Is forex trading a get rich quick business?

[Tirus]

You do need as much time as possible to learn and practice in the demo account before you think about starting in a real account. This is why if you are intending to make a big score in a short period of time then forex trading is not for you because you will end up blindly going into trades therefore making losses in the process.

 

[indieover]

if you don't spend a lot of time in trading in demo account then you are likely to lose a big amount in forex. that is why i just stay on the demo account up to now. i don't want to lose a big amount of money here.

 

[monyitomon]

Yes, it's better that we are ensuring that we are well prepared before entering a real trading because it's not an easy business at all, the bet thinsd that we can do is to prepare ourselves to avoid losing a huge amount of money in Forex trading.

 

[indieover]

yeah the demo account is the best way for us to make sure that we are actually ready to trade on live account. there is much money involved on trading. so we have to protect our money so that we won't lose a lot of money.

 

[budado]

I don't believe in get quick rich in forex. But I do believe that forex has great potential to be a source of income in the long run. That's why I'm investing my time and effort in here. I do trade long term now. I don't mind trading long term as long I'm making profit passively than trade aggressively and turn out to be in the losing end. I'm always hoping that in few years I can say that I have a bank account that I can withdraw profit each month.

 

[petrelsea70]

i think forex can make u but its not a magic that can make u rich in one night and in some days u need to learn about trading skills and trading knowledge .if u want to make rich or want to make big trader u need to improve ur skills much than other and need to trade much for getting profit.

 

[indieover]

Indeed some beginners think it's quick rich scheme. They didn't know that even expert traders would have need to spend a lot of time so that they would make a good profit in forex. Although they can earn well but it's not always that way

 

[Tirus]

I believe that people that look at forex trading as a get rich quick scheme will get to learn the hard way that this is not the case. True, its mostly beginners that come into trading with that perception and they are proved wrong within a short period of time and end up losing their capital in the process.

 

[budado]

Its a quick rich business if you are gifted but what is the chance? its like betting in a lottery and you will think if you can earn money or not? If you hit a jackpot then you earn money. But if you don't hit a jackpot then you loss your bet. In forex trading its the same if you are thinking of quick rich scheme. But if you want passive income then its better that you spend your time trying to learn how this opportunity really works and how to take advantage of it.

 

[monyitomon]

It's better to scare away that idea on your mind because it's not, well, but when the time comes when you have are skilled, and experienced then you may able to earn some money enough for living, but it's still a long process because earning in Forex doesn't come easily.

 

[indieover]

yeah i think that we should not have too much expectation on forex that we would just get rich instantly just with few practice and few trading. it is far from the truth. it is such a hard work to be rich in forex.

 

[monyitomon]

That's why we must not believe on those stuff that we are reading on the internet especially when it's good to be true, there is no lotto in here that can make you an instant millionaire because you really need to work hard learning to be profitable in Forex trading.

 

[Tirus]

Yes, you are quite right @monyitomon. Rather do your own research when you get into forex to find out exactly what it entails and what you need to do in order to go about it the right way and meet sucesss. This way you will not have unrealistic expectations because you will be disappointed and you might have lost a lot at that time already.

 

[indieover]

Indeed no one can be a millionaire here overnight. We must work so hard work that we would be able to make money on forex but then don't expect you would make that much at all or any good amount that fast if you still lack them knowledge and experience

 

[Tirus]

The key is working hard indeed because there are many people that go into forex trading just for the wrong reasons with the thought that they would have a rags to riches story overnight. Being in it for the right reasons is the way to go because because even when you come across losses you will have a better trading experience.

 

[kasual]

surely a trader will not rich overnight although forex market offering high potential income. the focus should be get consistently result first in certain basis. after a trader able to get profit consistently, they can expect get high profit result by order with higher lot.

 

[Tirus]

Getting rich overnight is probably the dream of many people in order to change their living circumstances and also to improve their standard of living. Forex unfortunately is not the right platform to use in order to achieve that in as much as there is high earning potential as you correctly point out.

 

[budado]

If your lucky you can double your money in matter of two hours only. But that is if you are lucky. Me at most I did is double my money in two days. that's the most that I did. And so theirs a possibility that forex is an easy to get rich business. But the big question is how can you make that continuously? I mean doubling your money lets say each week?

 

[indieover]

If your lucky you can double your money in matter of two hours only. But that is if you are lucky. Me at most I did is double my money in two days. that's the most that I did. And so theirs a possibility that forex is an easy to get rich business. But the big question is how can you make that continuously? I mean doubling your money lets say each week?

You can even double your money in just few hours. So it would depend on your skills and also the market conditions. So it's going to be profitable also in such few hours only. So that is why we want to be in forex more.

 

[Tirus]

If your lucky you can double your money in matter of two hours only. But that is if you are lucky. Me at most I did is double my money in two days. that's the most that I did. And so theirs a possibility that forex is an easy to get rich business. But the big question is how can you make that continuously? I mean doubling your money lets say each week?

It is this mindset that makes people think that they can double their money in just a few hours and trade with large amount hoping for a lot of returns on their investments. This is even especially so for beginner traders who read the experiences of other traders and think that they can get to replicate that without any prior or much knowledge.