Why do so many people still try to make money with forex trading, even though we all know that the vast majority of traders only lose money and never earn money?

Knowing all that, why do they still choose this path?

People keep flocking to forex trading like moths to a flame, despite the brutal truth that most traders end up getting burnt. Why, you ask? Well, there are a few reasons why folks keep diving into the deep end of the forex pool:

  1. Dreams of Quick Cash: Let’s face it, we all want to make a quick buck. Forex trading promises the allure of fast, easy money without having to clock in 9-to-5 at some soul-crushing job. It’s like the ultimate get-rich-quick scheme.
  2. Flexibility: Forex trading offers flexibility like no other. You can trade from anywhere in the world, anytime you want, as long as you’ve got an internet connection and a device. It’s the dream of being your own boss, calling the shots from a beach in Bali or your grandma’s basement.
  3. Thrill of the Game: Trading forex is like playing the ultimate high-stakes game. The adrenaline rush from making split-second decisions and watching those numbers dance up and down on the screen is addictive. It’s like being in a casino, but with fancier charts and less free drinks.
  4. Hope Springs Eternal: Despite the grim statistics, hope springs eternal in the hearts of traders. Every newbie thinks they’ll be the exception, the one who cracks the code and rides off into the sunset with pockets full of cash. It’s like a never-ending quest for the Holy Grail, except the Grail keeps slipping through your fingers.
  5. FOMO (Fear of Missing Out): Thanks to social media and flashy Instagram posts, everyone and their grandma seems to be raking in the dough with forex trading. FOMO kicks in hard, and nobody wants to be left out of the party. So, they dive headfirst into the world of forex, hoping to snag their piece of the pie.
  6. Fake gurus on social media: They promote their forex course with flashy photos and videos with rented Lamborghinis and forex demo accounts with profits that don’t exist. They make most (or all) of their money from new traders who buy their digital products. See the point 1.

In the end, forex trading is like a siren song, luring unsuspecting sailors onto the rocks with promises of riches and glory. But hey, for those who manage to navigate the treacherous waters and come out on top, it’s a heck of a ride.

Therefore, it IS possible to succeed, but it requires massive amounts of work, patience, dedication. Most people don’t have that. Also, dreaming of getting rich quick was already mentioned.

Forex trading is a get-rich-slow scheme. It’s like a massive cargo ship that starts slowly, but once it’s going it goes really far and it’s not easy to stop.