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Can You Really Become a Millionaire from Forex Trading?

There are some questions that are always asked by novice traders frequently:

  1. How much money can I make through Forex trading every month?
  2. How many trade setups will I have every day?
  3. How many pips can I make every month?
  4. 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.

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Millionaire On BoardForex is not a get-rich-quick scheme. It is not an easy way of making money and making a living with. It is the same with stock trading and all the other kinds of tradings and investments.

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.

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"Whether you think you can, or you think you cannot, you are right." - Henry Ford

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37 thoughts on “Can You Really Become a Millionaire from Forex Trading?
  1. Adam says:

    Hi Chris
    What are your thoughts on NZDUSD daily as a forming trade? I think the market is exhausted; strong break of BB; if current candle closes as strong bullish this looks a strong long entry. This is my first day of reading the charts per your strategy, so would welcome your comments. Thanks

    • Chris says:

      Hi Adam,

      Welcome to LuckScout.

      The pattern is not strong enough so far. Let’s see how the current candle will close.

      • Stanley says:

        I was thinking about the same thing as Adam about NZDUSD, but NZDUSD just broke monthly support and has not really moved down yet, so I am not sure.

        Chris, about USDCAD, for the last bearish setup you scored it 98. There is another one forming in daily chart.

        • Jie says:

          Hi Adam & Stanley,

          Both the latest setups you guys mentioned on Nzdusd and usdcad are not strong setup. Will be dangerous if we enter 🙂

      • sanjeewa kumara says:

        Hi Chris ,
        This is my 1st comment on luckscout .. thanks for the gold valued articales.. i m still reading on ur articales .

        As “Adam” mentioned above where we can see lower bollinger band breakouts On the NZDUSD ? even 14/02/2017 & 15/02/2017 candles are not in enough breakouts for strong trade setup …. 17/02/2017 candle also bit strong for bearish .. Please correct me if i’m wrong ..

        Thanks
        Sanjeewa

  2. Tom K says:

    Hi Chris,

    Thank you, this article is another big motivation for us.
    I would like to ask you about NZDUSD, I think on monthly time frame we are on support line, and on daily – nice bullish engulfing are forming with strong LBB breakout, but we must wait for closed.

  3. Dionisis says:

    Chris,
    I opened a short position on NZDUSD based on the DBB system on the weekly timeframe. Now, a bullish engulfing pattern is formed at the daily chart. I do no think that this setup is strong mainly due to the candle’s long upper shadow. However, what does this mean for my already open position? Should I close it due to the presence of the long setup (although weak) ?

    Today most of my open positions (based on DBB) hit the SL. When I looked back I saw that in most cases there was a weak (no BB breakout or weak candles) setup formed with the last two candles.

    Please consider this as a general question. I have read many times your strategy for maximising profits by opening two positions. Do you use a weak setup as an indication that it is time to close the second open position?

    • Chris says:

      Hi Dionisis,

      The upper shadows of the daily candlesticks tell me that Bears still have the control. So the price can go lower. However, holding or closing of the position is your own choice and is what you have to decide about.

      > Do you use a weak setup as an indication that it is time to close the second open position?

      When the position has made a good profit, yes. But when the trend is strong and the weak setup is just formed as the first reversal, then I hold the position.

  4. Daniel says:

    Hi Chris,

    As others have mentioned the USDCAD is looking like a potential trade but seems to have 2 negative points. Long tail on the second candle which seems to be because it is stuck on the middle band on the 4hr chart. It also seems like USDCAD still has a bit of steam behind it, with a constant zigzag in an uptrend movement.

    So far it doesn’t look like a 100 gauge trade.

  5. Singh says:

    Very nice article. Thanks for the motivation

  6. Honto says:

    Hi Chris,

    I thought today would throw up some strong trade setups across a few of the pairs. But as we approached the close, many of the candles developed long shadows which voided most if not all the setups.

    I can’t see any strong trade setups on the daily charts, although we may get a few from the yen crosses on the weekly very soon.

    Do you agree? Or have I missed a pair?

    Regards

    Honto

  7. singh says:

    Seems like AUD/JPY is about to touch 50 day moving average. Although MA is not steep but might have long setup ?

  8. kent says:

    hi chris, just want to know if i should double my demo account before i go into live account? or i just have to be positive for 6 months ?

    • Chris says:

      Hi Kent,

      You have to be able to repeat your success consistently and consecutively for 6 months. If you double your account in this process, even better. However, depend on your trading style, you can make for example 5% profit per month which is great. You have to repeat the 5% profit every month for 6 months at least. If so, your account will not be doubled, but you have repeated your success consistently. This is what you have to do.

  9. kamal says:

    Hi Chris, thank for the sma50 system. It is really simple to understand but to use it in trading need some guide and practice. Last month there is no 100 score set up, is it normal for your point of view?

    • Chris says:

      Hi Kamal,

      You are welcome.

