Do you really want to be a millionaire ?… and Has anyone ever made money trading FOREX?… A lot of people today have a dream to become a millionaire because of media advertising and TV.
People see the lives of celebrities and millionaires and they want to have the same lifestyle. The most popular question: can I be a millionaire trading forex?…
Yes, You Can Be A Millionaire Trading Forex
You can be a millionaire trading forex but it is not easy like you see on internet advertising and media.
If you start small say with just $5,000 and make 10% of your capital each month after 5 years you will indeed be a millionaire.
If you make just 10% of your capital each month you can be millionaire.
You can start with $5K and in 5 years you will be millionaire.
If you start with $10K you can be in 4 years and if you start with $100K you will be in 2 years.
With Just 10% A Month You Can Fulfil Your Dream
Think about it…
In any other industry you can not start with $5K and be a millionaire in a few years but in the forex market you can.
If you like to trade forex because you think you can be millionaire overnight or in a week or month please exit NOW because you will lose all your money and may also lose your t-shirt.
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Brokers always hide this reality and tell you stories about doubling your money overnight.
They prefer for you to lose your money to them as soon as possible because if you follow the correct way for a few years they will not see any substantial profit from you.
Over the course of several years you will be the one pocketing the true profits!
This is of course not in their best interest because 90% of brokers are just market makers and have no relation with the market and banks.
They just create a virtual market for you and let you trade and they make money when you lose. And they lose when you make money.
For them their interest is to make you lose as soon as possible then they try to motivate you to add more funds to your account and lose your funds more and more.
If you really want to be a millionaire in the forex market please forget about MAKING MONEY EASILY.
You can not make a cold cash in forex market because that does not exist.
You will need time to learn how to trade forex develop a strategy with 60% probability to win or more learn money management and take your time and start trading just on a demo account.
Trade for 3 months on a demo account.
If you can have success on a demo account then you can go and open a real account and start real trading.
If you can not have success on a demo account then something is not right: maybe your strategy or you do not respect money management rules.
After you know the error correct it and then restart trading on a demo account until you start seeing recurring success.
Trading Forex is A Serious Business
Anyone can learn to trade forex and make money in doing so.
The person must treat their trading with the same seriousness they would give to launching a business or their own career.
A majority of the people that try to learn to trade end up blowing out their account and failing because they do not treat their trading with the respect it deserves.
In order to be successful as a trader, here are the steps:
- 1. Study, study, study, STUDY! Learn a specific strategy and master it. Learn one trading setup at a time and demo trade it until you have had at least 30-40 successful trades with that setup then move to the next trading setup.
- 2. Have a trading journal. Record all your trades, print out the chart, mark out the trade you made, then write about the trade. Writing out why you won or loss helps ingrain what you should and shouldn’t be doing. You’ll learn not to make the same mistakes.
- 3. Have a trading plan. Make a list of parameters that a trade must meet in order for you to take the trade. For example:
- Is the market bullish, bearish, or sideways?
- If its sideways, STAY OUT! If bullish, are the EMAs diverging upwards? How far are the candlesticks from the EMAs? Does the market look overextended?
- Are there any key support and resistance levels? Is the setup right under a resistance level? If so, wait for a break of the level and a retrace to enter.
- 4. Make sure you are mentally prepared to enter the markets. Have a clear head and be focused on the trade. Don’t get angry and vengeful if you lose a trade, it’s part if the game. That’s why so many people lose money, their emotions cloud their judgements. If the trading setup looks kinda good but not ideal, don’t take it. People have the tendency to convince themselves to take a trade that isn’t worth taking. Be objective and trade based on what the market is telling you and not what your emotions are telling you.
- 5. Demo trade for as long as possible to master setups THEN open up a SMALL account. Another problem with people is that they demo trade and are very successful but open up a real account and lose all their money. The difference is psychology. When you aren’t risking real money, you don’t feel the intense greediness or pain of losing money. When you open a real account, trade with money you don’t mind losing and only trade a small amount. As you get a handle over your emotions, gradually start adding more money and making bigger trades.
- 6. Don’t change your own rules and follow them ruthlessly.
I can guarantee you that if you follow the advice I just gave you, don’t give up, and master your mind/trading strategy, you will be a successful trader.