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Can You Really Become a Millionaire from Forex Trading?


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

  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?

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?

Millionaire On BoardThe short and and simple answer to question is yes, it is possible because there are many currency traders who are millionaires. You can be one of them, but you have to pass several stages to get there. Forex is not a get-rich-quick scheme and is not an easy way to make money or make a living. It is the same with stock trading. Indeed, everybody can become a millionaire through forex trading IF he/she can pass those 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?”

I have already published an article about becoming a multi millionaire through forex trading. But that article is mainly focused on the proper money management methods. While you really need to read that article carefully, you have to read the below words too to know about the whole process of becoming a millionaire forex trader.

To become a millionaire forex trader, first you have to become a good forex trader. I mean you have to become a “consistently profitable” trader. When you achieve this, you can grow your account (even if it is a too small account), and have millions of dollars after a while. So to become a millionaire, first you have to focus on becoming a good trader.

How Can You Become a Consistently Profitable Trader?

There are two ways to do that. One way which is the harder way is that you try to follow too many trading systems, 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 that you just learn the forex trading basics, and then a simple and strong trading system. Then you have to demo trade your trading system to master it. When you succeeded to make profit consistently for 6 consecutive months at least, you can open a small live account and start practicing with it. If you could make profit consistently for 6 consecutive months with your live account too, the way you did with your demo account, then all you have to do is that you keep on trading with your live account and grow its balance.

If you keep on trading patiently, you can grow your account to a big wealth much sooner than what you think. It is the greed that makes you think that it takes too long to grow a $5000 account to one million. When you calculate and see that it takes you for example 5 years to do that, you give up on it, and you try to find another method which can grow your account faster. That is one of the biggest mistakes that a trader can make, because I have seen so many traders who wasted over 10 years looking for a more profitable trading system. They not only could not find or develop such a system, but also lost the chance of making money and growing their accounts through a trading system that worked slowly but surely.

Use this calculator and see how a $5000 account can turn into $4,097,003.56 after four years, and $21,919,993.73 after five years, if you make only 15% profit every month. Four or five years is not a too long time to become a millionaire.

I am not saying that making 15% profit per month is easy. It is not, and it depends on so many factors. After becoming a consistently profitable trader, it is the market that has to form the setup and give you the opportunity to make money. Also, your broker has a very important role in your success. Learn more:

You can try the simpler and easier way to become a consistently profitable trader to become a millionaire?

Start from the right place and follow the right track without wasting any time and spending any money and by taking the lowest possible risk: Quick Start Guide For New Forex Traders

Good luck 🙂



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

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

    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

    • Hi Adam,

      Welcome to LuckScout.

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

      • Stanley

        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

          Hi Adam & Stanley,

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

  2. Tom K

    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

    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?

    • 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

    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.

    • Hi Daniel,

      You are right. So far USD/CAD has not formed a 100 setup. Uptrend is still too strong.

  5. Singh

    Very nice article. Thanks for the motivation

  6. Honto

    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

    • Hi Honto,

      I don’t see any 100 setup either.

  7. singh

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

    • 50SMA direction is good. We have to wait for the price to retest and forms a buy signal above it.

  8. kent

    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 ?

    • 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

    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?

    • 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

    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

    • 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

        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

        • 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.

          • Singh

            Yes. Thats true

  11. Ted

    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

    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.

    • 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. 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?

    • Susan,

      How do you know that they are Forex traders?

  14. Thank you for this article and your motivation words 🙂

  15. 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.


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