DislikedIs forex trading worth it? No! Forex trading is a quick way to lose money.Ignored
Forex trading is a quick way for delusional people to lose their money. When I started trading, despite knowing next to nothing about currency markets and having a large initial balance, I traded very small relative to my capital. I didn't go into it with delusions of making a boat load of money so, despite chasing the day trader "dream" it took me 2 years to lose a paltry $2,000. With enough capital and responsible leverage usage, mitigating currency risk is just a matter of consistency in inventory management. Despite having done the same thing day in and day out, 12 hours a day for years, I'm susceptible to deviating from my own management strategy and subsequently losing money. In my eyes, the part of trading currencies that people just can't seem to get around is the fact that if you want to make decent money for a long time, you better start with a decent amount of capital.
But see, then comes the "trading contests" where you see someone experience 506% growth on a $50.00 initial investment and this draws in the fools and their Christmas bonuses thinking they can retire in a month if they only traded currencies. They flood into the market like sheep, over-confidently slingin' yards with 4-500:1 leverage and destroy themselves. There's no sustainability in starting with cheeseburger money. There may be short-term money (if you're lucky) but if you have the confidence to over leverage yourself with such small amounts of capital, it'll only get worse if you actually make money - by some stroke of luck - right out the gate. Any source that convinces retail traders that they can be financially independent in a short amount of time from trading currencies is what breeds negligent behavior in trading. Folks are always talking about the importance of psychology in trading and I happen to agree. This forum and others like it are a legitimate minefield for the mind.
Your opinion on never believing someone who says they got rich trading forex is one I'd happen to agree with. Because if one is making money doing this - and good money at that - the opinions of retail schleps are like grains of sand on the beach. You'll also have no desire to tell people how much money you're making and as such, even less desire to answer their demands for "proof". People who find themselves in a position where they have to prove their earnings on a forex forum are the kind of people who need to impress people. Unless you're managing someone else's money or trying to sell stuff, there's no reason to brag or offer up proof of anything. Seeking validation from others is absolutely meaningless if you're making money. Especially from strangers on the internet.