Is Forex trading really a Get-rich-quick scheme?

[Odusko]

Trading can never make anyone rich quick. Rather, it can make someone poor quickly. Be it forex or crypto trading. When one trades and his entry goes towards profit, a lot of tension works in him and he closes his trade with less profit. But when he loses, he waits until his loss is recovered. This causes him to panic when he is at a huge loss and sell his tokens at a huge loss. No one can get rich quick from trading. After a long period of trading one can earn good profit but for that he has to learn to avoid every loss and become an expert in trading. trading is not too much easy and trading is not for everyone

Getting rich from trading is possible but getting rich quick is impossible and I have noticed something else about it, those who manage to get rich fast fall down very fast... it's a psychological thing, just because they were able to flip a tens of dollars to thousands their greed takes them back into the market and they continue trying to flip to make more quick money.. Trading like you said can make you poor quickly, it's simply a two side of a coin, the results you get depends on how you approach it

The bigger the rewards, the bigger the risks, and quite unfortunate most of those whales forex traders are filled with greed, so as much as they make profits, so their increase they risk and if you as a trader with such mindset is not lucky, you eventually lose all that you gathered over time., but note also that most of the forex traders that come on social media with showing off the wealth through trading, they into other things that fresh them such money and then using forex trading as a cover up.

[DaNNy001]

Trading can never make anyone rich quick. Rather, it can make someone poor quickly. Be it forex or crypto trading. When one trades and his entry goes towards profit, a lot of tension works in him and he closes his trade with less profit. But when he loses, he waits until his loss is recovered. This causes him to panic when he is at a huge loss and sell his tokens at a huge loss. No one can get rich quick from trading. After a long period of trading one can earn good profit but for that he has to learn to avoid every loss and become an expert in trading. trading is not too much easy and trading is not for everyone

Getting rich from trading is possible but getting rich quick is impossible and I have noticed something else about it, those who manage to get rich fast fall down very fast... it's a psychological thing, just because they were able to flip a tens of dollars to thousands their greed takes them back into the market and they continue trying to flip to make more quick money.. Trading like you said can make you poor quickly, it's simply a two side of a coin, the results you get depends on how you approach it

The bigger the rewards, the bigger the risks, and quite unfortunate most of those whales forex traders are filled with greed, so as much as they make profits, so their increase they risk and if you as a trader with such mindset is not lucky, you eventually lose all that you gathered over time., but note also that most of the forex traders that come on social media with showing off the wealth through trading, they into other things that fresh them such money and then using forex trading as a cover up.

Social media is fake and it has put so many people in a psychological trap..some traders who consider themselves to be beginners can actually trade more than these forex influencers... I call them influencers because they are not traders, real traders don't come online to show off their assets just to get people to buy their courses and sign up for their mentorship classes..some don't even have anything they do that generates money, everything they post is fake

[Moreno233]

Getting rich from trading is possible but getting rich quick is impossible and I have noticed something else about it, those who manage to get rich fast fall down very fast... it's a psychological thing, just because they were able to flip a tens of dollars to thousands their greed takes them back into the market and they continue trying to flip to make more quick money.. Trading like you said can make you poor quickly, it's simply a two side of a coin, the results you get depends on how you approach it

The bigger the rewards, the bigger the risks, and quite unfortunate most of those whales forex traders are filled with greed, so as much as they make profits, so their increase they risk and if you as a trader with such mindset is not lucky, you eventually lose all that you gathered over time., but note also that most of the forex traders that come on social media with showing off the wealth through trading, they into other things that fresh them such money and then using forex trading as a cover up.

You have made a very important point in the last sentence of your post because I have seen so many scammers who pretend to be forex traders until they are caught and their real dirty business exposed. There are also some that show off those huge profits from demo accounts with the intention of getting people to buy their trading course. There was one that was making over $100k per day yet asking people to buy their course of $50 per month. When I saw the post on Instagram, I just laughed because it does not make sense that someone with several millions of dollars in account balance is looking for people to buy course of $50. That was a complete red flag for me. There is money in forex trading, the reason many scammers are using forex to target their victims.

[kanftka]

No.

