The actual answer relies on the traders who are directly involved in forex trading for a long year. For a wise trader, it's the best source of earning huge money. But for a beginner, it's quite uncertain.
It can be a good source of income only if you learn constantly and improve your techniques by using the tools available to make good regular profit. To those who do not understand the importance of risk management, they will fail horribly.
You can make money from the forex market only if you are well-versed with all its concepts. If you're already familiar with the forex market, you'll be able to make more money. Forex trading comes with a high degree of risk, so only those who have a good deal of experience and skill in trading can achieve success in it. So, if you want to make money trading forex, you'll need to keep up with the latest trends but at the same time have a strong foundation of the basics of forex.
Forex trading is surely a rewarding career but it may not be the one for everyone. You should have some risk bearing capacity to become a forex trader. Also it takes some time to become profitable. Trading is not an easy job but you can find an edge with knowledge and skills.
richard2 posted: I believe best side income but not one to sustain a life. Its risky and with it you can depend on livelihood at all times.
I don't agree with this, Good capital and Strict money management and you are good, don't wait till I upload 6 years history with with withdrawals before you get serious and know that most of us trade for a living
Of course, Forex is open to all; but don’t count this money making opportunity as an easy option! Forex is so much difficult, here more than 90% traders are the losers!
I do think that forex is a great source of income for a lot of people, it has provided a great medium for many of us to earn money online. But how well we do it totally depends on our skills and hard work.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.