Can You Get Rich By Investing In Forex? The first answer you instinctively give is “yes,” but let us ponder this a little. Investing in Forex may be the path to becoming richer for a high-capital investment manager or a highly skilled trader, but for a typical, micro-trader (micro means exactly the big business!), Working in this market It can lead to huge losses, which ultimately lead to the loss of all his capital.
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But these are not theoretical words, if you do not agree with us, let us look at the official figures. A November 2014 article by Bloomberg noted that citing reports from two major Forex companies, gain capital and fxcm (do not confuse the name with the fxtm broker in the Forex review group!), 68% of traders in all four They recorded a loss result for their account during the year.
You may want to look at the statistics that one in three Forex traders does not lose. But that does not necessarily mean that one person becomes rich. But the latter statistics are not easily given to news agencies by brokers, however, it can be easily guessed that out of every 10 traders trading in the Forex market, up to 1 person has the ability to achieve great wealth. Slowly
Let us explore this for a moment and explain with clear reasons why this is true.
- High leverage: Although currency pairs fluctuate a lot, these fluctuations are very, very small, so that they show the ratio of currency pairs up to 5 decimal places in MetaTrader or other platforms! So common sense realizes that by fluctuating in the dimensions of the fourth digit and with little money (for example, $ 10,000), the trader does not make much profit. Therefore, brokers, by implementing a mechanism, give the trader credit for using 500 and even 1000 leverage. But the same leverage leads to a loss of total capital if the trader is not fully justified.
- Software and communication problems: All trading platforms such as MetaTrader are man-made, as well as all servers and structures of telecommunication and Internet networks. We also know that human beings are allowed to rise. So we have to give the possibility that there will be times when, at critical times, our favorite position does not open or close, or they are taken at a price that is contrary to our asking price. Do you agree that this, which happens a lot in Forex, will lead to account loss?
- Lack of knowledge of market psychology and self: This can be found fairly in other professions, but it is not as effective in any job as trading in the Forex market. As soon as the trader is happy after a profitable trade and sad after a losing trade, he guarantees the loss of capital. The more intense these feelings, the faster the loss of capital!
The last word
However, if you continue to look at the answer to the question, “Can you get rich by investing in Forex?” If you are interested in the activity, we recommend that you first get acquainted with the mechanism of reputable Forex brokers and choose the best one, then enter the market step by step by learning the safest trading methods.
Do not test the depth of the river with both feet! Warren Buffett
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