Forex is considered as get rich quick business. It has attraction because of its high profitability. High profitability always comes with high risk. There is no comparison of a savings account interest and profit in forex. If u can take high risk then forex is for u otherwise savings account.

Unfortunately there some ppl out there who think it is possible to make 100% a year without any risk ;)

Well its because its possible to have a 40% chance or so of making money with no experience or talent at all.  If you double down or Martingale, that chance goes up.  Unfortunately, over time because the market has the edge over traders (even if it was only spread and nothing else) it means the longer you randomly trade, the more chance you have to lose.  But because people have that initial coin flip chance to win (or martingale by doubling risk, or tripling) they think that anyone can do it, and you are rubbish if you cannot (because they did it once).

Originally posted by CFXsignals

Well its because its possible to have a 40% chance or so of making money with no experience or talent at all.  If you double down or Martingale, that chance goes up.  Unfortunately, over time because the market has the edge over traders (even if it was only spread and nothing else) it means the longer you randomly trade, the more chance you have to lose.  But because people have that initial coin flip chance to win (or martingale by doubling risk, or tripling) they think that anyone can do it, and you are rubbish if you cannot (because they did it once).

Isnt 40% a very high percentage for "zero experience" trader? In coin flip there is 50% chance. But with spreads, commissions and zero experience, this percentage will be like 25%. If they use martingale, survival in long run is not possible.

To CFXsignals, where did you get 40% from?

To uniquetrader: It depnds on the individual. Some people approach Forex trading with a short term view and hence a "get quick rich attitude". Others are happier with trading slowly, over a medium and longer term view, and are happy to just achieve modest gains per month. This I believe is the same in life in general, you can go to a casino, employ a low-risk strategy and if you have some skill/talent can also make modest gains and keep doing that over a medium or long term.

I don't think it can be viewed as a get rich quick vehicle as some people actually trade forex as their main job and they are good at it, so for them its probably "get rich slow!" So I really think it all depends on the individual, their personality (risk-lover or risk-averse) and their financial objective. Great Q!! :)

@DDTrader

I agree that it depends on individual. Pros and skilled traders try to gain moderate profit. That is what newbies need to understand. Usually a novice traders enter in trading world with aggressive behavior. With investments of $100s to $1000, they dream of 6 figure income. 

I am also of the point that forex is better than many investments only if u r good at it.

@uniquetrader

Yes I agree with you there. One thing that can lead to losses is greed and getting "over-excited!" This is an emotion that newbies are less able to control compared to professionals who have seen the ups and downs over a long term.

Let me ask though, what do you think is a good monthly %-age return? (if consistent of course). Is 4% per month (consistently) good for you? And the more important question, is it sustainable? Remember that 4% consistently per month is something like 17% over 4months which is a great return compared to many other asset classes.

Originally posted by uniquetrader

I have a question in my mind that do we consider forex as "get rich quickly" business. If not then why do we invest in this business? If we know there r higher chances of loss and it is very risky investment. Very little percentage of traders, who r actually not individual traders but institutions, can make good profits. We on the other hand make very small profit or usually loose. 

So why do we invest in forex? Why not in any other business or bank or anywhere else? Have u ever thought abt it? 

Share ur thoughts.

 

if you have many experience about Forex Trading and you know everu rules about Forex trading and you have biggest capital hope its you give quick richest way otherwise not possible. its my personal experience say.

hello mcceducation welcome to fxstat.

Please tell us about ur trading experience. Are u a part time trader or full time trader? 

Do u came here to learn? or r u here just to earn from posting?

Sorry to ask as im new, but how can someone be making money from these posts?