The forex market does offer opportunities that can lead to financial success and can increase your wealth. But not all forex traders end up becoming rich in the long run. Having knowledge and skills is important for becoming profitable. And having a good strategy and risk management plan is crucial as well. Experience gives you an edge and increases your chances of becoming a successful forex trader making consistent profits.
Trading Discussion Can Forex Trading Make Me Rich?
- Thread starter kayode10
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btaliat
VIP Contributor
The main reason why most people that are engaging in fail is that they always aim at making money off it so quick. If this is the plan, to be honest, no one can be rich with forex trading. It does require more than that. It is a systematic way of making money.
Forex does require many things that we need to know. Among is the fact that we need to learn how it is done before we can start it. This can be done by training under the tutelage of some expert which are ready to put us through all the rudiments involved in forex. In order to be certified of ourselves, we canske sure we start with demo account for us to know how forex works.
Knowing how forex works doesn't mean we have arrived. There is still need to work on ourselves. We need to work on our fear and greedy factors. We need to make sure we don't allow our emotions to get over us while trying to place trade.
Many have lost all their money on forex because they know how it works but they dont work on how to make it work for them.
Forex does require many things that we need to know. Among is the fact that we need to learn how it is done before we can start it. This can be done by training under the tutelage of some expert which are ready to put us through all the rudiments involved in forex. In order to be certified of ourselves, we canske sure we start with demo account for us to know how forex works.
Knowing how forex works doesn't mean we have arrived. There is still need to work on ourselves. We need to work on our fear and greedy factors. We need to make sure we don't allow our emotions to get over us while trying to place trade.
Many have lost all their money on forex because they know how it works but they dont work on how to make it work for them.
Hylotomous
New member
Slumberous
New member
I have been into forex trading for so many years but still I am not rich. I can just pay for my expenses with the income earned through forex trading. I don’t even know a single trader personally who got rich by forex trading. So, try to keep your greed aside if you wish to have a long trading career.
Scrutinize
New member
Although there is no limit to the amount of money that you can earn from forex trading, getting rich from it requires knowledge, skills and trading capital to begin with. You will have to risk a lot in order to earn huge profits from trading which is not an ideal thing to do as a beginner. So, just focus on learning for now and strive to become a skilled trader.
Satanology
New member
Forex can never make anyone rich unless one is ready to work hard. If someone is not ready to work hard, trading cannot make them earn money. It is that simple and that easy. But many people are willing to listen to this; everyone follows their instinct (often greed, fear, anxiety, or other negative emotions have taken a toll on them).
It can but there is no guarantee. There are no particular modules that once done will help you make enough money with forex trading. It’s an ongoing process that requires consistent efforts. You may fail at times but if you know that you will have to keep working to get there, nothing can stop you from achieving what you want.
Ithedicious
Valued Contributor
Forex trading may not give people opportunity to become very rich in the future because of some factors but at the same time it is also profitable to some people who are naturally talented in predicting the volatile market movement through technical and fundamental analysis together with their experience they have gained from continuous practice for a long period of time..
From all the videos I have seen on YouTube and from all the things I have read on the internet I have been able to understand that there are some professional forex trader who are earning profitably in the forex market compared to the amount of money they are losing to live comfortably with it and to depend on it as the only source of income.
The possibility of becoming successful in forex will be determined by your seriousness, determination to succeed and continuous education on how the forex market works
From all the videos I have seen on YouTube and from all the things I have read on the internet I have been able to understand that there are some professional forex trader who are earning profitably in the forex market compared to the amount of money they are losing to live comfortably with it and to depend on it as the only source of income.
The possibility of becoming successful in forex will be determined by your seriousness, determination to succeed and continuous education on how the forex market works
Petricolous
New member
Forex trading is a very profitable career if you have the knowledge and skills for it. But the judgement of whether you can become rich or not depends on your skills and market knowledge. What is the success rate of your strategy? Is your risk management strong? Factors like these determine your trajectory as a trader. Hence, focus on these. You will surely achieve your targets.
Finger Geek
Verified member
If you say that to be rich with forex trading is based on luck, then you are trying to say that forex trading is also a gamble. Because when we gamble, we win on luck and also loss on luck.
If that is your thought, then are you now saying that those that are professionals and are making it big are also working on luck. If they are earning profit on luck, then it is not supposed to last long. Because luck is always for a short time. But these people are trading everyday and are earning profit everyday.
So in my own opinion, it is not based in luck but by the knowledge a trade has on forex. If a person has very little knowledge, then he is pron to loss his trades. But if a person is a professional and had enough knowledge then he will make it using is strategies.
Diagraphics
New member
It can make you rich if you follow a plan and maintain discipline. It doesn’t happen immediately as it takes time to understand the market dynamics. Your approach to the market sentiment should be solid and calculated. You can’t base decisions on luck or assumption. To become a smart trader, don’t focus on getting rich, focus on understanding the process and risk management techniques. Staying organised in moving through shifts and emotions is necessary. Profit will be achieved over time.
Gastrology
New member
Yes, forex trading can help you make a lot of money if done correctly. However, the amount of money a trader can make is determined by a number of factors.
Yes. A lot of people have done it. Making money from the forex market is possible yet not something that is easy to achieve. It comes down to your skills, strategies, trading capital, trading psychology, and other factors that can impact your trading success. Take all those factors into consideration and regularly work on them. You will unlock the potential of making handsome money.
Mary Frederick
Active member
Market’s direction should be guessed to trade in the right trading range. Arm yourself with analytical knowledge to be better at trading.
Theoretically it can make you rich eventually. But you need to do the work on your own in order to get there. The primary goal of a forex trader should not be getting rich. Instead it should be becoming skilled enough to make profits from trading and the later will happen once you add up more to this skill.
You can absolutely get rich by trading forex but before that you need to have the level of expertise and knowledge that pro traders possess. And it requires a lot of hard work, patience and time to become rich in the forex market. Your mindset and education matter a lot in forex, so act accordingly.
Gastrolatry
New member
Can forex trading make me rich? It's possible, but it's not easy. Anyone who tells you that forex trading is easy money is probably trying to scam you. Making money through forex trading requires hard work, dedication, and discipline. It's not impossible to become rich through forex trading, but it will take time, effort, and patience. If you're looking for a quick and easy way to make money, forex trading is not for you.
