That's well explained Decub. Forex trading is just like any other business which requires time to make solid profits coupled with good experience and skills. Many newbies think its just an easy way to make online money and that's why they invest huge amounts without learning the basic skills.
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Is forex trading a get rich quick business?
- Thread starter Cutiekc
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Its totally depended on how much capital you are investing. The more you invest there will be more chances to get huge profit or loss. But for that knowledge and skills are most needed.
Well, personally I will have to say that according to my own exprience it is not a get rich quick business considering the time to be spent on learning various trading ways. Like how to analyze and how to make use of trading strategies and also emotional discipline.
People who mistook forex as an easy way of making money lose too quick because they will invariably bee on a rush make entry without proper analysis.
Not only forex, most of the business in the world is not so easy. No business can make you rich at one night. Every business needs analytic skills and ability to plan trading strategies and knowledge about the business.
The simple fact is if you have the knowledge about the particular business then that business will be the easiest business for you. And if you don't have the knowledge, that business will be the toughest business for you.
Well, there are offline buisness where you can be rick within a shot period of time without having to waste much time and energy just like on forex trading but then, forex is a lucrative online based business which deals one buying and selling of currencies and we need to study a nations economy so as to be able to know what the currency state will be like.
Well, forex is really lucrative business. But I don't like to be a economics student again. I choose only 2-3 products and I try to get rough idea only. just like to study the movement of pips, because I trade one transaction in few hours.
You cannot say that gambling means taking loss. But that mean I am not saying that forex is gambling. The thing is if you have adequate knowledge with some plans we can be rich in a month through forex trading. But it has risk.
If you posses these skills and adequate knowledge, then you are not gambling Forex. Gambling as meant is where a new trader envisages a high return from Forex investments without considering knowing more about it. In the case of a knowledgeable person, he is only taking chances.
People claim being rich with forex all the time but they don't get rich that easily. atleast i have never seen anyone being rich with the forex. atelast not the way they are saying they will become rich. you can however see that most of the time people are going to be learning some good methods for the eanring.
If you have adequate knowledge then is is quite easy to be rich with forex trading, which happens in India. For an example: Here we take money from public at the interest rate of 12% per year. We collect near about 1 million bucks. Then if we invest that money through brokers or investment plans we can easily make 15-20% profit in a month. That means in a year we make near about 250% to 350% in a year with compounding. That means we roll the profit earned every month into investment. At the end of the year we make 2.5 millions. So if we give the money with 12% interest to the public that means we have minimum 1.36 millions in our hand without any self investment, which is a quite huge income. Yes, there is a risk also. But to gain something you have to take risk.
I still tend to agree with [MENTION=19710]ryuken[/MENTION]. I think the earning or money giving potentials of Forex is exaggerated. I mean, there are people who have good capital and also have some fair knowledge and experience in it yet, they do not make as much money as could be said that other do make.
See, it is clear that if you have more money then obviously you will get more profit. If you give more time, then you will earn more. Maybe from self trading or investing on Hyips. So how is it not possible to earn a good amount in a month.
That which is realistic in Forex is to make 30% of your capital within one month and it is most times, the dream of an average trader. Of course there are businesses that will still give you that in a month (online/offline) but sometimes, the way people talk about Forex seems as if it is capable of giving you 300% of your capital within a month. HYIP is simply out of the game because we are not trying to combine the various means of earning with such huge capital.
As per your point making 30% profit is realistic. That means with compounding 400% in a year is realistic. So If I borrow 1 million bucks with the interest of 15% in a year. So after a year if I pay them all the money with interest, I still have minimum 350% profit. So isn't it a realistic profit.?
Hmmm! What a good calculation based on the knowledge of interest rates. But at the same time, this 30% profit is only realistic, not fixed. You might discover that there are some months within that year that you might likely lose or gain far less than the 30%.
Secondly, if you set that within a period of one year, it is no longer a get rich quick business because we are talking about a period of 365 days which is enough time for any business to mature.
Yes, your point is right. Then also if I keep the average of 15% instead of 30% then also there is a good profit. And it is also true that within 365 days a business gets mature. But as per my point, isn't it much profitable rather than using your own capital of maybe 100 bucks for a year.?
Yes, it is different that investing in a investment plan and trading at forex.
It's just that we are trying to be highly optimistic here and assuming things work out as presumed which in some cases, the reverse becomes the case. Yes, it is better but at the same time, if one is hit by the sledge hammer of Forex in the first few months, you shall get demotivated and demoralized to continue because losses, no matter how hard we try works on us.
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