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Questions and StoriesCategory: QuestionsCan Forex Make You Rich?
LuckScout Staff asked 3 months ago

Yes, or no? Please explain.

Edward replied 2 months ago

I have read about many people that have made a lot of money in Forex trading and they are mentors but their systems are not that easy to follow.

My issue with forex trading is finding a system that fits in with my work diary and it is also sometimes difficult to find an entry and therefore it is difficult to then make money from forex trading.

When I look at the charts it appears that money can be made especially the way the charts track and the way the candlesticks move it appears that money can be made.

I very much would like to make money from forex and after reviewing some of the articles that have been posted on this site.

I think it is possible.

So I am following the articles and I also need to religiously follow the updates that are posted and then hopefully.

I will then work out how to enter trades and then I will be able to make money and then be able to live the life that I aspire to.

LuckScout Staff replied 2 months ago

Thank you 😀

Emmadiego replied 2 months ago

Yes forex trading can get you rich but it’s never a get rich quick scheme.
Its a business just like anyother business we do everyday…we build it…learn it… learn the tricks and strategies to succeed and build it… paitence and courage is what will help you to succeed and improve

Hillary Ogana replied 2 months ago

Yes if, you take it as an investment and a business not a casino then you may proper trading Forex..

Christopher Ebhomien replied 2 months ago

Totally agreed with you on this point. I know of someone who thought forex is gambling and he lost heavy. He has learnt his lesson and is now taking things step by step. In time he will make it.

Benjamin Schmidt replied 2 months ago

If you trade with a real market, then I mean you should be your own broker like a real ECN-STP, and do your trading with traders that you have OWN clients in your brokerage firm. Then you have access to liquidity providers such as banks, this is much easier to create one that many do not believe and understand. When you speculate on the stock market, you interact directly and indirectly with an infinite number of other players who possess different preferences, knowledge and strategies. The only thing that unites you is the vision to get the right direction, to make cuts. But the stock market and the securities trade seem to believe that the buyer believes in a rise or the seller believes in a decline, we take an example if the sell price is 0.9540 and the buy price is 0.9543 then it is a trade of 3 pips, while the price data changes in their price data course constantly as an example, the buyer and seller they buy to get their trade in the right direction on the price data, but it is not enough to see the price data you must be able to read the trade, where it is heading in its direction, it is when the direction of the graph rises or falls in its infrastructure in its trend direction. This is the one who will always make one a loser and one becomes a winner for every move in the price data. pips value according to the control market. This is because the price data should move in value and it is a high price to pay for a low profit factor, then I mean that the buy and sell price as an example 0.9540 – 0.9543 = becomes 0.0003 pips value in the difference of these currency pairs, that is the first insight, then we have not seen where the graph is moving or the direction of the trend, only the price data which is the difference 0.0003 pips, the direction of the trend on these currency pairs what is this ?. yes it is the most important factor in a trade, to understand, and I mean that you must be able to read events in real time and you should be able to read the graphs and see them in business, infrastructure, host patterns, trends in world trade. You should have a feel for this when reading the graphs, graphs and market events such as politics, news, banks’ business operations. It is very important, When and how information goes into the meaning of the graphs, because this is what governs the direction of the entire trading system. Suppose there is a reflective graph 2, which you see in OTC, OR CFD, In your trading platform, we note that it reflects the underlying graph 1, the graph which is the underlying graph TYPE index currency, as incoming data flows into the graph 1, it is the underlying currency index graph, which is the first graph that has an offset time lagging to graph 2, and that graph reflects the underlying graph 1. then you have the real graph 0, it is infrastructure that the host’s political rules and regulations that flow on in the host’s infrastructure, and the currency’s infrastructure in each country’s economy, and form and reflect into the underlying graph 1, or it can be the company’s business in real development, then it’s when the time unit goes to into the underlying graph when you can see this and when it falls into the graph as a visible graph in your platform.

