How can someone get rich through forex, what money managment is involved?

[marcusfe]

The forex trading I know is not a child's play, I have tried several times to devote my attention to it but the more I try the more discouraged I become. Only God can tell how much I've wasted on forex without recovering a dime. I have brother is a diehard in this forex trading. We started the journey together about 10years ago and when it got to a point a called it a quit but my brother still keep on till date. He has spent a lot of money to train himself, he has practiced different trading techniques but all to no avail. What keeps him going is the testimonies of different people he always listen to online.
My own concern is, I do listen and read some of these testimonies as well and I do wonder whether they are true or not. If they are true, what strategy are they using to be making it big in forex?

 

[Briangsam]

I would say you are not alone. Many people have had high hopes on forex trading, all for the hopes to wash away through a major loss. I believe people make it through forex trading. Yes, I believe the testimonies of tons of people. But I also believe it is all down to sheer luck. No rubber stamped method of winning.

 

[Victor001]

In Forex,it's never say never, and that has made a lot of people broke, Forex is not a do or die affair,you must know when to back out and to restrategise, as far as I am concern you cant be perfect in Forex,this is because the market changes.
In Forex we accept our loss just as we accept profit,always make sure the profit is ahead of loss.

 

[Kennysplash]

Uncle find something you can do and depend on. I have never seen anyone get rich from forex trading. Although they make that claim I have never seen such. In fact I think it's the opposite, most people have been wrecked by forex trading. Even the most seasoned traders lose, so if you lose and win how will you get rich? Chase away that idea from your mind. You can make a few bucks but certainly not get rich.

 

[Tinaconcept]

Forex trading is also another type of investment where investors in it still make their steady profit though it has its own risk just like other investments but what I understand about forex trading is that its a complex one because even with the demo account I have tried learning the forex trading but its difficult

 

[Maphalle]

In trading forex yes you can become rich. The only thing you need to do is to master the trading language. Be careful of the messages that pops in time to time. Make sure that when you get a roll over message, remember to close your market at a given time otherwise you'll cry tears.

 

[Sotherefore]

I don't really think money management is the most important thing , but the most important thing that can help you to be able to trade forex without losing and for you to be able to maintain a constant profit is that , you should be able to generate a signal to at least 80% accuracy for a start and when proper risk management is apply , you cann actually make money with trading of Forex without having to have any other source of income , especially if you will be trading with high liquidity or high capital.

If you are trading with high liquidity, you need to also understand the risks that is involved because here I believe that your account can easily be liquidated if the market make a slice uturn against you and so many other risk.

If you're interested to make forex trading your professional online business , the most important thing is just to dedicate your time and learn it because that is where every profit in the volatile market lies and without proper understanding you won't be able to make anything.

So many people who chose to trade without any understanding will eventually lose all their money.

 

[waldgrave]

Of course, there is a possibility! But it isn’t as easy as it seems to be. There are no shortcuts when it comes to trading. You have to give proper time to learning things and take it as your long-term goal since trading demands time.

 

[Ivo Zetticci]

Turn Forex into a great source of income and lack of analytical knowledge can be a barrier in the way. Take time to make a good strategy for yourself. FXOpulence offers a free demo trading account and three real account types with narrow spread and high leverage.