Joined Feb 2017
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Status: *under construction*
|580 Posts
Depends on what you mean by rich.
To me, being financially free is enough to consider myself rich.
Other think Warren Buffet and George Soros when they say rich.
If you think first, then yes, not only it's possible, but it's quite realistic.
If you think second, then yes, but it is hard. And is near to impossible to reach that with $100 or so.
Exhibiting patience is the key to getting rich in forex. Great traders realize the importance of patience, it is one of the most difficult attributes to cultivate as a trader. Having patience is an integral part of successful trading and investing. However, frequently exiting a trade due to predefined rules is one of the best methods of increasing your success as a trader.
to be successful or rich in forex is not easy, therefore, to be rich in forex then we need to learn and practice many trading well and patience to improve the quality of trading. to improve the quality then we can try to trade with a demo account or to participate in the contest demo of broker instaforex
Can you get rich quick? Yes... Here's how. Risk everything you have, all in, over and over.
Let's play a game... It has 50/50 outcome. It is a completely fair coin toss game.
If it lands on one side you win double whatever you risk. You risk 10 you win 10, now your bankroll is 20. You risk 20, you win 20, now your bankroll is 40, so on...
If it lands on the other side, you lose, and you pay what you risked. You risk 10, you lose 10. You risk 20, you lose 20.
Starting with an initial wager of 1.91 it only takes 20 consecutive wins to reach 1,000,000.
Would you play the game? Imagine that last toss, risking 500,000. Would you stop before that? 250,000? 125,000?
What is rich to you? Compare where you are now, then look to where you want to be. Can you achieve that by risking something that only has a 0.000095% chance of success, or roughly 1 in one million chance of happening?
We are everybody know that it is impossible to get rich quickly from forex trading. It is possible to loose fast from forex trading. But we are still go to play this fascinating game. Because how it is complicated, it is interesting and fair. Thats why Forex maybe attracts such a lot of people...
FX trading requires a lot of dedication, sleepless nights, discipline and practice, practice, practice. There is no easy way to success.
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No one can make quick money here! It’s not possible! But it’s true; professional Forex traders can earn decent monthly income without any panic! Although, you may see so many aggressive marking languages in social sites, like 100%, 200% monthly feedback by using trading systems or robots, they are the scammers!
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Joined Dec 2015
|3,529 Posts
Nothing ever happens quickly with Forex trading (except losses, that is). One should really treat it as a marathon and conserve their strength, rather than as a sprint.
Nothing ever happens quickly with Forex trading (except losses, that is). One should really treat it as a marathon and conserve their strength, rather than as a sprint.
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Yes, appreciate your message. There is no instant success in Fx but we see generally see people always looking for to make profit from here very rapidly. As a result 90% are loser. So we have to give up this immature tendency and have to prepare to pass a long time period in here with great patience.
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Joined Mar 2017
|205 Posts
To be Forex trader , we have to understand the risk associated with this work. Nothing in this world is easy , so always work hard for your dreams so that you can live your life easier.
Yes. You can also get rich at the roulette table by betting everything you have on RED. If red comes up, great! If it doesn't...
The problem you have is risk management, and (in my very humble opinion) is the reason many traders fail before they've even got started.
First, and by far the most difficult step, is developing a profitable strategy. It's hard, frustrating, laborious work. But let's say you've done it. Great!
You might think that having a profitable strategy is all you need. You simply trade it and you're rich. Nope!
Even a profitable strategy has losses sometimes, so you cannot risk all of your capital. Good money management dictates you only risk 1% or 2% of your capital at any given time. That means there is also a cap to the profit you can take at any given time.
Monetising a profitable strategy is far from easy.
{quote} Yes, appreciate your message. There is no instant success in Fx but we see generally see people always looking for to make profit from here very rapidly. As a result 90% are loser. So we have to give up this immature tendency and have to prepare to pass a long time period in here with great patience.
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I have even seen claims - and seen them often, at that - that the 95% of traders lose money. So things might be even worse.
Can you get rich quickly from forex trading? Yes. Is it easy? Probably not. Why not invest in a fund instead of trading? When you trade on your own, its up to you how much you make (well, also depends on the market as when theres no volatility theres no trading possible) People who are trading try to make more than 10% per Year. Some succeed, many fail.
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Hello; I’m interested to know details about quick success! As far as I know, there is no shortcut way of success! Actually, traders need own trading knowledge and skill for being a successful trader, and learning is always a long process! Such as I used my practice account for one year! By the way, I agree with your 2nd answer!
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Joined Mar 2017
|304 Posts
I think there is nothing word in Forex as quick success. Not only Forex in the present world there is no opportunity which can make you successfully quickly. Who are willing to achieve success very rapidly from this market place , they cannot learn this volatile market deeply and become a loser after passing short time. for that reason 90% traders are loser.
