Can forex trading make us rich?
Question:
Answer:
Not likely. It is a high risk activity. Invest only what you can afford to lose. Consider it a form of high stakes gambling.
The rewards in FOREX trading is very high, so you can get rich quickly.
One of the reasons why the rewards are high, is because teh risks are high. You can lose EVERYTHING you have very easily and quickly.
DO NOT ENTER this market unless you have specialise knowledge and HUGE amounts of money.
Currency trading, day trading, and options trading are all risky business. Stay away from it. If you have money, invest in Government Bond. Canadian banking stock are quite safe too.
Yes if you know what you are doing.
Yes if you accept the principle that a roulette wheel can make you rich.
High investment=High risk
Low investment=Low risk
No investment=No risk
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It's very personal and it depends on how you define a good career or business. First, set a goal for what? do you want in life. Plan what you will do to reach your goal.
I always tell people this, 'You can make money if you can create website or blogs'. by providing free and good information.
I'm 41 now, work from home in shorts and T-shirts and sometimes topless. I set my target as low as to make 1 dollar/page/day. I strive to create a new page for my websites everyday but I have all the freedom I need and making money 24/7 on the internet with Google Adsense and some affiliate programs. The only thing that tie me down is 'how much income I want or need'. Because the more websites and traffic I have will determine how much income I can much.
Anyone who can create websites or blogs to provide lots of good information can make money from Google Adsense. Blogger.com and Google pages lets you create blogs for free and allows you to make money too.
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I made 17,000 one Friday lunchtime trading on the US employment data release using Oanda.
I had 10,000 in there before the trade, with a 50:1 leverage, 100% exposure for 15 minutes.
But I'm not rich.
If you are good and know what you are doing you can get rich but it's tough.
I am currently short 5 million USD/JPY from 119.00 looking for 113.00 in the next 5 months.
High risk strategy. Before making any plans please follow
oanda.com
for in-depth knowledge of currency market.
of course it can - but even if you are a professional you could lose the lot.
95% of the investors that try to trade FOREX... fail.
This is high risk business. Can it make you rich?. YES..
but it's more likely going to make you poor.
Take a year (at least) to learn FX. Study hard. Paper trade.
Only then will you be able to judge the reality of Forex.
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