Forex is a great way of making money online but it is not a quick rich program and it needs lot of hard work and experience to make good profit. You can become rich with Forex if you have proper knowldge and have good skills.
you can become rich but lose it just as fast
What do you consider rich ?
Rich enough to buy good house good car
I find it truly interesting that questions asked here are rarely blessed with a direct answer. It would appear the answer to your question is a resounding no, lol.
Yes, you can become rich but also there is risk involved to lose your money quickly.
I don’t think people will blatantly tell you that they are rich, unless of course, it is done with satire. Just know that you will be able to gain consistent profit with learning and improving yourself.
if you was short Nasdaq during The Sell off with a substantial trade and long during the recovery [back to record level] with leverage you might be quite profitable
Yes its possible. I know of a millionaire here in south africa who traded himself into wealth. If you got a sound system and risk management then it is possible.
If you remove i m from impossible, then you get possible. So it becomes - i am possible. Good luck on your trading
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If your definition is a nice house and car then yes you can become rich from trading. I’m still paying off a mortgage but I have invested in pensions, ISA’s and a few investment properties through trading. The key is to take the money you make and invest it. I dont want to trade my whole life even though I enjoy it. But the patience, emotional control and discipline required is not something I want to do forever. There are other people in here who are also trading full time. It can be done but there are no shortcuts.
Exactly. Each person’s definition is going to be different. If you’re thinking 5,000 sq ft house on the water with a Ferrari and helicopter- than you’ve been watching too many movies. Wealth exists on a bell curve- outliers on both ends (the former being the right tail). I make enough to pay for hobbies (too many to name), bills (home, wife, 2 kids), restaurants, and anything else I want to burn cash on. Most of the time though, I’m trying to turn $1 into $3, so I focus primarily on continuing to preserve the lifeblood (capital) and grow it so it’s possible to continuously scale positions and make more money.
Not sure why this question needed a direct answer in the first place…you’re focusing on the wrong thing. It’s not about the results, it’s about the PROCESS.
Obviously, anyone can become filthy rich trading- there are no systemic barriers to accomplishing this- so the simplest answer to your question is 100% of the time yes.
Is that person with a 5,000 sq ft house and Ferrari on BabyPips- the answer to that question is 100% of the time no. Simple as that.
I agree with you on this. It is interesting to see no one proclaim that they are millionaire unless they are a troll.
Would you expect a “millionaire” to be on BabyPips?
No intention on demeaning the purpose of this site, at all, and mean no offence whatsoever.
The mission objective of this forum is primarily to facilitate conversation between beginners and slightly-more-experienced-beginners.
I think the answer to your question do people trade to make money and the answer is will probably a resounding yes.
Personally anyone trading a live account is not doing as a pure hobby, if someone on here tells me differently then I’d take it with a pinch of salt.
My reason you may ask is I can think of a lot easier way to spend time, mulling over charts rechecking parameters and then at times having your stress levels taken to heart attack mode.
I trade to pit my skills and knowledge against others in the market and definitely keeps my brain active.
My goal personally is to grow my account to sustainable level and then trade to add an additional income to other sources that I have, and if this happens I will probably go back to trading end of day markets.
I think it is possible to live a comfortable life but not sure anyone has made the mega money through retail trading as the bank you’d need would require you to work in the city for a firm or go down the marketing route
By “rich” do you mean not having to work another day while affording a decent lifestyle or do you mean affording a truly luxurious life?
i doubt they are still on baby pips if they have gotten rich.
i don’t think this site is for making you rich - its setting you up with the right skill set to not blow your accounts day after day. and understand the fundamentals.
its up to us to find systems and strategy’s and then we get rich
correct me if i am wrong anyone?
I totally agree with you. Making money via forex isn’t easy at all. The number of people that actually become rich from it is extremely few. Forex is just another good money making way provided you know how to get the best out of it,else you might end up losing out too.