Can You Get Rich by Trading Forex?

People, interested in currency trading, wonder if they can make money on Forex. One cannot give an exact answer, because it is possible to earn on the international currency market, but your profit depends directly on your efforts and knowledge. In this article, we will try to tell in detail whether it is possible to profit from Forex.

Is Forex trading a real thing in South Africa?

Based on statistics, Forex’s turnover is $4.5 trillion a day. Given the pace of trade activity, in 5-7 years the turnover is predicted to increase to $10 trillion.

Forex trading in South Africa is just gaining momentum. While thousands of fraudulent brokers have been in the market for the last 15 years, nowadays an average client is smarter and chooses only large regulated and licensed brokers, some of them also provide services and can guide you on stock markets.

What is the basis for negative reviews?

There is quite a lot of negative feedback online, where traders declare that it is impossible to make money on Forex. Various facts and statistics are cited. But in fact, all these reviews are far from the truth.

Some investors already tested their Forex trading skills and failed to achieve any success. Such people mistakenly assume that no one can make money on the exchange, since they have failed. They feel insulted and convinced to blame the market, broker, anything else, but not themselves.

Conversely, more aware investors have entered the stock, who are not trying to look for a “quick cash”, but work hard. They understand that losses on the market are solely theirs, their own failures.

To the question “Can I earn on Forex?” such traders would clearly answer “yes”, even if the situation is unfavorable at the definite moment. The matter is that these people understand the reason for their failures and they will do their best to prevent the situation from repeating.

The study of serious publishers devoted to trading and conversations with people who have been working in this field for many years showed that successful processionals earn about 3% – 5% per month of their capital on Forex.

There are fruitful months when profits can go as high as 10% or 20%. But this is counterbalanced by virtually empty periods when there is almost no action on the market.

How long does it take to start making money?

According to experts, in trading you have three stages:

  • I lose money – all beginners pass through this stage, and most people drop out at this stage.
  • I don’t lose my money – but you do not earn money either, you just know how to manage the capital so as not to lose it. Up to this stage comes to 30%. And the major part of the leaves at the second stage having decided that it is impossible to earn on Forex.
  • I’m making a profit – Only a few of them get to this stage. However, it is those who finally start earning.

Summary

Is it possible to make money on Forex? Definitely. But it requires learning, not expecting to become a millionaire in a year, to plan everything strictly, and master not only the financial skills but also the ability to self-control.

How much do people earn? А top Forex broker in South Africa makes about 50% per annum. Higher numbers are possible, but they come with higher risks. But such income does not come at once.

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