Over the course of our forex trading discussions I have repeatedly said that while forex gives everyone an opportunity make money faster it is definitely not a get-rich-quick scheme of its time.
There has been a lot of different schemes promising people around the world easy, effortless and extremely quick way to make money. But forex was never among these ways. And here is why.
Fist was differentiating forex from a scheme is the fact that you actually have to learn and possess very specific knowledge as well as constantly update your knowledge base in order to be successful with forex trading whereas there is absolutely no knowledge that could make you more successful with different schemes, promising you more money.
Moreover, you cannot go directly into forex trading. the wise thing here is to go and try out your demo account. To put it into a perspective – you are not going to buy a house without taking a good look at it first at least two times; you will not marry without having dated and you will not eat your steak without preparing it. doing things to soon can often ruin the whole experience.
Second difference is the fact that forex does not offer quick returns form trading. although that is a bummer for us that is unfortunately a reality – you cannot make money fast in forex, it is a slow process where success rate is fully proportionate to the time and knowledge that you put in the deal.
You how they say – the faster you lose weight, the faster it is going to come back. That is exactly alike here. That faster you make the money, the faster it is going to go away from you. that is just a law of the market. Money and profits seem to stick to those who are calm and thoughtful.
In case here you want to say that your friend made $100.000 of the profits last moths, let me ask you. How much did they spent? Success stories always seem to leave this part out – of course, you made some money off trading, but were your earnings bigger than your spending? That is the question worth asking.
Now let’s go onto a global scale. Imagine what would happen is forex were a system for getting rich quick. What would happen? I mean, education for forex trading is no different from any other education for any other profession. You have to wrap your mind around new concepts, you need to pay attention and time and you have to be fully committed with trades being a sort of a homework for you.
If all of the get-rich-quick promises of forex were true, do you think people would go and have other jobs? Do you think a market would be a place to breathe or to be smothered? I personally think that we would be the witnesses of a horrible chaotic situation with people rejecting every-day-life in order to trade and make money.
So, in conclusion I would like to say that the picture that just raced through my eyes is not the prettiest one. No, forex in no mean to get rich quick, but it seems that it is only for the best.