Can forex trading make you rich ?

i know a couple of people that got rich through trading fx and futures.
it's been a very lengthy and painful process for all of them though. and there's no guarantees.
actually wrote a blog post on this if you wanna check it out
sickoftrading.blogspot.com/2017/09/how-i-became-profitable-daytrader-and.html

I don’t know why people give up Forex because of lacking exact trading knowledge. At present there are many kinds of sources to learn Forex in a proper way. Just need the trader’s patience to acquire real trading experience by passing a long time.

Forex trading is most comfortable and suitable place to earn money in a proper way, but you have make sure some mandatory rules for that . but practically mostly traders are loser from here due to lack of exact trading knowledge which is the key to success in this volatile trading place. Besides good trading knowledge it is also important to ensure proper trading plan , money management , risk management and obviously a reliable support from a credible trading broker.

Nutter21 posted:
My aim is to design a robot to do it all for me. The it will be easy living'

Thats a very good aim.

There is no guarantee whether it would make you rich or lose whatever you have. It is a very long journey that needs a lot of effort and determination. You cannot think of making the money and become rich immediately. If you love trading you need to be determined and most important you should have the back up money which you can afford to lose and should not affect your life.

if you are a professional trader , you can be rich.


so , now, study about the character of professional trader


good luck

yes it can make you rich or living good if you are in the 95 % of succesfull traders ,other than that you're cooked

Of course it can but you need to have a proven strategy like this one:

Of course forex has the capacity to make you very rich. A lot of traders having seen for themselves the lucrativeness of the forex have abandoned their well paying jobs to focus on this financial market. If you learn your demo well perfecting your trading strategy with commendable money and risk management; you could go make a good income from trading the forex market.

But who really does that? You don't see many (any) genuine retail Forex millionaires

tranle447 posted:
That is a very interesting question .

https://www.investopedia.com/articles/forex/073115/can-forex-trading-make-you-rich.asp

If you know how to use your actions and manage them through good strategies, it could lead you to be very successful.

MiguelMM posted:
But who really does that? You don't see many (any) genuine retail Forex millionaires

need a lot of experience and software to make stable money in FX
98 % off all money in Forex BlowUp

apple1st posted:

MiguelMM posted:
But who really does that? You don't see many (any) genuine retail Forex millionaires

need a lot of experience and software to make stable money in FX
98 % off all money in Forex BlowUp

But I don’t think any software is essential here; if traders have enough trading and experience, that’s enough for manual trading.

Many people here say the right thing about successful strategies,correct money management and more. And all of them are right. But there is a very large BUT. No matter what excellent strategy you come up with, it will not insure against market changes. And money management is not always successful, if you are novice and do not have enough experience in this. And even if you are a professional this does not always protect you. From the large losses in this market you can't escape. Therefore, it is very difficult to get rich here. I would rather advise you to do something in real life and not spend your whole life in the Forex.

apple1st posted:

MiguelMM posted:
But who really does that? You don't see many (any) genuine retail Forex millionaires

need a lot of experience and software to make stable money in FX
98 % off all money in Forex BlowUp

There are such guys but why should they post anything here

No, it cannot.

MiguelMM posted:
But who really does that? You don't see many (any) genuine retail Forex millionaires

Frankly, I have never seen? Do you?

Forex is a tough game for sure no doubt,it's not impossible though to make a lot of money,even on the most basic platforms with a reasonable size account,experience and proper money management.

snapdragon1970 posted:
Forex is a tough game for sure no doubt,it's not impossible though to make a lot of money,even on the most basic platforms with a reasonable size account,experience and proper money management.

I think Kieran hit the nail right on the head. Just like to add, the 98% of people failing Apple1 talks about (some say its 90%, other say its 80%, who really knows) come in the market thinking they can get rich quick, be a millionaire in a year.

So lets say you are an experienced trader, and lets say your trading strategy you a consistent average yearly (modest) return of 15% for the sake of this exercise. And lets assume you are disciplined enough not to take any money out of the account. And lets assume you saved up enough money to open a $10 000 account.

If you then trade for 40 years based on the above criteria your account will be more or less at $2,678,635.46 after 40 years. So yes, you CAN get rich, not impossible, but in reality things don't work like that. People are emotional beasts. We are greedy and wish to get rich quicker so we can spend our millions.

Manual traders battle with emotions. Algorithmic traders battle with markets changing over time, and this causes a trading strategy to lose it effectiveness over long periods of time.

'Can forex trading make you rich ?'... tough questions this, but NOT impossible.

Good luck trading out there!