Is forex trading a get rich quick business?

[indieover]

Before I just wanted to get rich fast and leave forex fast. But I was not successful in my plan. So for now I would need to do lot of learning so that I would be able to succeed. But I'm not hoping to be rich in forex. I think it would take a lot of planning to be rich in forex.

 

[riddick09]

So, you are trying to have hit and run strategy here? Since, I don't think that you can achieve fast to be rich and then, just get away from it after that. And yet, if you are making good profits in Forex trading, then, why not continue and keep on making profits that's the normal thinking of a trader once they have achieve profitable trading.

 

[budado]

Hit and run is not really bad. And I think hit and run is better used in hyip investing as you invest then cashout all including the capital. But in forex its good if we can invest then cashout the profit. Usually that's what I do. For example eur/jpy. If the price hits 127 yen or lower I open buy position. If the price hit 128 and higher I close my positions. And cashout profit.

 

[indieover]

But if you would want to hitqand run you would still need to have some strategies so that you would be able to predict the movement of the price well or else you would just lose money just as I have been doing in forex trading. So I just hope that I would be able to learn well now.

 

[budado]

But if you would want to hitqand run you would still need to have some strategies so that you would be able to predict the movement of the price well or else you would just lose money just as I have been doing in forex trading. So I just hope that I would be able to learn well now.

Its a misconception. In predicting the movement of the price you need to do analysis. Its in analysis were we can forecast if the price will go up or down. And base on the result of our analysis its their we can choose what strategy to use. So for me its wrong to say that we need to have a strategy to know the price movement. Because if we want to know about price movement we need to concentrate in doing analysis.

 

[indieover]

Its a misconception. In predicting the movement of the price you need to do analysis. Its in analysis were we can forecast if the price will go up or down. And base on the result of our analysis its their we can choose what strategy to use. So for me its wrong to say that we need to have a strategy to know the price movement. Because if we want to know about price movement we need to concentrate in doing analysis.

it is good that you have corrected me. since you are more experienced then i would take your word for it. but i guess we still have to learn how to do analysis then. it is something not easy to do. but i think that we can also get good skills in how to analyze the movement of the market if we use indicatorrs although it is just part of the strategy not the strategy itself using the indicators.

 

[budado]

it is good that you have corrected me. since you are more experienced then i would take your word for it. but i guess we still have to learn how to do analysis then. it is something not easy to do. but i think that we can also get good skills in how to analyze the movement of the market if we use indicatorrs although it is just part of the strategy not the strategy itself using the indicators.

In deed. This is were earnings lay. The more we can have accurate analysis the more we can make profit if we trade. Also in doing analysis theirs always a primary trend and secondary trend. Primary trend is a trend that has higher probability to come true. secondary trend is always the opposite of primary trend. And since theirs only bullish and bearish trend. Our forecast will evolve around this two direction. In short if the price will go up this is our SL and this is our TP if the price will go down this is our SL and this our TP.

 

[optionsagent]

any trading system is not for making you rich quickly. see trading as an investment option. there are many advertise over the internet saying that earn 100$ per day. many people become fool by these advertising and invest their money without proper knowledge and face loss.

 

[rizal83]

there is not a business that will be able to make us become rich just by a very fast time, as well in forex trading, you will not likely get a wealth of forex trading just a short time, because we have to require a process with a long time to be able to acquire such property, and most importantly, if we are rich with the knowledge that we would be able to obtain a wealth of forex trading

 

[ryuken]

I don't know why people still have this misconception and why they want to have this problem on their side. It would only make things harder there for sure. that is why we have to see how things are going there for quite some time and then we maybe need to see that for sure.

 

[riddick09]

It's because they have seen it in other traders who become successful. But they haven't realized it yet that it will not take a week or a month to be successful. But still the potential of Forex trading to give us great opportunities for our goals most likely to be financially stable or to earn money.

 

[ryuken]

I wonder if the people who post on forums can say with genuine confidence that it is a get rich business. because i don't think that is possible to have the forex with that way. there are not many things to see with the get rich quick type of the business there as well.

 

[budado]

if you don't make good and fast money then its not get rich quick business for you. But if you can earn good amount of money then its a good get rich business for you. One thing I'm sure about forex trading is that your earnings will always depends on your trading skills. The more you learn how to trade the more you can actually earn.

 

[riddick09]

So, technically it will be in the skills or abilities for a trader to make quick profits but also depends on their trading strategy. Although, being rich does not have same definite meaning for everyone of us so, technically we can't say in general that it's either easy or difficult to achieve.

 

[ryuken]

We can;t make money in quick way in forex. it takes a lot of money and analysis in order to make money there in the forex market. i would be curious in case of the forex market to be making someone rich quickly. unless they are selling some programs and bots there for that.

 

[indieover]

yeah making fast money in forex does not always happen not unless there is fast movement on the market and it is not going sideways. but you should know when the market would fast movement. and you should be prepared with right strategy when the market is giving nice movements

 

[ryuken]

I am sure that people who are not into the forex make comments llike it is possible to get rich with forex. because they are not aware of the market. imagine if the moderators of those forums were rich with that knowledge. forex doesn't come with easy success no matter how you look at it.

 

[sindarin]

We can;t make money in quick way in forex. it takes a lot of money and analysis in order to make money there in the forex market. i would be curious in case of the forex market to be making someone rich quickly. unless they are selling some programs and bots there for that.

Even before we take any action we need to rethink something like that, we need to make a better analyzation if we don't do that thing, it is useless if we want to trade in forex, making quick money in forex only for someone who want to earn money faster in forex without using their skills.

 

[chintu]

I am sure that people who are not into the forex make comments llike it is possible to get rich with forex. because they are not aware of the market. imagine if the moderators of those forums were rich with that knowledge. forex doesn't come with easy success no matter how you look at it.

I never say forex trading is get rich business because only the person who traders know the risk in forex . Many newbie traders think that forex is a very good way to get rich but until and unless they start with real trading account they will not know the risk in forex . There are many traders here who agree with me .

 

[riddick09]

It's always newbie that think get rich but the fact that it's all traders who will think the same thing. Yet, we must focus on preparing ourselves in our strategy not on easily rich for the quick business for becoming wealthy as it will not be just in a day or a month to achieve.