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Can forex trading make you rich ?

Matt (BluePanther)
Feb 03 2018 at 08:13
1354 Posts
Is Forex trading a scam, or can one really earn millions through the correct trading strategies?
https://www.quora.com/Is-Forex-trading-a-scam-or-can-one-really-earn-millions-through-the-correct-trading-strategies

Yes, some people do earn millions trading Forex. Very few people.

If you’re considering doing this to try to become one of them, consider this first. You can also make millions playing tennis. Some people do. Very few people.

Could you be one of them? You’re most likely thinking the answer to that is “no”. Maybe you have no hand-eye coordination. Maybe you’re too old. Maybe you can’t run 10 yards without exhausting yourself.

You’re probably right (unless you’re thinking “yes I could” in which case you’re probably delusional). You probably can’t make millions playing tennis because very few people can and those that do tend to have particular combinations of skills, luck, resources and opportunities that make it possible.

The thing is, that’s not just true for tennis. It’s true for trading too. Whether that be forex or stocks or any other kind of trading. You know all the reasons why you’re not going to make millions playing tennis, so you realise it’s really unlikely that’s going to happen. You don’t know all the reasons why you’re not going to make millions trading forex…but they’re there too.

So yes, it’s possible to make millions trading forex. But are you the person with the particular combination of skills, luck, resources and opportunity to do that? Probably not.

mlawson71
Feb 03 2018 at 14:33
1487 Posts
DPG1968 posted:
mlawson71 posted:
DPG1968 posted:
Look at the number of the brokers. Look at the number of the forums' participants. There will be a never ending battle between the casinos (brokers) and the players (retail traders).

My personal advice after 15 years of trading the FX market: Fight or Flight.


Not all brokers are casinos and not all traders are gamblers, in my opinion.


Of course not all the trader's are gamblers, but all the brokers are operating like the casinos otherwise they wouldn't stand a chance. They have an unquestioned edge: their selling spreads.


True. That's why one needs to do their research before they invest their money and pick a broker with as small spreads as possible, among other things.

Jimm (Jimmblack)
Feb 05 2018 at 11:50
23 Posts
You can earn money on Forex. But even faster you can lose everything. I see no reason to rely only on this type of earnings. It is more like an additional profit. Or loss.

vontogr (togr)
Feb 05 2018 at 15:51
4862 Posts
Jimmblack posted:
You can earn money on Forex. But even faster you can lose everything. I see no reason to rely only on this type of earnings. It is more like an additional profit. Or loss.


So what type of earnings do you rely on?

Toothed
Feb 07 2018 at 06:38
10 Posts
I want to know why there aren't more real verified myfxbook accounts with good history. Surely someone must be making $$$

fxinvesta
Feb 09 2018 at 12:53
107 Posts
Every profession or career makes you rich if you are good at it, the problem with trading, is that the raw material is money, and when the raw material is money, you can not make mistakes ...

Risk comes from not knowing what you're doing.
mlawson71
Feb 10 2018 at 15:13
1487 Posts
fxinvesta posted:
Every profession or career makes you rich if you are good at it, the problem with trading, is that the raw material is money, and when the raw material is money, you can not make mistakes ...


Every profession? I am not so sure about that, to be honest. I can think of plenty of professions that help people make ends meet, but certainly don't make them rich.

fxinvesta
Feb 12 2018 at 11:53
107 Posts
mlawson71 posted:
fxinvesta posted:
Every profession or career makes you rich if you are good at it, the problem with trading, is that the raw material is money, and when the raw material is money, you can not make mistakes ...


Every profession? I am not so sure about that, to be honest. I can think of plenty of professions that help people make ends meet, but certainly don't make them rich.


You give me a profession and I will give you a rich person with that profession ...

Risk comes from not knowing what you're doing.
xgavinc
Feb 12 2018 at 12:01
235 Posts
mlawson71 posted:
fxinvesta posted:
Every profession or career makes you rich if you are good at it, the problem with trading, is that the raw material is money, and when the raw material is money, you can not make mistakes ...


Every profession? I am not so sure about that, to be honest. I can think of plenty of professions that help people make ends meet, but certainly don't make them rich.


Difference between being rich and being wealthy ;-)

For every loss there should be at least an equal and opposite profit.
ricki72
Feb 12 2018 at 12:08
238 Posts
@fxinvesta:
- Garbage collector?
- assembly line worker?
- secretary?
- taxi driver?

The differenece between who your are and who you would like to be be is what you do
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