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