up trend and down trend everything is based on where the trend does in its trading, when the information goes in and controls the graph according to the value economy, everything is based on the market and when it goes into the graphs. It is not buyers and sellers who control this. And they do not control the graph, but the graph’s trend controls events that enter the detailed information from the world market, and what controls the incoming data from the providers stock exchanges, banks, policies, etc. there your profit will arise if you have chosen the right direction of the trend. this is only the first phase of the stock market strategy or the OTC market which is not a stock exchange but is a broker’s trading terminal that will mediate your trade to the liquidity provider so it is, but if you want to make a real currency trade you can negotiate with imports and exports for trade to companies, which make currency exchanges for their production, this provides much more profits and safer trade. But if we go further in Forex trading, we have pips which is the price data and a leverage that regulates your trading to a higher value to get more value of the exchange rate, from the pairs on base and the price of the counter currency in the price data, this is controlled by banks and the state and politics what value in supply and demand the market infrastructure has been based on, but who controls .up and declines in the graph trend I know that pips value is the price data information flows that go into terminals and computer system servers exchanges around the host’s salty banks etc., if now this has been traded in a whistling rise then the new pips value will live its life in a certain time when the market changes all the time in a flow, it becomes saturated then it turns in balance with the couple’s currency because I know that the currency changes in its value after political decisions, human infrastructure, and Riksbank’s governance then it is important that you learn when banks buy or sell currencies it is about taj

Benjamin Schmidt replied 2 months ago

I know that it is possible to feel money in the market if you are careful and have knowledge of the host economy, but you can make profits on technical analyzes, but then this is based on historical events that unravel in the market,

Benjamin Schmidt replied 2 months ago

jag vet att det gÄr att kÀnna pengar pÄ marknaden om du Àr noga och har kundskap i vÀrds ekonomin , men du kan göra vinster pÄ teknisk analyser ,men dÄ bygger detta pÄ historiska hÀndelser som upp repar sig pÄ marknaden ,

alantoy replied 1 month ago

yes forex an make rich with right mentorship..i also agree quite well with emmadiego’s comment which is one of us

alantoy replied 1 month ago

Yes forex trading can get you rich but it’s never a get rich quick scheme.
Its a business just like anyother business we do everyday…we build it…learn it… learn the tricks and strategies to succeed and build it… paitence and courage is what will help you to succeed and improve

yes forex an make rich with right mentorship..i also agree quite well with emmadiego’s comment which is one of us

Wisdom replied 1 month ago

Sure, adhering to the right mentorship is what make forex profitable…

16 Answers
Best Answer
Gareth White answered 2 months ago

Yes forex can make you rich but it is not a quick method. You have to put the time in to learn not only a strategy but also about yourself. There are loads of different strategies that can be used that will make you gains but not all of them are sustainable. You need to discover what your appetite for risk is, understand the risks involved, accept the risks and the fact that you will make losses. Surrounding yourself with the right people can have an amazingly positive impact on your trading 

Christopher Ebhomien replied 2 months ago

Excellent submission there. The step by step process will take you to the Pinnacle trading the forex. It will take some time but persevere and don’t give up. That’s the secret.

Jackson answered 2 months ago

To me I don’t think so. Because I have read and heard of quite many people who have tried forex trading but only to end disappointed. I have not heard of any one who has succeeded here. But hopefully now, with luckscout team at hand to give useful tips, it my be possible.

Christopher Ebhomien replied 2 months ago

My friend cultivate the spirit of positive thinking, not here and there at the same time. If you believe you can, you can. I have seen and read of those that have made it in forex, they are human being like you and I.

gwhite2203 replied 1 month ago

Stay positive and dont get pushed off track – success will eventually follow

Christopher Ebhomien answered 2 months ago

Every business, including forex, have the potentials to make you rich. There are principles that must be followed and if well articulated, why not, you can be rich.

Eben Emmanuel answered 2 months ago

Forex trading can make you rich obviously, but it’s easy as it’s been portrayed
98.5% of people that go into forex trading usually gets burned at the long run.
You need to learn the ropes, practice with a demo and real account then most importantly do away with greed and device your own strategy.

