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The get rich analogy

Feb 16, 2021 at 07:49
475 Views
7 Replies
Member Since Jul 19, 2020   298 posts
Feb 16, 2021 at 07:49
The get rich analogy is true for all traders and not just the noobs throwing their hard earned money into the ring in hopes of getting lucky. Yes, trading successfully requires skill but it is going to take a lot of grunt work to get there. There's no easy shortcuts, so would advise the noobs to review some of the old threads, stickies and other edu resources and move on from there..
Member Since Apr 15, 2020   219 posts
Feb 16, 2021 at 09:45
Michihito posted:
The get rich analogy is true for all traders and not just the noobs throwing their hard earned money into the ring in hopes of getting lucky. Yes, trading successfully requires skill but it is going to take a lot of grunt work to get there. There's no easy shortcuts, so would advise the noobs to review some of the old threads, stickies and other edu resources and move on from there..
Rightly said mate..... Trading looks quite fascinating from far away and attracts many newbies. They jump in with huge money and move out empty handed in the end....
It requires proper forex education, market updates, practice, dedication and determination.
The more your practice, the more you learn.
Member Since Jul 19, 2020   751 posts
Feb 16, 2021 at 12:08
That is the greed. Actually most newbies being told that trading is easy and there is lot of money. That introduction changed their psychology. A person should get well skilled to trade forex.
Member Since Jul 20, 2020   298 posts
Feb 24, 2021 at 14:42
If you want to be rich, you must first learn to do good analysis. Then it is necessary to maintain money management and risk management.
Member Since Feb 07, 2015   25 posts
Feb 24, 2021 at 14:50
LeviSievwright5 posted:
If you want to be rich, you must first learn to do good analysis. Then it is necessary to maintain money management and risk management.
The biggest aspect of this game is risk management.
Even with a 40% win rate, you can be profitable with good risk management.
Sam.peters@
Member Since Feb 04, 2021   31 posts
Mar 01, 2021 at 11:56
LeviSievwright5 posted:
If you want to be rich, you must first learn to do good analysis. Then it is necessary to maintain money management and risk management.
Exactly, money and risk management are the most important factors to be considered to make trading successful. Moreover, one should not develop a greed of getting rich overnight rather than they should give enough time to gain sufficient knowledge and skills.


Member Since Dec 11, 2020   110 posts
Mar 01, 2021 at 12:03
Harsh calling them noobs, but yes I hope that they do not think that forex is that get rich in overnight scheme and that they won't fall for it.
Member Since Jul 23, 2020   869 posts
Mar 01, 2021 at 13:12
TradeHut posted:
LeviSievwright5 posted:
If you want to be rich, you must first learn to do good analysis. Then it is necessary to maintain money management and risk management.
Exactly, money and risk management are the most important factors to be considered to make trading successful. Moreover, one should not develop a greed of getting rich overnight rather than they should give enough time to gain sufficient knowledge and skills.


I also agree. Both money and risk management are crucial for trading.
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