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

BALIK

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Quote from: Queentoshi on January 06, 2025, 03:44:23 PM

Quote from: Fivestar4everMVP on January 06, 2025, 05:33:16 AM

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?

The tweet is someone's perspective of trading, so I do not think it to be true, because think of it, if it is really a get-rich quick scheme, why has many forex traders not made it already? There have been people who have spent a lot of time trying to master trading, they thought they did at some point, recorded some serious losses and then became discouraged from continuing. There are still people who are in the learning process till now and have not been able to make any real profit from it despite what they thought initially about it. Trading is not a get rich quick scheme.

Trading is a get rich quick scheme, especially forex or cryptocurrency futures trading. But the thing is, everything has its price, if we want to get rich quick then the price to pay is greater risk.

In short, making money has never been easy, things will become more difficult and we will have to sacrifice more if we want to get rich quickly. That is why not many people can succeed in trading.

But between crypto futures trading and forex, I would also choose forex because they are less manipulated and have more complete analytical data.

Queentoshi

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Quote from: Fivestar4everMVP on January 06, 2025, 05:33:16 AM

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?

The tweet is someone's perspective of trading, so I do not think it to be true, because think of it, if it is really a get-rich quick scheme, why has many forex traders not made it already? There have been people who have spent a lot of time trying to master trading, they thought they did at some point, recorded some serious losses and then became discouraged from continuing. There are still people who are in the learning process till now and have not been able to make any real profit from it despite what they thought initially about it. Trading is not a get rich quick scheme.

retreat

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What the person said just explains how he does not understand what Forex trading is. His lack of understanding about Forex trading makes him think that it is just a get rich quick scheme - maybe he had one bad experience with Forex. But the problem is he said that and there must be other people who agree with what he said.
Basically Forex trading is just an activity where someone looks for opportunities to make a profit from currency trading. If someone thinks that it is a quick way to get rich and he ends up losing a lot from it then it is completely his fault. It all requires knowledge, experience and patience, there is no instant way in trading, if someone already understands how it works, they can definitely make money from it.

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Quote from: lovesmayfamilis on January 06, 2025, 09:28:20 AM

I think it is precisely because of such mottos that many young people rush into trading, but they do not understand that you should not take the expression about quick enrichment too seriously. Any activity with hard work will always give good results. This also applies to trading. But you should never be too hasty; you need to start with each step and get regular experience, building a strategy and charging your patience. There is no quick money anywhere; it is where your path is passed "with sweat and blood." Professionalism is gained through extensive experience, and most importantly, a goal in front of which failures do not break you but make you more determined.

Very well said, trading comes with a lot of intense demands that force the trader to develop an inner zeel to continue developing and building skills and strategy as the market keeps changing, and before you see a trader who is constantly at profits, you see a person that has gone through a lot but refused to give up, we lose pick up and lose, then pick up again, no giving up only giving in to constant improvement if you must achieve that success, so making the process of success sounds so easy is a scam attempt, there is no free and easy money anywhere in the world, so no one should expect anything tangible to come in fast.

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I think it is precisely because of such mottos that many young people rush into trading, but they do not understand that you should not take the expression about quick enrichment too seriously. Any activity with hard work will always give good results. This also applies to trading. But you should never be too hasty; you need to start with each step and get regular experience, building a strategy and charging your patience. There is no quick money anywhere; it is where your path is passed "with sweat and blood." Professionalism is gained through extensive experience, and most importantly, a goal in front of which failures do not break you but make you more determined.

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Quote from: Fivestar4everMVP on January 06, 2025, 05:33:16 AM

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.

Yes, forex trading is one way to make money quickly, you just need to research or know which currencies have changes in value before you buy, if you understand the currency you want to buy you can sell at a high price, forex trading is often called speculative or hedging, if you have done it you will know and you will be tempted to do it.

Unstable economic situation and turmoil regarding foreign currency values, the option to trade foreign exchange, I think is a good opportunity if you want to do it, It's important for you to consult with those who are experienced, they know which currency changes in value and what you want to buy, those who are experienced know better to determine the best currency.

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Quote from: Fivestar4everMVP on January 06, 2025, 05:33:16 AM

~

Never heard of it being one before. And really, any "rich quick" scheme out there is either a scam for you, or others being scammed for your money. Both of which I don't really want to participate in, so would rather not listen to anything that has those two words in it.

Plus, the man sounds like those crypto "gurus" or famous social media personalities that just want to invite newbies into the market to buy their shitcoin so that it'd go boom in the market (*cough* Hawktua *cough*). Dude probably profited 5% and immediately went to twitter to say those types of shit.

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Quote from: Fivestar4everMVP on January 06, 2025, 05:33:16 AM

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?

That's just what he think and it's a mere opinion and the same opinion has been said to crypto, that this is also a get rich quick scheme.

But they don't understand the whole thing. Forex is a real thing and IMO it's even harder than crypto if you try trading there. And as you've said, you know and you trade forex so, you know what's better than what that guy said so.

A winner in forex trading will say the opposite.

Someone who lost in forex, will say the same thing.

PS. I don't do forex.

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Quote from: Fivestar4everMVP on January 06, 2025, 05:33:16 AM

That comment in that picture is the major reason why so many people think Forex trading is gambling. Many who've been dealt severe blows by losses they incurred trading Forex because of that mindset believe Forex is a scam but it's not; neither is it a Ponzi scheme. Forex trading is a business.

I was also indoctrinated into that mindset as a noob and that was what got me interested and hooked until I saw otherwise. It was after several blown accounts that I realized it was all a deceit and then I reevaluated my perception and charted a way forward for myself. Truth remains that such comment is the opposite of what is real. To state it clearly, like one professional trader opined, "Forex trading is the hardest job where someone can make the easiest money. Forex trading is a serious business that tasks the brain.

Odusko

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Quote from: Fivestar4everMVP on January 06, 2025, 05:33:16 AM

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?

Forget this guy in the image statement, and for goodness sake, for anyone to come up on social media to make such a statement using the word (get rich quick), means he is up to scamming his followers, next thing you hear DM me for mentorship on forex trading and before tomorrow you become a billionaire, bro it doesn't work that way and my take on this is. Before you venture into trading either forex or cryptocurrency trading, you must accept the fact that you can lose all your money, don't let anyone deceive you, trading is not a joke and just as Oshosondi said better to hold your Bitcoin and avoid trading because you lose more than you gain, unless you are an expert trader with years of loses.

Oshosondy

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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.

Fivestar4everMVP

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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?

Topic: Is Forex trading really a Get-rich-quick scheme? (Read 85 times)