David answered 1 month ago

Yes, Forex can make you rich…but it can also make you poor. The biggest problem with novice traders is the taking of short cuts. Running before walking or even crawling. There are a lot of fly by night ‘Gurus’ out there who will tell you that you are ready, you only need to follow a few simple steps and the money will come rolling in.
I believe that if you follow the steps as laid out in the Luckscout articles and videos, you stand a better chance of becoming a consistently profitable trader. I’m talking from experience…I did wipe out a small account of mine thinking that I was ready to trade. You get encouraged by a number of winning trades here and there and you think you’ve arrived only to be quickly brought down to mother earth.  

Selva replied 1 month ago

Forex is a marathon run and not sprint. Don’t ever try to trade with money that you can’t afford to lose. Most of the forex brokers are not supporting the small traders.

They are for people who can invest more than USD 10,000. Doing forex without any leverage or with a leverage of 1:10 or 1:25 will be best for small accounts. If you tend to be greedy and a person who bets without proper risk management, then you will earn more money during some days and end up with losing your account balance. The worst behaviour is waiting for the market to change your way and expecting the trend will change in the near future simply because you have a trade against the trend.

Always have a demo account and try to trade with the best risk management practices like risking 5% if you are using CFD’s. Every other CFD platform provider displays as warning “Your Capital is at Risk” and 60%-73% of the traders lose money.
Still people choose to trade CFD’s beacuse of it’s profit potential.

Investing is different from Speculation. Investing in Gold started in September 2018, when Gold’s price was around 1180 USD t0 1200 USD per ounce. Everyone expected that during the chinese new year in January 2019 the gold price will move higher to USD 1300 per ounce. US-China trade tensions, Brexit, Iran -US tensions, increased the price of safe haven asset like Gold and then came the COVID-19, which propelled the price to USD 2000 per ounce

Even if we bought physical gold during september 2018 and sold at prices of USD 2000 per ounce, we might have got USD 800 per ounce in 2 years time.

Earning money in Forex isn’t easy. One require perfect information before doing a trade set up. Technical charts and Guidance from luckscout, signal providers, squawk service providers all of them help traders to make profits. One should use proper risk management and tone their trading sense and psychology in order to get a sustained passive income in forex.

There are plenty of scammers in online markets. Research for the name called “53 capital trade” who have looted money from traders online. Use always good brokers who aren’t stop loss hunters.

Be wise when you are investing your hard earned money. If you are not careful, you will end up losing 100% instead of earning money online.

LuckScout is a good website who share their experiences, even your brokers won’t share. Stay being connected with good people and earn money online.

GODWIN replied 1 month ago

Yes,if only you show a kin interest on the trading.It also increases your awareness on the current financial situation

Wisdom replied 1 month ago

Yes, forex can make you rich…

Sihle answered 1 month ago

Yes, Forex trading can make you alot of money only if you follow a trending market use minimum risk , adhere to your trading plan and use correct risk management.

Chin-Jung Chen answered 1 month ago

Can foreign make me rich?
Answer: Yes
Ever since I came into contact with foreign exchange, I have been working hard to learn the knowledge of foreign trading and practice trading operations. The goal is I can  make consistent  profits in demo account within half a year, and with a stable profit of 10% every month.
After getting in touch with the posts on the Luckscout.com website, by reading the posts here, I made up for my previous shortcomings:
For example :
I  need to be patient while waiting for a good time to enter the market, and  need to be patient when waiting for a profit to exit .
about stop losss I take it seriously and  become  a habit .
My risk for each transaction is 4% (my funds are $ 3000)
In Luckscout, the emphasis on large time Frame trading  , i.e. daily, weekly, monthly, this is consistent with the emphasis on several websites I have contacted in the past.
Here also teach us how to choose an True ECN/STP Brokers
The technical analysis here is very practical, rich and detailed, including: Bollinger Bands Breakout, MACD in-depth analysis and examples, because the person who posted these article, Vahid Chaychi, is a consistent and stable profit-maker himself.
I plan to use 10 years to earn 300,000 US dollars in foreign exchange for myself

