Can forex trading make you rich ?

I started with $1.000 on DEMO account few days ago, March 18th 2022. Today it's March 22th (there was also 2 days weekend between 18th and 22th) and I have already over $3.000 in this demo account.
Check also my stats, how many profits and losses did I close. ;)

https://www.myfxbook.com/members/Zoki/zoki-demo-2022-03-18/9473384

So what do you think? ;)

tranle447 posted:
That is a very interesting question .

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

Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.

PeteLanceley posted:

tranle447 posted:
That is a very interesting question .

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

Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.

Theoretically yes. Market volatility also/even on shortest time frames gives A LOT of pips every day. Theoretically it's possible to make thousands trades each day, which if all would be in profit, would just constantly keep increasing the equity and with proper growing lotsize it would be probably easy to grow equity at least for 100 times every day.

So this question should rather be, can you (we) become rich with forex? Because forex can you make you rich, if you would trade constantly 100% profitable. But in reality it's you (we, each of us) who are just not able to do that in practice. :D

There is also another problem, as we know, for every dollar on the winning side, there has to be a losing dollar on the other side as well. So if someone really becomes rich, that money has to come from those who lost that money and that's usually higher number of people with smaller deposits, to equal each one who becomes rich.

Yes, that is a possibility! But you need to also have good skills. Also, consistency matters, irrespective of whatever you do.

PeteLanceley posted:

tranle447 posted:
That is a very interesting question .

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

Yes it can, of course. But a lot of people come into trading thinking that they will become rich fast.

Thats the key isnt it, most want it today and want the success of trading masters of 10years in a matter of hours lol

Making money in forex trading depends on the trading skills and psychology a trader has. Traders need to work hard and learn about forex trading which comes with time and experience.
Forex trading does not make every trader rich. There are many traders who quit due to the lack of proper knowledge.

Forex trading is very unlikely to make 'you' rich, 90% of traders lose money. But a very very small amount can make significant $$$

All businesses maybe can make rich, included in forex trading business, but how to become rich from forex trading is not simple, this is need to learn and hard work, forex trading is not getting quick rich at a short time or overnight, forex is risky business, in trading profit and loss always occurs, success in demo account does not guarantee success later in real account.

Yes, there is a possibility. But there are a lot of factors to consider, starting with your trading skills.

You can get rich from forex but more than likely you will become poor and lose all your funds. The choice is yours

Forex included high-risk high returns, today profit can't guarantee will get the same result for tomorrow, in fact, there are successful traders able to make huge money from forex trading, all depending on skills, if skills are still below average, don't spend big money in forex maybe only waste money.

Yes, definitely it can but always remember forex is a risky business and you never can be a successful trader if you have no proper skills and only comes for making money fast.

Proper money management can make you rich in trading. Forex money management is a set of processes that a forex trader will use to manage the money in their forex trading account. Traders should keep their attempt running to develop themselves every moment. A cogent effort should be given to turn every day a profitable day and traders who are perseverant can only do that.

Yes, you can make a living from forex trading. Earning well from forex totally depends upon your trading style and the strategies you use. One needs to be consistent with good skills.

That's the best part about Forex trading, it can make you extremely wealthy in 4-5 years or less, and it can also make you bankrupt in less than 24 hours. I believe that people who have the attitude of getting wealthy will never do so, but those who accept that they will most likely not do so and strive for a consistent return, even if it is only a few percent per year, will succeed in profitability and have a chance of being wealthy.

Forex trading can actually make you rich but it is not easy to do so. Traders need to work hard to consistently develop excellent trading skills and have in-depth knowledge about the forex market.

You can make as much money as you want. This is only possible to achieve if the trader has a well calculated trading plan consisting of trading strategy with an edge, risk management strategy, and entry and exit points are predetermined.

zackvz posted:

FxMasterGuru posted:
@CrazyTrader

Why...? Because there is no such thing as successful retail trader... It is an oxymoron...

P.S. And by 'successful' I don't mean buying Ferraris, Lamborghinis and yachts from profits, but living off comfortably from Forex profits for at least a year or two...

Yes there is...I am one. I live comfortably from my FX gains and my account balance is definitely considered 'retail'.

If you really think its impossible to trade successfully as a retail trader, then you have already failed by listening to all the garbage on the internet - including listening to me right now :)

I am not searching here any shortcut way! Traders are mostly risk-intent. This is the reason that always keep them lag behind. So, traders should focus maximizing their skill so they can benefit from trading. Demo trading can help them in hitting their target. Besides all those, they should gather enough knacks over risk management policy.

Yes, if you are an expert in forex trading. Forex is not something that can be entered without a thorough understanding of how the market operates. Although one can gamble and get wealthy, one can also gamble and go completely bankrupt. The greatest approach to making money in forex trading is to have a complete understanding of the market.