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

[Woodie]

It would have qualified been called a get rich quick scheme if trading was that easy , but unfortunately trading requires alot before one can turn out to be a profitable trader!! And on top of this, One needs to sharpen their trading strategy,  know how to manage their emotions then can we think about the profits

And for arguments sake, if someone without the trading knowledge choose to go with the laws of probability and gambled there way to success using Forex trading,  I can guarantee you that this user is likely to lose money 💰  instead of making it  

[Ndabagi01]

This left me wondering if actually what he said is true? Is forex trading really a quick way to make money online compared to crypto trading?

His statements are not true and if you want to go by his words, you’ll lose all your money and have nothing left with you to trade with. Forex and Crypto trading are actually a good way to earn more money but not having the knowledge and want to just jump into it is the most riskiest thing you can do trying to become financially independent. It will make you more poorer in a short time than you can imagine. There is a lot of opportunity in trading, but you must first learn how to handle losses, minimize risk, take advantage of opportunities and follow your goals gradually, you can’t just become rich overnight through trading.

Statistics have it that only 1% of traders are successful, so imagine you been amongst that 1% is not something that can happen overnight, it may take years especially for those I’ve known, so don’t see it as a get rich quick scheme, it’s a lie to lure people more into trading and losing more money. While learning how to trade and to become better, it is most important you have some investment you can rely on in the long time and not miss out on good investment in the crypto market which is more promising and profitable investing in crypto assets like bitcoin.

[Alphakilo]

The individuals who are up and about talking about how Forex is a get-rich-quick scheme or like gambling are those who have been very unsuccessful in it.
People are always looking for the easy way out.

If you were to call them up for a chat and ask them their reason for becoming a forex trader, most of the answers you will hear is that because my friend is doing it. It is always their friends. They never search things out on their own rather they depend on their friends to coach them when that their friends are even still amateurs.

Be opened about your intention for learning forex and don't be afraid to quit when you feel like your expectations are not met. The most successful traders, trade for big companies but if they had not built up a strong forex success, those big companies will not contact them if they were a failure,

[Josefjix]

You have already started with crypto journey, why are you want to diverting to another lane that wouldn't best for you. The simple knowledge and the constant consistency you already have in the crypto market is a good tool for you to get what ever amount you want if you stack more crypto and wait patiently.

Nothing good comes out from been hasty for some quick gains, you'll definitely regret at some point in your life if you consider forex, just know you are on the journey of diverting your focus to something that will ruin your future and funds.

[milewilda]

I am looking to take trading activity very serious this year, I did not actively trade last year and I feel I missed out on a lot of opportunities.

And for the record, I have experience trading both Forex and crypto, but have never really taken any of this serious, and this year, I have this hunger to try to become financially independent from some of my current sources, and the fact i have not made the kind of money I want is another motivation.

I was thinking seriously on whether to start with trading crypto or Forex, I don't know which Will be more profitable in the short term, in the middle of this crossroad, I came across this tweet on X,

!!!

This left me wondering if actually what he said is true? Is forex trading really a quick way to make money online compared to crypto trading?

If it was easy then tons of people had been dealing with forex trading and learn about it and make themselves rich on which we know that this is really that dealing up with this traditional market. Yes, it is less volatile that crypto market but doesnt mean that it is really that easy for  you to be able to make up good trades. Everything does involved buy low sell high kind of situation on which you would really be needing up to choose on where  the price would really be that going and dealing up with market even with less volatile forex market isnt something that so simple. Just like been said on which if this was really that easy at all in the first place, then majority us are really that making up some trading in Forex. Usually people who do make out these kind of sentiments are really just that trying to seek out some attention because if those  experienced traders does know on what forex trading does mean and on how hard to deal with it. There are even those known words and sentiments that only 90% of Forex traders are indeed profitable or making money and the rest is really that losing and burning up their capital on which this is indeed true basing up on my own experience with it, before i did make out some engagement here on crypto space. Its never been easy and it would never be.

[LogitechMouse]

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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.

Not familiar with Forex and I'm not sure why he said that it's a get rich quick scheme where in fact, prices of currencies don't move a lot compared to cryptocurrencies.

As for crypto trading, I tried day trading twice and lost twice as well maybe because of my greediness and lack of patience. I'll change my way of thinking about profit because I lost a lot already in crypto trading and will switch to swing trading. May I ask you if you're a swing trader? If yes, what are the usual timeframes that you are using whenever you're analyzing? I have an idea on it already, but asking from others is always better for additional experience.

As for OP, crypto trading gives way better profit than forex IMO because of how volatile it is. Of course, that comes up with more risk. Just focus on crypto trading I guess and don't day trade because it's stressful AF.

[shinratensei_]

completely depends on you, it's get rich quick scheme if you recklessly set high leverage only to get liquidate after 30 second , it's a good way to make money if you follow the discipline of risk management and not overtrading.
forex or crypto, it's the same, whether you make money or losing money it heavily depends on your capability.

but I do agree with people who said that forex and crypto trader are mostly losing money, because that's the reality, but you should also know that these majority of people who lose money are losing because they are chasing big profit in short term with big risk or in other word get rich quick scheme and become the loser.

the remaining people who survived and keep consistently making profit are the special ones that have better aptitude for trading than the other who lose.

