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XAUUSD Automated Trading – can you get rich with trading? – Trading Strategies – 31 July 2022

Byadmin

Jul 31, 2022
XAUUSD Automated Trading - can you get rich with trading?


Can forex trading make you rich? Although our instinctive reaction to that question would be an unequivocal “No,” we should qualify that response.

Forex trading may make you rich if you are a reliable Expert Advisor – trading robot e.g. Gold Master.

But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.

Major takeways when trading on forex markets

  • Many retail traders turn to the forex market in search of fast profits.

  • Statistics show that most aspiring forex traders fail, and some even lose large amounts of money.

  • Leverage is a double-edged sword, as it can lead to outsized profits but also substantial losses.

  • Counterparty risks, platform malfunctions, and sudden bursts of volatility also pose challenges to would-be forex traders.

  • Unlike stocks and futures that trade on exchanges, forex pairs trade in the over-the-counter market with no central clearing firm.

Forex trading can be very profitable but it is important to have the best possible software like GoldMaster with you. It is easy to be profitable in the short-term, such as when measured in days or weeks. However, to be profitable over multiple years, it’s usually much easier when you have a large amount of cash to leverage, and you have a system in place to manage risk. Many retail traders do not survive forex trading for more than a few months or years.



Image and article originally from www.mql5.com. Read the original article here.