Most forex traders that I know are not making money from it like that.

You can make money from forex or crypto trading. But you really need to learn how to avoid losses. Read about risk management. Know what averaging is. Leverage is very dangerous. Earn little is better than lose big in the process of looking to earn big.

Most forex and crypto traders are losing according to researches.

Holding bitcoin is the best
Swing trading is better
Scalping and day trading are the riskiest where most traders are losing more.

You made a very good point Pal. For me i would say this depends on the trader approach, forex is not a get rich quick scheme and this approach is the reason why many people fail because they come in with unrealistic expectations. Many traders are not making money because they lack proper knowledge, discipline, and strategy. The emphasis you placed on risk management, understanding how averaging works, and being cautious with leverage is very important and also incorporating psychology, i believe these are the few principles that keep a trader in the game. Also your point about earning small rather than chasing big profits and risking everything is a mindset more traders need to adopt. Also, choosing longer term approaches like swing trading over high-risk methods like scalping and day trading shows a mature understanding of how the market works. I believe in other to break out of the 90–95% of traders losing money, then you have to learn a lot around trading and be patient enough to develop a deep understanding of how trading works.

[Lanatsa]

No.

Most forex traders that I know are not making money from it like that.

You can make money from forex or crypto trading. But you really need to learn how to avoid losses. Read about risk management. Know what averaging is. Leverage is very dangerous. Earn little is better than lose big in the process of looking to earn big.

Most forex and crypto traders are losing according to researches.

Holding bitcoin is the best
Swing trading is better
Scalping and day trading are the riskiest where most traders are losing more.

You made a very good point Pal. For me i would say this depends on the trader approach, forex is not a get rich quick scheme and this approach is the reason why many people fail because they come in with unrealistic expectations. Many traders are not making money because they lack proper knowledge, discipline, and strategy. The emphasis you placed on risk management, understanding how averaging works, and being cautious with leverage is very important and also incorporating psychology, i believe these are the few principles that keep a trader in the game. Also your point about earning small rather than chasing big profits and risking everything is a mindset more traders need to adopt. Also, choosing longer term approaches like swing trading over high-risk methods like scalping and day trading shows a mature understanding of how the market works. I believe in other to break out of the 90–95% of traders losing money, then you have to learn a lot around trading and be patient enough to develop a deep understanding of how trading works.

Usually newbies will be having that mentality specially into those who have joined up trading in forex just because they've seen someone that they are raking up some good amounts of profits on which they dont even that realizing on how hard to be come profitable into this field. We arent just that talking about forex trading but also in other markets as well like on stocks,indices or whatever market that you do deal into including crypto. There's no way that you can be able to handle out easily and thats why at the moment that they do step into their foot into this market. They will be having that kind of realization at the time that you would be ending up having the real taste or reality on dealing up with volatile space because even if we do say that crypto market is volatile but to think up realistically that every market is volatile including forex on which prices do moves and predicting out on where prices do go then it will be that a pain in the ass. Dealing up something on which is volatile then you do need up to the act out and apply all possible ways that you can be able to have that good grasps and make yourself that profitable.

There's no way that we can be able to obtain out such skills in a short time period and to those noobs who have been saying that they can easily make money with trading then test out for themselves on how easy it would be and they will be that having those realizations that it was never been that easy in the first place. Only a few do able to survive out and there are those times or moment that you do become that impulsive or simply it wont be that an easy journey for those who would be trying or testing out to become a trader. Its never been simple and it would never be and thats why on the moment that you've been that become too much positive about making money and facing out some challenges then you do made out some realization that it was never been that easy and you do need up that kind of approach to have that adjustment accordingly.

[Ayebabara]

Well, forex trading is not a get rich quick scheme, however forex trading requires time  and patience. It is an investment and never a get rich quick scheme. If you see forex from that light, you may never get rich with forex rather, you will lose even the small money you have .  Forex requires time  strategy, patience to get you success.

You also don't down play the importance of consistency in analyzing the market structure.

If forex is a get rich scheme then all the forex traders would have been millionaires, but then because, it is not a get quick rich scheme, you have some crying of money they have lost and some still struggling to make it in the market