can you honestly get rich trading forex?

It's better to start playing Poker than Forex. Trust me

If you want to learn forex or read more about it one of the best place is babypips.com

robertostark said:

it's a zero sum game, if you win, someone else is losing and vice versa..

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No - it isn't. You win, someone else loses and a third party takes a commission. So, overall, everyone loses - except the bloke who takes the commission.

Haha forex is nothing more than gambling. Just remember that the
price can change at any second, it is completely random. The only people that have made money are those that have an extended period of good luck. Also they get
out at a lucky time as well Ie before the luck changes. The only winners are the very lucky and the brokers.
Stick with IM it's slow but steady and within your control. I worked fx out after a year
of trying, it's bullshit. Luckily I didn't gamble a penny on it.

High risk w/ high returns. I considered getting into Forex but I just couldn't justify loosing the money at the moment. Does anyone know of a real time Forex simulator game? I rather start off playing with fake currency.

like gambling for most newbie first join forex trader, their actually dont know how and what is, read book join forex forum before start is better, btw is not get rich quick scheme, this knowledge and art

George Soros actually made the bulk his wealth from trading in Forex via his hedge fund Quantum which was started 1973. So while it is true that he was a millionaire based on the other hedge funds he managed it wasn't until the opening of Forex markets in 1973 and his trading through his hedge fund Quantum where he became a billionaire.

misterajc said:

Soros did not get rich trading forex. He was rich already. He was actually rich enough to manipulate the financial markets to get much richer.

One thing to remember - forex is a zero sum game - every dollar someone makes, someone else loses. Now, if central banks can be forced to intervene, then governments may lose and speculators win (as Soros did), but that doesn't happen very often. So entering the forex market is like sitting down to play poker with a bunch of professional poker players who have studied the game for years and have much bigger bankrolls than you do. You might get rich, sure, but you are far more likely to end up broke.

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i think forex is a very risky business if you dont know excactly what you are doing..better focus on IM

FOREX = 50/50 - and trends don't matter too much no matter what people tell you. Here's how FOREX WORKS (in a nutshell) - you have all the indicators pointing to buy EUR/USD (which is buying euro, selling us dollar) and you do so.. Then all of a sudden some EURO Financial Banker Moron gets in a fight with his wife, and makes a claim that the world sucks in some speech - the EUR Shoots down faster than a lawn dart, and you loose your money --- This is FOREX in a nutshell - (from a guy who lost 11,500) And.....

Last march during the Georgia(Russian) piece of crap war - things went crazy, and i lost lots of money -
Anything can happen in forex, ANYTHING


Your welcome, no charge....

charliefromthachi said:

I mean honestly?

My wealth plan consists of accumulating large chunks of cash from various methods and then flipping that money on the forex and stock(options) markets
I just turned 24 and I believe I can be a multimillionaire doing this by the time im 26-27 years old.

But forex seems, from what i hear hard as hell, and with very small returns.

I don't want to waste my time if its not worth it. I thought that forex was very lucrative but a bunch of folk are very pessimistic about it.What gives?

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You can still make millions using forex. ===> As a blackhat affiliate.

The truth be told that you don't need all the info to be able to trade forex successfully. You only need the right info to get started. Get details on how the pro trade and u can follow their steps and be successful too. Kindly get the files here in detail http://bit.ly/3voP9x
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Some people will get rich in forex. Usually not the ones with a 'system' or a trading program doing the work for them. The people who will make money are the ones who are (a) lucky, (b) have enough capital to manipulate the market (think Soros) or (c) have insider information from central banks. If you are in category b or c you ain't posting here, so that leaves (a).

Now you will hear of some people who are successful for long periods and are convinced it is because of some special knowledge or system they have. In fact it's just luck. What happens is that in any given month, say 1024 people start experimenting with fx trading. Given random results, half of them will do badly, and most of those will give up. Say there's 512 left the next month. Half of those will do badly that month and half of them will do OK, Some of the people that did badly in the second month will probably stick around and all of the ones who did good. At the end of ten months there will be one person left who has done well in ten successive months. He thinks he is a genius and can do no wrong, but in fact he is just the lucky one. There will also probably be a couple of dozen people who have done well eight or nine months out of ten and feel pretty good about themselves. There are also many hundreds who have done badly and dropped out of the pool.

So, if you trade FX you might get lucky or you might not. However, you would be far better off playing Internet poker as there is a lot more skill involved than FX trading. If you are good and smart and you work at it you can make a decent living playing poker which is more than you can say for FX.

forex is a black hole.

Wasted 150 bucks early this year... Deposited $25, lost $15... then turned around and made $130 within 20 minutes.

Stopped there.. then I got greedy... and lost it all..

If you want to get into forex.. spend tons of time practicing a trading system on a demo account before you ever put any real money into it.

iShred said:

forex is a black hole.

Wasted 150 bucks early this year... Deposited $25, lost $15... then turned around and made $130 within 20 minutes.

Stopped there.. then I got greedy... and lost it all..

If you want to get into forex.. spend tons of time practicing a trading system on a demo account before you ever put any real money into it.

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And when you've finished practising - practice some more.

Simple fact of life - on average the pros will win and the amateurs will lose. Unless you go and work for a finance house and learn the business properly you'll always be an amateur.

Is it not possible to trade with $10 every day with no leverage?

I trade forex full time, it is quite easy with several months of study to make 20-30% per month. These people who say you cant make money doing it are ignorant. Just go to myfxbook dot com and search around, you can see people making anything from 5% to 2000% per month.

revan said:

..... These people who say you cant make money doing it are ignorant......

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Having spent over 30 years working on futures/forex/commodities/spread betting for some of the biggest finance houses in the world I can say with some authority that your sentence is complete b****cks.

For short periods you may make money - in the long term you'll lose out - because you will NEVER have the underlying capital or the resources that the major players have.

The easy way to make $1 million in Forex? Start with $2 million.

Well thinkorswim offers a free test drive with options, forex and stocks.
Make sure the money your using you can afford to loose. As the risk in Forex is MASSIVE.
Best to just stick to news. Wait for Fed news, etc.
Don't believe they hype, oh MACD, RSI works all the time! NON STOP PROFIT etc.
MACD may show oversold, then there could be a massive sell off. The forex market is completely unpredictable. Simply stick to news, Rate decisions etc and you might make some money.

PhiltheBear said:

Having spent over 30 years working on futures/forex/commodities/spread betting for some of the biggest finance houses in the world I can say with some authority that your sentence is complete b****cks.

For short periods you may make money - in the long term you'll lose out - because you will NEVER have the underlying capital or the resources that the major players have.

The easy way to make $1 million in Forex? Start with $2 million.

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If you really spent 30 years working in the financial sector (which I doubt) you must have been the janitor or a complete fool if you didnt learn how to make a full time living trading.

I can provide forward tests of forex accounts making 20-30% per month for those interested. But just go to myfxbook and you can see accounts running for significant periods of time that are making good percentages every month.

There are people who use extremely high risk strategies earning 100% per month, they pull out their initial deposit as quickly as possible and just ride out the profit from then on. If the account blows they dont care.

I am thinking of buying fapturbo one day. I just have too much on my hand right now.