Is Forex trading a meme or a way to build wealth fast...

Is Forex trading a meme or a way to build wealth fast? I always see ghetto fags on Facebook acting like they found the secret to being rich.

Let's say, for arguments sake, that the degree to which an investment is gambling is proportional the degree to which the amount of data that affects the outcome, seeing as randomness is an illusion.

In other words if you could calculate all the air particles, flipping a coin wouldn't be a gamble since you've processed all the data. But since the amount of variables affecting a coin flip are too great to be calculated, it is gamble. Now take a stock, the more information you possess about a market, the less of a gamble it is, to the point where insider trading is illegal because it implies knowledge of too many variables (essentially). If we model things like this, then forex is a bigger gamble than any stock because the sheer number of variables affecting a currencies value are too great for any one person to be able to fully grasp. Literally an earthquake in some japanese city could wipe out your position because it could cause the Yen to drop by 1% (and you need leverage to trade forex), a sudden drop in the price of a single metal could wipe out your position, etc etc etc.

So it's extremely risky. It seemed to good to be true.

The only way to ensure a high return whilst also minimising risk (relatively speaking) is to invest in a field most people aren't knowledgeable about. E.g. tech stocks in the 00s, crypto as a whole is a good example of this, even today less than 3 million people have actually bought bitcoins. So while crypto is very risky, the risk/reward ratio is slightly skewed in your favour because it is an emerging market.

Forex is for seasoned traders only. If you need to ask dumb questions like this you should probably keep the fuck away from it

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>trading boring normies currencies to 1% gains
>not trading cryptocurrencies to get 100%+ gains

>cryptos are $10 billion daily trading volume already

Yes. If you're good or lucky enough it's easy to gain 10% in a day, even 100% if you're ready to risk a large chunk of your account. Although it's just as easy to lose everything with amount of leverage you can use. I personally don't ever use the full amount of leverage I have access to. I'm not even sure how that exactly is desu.

I only use as much leverage as I'm willing to lose.

How much is crypto?

Forex is fucking awesome if you have enough to invest, trade with low leverage (Oanda), and understand the fundamentals of world finance. Thank God for my experience with the Forex, it taught me the necessary discipline to rule crypto.

I never planned on getting into it, just curious as to why some people were acting like it's easy money.

>Thank God for my experience with the Forex, it taught me the necessary discipline to rule crypto

How well are you doing in crypto? What are the majot differences you noticed between the two?

Crypto is a million times easier. FX will swallow a guy whole if you're not paying attention 24x7.

I sort of want to get into it but I've already invested so much time in trying to master FX. I don't want to waste time trying to figure out how to trade coins and pick up bad habits.

My first account was with gain capital, on 200:1, make $600 one day and lose $400 the next, basically a forced casino if you don't have an initial investment of at least 10k. Then I got accounts with better firms like FXCM and Oanda but by then my life was so screwed that I was day trading technicals and literally pulling checks out every week just to eat.

This was well before crypto existed, but I would make my own technical indicators and have an hourly chart, a 15 minute, and a 1 minute up at the same time, when everything matched up I would pull the trigger and usually make between 60-100 pips before pulling out. I would just keep doing this with different pairs and run like 5 or 6 trades a day.

>60-100 pips

Impressive

there are many scammy shit groups like WEALTH GENERATORS and stuff, they all fucking suck ass and are straight scams acting like they offer a safe solution with forex trading. Stay away from that kinda shit, otherwise I don't know much more that wasn't mentioned in this thread already

I don't know if it is still this way, but back then EUR/JPY was a cash cow because of the volatility, massive moves, tons of pips

Any opinions on Charles and Schuab?

Who says that? It’s usually easier to make more money if you already have money.

depends how you got the money. if you earned it through trading profits then yes, if not, then you're gonna have a hard time making more money with money, i.e. being the smart money.

>scammy shit groups
Yeah there is a lot of this. The scam about forex is most of (99.9%) the groups out there are just MLM(pyramid scheme) that don't actually teach you anything.

It's so funny to me because most of the trades they advertise is shit I can outperform in my fucking sleep, literally. I often wake in the middle of the night and take a quick position(limits aren't always reached) then wake up to better trades then they post.

Never dealt with Charles Schwab

Real Estate is a good way to build wealth fast and safely.

Put down 200k and you got a 1mil loan on perfect credit

With real estate, you make money based on how much money you have considering you are a reasoned real estate mogul. You can even hire your own property manager so you don't even have to trade all day.

Forex is basically high risk gambling on currency prices from a highly leveraged position.