[jcojci]

If you have skill to trading forex, that will be a way to make money but I will not say that forex is a quick way to make money online. Everything needs time to make money and continuously while you need to improve your skills. That will happen too in crypto trading because without skills, you will difficult to make a profit.

But if you curious about what he say, you can try by yourself and see if that is easy or difficult so you know the truth. But before you try, you should have skill to analyze so you can see how big the chance to make money in forex trading.

[fuguebtc]

Not familiar with Forex and I'm not sure why he said that it's a get rich quick scheme where in fact, prices of currencies don't move a lot compared to cryptocurrencies.

Yes, currency pairs in forex are not as volatile as cryptocurrencies but forex trading allows us to use large leverage, especially with gold. If you trade the xauusd pair with high leverage, the volatility will be terrible and sometimes even greater than crypto futures trading. 

As for OP, crypto trading gives way better profit than forex IMO because of how volatile it is. Of course, that comes up with more risk. Just focus on crypto trading I guess and don't day trade because it's stressful AF.

If it comes to trading , I think the profit will come from our knowledge and experience in each market, no matter which market it is. The only difference I see is that forex does not have spot trading, so trading positions become riskier if there is a big move in the market. Meanwhile ,  cryptocurrencies have spot trading and offer many benefits to newcomers who want to experience trading .

Also, one thing I don't like about forex is  that the market is only open Monday to Friday, not 24/7 like crypto .

[Perfectbaby]

Anyone who is trying to make any post to seek attention to himself is blatantly lying as I know forex trading is not an easy way to make money. You can make money if you know what you are doing and not just a newbies traders who aren't patient with their trading practice, to me cryptocurrency trading is much more better and easier because you won't have anything to get worried about. Cryptocurrency especially bitcoin precisely can be very easy when you know how the market works or how the bitcoin history works it would enable to make profits but however, I am on a higher side to hold than trading because trading is still volatile and when going into trading without you understanding the volatility level then you stand a chance to lose big time.

[Cookdata]

This left me wondering if actually what he said is true? Is forex trading really a quick way to make money online compared to crypto trading?

People are been mislead with how scammers portrait theriselfs in exotic cars and stack of money claiming to be doing forex trading. There is no doubt that there is money in forex trading, there is but at the same time there is huge loss in trading forex because most often you have to deal with margin to make money from trading and again the market isn't as volatile like crypto coins where you can make 10% in a day without using margin or leverages.

I was reading one Nigerian celebrity that loss $3m on forex trading 2 days ago, he was one of the first comedians that made money from YouTube and Facebook thing years back before the skit becomes diluted and he said he loss everything in forex, I'm not sure what he didn't do right, probably he didn't do risk management or don't have good account officer but he lost everything last year, I'm not sure if he continues to trade can bring back the amount he has loss even if he decides to do the right thing.

[X-ray]

Anyone who is trying to make any post to seek attention to himself is blatantly lying as I know forex trading is not an easy way to make money. You can make money if you know what you are doing and not just a newbies traders who aren't patient with their trading practice, to me cryptocurrency trading is much more better and easier because you won't have anything to get worried about. Cryptocurrency especially bitcoin precisely can be very easy when you know how the market works or how the bitcoin history works it would enable to make profits but however, I am on a higher side to hold than trading because trading is still volatile and when going into trading without you understanding the volatility level then you stand a chance to lose big time.

definitely, it's not get rich quick scheme as long as the people who trade know how to limit themselves.

personally I also prefer crypto, sometime trading with leverage a little bit, the funny thing is, leverage in forex exist because sometime the market move too slow, but in crypto, altcoin prominently, with really high volatility, people also trade using leverage even as high as 100x which is pretty crazy if you think about it.

so no, it's not get rich quick scheme, because even before trading forex we'd know the risk of losing is as high as making profit. it's two sided market after all.

[Perfectbaby]

Anyone who is trying to make any post to seek attention to himself is blatantly lying as I know forex trading is not an easy way to make money. You can make money if you know what you are doing and not just a newbies traders who aren't patient with their trading practice, to me cryptocurrency trading is much more better and easier because you won't have anything to get worried about. Cryptocurrency especially bitcoin precisely can be very easy when you know how the market works or how the bitcoin history works it would enable to make profits but however, I am on a higher side to hold than trading because trading is still volatile and when going into trading without you understanding the volatility level then you stand a chance to lose big time.

definitely, it's not get rich quick scheme as long as the people who trade know how to limit themselves.

personally I also prefer crypto, sometime trading with leverage a little bit, the funny thing is, leverage in forex exist because sometime the market move too slow, but in crypto, altcoin prominently, with really high volatility, people also trade using leverage even as high as 100x which is pretty crazy if you think about it.

so no, it's not get rich quick scheme, because even before trading forex we'd know the risk of losing is as high as making profit. it's two sided market after all.

