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Can forex trading make you rich ?
LyudmilLukanov posted:
Only learned traders should try live trading because verdant traders are not that much successful from forex trading.
Beginner traders should give themselves some more time to learn and get familiar with the nature of the market. Smart traders are made, not born.
Alone you cannot do anything. And never will be reach. Need to join or create good community of developers and Trading Soft testers. Market all time change and alone you will blow account soon or late
ProfitFXPIP posted:Alone you cannot do anything. And never will be reach. Need to join or create good community of developers and Trading Soft testers. Market all time change and alone you will blow account soon or late
and how do we tend to join that community
slayeraeb posted:there are many community here and on facebook... am mostly active on the facebook one though as get faster feedback
I completely agree—consistency beats thrill. My biggest gains came when I slowed down, focused on risk management, and held trades for days rather than seconds.
theHand posted:
It's possible, but very unlikely.
The figures are published by the brokers. Here's an example: http://www.financemagnates.com/forex/brokers/exclusive-q4-us-retail-forex-profitability-report-ib-1-again-while-oanda-slipping/
Oanda had the most succesful client base at 50% profitability. It's dropped to about 30% since the VC got involved. I suspect the rule changes made the profitable clients leave. But 30% is more or less average. Of course over time it won't always be the same people who are profitable, meaning that there's probably a much smaller percentage that's conistantly profitable. Maybe 20% to 10%
The profitability of those traders are still a bell curve. A minority of them barely scrape by, there will be a mean profit for most of them and then at the other end of the scale you will find your top performers. Maybe 1% to 3%.
So yes, about 1% to 3% will get very rich from FX, the rest won't. Possible. But not probabale. And almost certainly not at retail level participation. You need money to do this. Lots of it.
Yes, I agree 100% with you.
tranle447 posted:
That is a very interesting question .
http://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp
Its almost ironical with forex trading. It can be the reason that you are financially independant in short time and also the opposite. I think they key is to stay patient and trust the process as well as your strategies.
Forex trading can make you rich, but it’s definitely not a guaranteed path. I’ve traded for a few years now, and I’ve seen people blow accounts just as fast as they build them. The truth is, it takes serious discipline, risk management, and constant learning to grow an account steadily. Some traders do get wealthy, but most lose money at first. If you treat it like a real business, the rewards can be worth it.
