Can forex trading make you rich ?

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.

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.

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.

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?

I want to know why there aren't more real verified myfxbook accounts with good history. Surely someone must be making $$$

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 ...

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.

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 ...

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 ;-)

@fxinvesta:
- Garbage collector?
- assembly line worker?
- secretary?
- taxi driver?

Look hard enough and you will see many trades with 'bad stats' but +profit because they withdrew. I overheard a conversation about 'automaticity' and how that is the root to being bored and doing things in autopilot. Most people have really good systems, which is why most of our eyes click to see the stats. Then Human emotion, EGO, starts to set in and you begin a negatively reinforced behavior of not following your plan but winning at the same time. Chances are when you start to lose because of your random entries, the last you will do is fall back to what got your equity up to begin with. Many of us have accounts which have lasted 8months but hasn't made enough profit to cover internet + energy cost. However a riskier trader, who isn't consistant with an excellent system can turn any account up and if you quickly withdraw, then THAT is profit! He could go ahead and margin call the account with the 1% he left in but should he be considered a loser?

Can forex trading make you rich?

For what end? I think the goal is happiness, and human thinking suggests that material wealth will make us happier:

140:5.7 1. 'Happy are the poor in spirit— the humble.' To a child, happiness is the satisfaction of immediate pleasure craving. The adult is willing to sow seeds of self-denial in order to reap subsequent harvests of augmented happiness. In Jesus' times and since, happiness has all too often been associated with the idea of the possession of wealth. In the story of the Pharisee and the publican praying in the temple, the one felt rich in spirit—egotistical; the other felt 'poor in spirit'—humble. One was self-sufficient; the other was teachable and truth-seeking. The poor in spirit seek for goals of spiritual wealth—for God. And such seekers after truth do not have to wait for rewards in a distant future; they are rewarded now. They find the kingdom of heaven within their own hearts, and they experience such happiness now.

- The Urantia Book

Toothed posted:
I want to know why there aren't more real verified myfxbook accounts with good history. Surely someone must be making $$$

It depends on how do you search for such systems :)

fxinvesta posted:

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 ...

gravedigger

ricki72 posted:
@fxinvesta:
- Garbage collector?
- assembly line worker?
- secretary?
- taxi driver?

You should differentiate jobs and professions.
Each of the jobs that you say, have someone rich in the top.

fxinvesta posted:

ricki72 posted:
@fxinvesta:
- Garbage collector?
- assembly line worker?
- secretary?
- taxi driver?

You should differentiate jobs and professions.
Each of the jobs that you say, have someone rich in the top.

touche lol

Touche bull shit!

some people do these works for their whole life. Many of these basic 'jobs' require a professional education, so for me it´s not only a job.
What about a technician? is this only a 'job'?
To become rich, he should climb 3 or 4 Levels and be under the CEO or replace him.
I can tell you, in the company where i work, the chances for a technician to make this career are 0.0000000 (i forgot to count)...
So it´s better to play lotteria or go to casino.

Only people with a master degree AND very good connections AND who like to lick the asses upside and kick the poeple like shit downside (so no chance for a honest person) have a little chance to climb (in the company where i work).

I know i can reach my goals and become wealthy if i believe and work hard... But not in the place where i am now!

ricki72 posted:
Touche bull shit!

some people do these works for their whole life. Many of these basic 'jobs' require a professional education, so for me it´s not only a job.
What about a technician? is this only a 'job'?
To become rich, he should climb 3 or 4 Levels and be under the CEO or replace him.
I can tell you, in the company where i work, the chances for a technician to make this career are 0.0000000 (i forgot to count)...
So it´s better to play lotteria or go to casino.

Only people with a master degree AND very good connections AND who like to lick the asses upside and kick the poeple like shit downside (so no chance for a honest person) have a little chance to climb (in the company where i work).

I know i can reach my goals and become wealthy if i believe and work hard... But not in the place where i am now!

there is always a chance and where there is a chance there is a way..... but i understand what your saying as i am a technician for a telecom company as well and what your saying is truee.. but not impossible just got to keep on working hard i guess which doesn't guarantee anything

Can forex trading make you rich ? - NO, as long as you make it only to become rich, without having the smallest interest in the industry, but just the crazy ambition to gain money. And what kind of a 'facebook quiz' question is that !?