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Can you get rich quickly from forex trading?

  • #181
  • Apr 19, 2015 1:30am Apr 19, 2015 1:30am
Can you get rich quickly in the forex market?
It depends on how you look at it, for me its more like the over night success story with 10 years of practice before recognition and success.
FXlobster
  • #182
  • Apr 20, 2015 8:03am Apr 20, 2015 8:03am
YES. But keep in mind you can lost it all even faster if you go for the big move/ leverage and it goes against you.
  • #183
  • Apr 20, 2015 8:29am Apr 20, 2015 8:29am
Yes you can, but there's more chance to get POOR quickly, when you try to get rich quickly.
  • #184
  • Feb 1, 2016 7:16pm Feb 1, 2016 7:16pm
to get rich with forex we need a process and we need to be patient because it is rich in forex is not as easy as we thought. therefore we need to be able to continue to improve the skills of good trading and also increases good trading psychology. rich in forex can not be obtained in a short time
  • #185
  • Feb 2, 2016 3:08am Feb 2, 2016 3:08am
You can get rich very quickly. And you can lose all your money very quickly. The second being far more probable.
Price-Action Extremist
  • #186
  • Feb 25, 2016 8:20pm Feb 25, 2016 8:20pm
we can not get rich quickly in forex, for the rich with forex requires a process and we need to continue to learn and practice trading. rich in forex is not easy because forex is high risk. For that, we must never cease to learn trading well
  • #187
  • Feb 28, 2016 11:09pm Feb 28, 2016 11:09pm
I don't think common traders can get rich quickly within short time, forex trading is high riskly, especially for stable long term profit. The most suitable strategy should control risk and take stable profit.
  • #188
  • Feb 29, 2016 1:21am Feb 29, 2016 1:21am
Quoting tianxingjian
I don't think common traders can get rich quickly within short time, forex trading is high riskly, especially for stable long term profit. The most suitable strategy should control risk and take stable profit.
I agree. The only way I see that happening, especially for newbies, is pure luck, and one cannot count on luck.
  • #189
  • Feb 29, 2016 12:08pm Feb 29, 2016 12:08pm
Trading is a marathon and not a sprint. Many people forget this!
  • #190
  • Mar 7, 2016 6:59pm Mar 7, 2016 6:59pm
rich in forex is not easy, for the rich in forex then we need to learn and practice many trading well. rich in forex is not easy and needs to be a process and therefore we should use the time to learn and practice trading with good
  • #191
  • Mar 7, 2016 11:07pm Mar 7, 2016 11:07pm
Quoting moonshot
YES, you CAN get rich quickly in Forex Trading, margin trading is one of the best ways to get rich quickly. However, I can almost guarantee you that this wont happen if your sole purpose is to get rich quickly. This is because when you go to the market with that mentality, you are most likely going to lose everything. In other words, while it is important to set profit goals, risk management is even more important, and this involves allocating your trades 1%-3% risk exposure. When you do this, it shall be a gradual, but more realistic way...
Good point. Agree.
Risk comes from not knowing what you're doing.
  • #192
  • Edited 8:34pm Mar 13, 2016 8:05pm | Edited 8:34pm
Yep. You can wipe out your account quickly too.

If anyone wants rich get by forex trading, here are helpful ideas that any trader can benefit from.

1. Your first job as a trader is to make sure you manage your capital risk (lot sizing) and trade risk (cutting losses) so that you won't extend your losses when it's all too late. Your second job is to maximize profits (set-and-forget, price action swing trading)

2. When you lose, lose a little. When you win, win big. This is the rational trading mindset. Have the mental + emotional fortitude to hold on to this idea.

3. The market will tell you what's in its collective mind through price action.
  • #193
  • Mar 13, 2016 8:21pm Mar 13, 2016 8:21pm
I think the author still has a wrong viewpoint about forex. I mean Forex is a business. Hard cold blood business.
  • #194
  • Mar 14, 2016 7:29am Mar 14, 2016 7:29am
Quoting dianajs
{quote} I agree. The only way I see that happening, especially for newbies, is pure luck, and one cannot count on luck.
surely. Counting for luck and forex itself are non compatible things, if you only not want to blow your account
  • #195
  • Mar 19, 2016 8:29pm Mar 19, 2016 8:29pm
You can get rich slowly
  • #196
  • Mar 19, 2016 8:46pm Mar 19, 2016 8:46pm
Quoting hedging
This is one of the reasons that we have more than 95% losers in forex market.
Is the situation so bleak? Had been trading for the past 10 years with 10 to 20% profit each year except losing 20% one year.
I am not be a short term fx trader like most of you, I am more like a currency investor trading with 5 to 15 times leverage. Did very well shorting yen during the past 2 years
  • #197
  • Mar 20, 2016 10:59am Mar 20, 2016 10:59am
I think the best choice, if you want a pure income from forex! do trading that can cover your needs for one month, and could be set aside for a bit of savings, trading for living? my be :lol
what?
  • #198
  • Edited 2:18pm Mar 20, 2016 11:59am | Edited 2:18pm
Quoting gabanda
rich in forex is not easy, for the rich in forex then we need to learn and practice many trading well. rich in forex is not easy and needs to be a process and therefore we should use the time to learn and practice trading with good
So where's the difference to getting rich in any other activity?
The truth is, people who have to ask if something is possible instead of using a calculator to check what they actually need to achieve their goal are most likely to fail. It's natural selection.

Oh by the way. a friend of mine makes decent money as a window cleaner. Some may wonder how that is even possible. Well, he focuses on solar panels and is therefore able to charge more than his competition. I'm mentioning that because the question is very broadly defined. It is possible to make quite a lot of money in a rather short period of time (with a bit of experience of course) but it is very unlikely to reach that goal with a system that gives you just 1 or 2 trades per week.
  • #199
  • Mar 21, 2016 6:51pm Mar 21, 2016 6:51pm
rich in forex trading requires not a quick process. we need to be patient to get rich in forex because it is rich in forex is not easy given the risk is very high. for the rich in forex then we need a lot of skill and a good trading psychology
  • #200
  • Mar 22, 2016 10:39am Mar 22, 2016 10:39am
Why do some ppl say that it's far more probable to get poor than get rich?
Aren't the chances 50% - 50%? Prices can only move into 2 directions, one of which is a winner
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