There are some questions that are frequently asked by novice traders:
- How much money can I make through Forex trading every month?
- How many trade setups will I have every day and how many pips can I make every month?
- Can I start with a $100 account and grow it to a million?
Among all the frequent questions, there is one question which is asked by some novice traders more often:
Can I Become a Millionaire through Forex Trading?
I have two clear answers for this question and I explain about each of them in details:
- Yes, you can.
- No, you cannot.
Making lots of money through Forex trading is completely dependent on some special conditions.
When someone has the proper conditions, he can make millions through Forex trading.
When he doesn’t have the proper conditions, he will do nothing but wasting of time and money.
What Are Those Conditions?
You can increase your wealth and become richer through Forex trading and become a millionaire or even a billionaire.
However, 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 have to be patient enough.
I am not saying that it is impossible to make millions with Forex.
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 the biggest one.
Many Forex brokers (market maker brokers) don’t let you grow your account consistently, because in most cases, your profit is their loss.
Forex Is Not a Get-Rich-Quick Scheme
It is not too easy to make a living through currency trading. Someone has to teach you the right techniques, otherwise you can’t get anywhere on your own.
It is the same with the stock trading and all other kinds of tradings and investments.
To make money consistently through Forex trading and maybe to 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.
However, there are a lot more agents who cannot even cover their monthly expenses in the same cities.
All agents are in the same areas, have access to the same markets and customers, ruled under the same jurisdictions, use the same advertising media and… .
But, how can some of them become millionaires, and most of the others fail to have even one sale per 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.
Behavior, Life and Work Style
Forex trading is like that too.
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?”
There are two things that you have to do to become a millionaire Forex trader:
1. First you have to learn and master the trading techniques.
2. You have to develop the trading discipline in yourself.
You can’t become rich through Forex trading, without having these two at the same time.
It is not even possible to make a living without having the discipline, whether you master the trading techniques or not.
I’ve never seen even one single retail Forex trader who has become able to become rich or millionaire without following the proper techniques and having the discipline it takes.
Even I’ve never seen a Forex trader who has been able to make a living like this.
There is no consistently profitable and professional currency trader who doesn’t trades Forex with the proper technical analysis methods.
When you have a big capital, you can trade currencies through a bank account, instead of retail brokers. But most people still have to be patient to reach this level.
And, as bank accounts are not leveraged, you will trade with more peace of mind. But you should start small at the beginning.
Those who don’t believe in what I explained above can spend some time and money on Forex trading at least through having small live accounts with retail Forex brokers.
I am 100% sure that they will remember what I’ve explained above, and will be back to this site after wasting lots of time and money. The reason is that most novice traders start trading with real money before they do the above two things: (1) Developing proper techniques and (2) discipline.
How Can You Become a Consistently Profitable Forex Trader?
Unlike what most people think, it is not possible to start making money right 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 find a mentor who teaches you the currency trading techniques and help you to develop the discipline in yourself.
Additionally, you’d better to have an income that covers your expenses and leaves you some free time to sit at the computer and learn how to trade with peace of mind.
You can make any money through Forex trading and any other kinds of trading when you DON’T HAVE TO make money and you don’t have financial problems. Therefore, having a source of income is a big help.
False Forex Success Stories
Most people think that they can learn to make money through Forex trading within a very short time, and become a full-time Forex trader who makes thousands or even millions of dollars.
This is is not true at all.
There are so many false Forex millionaires stories over the Internet.
Be careful not to be deceived by them.
None of the real millionaires or billionaires, like George Soros, have made their wealth through Forex or stock trading without following strong strategies. However, 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… markets to increase their wealth: A Short Term Investment Strategy That Makes You a Millionaire
This is how they’ve become millionaires or billionaires. Their increase their wealth through Forex or stock trading while they have other sources of income.
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 trading 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. That’s why we enable our trading students to develop a source of income too.
The Hassles of Following Too Many Trading Strategies
Some traders the hard way of following too many trading strategies, robots and time-frames, and sitting 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 master your trading strategy through demo trading.
When you succeed to make profit consistently for 12 consecutive months at least, you can open a small live account and start practicing with it.
If you can make profit consistently for 12 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, or adding some more money to it. But don’t make your account too big. You will be faced with lots of negative emotions when you are still new and you want to trade with a too big account.
A Source of Income Is Really Good
To become a full-time Forex traders who makes money consistently, you have to spend some time. I already explained it above.
If you don’t have an income currently, or if your income is not enough to give you time and mind freedom to learn Forex, you should develop a source of income that covers your life and enable you to open a live account in the currency market when it is the time.
You can keep making money with your source of income until you are ready to open a trading account. If your income is enough to trade through a bank account later when you are ready to do it, it will be even better.
Trading through a bank account will have a lot more advantages compared to trading through Forex brokers.
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.
If you want to become a millionaire Forex trader, you must have a good income and backup.
Turning a small $5000 account into a million dollar account is possible theoretically.
You can do it slowly and surely when you become a consistently profitable trader and you have enough patience. However, you have to be a patient and disciplined Forex trader to do it. And, you can’t do it alone. You need the mentors technical and emotional support.
Do It the Right Way:
You need to become a professional trader through learning the best and most accurate technical and fundamental analysis techniques. This is the only thing that makes you a professional trader who can consistently make profit.
When they become consistently profitable Forex traders eventually, they have enough money to open live accounts or even professional live Forex trading accounts with the banks to trade professionally and increase the money they make.
This is how they can become millionaire Forex traders 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 detail above.
Be careful not to be deceived by the scam mentors or brokers. They are there to make money from your losses, not to make you a millionaire.