Arisonace answered 1 month ago

Yes, trading can enrich you more and at the same time impoverish you if you don’t do what you have determined to do. If you keep breaking your rules, you may not last. Set your rules and follow religiously. Reliably, I learnt that the most successful trader win 40%% of the time and fail 60%. Secret is they make more percent profits than they losses. There are keys to successful forex trading. There are a lot of information about fx trading. To be consitentely successful, you must master something that you know. Don’t keep changing from one strategy to another. If you believe in mentorship, get just that one person , not many, and follow him religiously. The truth is, forex success means a lot of things to different people even though the same people may be using same strategy. Your tolerance for risk is not same as mine and my profit target is not same as yours. So, when one is looking at 1hr chart, another may be looking at the weekly chart so, both parties see things differently. This is it, if you have used a strategy that has worked for you several times, then sick to the same strategy. Don’t trade the markets, trade your strategy. So, only wait for you strategy to align before you go for a smash. Don’t chase the markets any more, follow the markets and flow along side the market. Wait and be patient to recognize your strategic parameter when you see them. In summary, if you don’t see your strategy play out, don’t trade. Waiting is part of the game, sometimes waiting earns you more than opening actively loosing trade. Hope this helps. Time will not permit me to tell you about your mindset and psychology.

Nnaemeka Victor answered 3 weeks ago

Yes  but it requires good capital and strict adherence of your trading rules and strategy

Edward Duffy answered 3 weeks ago

Hi Arisonace, very good piece and response to the question and yes I have heard that advice previously and yet I have not listened and I am trying to work out why I am still to make any money out of trading. I will make a conscious effort to listen to the above advice and I may even write it down and keep it somewhere so I can remind myself of these points all the time. I think I also develop some rules for myself and a checklist to check the charts against.
I will update my progress on this site.

kenndy4reality answered 2 weeks ago

Am at the opinion that one can become rich trading forex. 
But, you must have a stable source of income that covers your expenses on daily basis.
You must must judiciously demo trade until you become a consistently profitable in your demo account .
You must open a reasonable trading account like (5000USD).
You must patiently wait for the market to form set up a buy or sell signal.
Longer time frame is the key to reliable setup  
You must decipline, very important . 
I believe with this method one can become rich trading forex .

Birembero4 answered 2 weeks ago

Forex can make one rich if you follow the right strategy while trading higher time frames like daily,weekly and monthly charts and you wait for stronger set ups.

Male answered 2 weeks ago

Sure, Forex trading can make me rich. 

Leno Jean Pierre answered 3 days ago

Yes answer is yes, Forex can make me rich like many people around the world, but I must be armed with good knowledge about trading forex, have a great strategy, be patient. I must have an account with atleast 500$ and able to make 10% profit a month. If I don’t withdraw any money I can make more every day money .

Leno Jean Pierre answered 3 days ago

Yes Forex can make you rich, but you should know that it is not easy and quick making money business. If it were easy to make money trading everboby would have done it.

James0608 replied 3 days ago

Yes .. I can became very rich .. this was my first impression when I sign up for trading courses after attending very fantastic previews .
Actually NO ….. after so many years involved in forex trading . It’s not so easy to make a good living in forex . Majority of the traders already failed and will fail . As always explained by Mr . Vahid 95% of traders will fail. Only 5% will succeed as a professional traders or making money as traders .So please follow money management even though you can see very good trading setup.In reality you will win few trades and will loss few trades . But the losses will exceed your win trades by few times . So it’s so difficult to recover your money and finally some bad decisions will make your account close .
Forex is not a business , it’s a trading opportunity as always said by Mr.Vahid .

Jackson Mugarura answered 3 days ago

I’m reliably informed that, to become rich through forex trading, you have to have a lot of money already. You can not go into currency trading, hoping to gain and become a rich person. They were giving an example of say, a novice trader, trading with an account $1500, hoping to grow it to reach say $1m. This person faces an impossible reality.

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