Is it true that currency trading creates a new millionaire everyday?
October 6th, 2009
I have learned and I’m currently learning more and more about currency speculatrion, and I’ve set up a practice account. I know that the foreign exchange markets (Forex), creates more money in profits everyday than the entire stock market in 1 year which is a collosal daily intake of .8 trillion per day, about .5 quadrillion in 1 year. I also know that there are only 5% of currency traders that succeed because they expand their education and practice before they do the real thing. The other 95% of traders either have a mentality and think its a get rich business, or don’t invest time to educate themselves and don’t set up practice account to get the hang of it, or a mixture of all three. What I’d like to know is, is it true that a new millionaire is made every day trading Forex?
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Remember this, 90% of forex traders are making losses. Good luck in your trading.
For every one millionaire made, 1,000 traders will have lost every cent they invested. Heck, the Lotto makes 2 millionaires per week….why not try that as your investment strategy???
Just how do you know that Forex "creates more money in profits everyday"?
Ridiculous.
Small investors do not belong in Forex, but a fool and his money are soon parted…trying to stop it before hand usually has little effect.
You must be reading the wrong books/blogs. Trading currencies (or stocks, for that matter) CANNOT create wealth. It only TRANSFERS it.
Why don’t you save some time and just post the link to your spam Forex trading website now…
I’m not sure about everyday but I do know this. It defiantly is speculating. I can’t figure out how one can be certain when all currency is fiat money unless you look at what the Federal Reserve (in the USA) is doing.
Xferring Dollars to Euros and then to Yen for example. It must be hard to make any money from currency dealers due to their fees. I’d like to know where these millionaire people are exchanging. ….There’s a trick to it and I’m sure it makes an interesting get rich quick story.