      It happens rarely that a month comes and goes with not even one 100 setup. Fruitful months will always come.

      We will share more strong trading systems little by little that enables the traders to have trade setups every month.

  10. Maria says:

    Hi Chris,

    I located a triangle pattern on EURJPY 4H and it broke above resistance line, it went up but then it went down recently. I located 2 S/R Lines (closed price & high/low price), but I got confused whether this pair has broken the support line (which shows that the resistance line wasn’t valid), or it’s just currently retesting the broken resistance line? I know I can wait to see how it goes later, but I guess something similar will happen again one day so I would like to hear an opinion from an experienced trader like you. Thanks a lot Chris!

    Here’s the picture: http://i59.tinypic.com/6ycioh.jpg

    • Chris says:

      Hi Maria,

      Support lines look OK, but the resistance line doesn’t look like a valid resistance, because the second point that you used to plot the line is too far from the first point and it is not chosen from a strong high. The high has to be stronger.

      In spite of this, the upward movement was not that bad. We cannot expect to see a too strong trend forms after each breakout.

      • Singh says:

        Hi Chris,

        Reference to the resistance line: So when you say “the high has to be stronger” means candle need to be big regardless of whether its bullish/bearish.

        Also, as you can see market actually reacted to these lines. I originally thought that as long as market react to your lines it is valid

        • Chris says:

          Hi Singh,

          It is not only the matter of the candlesticks size. Several candlesticks has to participate in creating a high or a low. The “peak” and “valley” has to be strong and more visible than the other highs and lows.

          Price can react to any line, as weak trade setups also make the price move accordingly. But we wait for the too strong trade setups to have a higher success rate. Therefore, we have to follow the strong lines too.

  11. Ted says:

    Thank you Chris.

    It sounds like LuckScout will be alive for quite some time. I am sure to follow till the last day!!

    Thanks once again.

    Ted

  12. peter omamuzo says:

    thank you so much sir for your priceless lectures. my question is this: how were you applying the lot size(s) to grow the $1000 account to multi millions in five years, in the use “this calculator” you published. i found that info extremely helpful. please i would appreciate your reply. thank you sir.

    • Chris says:

      You are welcome.

      The lot size is not considered in that calculator. It merely calculates the balance and monthly income based on the monthly profit a trader makes.

  13. Susan Su says:

    This is great, but almost every forex trader say it’s impossible to make more 3%/month, is it because they have too many lose trade due to over-trading or because they find little opportunity to trade in a month?

  14. Raymond Victor says:

    Thank you for this article and your motivation words 🙂

  15. Olawale LAWAL says:

    I believe it’s possible to become a millionaire trading forex, with accurate education and discipline as taught by Mentor Chris. Thanks Boss Chris, God bless you.

  16. Bright Kofi Botokro says:

    Hi Chris, what advise will you give to someone who is dying to join the Millionare’s Club but cannot because the £99 per month constitutes almost 35% of his monthly income? Thanks for your good works

    • LuckScout says:

      Hi Bright,

      Sorry to hear that the monthly fee is not affordable for you. Of course it is not £99. It is $99 🙂

      We will think about a solution for people like you.

      Thank you for following us.

  17. Jonathan Gillaspie says:

    You made a comment about forex brokers not letting you make a lot of money trading. How do you feel about forex futures and your strategies. CME and the futures markets are a lot more regulated in the US. My FXCM account is being closed so I’m researching where to open a new account.

    • LuckScout says:

      Jonathan,

      Experience have proven that regulation can’t prevent the brokers from cheating the clients. Therefore, you’d better to start with a small account to test the water first.

  18. ssy says:

    It was very depressing news when I heard on Feb 9 that FXCM is being forced out of the US markets.

    I have an account with them since Jan 2016, not a long time, but they seem to be okay and their spreads are pretty good – much better than those of forex.com (a subsidiary of GAIN Capital) where the accounts will be transferred. Now retail traders in the US have even fewer choices while the remaining brokers rejoice over the demise of one of their largest competitors so they can consolidate even further.

    Goldman Sachs was recently ordered to pay a $120m fine by the CFTC for attempted manipulation and false reporting of ISDAFIX benchmark rates, a global benchmark for interest rate products.

    Wells Fargo was caught late last year creating millions of fake accounts for their customers so they could charge them fees. I don’t remember much happened to Wells Fargo as a consequence of such frauds other than the CEO testifying before Congress and some employees fired.

    I don’t think what FXCM did was worse than what Goldman and Wells Fargo did, but the big banks got off with not even a slap on the wrist while FXCM was forced to close up shop in the US. Where’s the standard in enforcement when apparently the regulators can do whatever they want and not have to account for their actions? Too bad FXCM, like most businesses in the US, does not have people in high places, or they didn’t make the right donations, and the result is they can lose everything overnight that they have spent years building.

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