Can you get rich by trading forex?

Hulu Girl

Active Member
#1
Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.
 

stoch

Active Member
#2
This is really erroneous approach and bad practice - setting a goal in money terms. Better to focus on optimisation of parameters of your trading performance - increasing average win, decreasing drawdown or even better maximise Sharpe ratio.
 
#3
The truth is (at least most of them) not. According to statistics, more than two-thirds of traders report net losses through foreign currency trading. Even those who are not in this 66% or so don't necessarily get rich by trading forex. And they certainly won't make big profits fast.
 

stoch

Active Member
#4
The truth is (at least most of them) not. According to statistics, more than two-thirds of traders report net losses through foreign currency trading. Even those who are not in this 66% or so don't necessarily get rich by trading forex. And they certainly won't make big profits fast.

We all lose in the long-run. The point is you have to know in advance when to stop and what will be your end equity target.
 
#5
Forex trading and currency trading is a skill that, like most skills, takes time, patience, diligence and experience to learn and perfect. Success doesn't happen overnight, and anyone who says otherwise probably doesn't have your best interests at heart.
 

stoch

Active Member
#8
If you are a consistent trader and patiently making profit in forex trading you can one day become rich for sure.
Agree, patience is the key, slow progress may feel boring but I think trading is not intended to be fun. We are competing with other traders and money is at stake.
 

evreg

New Member
#9
Naturally, you can become, but everything is relative. What is it to you to be rich? And vice versa, speaking of probability, purely statistically, it is easier to succeed in business than in Forex
 

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