How to Become Rich in Forex Trading – And what do you think the minimum amount of money is required to invest to make it possible?…
The term “rich” is generally the issue for new traders.
Can you get rich trading the markets?…
Yes. But if you go into it with that mindset you’re going to make a ton of mistakes trying to make that happen.
The key to making money in forex is conquering the psychology of trading. You need to set aside whatever notions and goals you have so you are able to take what the market has to offer.
Learning a system and strategy isn’t hard. Patience and the ability to react appropriately, without emotion clouding your judgment, are the hallmarks of a successful trader.
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So long as you’re consistently able to gain more than you lose; you’ve won.
Start with $200 and trade a dime a pip. Continue to post wins, build on your balance, and add more as you go.
My advice is to learn on a demo account then move to a live account with a very small amount- a couple hundred bucks- and trade in micro-lots for a few months.
Making the transition from demo to live at a high amount is hard for new traders because you’re no longer playing with fake money. That brings a new level of anxiety that you have to learn to cope with.
As to how much you’ll need to quit your day job and such; that’s really going to depend on how you want to live, what you need to survive, and so on. It’s not really a question any of us can answer for you because your income is going to be tightly tied to what you are risking.
Hypothetically, yes you can become rich in forex starting with only $30.
For that you need a solid trading system, strict risk management, lots of patience and a little bit of luck.
Again- master risk management.
Read as much as you can on it, focus your strategy on it, and read even more.
It is essential for honing your ability to pass on less optimal trades and preserving your profits.