Can forex trading make you rich ?

I would said someone should know the risk first before think about even trading. i mean you could lose every money that is put in your trading account, dont be overtaken by greed. be disciplined for what you do, trading is about skill to read price of currency and what influencing it.

Like me, i have been trading for 2 years, but for exact time, its not even reach 1 year in my trading experience in facing the chart, so maybe i dont smart, or just plain stupid. here i am with my money, there them who rich from selling people hope.😇
the champ is near, but what could it takes to be him/her? 😭

It can, but it probably won't. Since Forex has a big speculative element to it, you have to look at it from the probability point of view 😉

And it depends largely on your account balance and discipline.

forex trading can make you rich if you have great patience....

greenbackFX posted:
It can, but it probably won't. Since Forex has a big speculative element to it, you have to look at it from the probability point of view 😉

nice sir, how can we see it, do you have any source for learning probability? 😐

Learn moneymanagement techniques...

greenbackFX posted:
Learn moneymanagement techniques...

as simple as it sounds, i have learn it, like only put risk about 0.50% of equity in one trade, calculate risk reward, trade once every day, leverage only 1:100 when not so needed, increase leverage when needed, and think about yearly growth not hourly/daily.
is that the only thing i needed in money management?

The first 2 points are enough. Most people can't even master those... it is a difference knowing in theory and actually doing it. Finally when you master it you can become profitable..Good luck and lots of patience!

greenbackFX posted:
The first 2 points are enough. Most people can't even master those... it is a difference knowing in theory and actually doing it. Finally when you master it you can become profitable..Good luck and lots of patience!

Thanks sir,
you're right, i only know about the theory, and on process doing it.😄
will put into perspective on what you saying sir...!! 😎

Forex will make you rich if you are the broker.

For everyone else: discipline, money management and time will do it.

pflux posted:
Forex will make you rich if you are the broker.

For everyone else: discipline, money management and time will do it.

Ha, that’s a good way of putting it.
Sometimes these situations – the broker getting very rich off the back of investors and traders leads to very drastic and unfortunate situations. Last week a group of angry Chinese investors and traders actually invaded the offices of their broker and took hostages because they apparently lost a lot of money. (https://www.forexbrokerz.com/news/Upset-Chinese-investors-hold-hostage-USGFX-staff-in-Shanghai) So far it’s unclear whether the hostage crisis has ended.

pflux posted:
Forex will make you rich if you are the broker.

For everyone else: discipline, money management and time will do it.

That is about right, though sometimes even broker goes bankrupt

pflux posted:
Forex will make you rich if you are the broker.

For everyone else: discipline, money management and time will do it.

Correct!!!

pflux posted:
Forex will make you rich if you are the broker.

For everyone else: discipline, money management and time will do it.

😐
If you are broker and the money keep flowing to your bank account,
it depends on the number of trader getting paid vs money incoming to broker pocket,
no money coming = pool getting dry... 😕
and that's where marketing/bonus/promo come in playing,
to get all the prawns trader come put their money to broker pockets... 😁

of course, this comment for entertaiment, so be chill... 😇

it's very hard but i hope so :))

It might be if you avoid any get reach fast schemes and bad habits setting up 95% of the traders from the losing side :)

Only about 5% of traders are profitable.
Lets assume just 2-3% became rich.
So the answer is unfortunately there is 97% probability trading wont make you rich.
Unless you are exceptional or you have exceptional guru.
Someone who trades for living for a long time :)

Let's all give up now!

Honestly speaking, I have come into this market place for becoming rich but lost huge money within very short time. Actually Fx can’t you make risk until you have good discipline with most powerful analyzing trade knowledge