Is Forex Trading Fastlane?

[Ananouser2003]

Hello Guys I'm new here and I have Question, is forex tradinbg slowlane where it take all of your life for then to enjoy last miserable years? or if put the work in be a fastlane where I can become rich "quick" let say in 10-15 years?

 

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[Bence Ur]

Hello Guys I'm new here and I have Question, is forex tradinbg slowlane where it take all of your life for then to enjoy last miserable years? or if put the work in be a fastlane where I can become rich "quick" let say in 10-15 years?

I see these forex ads and I think they are required to disclose this, so I can see in their ads that 75-85% of retail investors lose money on forex trading (according to the ads of these forex trading platforms, lol).

So you will probably lose money using these platforms and "forex robots".

If you want to make money, you should be a computer programmer and write your own, unique trading software which is better than the market (very hard task). Do you know computer programming, data science and AI? But even with a custom software you compete with larger teams who have multiple programmers and AI-experts (like hedge funds and trading firms) and huge capital.

My friend works at a trading firm and they have a large team and huge capital. He is a computer programmer, he develops the trading firm's proprietary software on a team. This kind of software is not available to retail investors, so if you want to beat them, you need to write your own software, but for example this trading firm has hundreds of staff and 20+ years of experience. Of course they won't make their software available, since they make money with it.

TL;DR: I don't recommend forex trading for you.

 

[MJ DeMarco]

Hello Guys I'm new here and I have Question, is forex tradinbg slowlane where it take all of your life for then to enjoy last miserable years? or if put the work in be a fastlane where I can become rich "quick" let say in 10-15 years?

I've written 3 books (Technically 4) that amounts to nearly 1/2 million words.

Can you point me exactly in any of those books where I mention FOREX as a Fastlane?

I'll wait. (Forever).

 

[Jrjohnny]

I've written 3 books (Technically 4) that amounts to nearly 1/2 million words.

Can you point me exactly in any of those books where I mention FOREX as a Fastlane?

I'll wait. (Forever).

You must have some real patience to wait that long

 

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[MJ DeMarco]

The only Forex Fastlane is selling the Forex Fantasy to fools through expensive courses and training.

Let's be clear: If someone mastered the currency markets, which is TRILLIONS daily, you could become a billionaire in a few short years. There's no need to sell your secret sauce for $599, because you could be making $59,999 every second if your trading strategy actually worked.

But then again, maybe Billy in Tulsa Oklahoma CAN out-compete and out-smart JP Morgan and the Bank of China.

 

[Fox]

When I think of Forex, I always think of this car I saw in Poland one time...

 

[Bence Ur]

The only Forex Fastlane is selling the Forex Fantasy to fools through expensive courses and training.

Let's be clear: If someone mastered the currency markets, which is TRILLIONS daily, you could become a billionaire in a few short years. There's no need to sell your secret sauce for $599, because you could be making $59,999 every second if your trading strategy actually worked.

But then again, maybe Billy in Tulsa Oklahoma CAN out-compete and out-smart JP Morgan and the Bank of China.

The "secret sauce" is a custom-made software, like I mentioned my friend above who works at a proprietary trading company.

They develop their in-house software and they use their own money when trading.

Of course they don't sell any online course or custom software. Since their software is effective, they use it for themselves to make money. It is more profitable than renting the software.

So yes, it's suspicious when someone is selling their golden goose trading software for you to make millions... If the software was really that effective, they wouldn't sell it to anyone.

So the only way to beat them is by developing your own, better software. But here the "entry" part is very problematic, you need a team of programmers, data scientists, AI experts and huge capital. And you would compete against huge investment banks, hedge funds and trading firms with deep pockets (=billions of dollars).

 

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[MJ DeMarco]

Of course they don't sell any online course or custom software. Since their software is effective, they use it for themselves to make money. It is more profitable than renting the software.

Bingo. If you master Forex, you make money, there's no need to sell it.

If someone is selling a Forex secret sauce, it's no secret sauce. Here's a peek at their revenue:

Forex trading profits: $500 (or worse)
Forex trading courses profits: $5,000,000.

 

[The-J]

I mean, there are giant firms doing forex trading but they're playing the game on a level that is hard to comprehend.

They hire the smartest people from the best universities. These smart people build complex algorithms to buy and sell currencies and foreign exchange instruments. They create instruments that are bought by the biggest funds in the world. They provide broker services for schmucks who want to get into buying and selling forex.

They're undoubtedly Fastlane (they control their operation, very few can start what they're doing, there's a need for their instruments and services, it's bigger than any one individual and the scale is on the order of trillions of dollars in volume per year), but sitting in your room with 3 monitors looking at charts buying and selling currencies just isn't the same thing.

 

[Kevin88660]

Hello Guys I'm new here and I have Question, is forex tradinbg slowlane where it take all of your life for then to enjoy last miserable years? or if put the work in be a fastlane where I can become rich "quick" let say in 10-15 years?

If you manage money for clients then yes.

If not no.

 

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[Ing]

Its easy to test that. Invest 100usd, if you trade them to 200 within a week, and to 400 within another week, than go for it.
If you can make a trading software, which makes 10% a month, use it, when you make one making 3 % a month, sell the software!

 

[Boy Muhammad]

You're better off doing something else with your time, there's a lot of scams in the industry because it's not unregulated, a prop firm company was recently charged to court for over $300 million fraud, check it out here

CFTC Charges “My Forex Funds” with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders | CFTC

www.cftc.gov

I used to dream of the forex lifestyle too, fast cars, vacations and hot women lol, had to go out and touch some grass lol