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Can you get rich quickly from forex trading?

  • #141
  • Dec 9, 2014 8:36am Dec 9, 2014 8:36am
If you take Forex as gambling then surely you will lose money.
  • #142
  • Dec 9, 2014 12:56pm Dec 9, 2014 12:56pm
Quoting Arjun Bajaj
If you take Forex as gambling then surely you will lose money.
As a general rule, yes, many people probably would (and do) lose money. Then again, even when just 'investing', plenty of people lose money and lots of it (bonds, stocks, property, etc.)


There have been numerous threads about whether Forex is gambling and the consensus seems to be that if you don't treat it like gambling, then you aren't. If you do, then you are. ;-)


So, far, I've had least 4 decent intervals where I've made a fairly large amount of money (compared to initial stake). This activity scales exceedingly well, even into the 10's or 100's of thousands before things like liquidity and slippage make a noticeable impact, so I can't see any good reason many people can't make a very large chunk of money out of forex.

The only thing stopping people is mainly themselves.
  • #143
  • Dec 9, 2014 3:42pm Dec 9, 2014 3:42pm
Forex is the easiest and fastest way to become a millionaire.

to be continue......
  • #144
  • Dec 9, 2014 3:45pm Dec 9, 2014 3:45pm
Quoting highway
Forex is the easiest and fastest way to become a millionaire. to be continue......



Just change your western currency to Zimbabwe dollars or Indonesian rupiah through your broker.
  • #145
  • Dec 11, 2014 12:26pm Dec 11, 2014 12:26pm
For long time traders (more than 1.5 years) - what kind of increase do you see monthly ?


Some questions if you guys like to answer:

  1. How many months have you been trading for?
  2. What kind of increase did you see monthly on average during your trading career ? 6% ? 4% ? 14% ? Other percentage?
  3. What percent of your existing account is your monthly target?

  • #146
  • Dec 16, 2014 3:51am Dec 16, 2014 3:51am
Quoting highway
{quote} Just change your western currency to Zimbabwe dollars or Indonesian rupiah through your broker.
Thank you for the tip! Are people in black already coming for you?
  • #147
  • Dec 16, 2014 10:35pm Dec 16, 2014 10:35pm
Quoting Forexnuts
The return on mutuals range from 10% to 20% on average, so guess if you are not sure about trading, you could always opt for mutuals and other forms of investment. On the start richer, come one, how many of us even started with a $10,000 account and increased it?? Either way, love the last few comments..
I started with a $10, 250 account and I'm up $1900 so far this month. This is my first month trading and at first I was getting a bit impatient because I'm leaving a lot of profit on the table but after reading some of the posts, I'm thinking that exiting out of trades with money is better than trying to get the whole move and losing money. I did have a few losses but I was able to make it back that day or the next day. I'm going to take it easy and see how it goes in the next few months.
  • #148
  • Dec 23, 2014 6:42am Dec 23, 2014 6:42am
when this post said "get rich quickly" what was the definition of that? saying you get 10% every trade, or thinking I have 10k in my account, next month I should have 50k?
  • #149
  • Dec 27, 2014 1:08pm Dec 27, 2014 1:08pm
Quoting sandycarrot
Can you get rich quickly from forex trading ? if not ? why not just do the job in general or if there is capital ,why not invest your capital in mutual funds, or leave it to fund managers or something like that , or on the other side if you earn 10% profit in a year in trading do not bother trading alone / does not need to work hard alone leave it to fund managers or mutual funds you will get over it with a smaller risk than the handle itself THX for your comments / participation / input , S.C.
My answer is no !You only can lose quickly money in any kind of forex or other leveredged products very well.But in fact it is possible to make good profits with a stable strategy .
  • #150
  • Dec 28, 2014 5:40am Dec 28, 2014 5:40am
Quoting cyguy
when this post said "get rich quickly" what was the definition of that? saying you get 10% every trade, or thinking I have 10k in my account, next month I should have 50k?
Well let's say 10% month. That is also a very high return. Only a few traders can go for higher returns and get rich quickly.
  • #151
  • Dec 31, 2014 6:50am Dec 31, 2014 6:50am
Quoting highway
{quote} Just change your western currency to Zimbabwe dollars or Indonesian rupiah through your broker.
LOL, thanks for the tip mate, I guess it is time to convert all the USD into some Zimbabew dollars..
  • #152
  • Jan 1, 2015 6:35am Jan 1, 2015 6:35am
Quoting h96
{quote} Why do people always name numbers but no source? So you are saying that its 1000x more likely to get rich with a business rather than forex trading. Any source? If not its just bs. There are statistics that a large percentage of businesses also fail (for sources google you ll find it quick). Its the same for this "95% are loosers" thing. Spread over and over again by people. Even if you show statistics that these people are wrong, they insist on the numbers. The next point is even more ridiculous: You are claiming that the number of people...
................
Big thumb up for your post, I agree with you, the 95% is just a scam because what does it mean, it means that in Forex is easy to enter and get out of the work/business so the pool of data is big and not clustered, the quality of the actors are not to be compared with say entring and exiting a Hard business, because there are serious barriers to entry and serious barriers to exit. then in general making money or rich is relative important to enjoy what you are doing, and do good to Humanity. stop
  • #153
  • Jan 4, 2015 11:24am Jan 4, 2015 11:24am
Sandycarrot,

