Can You Really Become a Millionaire from Forex Trading?
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?
- How many pips can I make every month?
- 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?
The 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 🙂