Is forex trading a get rich quick business?

[budado]

firstly, learning Forex will surely cost you a lot of time so which means "quick" words must be excluded with your title because to gain the right skills as you need to develop your own strategy in here. You will surely face a lot of losses in here. In that way you are accumulating the experiences through that losses in Forex trading.

Forex learning is a continues learning and it eats a lot of time but its worth it. Right now I'm earning good in three broker site, litefores, uwcfx and instaforex but its because I spend lots of time trying to learn even basic trading strategies.
But its not advisable to develop your own strategy. First theirs already tested and proven strategy that you can study and use. So why try to waste your time developing your strategy that is not even tested yet?
Second. You don't need to have loses in order to gain experience. Because loses means your strategy is a failure. So the only experience you get is failure.

 

[yudistirarizki]

oh okay .. so we need to know about forex predictions .. of which we know forex predictions in order to obtain high profits and can restore our capital ..??

 

[riddick09]

Yes, indeed. You need to have here good analysis towards the forex market. And that will be usually in the predictions and probability as well. We can't have perfect predictions but then as always there's always chances that our predictions and analysis will work and will give us profits.

 

[budado]

Yes, indeed. You need to have here good analysis towards the forex market. And that will be usually in the predictions and probability as well. We can't have perfect predictions but then as always there's always chances that our predictions and analysis will work and will give us profits.

Right now what I need is a good forecast site. For the last three weeks I'm doing experiment and give up all indicators that I'm using. Instead I rely on one website for daily forecast and so far so good. I just need to calibrate my timing due as unlike indicators that give on time data. forecast is a summary.

 

[yudistirarizki]

if you have many money ..to bussiness forex trading you can success and get rich plus you have commsion big..forex trading minimum invest to get success i think 500$ or more...

 

[valexer]

if you have many money ..to bussiness forex trading you can success and get rich plus you have commsion big..forex trading minimum invest to get success i think 500$ or more...

Having big money as capital is not a guarantee that you will get rich in forex trading. Remember that with big money, you also have big money to lose. I know that big capital is important but you also have to be knowledgeable in handling your money for you to get success. You will only lose big amounts if you do not know how to manage your funds in the first place.

 

[budado]

Having big money as capital is not a guarantee that you will get rich in forex trading. Remember that with big money, you also have big money to lose. I know that big capital is important but you also have to be knowledgeable in handling your money for you to get success. You will only lose big amounts if you do not know how to manage your funds in the first place.

That's true and the best way to know if you have good capital is to know what you need in the first place. For example. If you have a strategy for the pair that you are trading make sure you already have at least 400 pips differential strategy. Meaning if the price goes up 400 pips or goes down 400 pips you must have strategy on how to handle it.

 

[Cutiekc]

Having big capital can be a guarantee when we truely know what we are doing,i mean when we are got at trading and qarely make loss then when trade with a large amount its for sure that we get much bigger profits in return,because i believe there are some traders who rarely make loss.

 

[sindarin]

i think more capital will be good if we also know what is the best strategy for us and also we can earn a lot in forex , and we must be rich so fast, but without the good strategy i doubt if we even can earn a lot of money from forex.

 

[monyitomon]

Indeed it's not guaranteed you need to have a good trading skills to be able to make a profit in trading a big capital is not really enough. As we know there are many newbie who are funding their account with thousands of dollars and will end up losing all the money on their account.

 

[budado]

Having big capital can be a guarantee when we truely know what we are doing,i mean when we are got at trading and qarely make loss then when trade with a large amount its for sure that we get much bigger profits in return,because i believe there are some traders who rarely make loss.

That's also true. right now I'm trading in instaforex with 150 dollars capital from mt5 and I'm happy that with 150 dollars I can survive long term trading. Although right now I do loss about 55 dollars in here already. I'm still happy because my strategy is holding right now.
Anyway I do reverse strategy in liteforex and I earn 28 dollars in their .lols.

 

[riddick09]

Well, we can experience ups and downs so we can expect that we can easily have big earnings or big losses. In your case, it is really a good idea to have taken your decision as we don't need to stick always in our plan as we will going to have bigger losses. Well, its obvious that strategy will really makes you get the profit or the bonus from the forums therefore you actually did not lose after all lol.

 

[brokenblade]

Forex should never be seen as a get rich quick scheme. As a matter of fact, most "get rich quick" schemes are scams. Forex is one of those programs that take a lot of time and effort to learn through experience and study. You have to take the time to build up your earnings. Eventually, you will succeed as a trader if you stick with it. Don't expect to jump in and walk away with a million dollars within a year.

 

[monyitomon]

Yeah! just let things happen if it's meant to be then it will happen. There are really lots of people who are making living in Forex and for sure some of them are now living in a highly standard in life and more money in their pocket. It just really take a dedication to become successful as a Forex trader.

 

[abdillahikbal]

Most at time i do ask my self this question is forex trading a get rich quick program?perhaps looking at the other side most people to make up to 100 dollar per day from trading forex perhaps some people don't even make a single pips.so please friends share you own idea.

this is usually their master may use automated trading that can be set according to what they want lotnya anyone wear ea averaging system adan there are also other possible they could get profit 100 usd by the master

 

[budado]

this is usually their master may use automated trading that can be set according to what they want lotnya anyone wear ea averaging system adan there are also other possible they could get profit 100 usd by the master

Can you elaborate what master means? Its like you are a pet or a slave that you call someone a master. lols. And what is this 100 dollars your mentioning?
Earnings depends on three things in forex. One is capital, second is broker site and third is strategy. You don't need a master in here to trade.

 

[monyitomon]

Yeah! indeed don't call someone a master but perhaps a mentor if they are teaching you a Forex. I just want to make some enough money in Forex even just 100 dollars monthly when starting in Forex because there are some that really earning more than that the more big your capital is, then the more your profit is.

 

[kasual]

take a lot of time before a trader able to generate consistent income in forex market. its why forex not including of get rich quick business because before achive success, a trader should previously prepare them self with knowledge and experience. while to get knowledge and experience can't be done overnight.

 

[budado]

Its not a quick rich business but its a good source of income if you really know what you are doing. In forex trading its really hard to earn money and even loss every thing if you don't know how to invest in here. I'm happy that some how I'm earning back some loses in here but still its seems I can't manage to earn good in here.

 

[kasual]

potential loss in this business is same with potential gain. if there is people said that this business is quick way to get rich, its truly wrong perspective and maybe these people not a trader and even don't know anything about forex trading. to become experienced and successful in this business requires time.