Topic: Is Forex trading really a Get-rich-quick scheme? (Read 296 times)

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.

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.

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.

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.

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. 


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 .

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.

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.

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.

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.

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.

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,

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.

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  

It is exactly the opposite especially if you are trading with leverage and if you don’t use leverage, then there is no point in doing trades on the forex platforms as you can buy and sell currency on every bank app there is.

I don’t see forex as an investment or a way of making money.

To me forex is just another form of casino.

And you should treat forex like a casino.

If you are interested, make some bets but don’t think you can beat the house in the long run.

Actually you can beat the house in sports betting because of that all ev+ betting stuff. It is probably not possible with forex so… I don’t like forex at all. Zero entertainment value and no chance to win.

Obliviously it looks like he is up to something because no real trading expert will make such claims about trading being a get rich quick scheme and confidently telling people that they can get rich quickly is a dubious claim and shouldn’t be trusted at all. Forex trading is as risky as every other form of trading and the risk involved is high not just for beginners but also experts are very cautious when trading the only difference is that experts have knowledge and with that they reduce the risk involved.

If anyone claims they can guarantee success in forex trading then you shouldn’t take them seriously they are definitely up to no good.

it is not ideal to rush into trading without having any form of knowledge about it will only result to loss of money, a lot of people tried it and it didn’t end well for them so you need to learn about it first and even having knowledge doesn’t guarantee success.

Keeping the twitter image of the "self-proclaimed millionaire" aside, forex works in a manner similar to bitcoin trading. You trade one foreign currency vs another and the difference is what gives you the profit in the forex spot market. Then you have futures market and so on.

If you are comfortable with these from the stock market, you will not find difficulty in the forex market. Although clearing houses and regulations are lacking on forex, most people I know have performed poorly and did not make anything out of it.

So it is definitely not a get-rich-quick thing, anything that claims to be so is a gimmick.

People normally think forex trading is a get rich scheme but it is not and the mistake people normally make is that they rush into it without trying to gain good form of knowledge. Forex trading is not a get rich scheme because it requires a lot to make good profit out from it, it is a skill that requires learning and discipline.

The forex trading market is volatile and making profit at all time is not certain, forex trading is not what someone can depend on as a steady source of income because of the uncertainty of the market. Forex trad8ng can't be consider as a get rich scheme instead forex trading can be considered as an opportunity to trade and make profit in returns and this requires good education, discipline, risk management and strategies.

From the image, this user has many followers, and from how he easily and confidently says that Forex trading is a get-rich-quick scheme, it means that he is up to something; however, obviously we all know that Forex trading is not a get-rich-quick scheme because the risk involved in Forex trading is really high, although you can make money from Forex, and we've seen many Forex traders who are very rich,

but many of them did not start FX trading today; they have been doing it for a long time now, and many things need to be learnt before you think of trading. So don’t follow what this user said. I think he is a scammer because he will definitely start saying he has a mentor shop class, and he will start charging people for that. From there, he will start making money out of it.

Bro, you only missed out from learning some of the trading strategies and principles to add to your already earned experiences but you can still improve on that this year if you are willing, most importantly you missed out from blowing accounts bro, because a true reality in trading is that you will face loses and if you lose control, you can get Liquidated especially if you want to have the kind of mindset that is expressed on the tweet in your image.

Between crypto and the forex you made mention of, both are very profitable on the long run, not just within a short period of time, unless if you are very professional and experienced in the business. It will not just take you 1 month to gather all that experience and become so profitable.
I trade just crypto, Bitcoin to be precise and just a few chosen altcoins and I am profitable. Since you are experienced in crypto already, I will advise you go for crypto.

I can say that trading (both forex and crypto) are less stressful compared to some other sources of income, but I can not say for sure that it is a quick way to make money, the only thing that can determine how fast you earn from trading is how experienced you are. For example, if you just have 4, 8, or 12 months experienced in the industry, you can not earn the way someone that has spend 5 years will earn.

Not really at all t is sometime that requires time, effort and patience. Trading is not a get quick rich scheme as many claimed it is one has to go through the process of learning ,Practicing ,doing it live making correction and refining your . It takes a lot of time for one to become a very profitable trader and make lot of money from the financial markets .

If manipulation is the reason you will prefer forex because that is common in crypto, you can go for bitcoin trading instead. Bitcoin is not manipulated like other coins. Also high marketcap coins like ethereum is also good but I will not prefer it as altcoins can disappoint someone at anytime. That Luna taught us the lesson.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?