Can You Really Become a Millionaire from Forex Trading?
There are some questions that are always asked by novice traders frequently:
- How much money can I make through Forex trading every month?
- How many trade setups will I have every day?
- How many pips can I make every month?
- Can I start with a $100 account grow it to a million?
Among all the frequent questions, there is one question which is also asked by some novice traders more often:
Can I Become a Millionaire through Forex Trading?
You can increase your wealth and become richer through Forex trading and become a millionaire or even a billionaire, but if you are among those who want to turn a $500 or even a $5000 account into millions, then I have to tell you that you will have a hard time. I am not saying that it is impossible because anything is possible in this world. However, you have to be patient because it can’t be done overnight, or even in one year. You will be faced with some challenges that finding a good broker that doesn’t cheat you is one of the biggest one.
To make money through Forex trading consistently and maybe become a millionaire finally, you have to pass some important stages. There are so many jobs that you can follow and become a millionaire. It is not the job that has to make you a millionaire. It is “you” who has to follow the job properly to become a millionaire.
For example, there are so many millionaire real estate agents and brokers in big cities like New York, Washington, London, Toronto, and… . However, there are a lot more agents who cannot even cover their monthly expenses in the same cities. They are all in the same area, have access to the same market and customers, ruled under the same jurisdiction, using the same advertising media and… . But how can some of them become millionaires, and most others fail to have even one sale every month?
Whatever the reason is, it has nothing to do with the real estate business itself, because it is the same for all the agents and brokers. The reason is in the agents and brokers behavior, life and work style.
It is the same with Forex trading. It possible to become a millionaire through forex trading as it is possible to become a millionaire through stock trading, programming, marketing, importing and exporting, constructing, and…
The more important question is “how?”
To become a millionaire Forex trader, first you have to become a good Forex trader who is able to make money consistently. You have to become a “consistently profitable” Forex trader first. When you achieve this, you can grow your account (even if it is a very small account), and make millions of dollars after a while. So to become a millionaire trader, first you have to focus on becoming a good trader.
How Can You Become a Consistently Profitable Forex Trader?
Unlike what most people think, it is not possible to start making money after learning the Forex trading basics and a trading strategy. There is something very important that most people don’t consider: To learn how to trade Forex, become a consistently profitable trader and hopefully a millionaire, first you have to have a source of income. I mean you have to have an income that covers your expenses and leave you some free time to sit at the computer and learn how to trade with peace of mind. Unfortunately, you can’t make any money through Forex trading and any other kinds of trading when you HAVE TO make money and you have financial problems.
Most people think that they can learn to make money through Forex trading within a short time, and then become a full time Forex trader who makes thousands or even millions of dollars. This is is not true at all. I have explained this in more details here: Trading Strategies Don’t Work If You Don’t Choose the Right Living Strategy
There are so many false Forex millionaires stories over the Internet. Be careful not to be deceived by them. None of those millionaires or billionaires, like George Soros, have made their wealth through full time Forex or stock trading. They are experienced business people who make a lot of money through several sources of income they have. Then they invest a portion of their wealth in currency, stock, real estate and… markets to increase their wealth. This is how they have become millionaires or billionaires. None of them have achieved this through full time Forex or stock trading.
Therefore, if you like to become a millionaire, first you have to have a good source of income that makes a reasonable amount of money that not only covers your expenses, but also leaves some money for your tradings and investments. Then you can start learning how to trade. You have to keep on learning and practicing until you become a consistently profitable trader.
There are two ways to do that. One way which is the harder and in most cases the impossible way, is that you try to follow too many trading strategies, robots and time frames, and you sit at the computer for several hours per day. That is the hard way which can hardly take you to your destination.
The simpler and easier way is learning the Forex trading basics, and then a simple and strong trading strategy. Then you have to demo trade your trading strategy to master it. When you succeed to make profit consistently for 6 consecutive months at least, you can open a small live account and start practicing with it. If you can make profit consistently for 6 consecutive months with your live account too, the way you could make profit with your demo account, then all you have to do is that you keep on trading with your live account to grow it.
However, you will be faced with another problem at this stage which is finding a good broker. Unfortunately, it becomes harder every day to find a reliable broker. Finding a broker that allows you to grow a small $5000 account into a reasonable amount of money, is not that easy, and it is one of the challenges that you will be faced with when you want to become a millionaire Forex trader.
However, there is a solution for this problem.
You can keep on making money with your source of income to save a reasonable amount of money to open a bank account and start trading with it. Trading through a bank account will have a lot more advantages compared to trading through Forex brokers. Learn more here:
The only problem of trading through a bank account is that you have to have a lot of money because banks don’t offer any leverage. Therefore, to become able to trade through a bank account, you have to have a lot of money already. That is why I emphasized on having a strong source of income earlier in this article. You can’t become a millionaire Forex trader without a good income and backup. Turning a small $5000 account into a million dollar account is possible theoretically and you can do it slowly and surely when you become a consistently profitable trader and you have enough patience. However, Forex brokers don’t let you do that in reality.
Because of the same reason, we have some programs to help our followers to create a good source of income while they also learn how to trade Forex. While they are learning to become a consistently profitable Forex trader, they create a good source of income through the other systems we introduce (learn more here). When they become a consistently profitable Forex trader finally, they have enough money to open a professional live Forex trading account with a bank to trade professionally and grow the money they make. This is how they can become a millionaire Forex trader while they also have some other good sources of income to support their Forex and stock trading investments.
So, the answer of this question that whether it is possible to become a millionaire through Forex trading, is in the facts that I explained in details. Be careful not to be deceived by the scam mentors or brokers that encourage you to open small $100 or $500 accounts with the high leverages like 500:1 or even 2000:1 that some market maker brokers offer these days, to turn your money into millions within a short time. They are there to make money from your losses, not to make you a millionaire. Be careful.