Is it possible to make a lot of money quickly in forex? Yes. Is it probable? No. I don't know what percentage of traders lose - maybe the 95% figure is a bit inflated. But I would assume at least a majority do. Most new businesses fail, why would a "trading" business be any different? Retail traders come into the game with huge disadvantages - they're competing with the most sophisticated bank traders in the world, they're usually under-capitalized, and they use TA to enter trades - a guaranteed recipe for failure. How many retail traders have access to a Reuters or Bloomberg terminal? Those are what the real professionals use - bank traders don't use MT4, only the "small fry" do.
  • #154
  • Jan 5, 2015 2:34am Jan 5, 2015 2:34am
Quoting Nefser
{quote} As a general rule, yes, many people probably would (and do) lose money. Then again, even when just 'investing', plenty of people lose money and lots of it (bonds, stocks, property, etc.) There have been numerous threads about whether Forex is gambling and the consensus seems to be that if you don't treat it like gambling, then you aren't. If you do, then you are. ;-) So, far, I've had least 4 decent intervals where I've made a fairly large amount of money (compared to initial stake). This activity scales exceedingly well, even into the 10's...
My point was the same but you explained in details
  • #155
  • Jan 5, 2015 9:15am Jan 5, 2015 9:15am
Can one get rich from forex trading? Definitely. Can one get rich quickly? It's possible, but not necessarily very probable. Good trading often requires years of study and practice. That said, some people do get lucky.
  • #156
  • Feb 1, 2015 4:38am Feb 1, 2015 4:38am
With excellent skills, I'm sure we can!
  • #157
  • Feb 4, 2015 3:53pm Feb 4, 2015 3:53pm
Nothing is impossible..This is my dream, but it shall be done wisely
Trade smart, not hard
  • #158
  • Feb 4, 2015 11:08pm Feb 4, 2015 11:08pm
Yes, you can get rich after you start trading properly, not influenced by the human psychology, losing the gambling edge etc. But for you to acquire this level of temperament you will have to work hard and spend some quality time. So it is not like easy money immediately! but on a longer run, if you survive the initial phase and have a clear mindset, you will not regret your decision.
  • #159
  • Feb 5, 2015 3:53am Feb 5, 2015 3:53am
Quoting nara1990
Yes, you can get rich after you start trading properly, not influenced by the human psychology, losing the gambling edge etc. But for you to acquire this level of temperament you will have to work hard and spend some quality time. So it is not like easy money immediately! but on a longer run, if you survive the initial phase and have a clear mindset, you will not regret your decision.
I agree. I know several people who have been trading FOREX for a long time, who are now wealthy who have used the money they made from FOREX to start up businesses.
Trade smart, not hard
  • #160
  • Feb 5, 2015 1:19pm Feb 5, 2015 1:19pm
FX is all about risk management from what I have learned.
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