Can forex trading make you rich ?

There is any business which can make you profitable until acquiring good trading knowledge. Forex also has the same pattern . earn knowledge and then make money.

I think we make ourselves rich, FX can assist but it depends on the person. Good understanding of a trading plan, patience, money management and all that will help us become rich.

Forex is like any other business. So if you know how to do run the business, then you will make money out of it, otherwise, not.

It has various scopes or levels starting from:

1. Banks
2.Forex brokers
3.Hedge funds
4.Affiliates
5.Independent traders
6.Fund managers
7.Investors
8.Programmers on Forex.

So you have to find or choose which level you fit into and do proper research on it before putting your money. The entire money 5 trillion dollar a day forex market money is distributed in all these 7 levels everyday.

But mostly when we utter the word forex, immediately it comes into mind as forex trader and that's why 95% of traders loose money. Apart from being as traders there is a huge amount of money which can be made if you choose the right category and right choice and invest accordingly.

So if you have patience to study, learn and progress along with time without loosing everything in it during the process, then it will reward you. You just have to be in the game for long term and don't have to put everything hoping to get quick returns.

Siviwe posted:
I think we make ourselves rich, FX can assist but it depends on the person. Good understanding of a trading plan, patience, money management and all that will help us become rich.

So true, a good skilled Forex trader can make enough money here; so it depends on the traders quality!

I think the traders who are real Professional in Forex , only they are able to make huge money from this volatile trading place , but there is any different between successful and professional trader ?

😁 sure u gutta be smart lol

loeo007 posted:
😁 sure u gutta be smart lol

that is not enough, you have to have skill and experience
even smart guy can be beaten by greed

Keeping separate accounts for different trading objectives is a good way to seggregate your trading capital and mitigate risk. Check out our trading accounts / programs - https://www.myfxbook.com/members/anees/t100/2183642

Patrick1981 posted:
A smart guy will know how to avoid being greedy

he should but it does not always happen

I like to set myself daily trading win / loss targets. If those are reached then I stop. Helps to prevent greed and huge losses

Ya stepping away from the table and then coming back later will really change your system's odds of winning. O brother

Forex trading can make you rich if you can survive in the market in long run without loosing everything.

Define 'rich'. If a person, whom makes 10k a year, all of a sudden has 48k in his forex account. He would consider himself rich. That simple fact might even influence the way he trades. I say no matter the size or % profit, keep the money management the same. Today, I could have loaded more orders in but I remember the times I popped the account by 2 pips when the stop loss from the start was to be 55. Ladies and gents you have to control you and simply understand that YOU don't influence the market. The market trades in patterns because it is algo based. Always account for variations (martingale) and you will ALWAYS end up with green days. I have popped many, but all my losses have been recovered with what I have done as of late and once my goal is reached, I will withdraw and spend all of it! It's money I should even have right! :) I think i can withdraw and get me a Telsa :)

Forex trading may seem very simple for the beginners. Actually it is really simple and you can quickly learn how to open a trading position and how to close it. The most difficult part is to open a trading position in a right moment and close it with profit. Forex is a really difficult business. To make money with forex, you have to know the technique and have enough experience or you lose more than what you make. Here's a little background about Forex https://www.itrader.com/en/page/forex

Perhaps not everybody and not far a quick rich - scheme :)

theHand posted:
@xgavinc

And I think people vastly underestimate the amount of effort and determination it takes to do this. You really need to be obsessive about it, almost to the exclusion of anything else.

I've spent at least a decade on this. And thousands and thousands of dollars in servers, coding courses etc. I actually had to develope an entire skill set which doesn't even have anything to do with trading, but rather to handle the computers like I need to be able to.

It's only now, many years and thousands of dollars later, that I get to the point where I can go sleep at night and most likely wake up with more bucks in the morning.

The cost to me has been so high, mostly in time, that it's almost not worth it. The only way I can ever get my time back is if I can take the rest of my life off and not ever have to do another days work, which is very likely still another two or three years away.

Well, Just how did that work out for you??

togr posted:

Patrick1981 posted:
A smart guy will know how to avoid being greedy

he shouldGive it a break will you!! Any time you start saying woulda, coulda, shoulda, you are just thinking in past tense and no one can trade that way. You are in the now or you are not going to be trading long.@!!!!!
 but it does not always happen

Give it a break will you!! Any time you start saying woulda, coulda, shoulda, you are just thinking in past tense and no one can trade that way. You are in the now or you are not going to be trading long.@!!!!!

Not really ......