I would like to know, can one become a millionaire by speculating on the FOREX exchange market?

[Cleo]

I did almost a year training in the forex market while trading with a virtual account. I wanted to switch to a real trading account, but before I wanted to reassure myself if there are already people who make millions in this market since it is the second in the world given its volume.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kak]

You should start a real business, which is much higher probability. Providing customers with value for profit.

Forex, just like crypto, or the stock market, can be used to achieve certain ends, but hope is not a business plan. My suggestion is use it as a tool in an ever expanding tool belt to MANAGE your wealth, not make it in the first place.

 

[MJ DeMarco]

I did almost a year training in the forex market while trading with a virtual account. I wanted to switch to a real trading account, but before I wanted to reassure myself if there are already people who make millions in this market since it is the second in the world given its volume.

Been here 15 years... not ONCE, I repeat, not ONCE, has someone who enthusiastically started trading Forex with little money become a millionaire. And believe me, these "forex" dreamers come around every so often...

This is a business forum, if you're seeking asymmetric returns, a CENTS-based Fastlane business is the best option with far better probabilities. I've written 3 books and have heard from countless success stories of entrepreneurs becoming millionaires, or lessor, starting to earn millionaire incomes. None of my books mention "forex" and none of these entrepreneurs did so via Forex.

That said, the real money in Forex is selling a fantasy on trading it while selling coaching courses.

 

[Cleo]

Been here 15 years... not ONCE, I repeat, not ONCE, has someone who enthusiastically started trading Forex with little money become a millionaire. And believe me, these "forex" dreamers come around every so often...

This is a business forum, if you're seeking asymmetric returns, a CENTS-based Fastlane business is the best option with far better probabilities. I've written 3 books and have heard from countless success stories of entrepreneurs becoming millionaires, or lessor, starting to earn millionaire incomes. None of my books mention "forex" and none of these entrepreneurs did so via Forex.

That said, the real money in Forex is selling a fantasy on trading it while selling coaching courses.

Thank you for your relevant feedback.

I had the pleasure of reading your first book "TMF ", I wanted to know if we can use the Forex market as leverage?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[DeletedUser84644]

Thank you for your relevant feedback.

I had the pleasure of reading your first book "TMF ", I wanted to know if we can use the Forex market as leverage?

You don't leverage something that isn't designed to work in your best interest. The only kind of people that can make the big bucks with investing / trading are people who are already rich themselves. I mean just think about it for a second, if making a life changing amount of money was as a easy as investing / trading your way to the top, then everyone would be rich- and if everyone is rich, then by definition, no one is rich.

 

[Losspost]

Another point with this kind of high speed trading is also to consider internet speed. Mere ms can make a difference. You are trading against computers who can make decision in split seconds and execute in the same time span.

 

[McAdam]

Can you become a millionaire by trading Forex?
Yes, But you need:

• a ton of capital to start
• you need to be educating yourself on every aspect of trading (become a technical analysis Guru)
• become so informed about world news that you know the news before the media
• Build up your own book of "News vs Market" - so when you hear news you can predict which currencies will do what within which timeframe and to what degree - (spend 4 hours per day looking at historical news vs markets)
• and ultimately live a life of "Oh, I have to be at my station at 3:17am because Japan is .... I think I can eat just before as the UK is announcing.... I can't take that flight to go on holiday because there's a chance that...."

Unless you are day trading and scalping - you will find it a hard long journey.
The very best Forex Traders have an army of people around the world who let them know "Something will happen in x Hours" - and there are communities of traders to share these tips. They don't know what, but know when.

I did it for a year.... and it ended badly - not profit wise, but mental health and Quality of Life wise.
You spend so much time researching and planning, just to chase a few pips with low certainty (Pips are a fraction of a cent).

As a primary source of income? I would not do it - miss one announcement and your alerts will be going wild while you're walking the dog, by the time you get back to your station to see what happened, you've lost the profit of the previous months.

As a secondary source or leverage source? - I would make longer term plays (I currently do) and don't care about the day to day.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[adeididu]

You don't leverage something that isn't designed to work in your best interest. The only kind of people that can make the big bucks with investing / trading are people who are already rich themselves. I mean just think about it for a second, if making a life changing amount of money was as a easy as investing / trading your way to the top, then everyone would be rich- and if everyone is rich, then by definition, no one is rich.

Nice how you say it : if everyone is rich then no one is rich . Bravo )