This is the main reason why most times people around when they keeps talking about trading I also use to remind them the possibility of losing it so easy because when you trade you have this expectations that you would make x profits from your trade without knowing that it would result the other way round. Even if you were making profits at some point you wouldn't know when you would lose the already accumulated profits you made from previous trades.

[Victorybit1]

The big problem with forex right now isn't the market or anything about it, it's those people that sell dreams online telling people how they bought a Lamborghini in less than two months of trading forex. These are all false, what they don't tell you is that in the first year you are barley going to make any significant profit, you might start making money in the second year after putting in a lot of consistency but thinking that you can get rich with this overnight is impossible. In as much as people see it as gambling it doesn't really work the same way.

[JunaidAzizi]

As per my understanding, both are the best. Invest in both one by one and mark your profits. There are thousands of cases that will give a wrong perception that you shouldn't start because they lost significantly in it. The fact is, if forex trading results in so much loss and is not a viable way to become rich, then why does this trading still exist in the market? Why do other people not take their hands out of it? You have to focus on the successful ones, not the failures, as they made some mistakes that caused problems. So the choice is yours, and give your 100 percent to what you decide to do, you will see your profits.

[cute nmp]

Don't agree with it at all that forex is a get rich quick scheme as said by many influencers . It is a process that requires knowledge and patience the profit comes gradually with good risk management and consistency . I have come across many influencers showing big houses and Lambo claiming to made so much money from trading but the reality is that most of the money they make quick is from their online contents and the courses that they sell to their subscribers.

[Wakate]

I am looking to take trading activity very serious this year, I did not actively trade last year and I feel I missed out on a lot of opportunities.

And for the record, I have experience trading both Forex and crypto, but have never really taken any of this serious, and this year, I have this hunger to try to become financially independent from some of my current sources, and the fact i have not made the kind of money I want is another motivation.

I was thinking seriously on whether to start with trading crypto or Forex, I don't know which Will be more profitable in the short term, in the middle of this crossroad, I came across this tweet on X,



This left me wondering if actually what he said is true? Is forex trading really a quick way to make money online compared to crypto trading?

There is nothing like get rich scheme when it comes to trading. You can not decide to call it a get rich scheme just because you are making profits from it. There are several people that are not making money from trading which is just like gambling and it's important every for every traders to take precautions avoiding what most traders used say just to confuse the newbies that trading is very easy.

Focus is one of the ways to make money from trading and it's very important for every traders to have a good strategy whether you are into crypto or Forex trading. Crypto trading is even quite easier to trade compared to crypto trading. Crypto trading has spot market, future market and others you can decide to trade but in Forex market, it is actually future and you can not just buy and hold without full market volatility affecting you.

[doomloop]

There is nothing like get rich scheme when it comes to trading. You can not decide to call it a get rich scheme just because you are making profits from it. There are several people that are not making money from trading which is just like gambling and it's important every for every traders to take precautions avoiding what most traders used say just to confuse the newbies that trading is very easy.

Focus is one of the ways to make money from trading and it's very important for every traders to have a good strategy whether you are into crypto or Forex trading. Crypto trading is even quite easier to trade compared to crypto trading. Crypto trading has spot market, future market and others you can decide to trade but in Forex market, it is actually future and you can not just buy and hold without full market volatility affecting you.

It all depends on your perspective and how you have been shown the things that make you think this way. Many people think that those who trade stocks are extremely rich because it makes them rich quickly, but that isn't true. The same thing can be said for cryptocurrencies because we often hear the news that certain individuals have earned millions of dollars from a meme coin, etc. So, it's all circumstantial and luck-based, and it's not about the market or anything like that.

People who get into financial markets, be it traditional or the cryptocurrency market, should understand that it involves a lot of risks, and it's not only about earning but you can lose as well, and if you are not careful and inexperienced, you might lose everything you are using for your trades in an instant.

It's all about understanding the risks and controlling them.

[Davidvictorson]

Forex is not a get rich quick schemes. I am sorry those forex influencers with their lifestyles have deceived many people that it is what it looks like. When you start trading forex the first thing you encounter are the losses. And this one cannot be avoided. And the loses are what makes you to be able to restrategize. It is the loses that makes you question yourself if it is forex you want to do or not. It often take up to 3 - 5 years before you start making enough money as a forex trader to be build a large trading account, and achieve location-independent financial freedom the type that we watch on the internet.

[el kaka22]

Everyone is entitled to their opinion to be fair. It's just a way to trade one currency with the other one and using high leverage to make money from tiny fraction movements. That's what it is, nothing more, if you think that's a scam then that's a scam, if you think that's trading then it's trading. I find it a risky dangerous thing to do with your money, so I stay away from it and never do it and I am pretty sure that I am not going to do it neither.

If we can be careful, then we can do a lot better without a doubt. However, if we can consider this situation to be a bit different when you look into it from professional peoples perspective, those people in the banks and all, they really care about this and deal with it in large numbers.