Dec 12, 2017 at 07:49
Many people here say the right thing about successful strategies,correct money management and more. And all of them are right. But there is a very large BUT. No matter what excellent strategy you come up with, it will not insure against market changes. And money management is not always successful, if you are novice and do not have enough experience in this. And even if you are a professional this does not always protect you. From the large losses in this market you can't escape. Therefore, it is very difficult to get rich here. I would rather advise you to do something in real life and not spend your whole life in the Forex.
Member Since Feb 22, 2011   4862 posts
Dec 12, 2017 at 07:49
apple1st posted:
MiguelMM posted:
But who really does that? You don't see many (any) genuine retail Forex millionaires
need a lot of experience and software to make stable money in FX
98 % off all money in Forex BlowUp

There are such guys but why should they post anything here
Member Since Sep 04, 2013   15 posts
Dec 12, 2017 at 07:57
No, it cannot.
Member Since Apr 18, 2017   920 posts
Dec 12, 2017 at 08:02
MiguelMM posted:
But who really does that? You don't see many (any) genuine retail Forex millionaires

Frankly, I have never seen? Do you?
Member Since Sep 12, 2015   1948 posts
Dec 12, 2017 at 13:47
Forex is a tough game for sure no doubt,it's not impossible though to make a lot of money,even on the most basic platforms with a reasonable size account,experience and proper money management.
"They mistook leverage with genius".
Member Since Jun 14, 2013   130 posts
Dec 12, 2017 at 18:33
snapdragon1970 posted:
Forex is a tough game for sure no doubt,it's not impossible though to make a lot of money,even on the most basic platforms with a reasonable size account,experience and proper money management.

I think Kieran hit the nail right on the head. Just like to add, the 98% of people failing Apple1 talks about (some say its 90%, other say its 80%, who really knows) come in the market thinking they can get rich quick, be a millionaire in a year.

So lets say you are an experienced trader, and lets say your trading strategy you a consistent average yearly (modest) return of 15% for the sake of this exercise. And lets assume you are disciplined enough not to take any money out of the account. And lets assume you saved up enough money to open a $10 000 account.

If you then trade for 40 years based on the above criteria your account will be more or less at $2,678,635.46 after 40 years. So yes, you CAN get rich, not impossible, but in reality things don't work like that. People are emotional beasts. We are greedy and wish to get rich quicker so we can spend our millions.

Manual traders battle with emotions. Algorithmic traders battle with markets changing over time, and this causes a trading strategy to lose it effectiveness over long periods of time.

'Can forex trading make you rich ?'... tough questions this, but NOT impossible.

Good luck trading out there!
Keep it simple, be disciplined, get rich slowly and above all protect your equity!
Member Since Dec 24, 2016   9 posts
Dec 13, 2017 at 09:27
Question: How to judge if someone is a profitable trader or not?

By age of the account? or capital growth? or Max DD? or what?

i have my own strategy now, and decided to try it on a demo account.. i opened a demo account on this December 1st with $ 1000 .. today Dec 12.. it has grown to +3573.44%. which means to (Dec 12) $36734.42 and with 0.99 DD.

so the question is : Am i profitable trader and fall in the 1% category of profitable traders?

m.halab@
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