What is the best source of Forex Earning and how can we make a lot earning from Forex? Is it possible to get rich quickly with Forex trading?
Is it possible to get poor with Forex trading. To get poor very quickly, trade very heavily. It takes many decades to develop trading skills.
If it was as easy to get rich quick as the online ads claim, how come we all are not rich yet? Hint; You can not, and neither will anybody else except the scammer selling hopes & dreams.
I don’t know that this entry will be of any value to you whatsoever. However, I’m responding to these questions because I think it will benefit me personally to write down my thoughts on these topics… No, it is not possible to get rich quickly with Forex trading because to make a lot of money trading Forex, you have to already have a lot of money, given the fact that Forex involves fractions of a penny on the dollar. If an individual does not already have a lot of money, then the very best scenario one might hope for is to get rich very slowly. The best source of Forex earning if not a competent trader one’s self might be to go with a managed fund, provided one can verify that the manager or managers of the fund are cautious, principled, competent, and consistently profitable. However, such a fund would probably only accept rich clients or else managing the capital would not be worth their while. So again, this would only be an option for people who are already wealthy. That leaves learning how to trade one’s self, and I doubt it’s possible to succeed via this route without making some kind of financial investment. If learning from others, I wouldn’t give them a single penny of my money until after they’ve proven to me that they can make money trading a live account in real time. I would also want to see poof that they can do this on a consistent basis. A potential challenge here is that a lot of people who know how to trade profitably are swing or position traders, meaning that if you were to trade the way that they do, you would have to have enough money to weather significant drawdowns. Also, building up significant capital by swing or position trading if starting with a relatively small account is almost certainly going to take a very, very long time. No doubt, many people will claim that this should not be a problem, because you can easily transfer the same approach that a swing or position trader uses to generate profits over to day or intraday trading. But, I don’t buy this. And in the nine years I’ve been on this journey, I’ve seen only one Forex day trader (scalper) who seemed to know what he was doing who recorded his trades in real time, and I don’t even remember his name. (Perhaps there was one other outfit, but I don’t recall who they were either.) Everyone else I’ve seen either posted recorded trades they cherry picked after the fact, or invited visitors to their live trade rooms for a free trial, where they discussed trades they made on other days or at other times, and then explained why there were no good trade opportunities or setups during this day or this time that they happened to open up their rooms. (It has been my experience that there are virtually NO days during which I cannot find at least a handful of profitable setups when intraday trading.) This leaves the last option, which is to glean what good information one can find available for free, apply it to demo account trading, and then invest in one’s self when the time is right by opening a modest live account and trading it prudently/conservatively until one becomes a proficient/expert retail trader.
It's your hardwork and skills that help you to earn big. And no, forex is not a get rich quick scheme.
Thanks for your kind reply. Now my question is if we can not become rich quickly and make a lot of profit than why so many people saying that they are making very big amount and thay invest a lot of money in the begining of there trading period.