Forex trading and getting rich through it, has attracted so much attentions in the past several years.
Maybe the first and most important reason is that it looks so easy to make money with trading currencies.
When you look at the price charts, you feel like you are walking on the moon.
You get excited, and you think you are at the beginning of living like a billionaire.
The reason is that it looks so easy to buy when the price starts going up, and sell when it starts going down.
But, it is completely different in reality.
I am not going to focus on the reasons of the Forex traders failures, because I have already talked about them in different articles.
However, if you are new to Forex, and some people have told you that it can make you a millionaire and you can turn a $500 account into millions after a short while, first avoid those people for good, and second, think twice if you want to risk any time and money on such kind of Forex trading that those people say.
I am not saying it is impossible to make money through Forex trading.
Indeed, it is possible to make millions or even billions trading currencies against each other.
However, it is impossible to make money with it the way that the so-called Forex mentors and gurus and scam Forex brokers and sites claim.
They are after nothing but your hard-earned money.
If you don’t believe this, then you can spend some time and money and find out on your own.
I am sure you will be back to this site after that.
But if you want to know how you can really make money through Forex trading, then read the below words carefully, because I am going to tell you how you can really make money through Forex trading.
That was just the introduction.
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How to Make Your First $100,000 Trading Forex
It is not good to set monetary or pip goals in forex trading.
The reason is that when you set a monetary goal, and for example you say, “I must make $1000 per day through forex trading”, you push yourself to trade even when there is no trade setup formed on the charts.
Sometimes, it is not possible to make any money for such a long time.
But sometimes several good opportunities form at the same time.
The number of the trade setups that form on the charts, has nothing to do with your efforts.
You cannot make the markets form more trade setups.
Trade setups form by the markets, and all you can do is taking them to enter the markets at the right time.
Similarly, it is a bad idea to set pip goals, like “I must make 50 pips per day…”.
If you hear from a trader that “I make ~800 pips per month…”, you should know that he is not a professional trader and he is lying.
It is impossible to set a pip or monetary goal in forex or stock trading and perform exactly as the goal is set.
In forex and stock trading, you have to wait for the trade setups to form.
You cannot make them form, and the number of the trade setups that form every day, week and month, can be different from time to time.
Even day traders who work with the shorter time-frames like 5min or 15min, cannot set pip or monetary goals.
It is a mistake to think that trading the shorter time-frames can make a constant amount of money every day, just because at least one trade setup forms on these time-frames every day.
Trading the shorter time frames is nothing, but wasting of time and money: Long Time Frames and the Patience that Pays Off
Shouldn’t We Set a Pip or Monetary Goal at All?
Am I saying that a forex trader, either novice or professional, should not set any kinds of goals at all?
We cannot set an exact monetary or pip goal within a special time span, but we can set goals that have no deadline.
For example, we can work toward making our first $100,000 or $1,000,000 through forex trading, but it is stupid to set a special deadline (like one year) for it, specially when you are going to make your first $100,000, and so you don’t know how long it takes you to do it.
Having goals like making the first $100,000 profit is not a bad idea, because it can make you keep on working, and not to get disappointed.
Disappointment is one of the biggest obstacles in front of the entrepreneurs and investors.
Many of those who start learning forex, get disappointed and give up, because their failures make them think that (1) they are not able to make money through forex trading; (2) they cannot become a forex trader; (3) God doesn’t want them to make money through forex trading…, or making money through forex trading is a myth and nobody can do it.
None of these are true.
Indeed, you don’t have to become a profitable currency trader through trial and error.
There is a much easier way to do it.
Novice entrepreneurs and investors should encourage themselves to keep on working as long as they have’t got the result they expect.
They should keep themselves from getting disappointed.
They should forget about the other things, like the amount of the money they want to make.
Let the money that you will make, be determined by the other factors that you have no control on.
The gifts that will be given to you, will be much better than what you think.
Just keep on working and let the gifts to be sent to you at the right place right time.
This Is How You Have to Set Your Mind and Keep on Working
It is possible to make money through forex trading and I can do it.
I will become able to make a lot of money through forex trading.
I don’t know when, but it is not too far.
I am so close.
I am almost there.
I keep on practicing and will get there soon.
I will become so wealthy, and I will feel the real meaning of financial freedom soon.
I have everything I need to get there, and I will get there soon…
Think like this and forget about the rest.
Your enthusiasm and efforts will be rewarded sooner than later.
Prevent yourself from confusion.
Don’t overwhelm yourself.
Don’t overload yourself with too much information.
Making money through forex trading doesn’t come from too much working, and sitting at the computer for long hours every day.
When you learn what to do, you just need to check the charts 15 to 30 minutes per day or even per week or month.
You can see the strong trade setups at a glance.
Then you take your positions, set the stop loss and target orders, and you are done.
This is how the best and most professional traders (investors) work.
A professional trader is not someone who works and trades a lot.
Forex trading is not a full-time job.
It is not a business.
It is an investment opportunity.
That is all.
You are a successful “trader” when you make money consistently, otherwise you still have to look for the right way and find and resolve your problems, no matter if you have been practicing for several years.
You are a successful “trader” when you make money consistently, not when you trade every day.
How Can You Make Money Trading Currencies Really?
As I mentioned at the beginning of this article, you can’t make money through Forex trading the way that scams and Forex brokers say.
You can’t turn a $500 account into millions.
Therefore, don’t open small accounts like that with the brokers.
They don’t let you grow your account and withdraw thousands of dollars.
However, you can become rich and multi-millionaire through the currency market if you follow the right track and right people.
I am explaining it briefly in this article.
But if you like to know it in details, you have to read the article I am listing at the end.
So here is how to become a millionaire trading currencies against each other:
Currency, stock and real estate markets are great opportunities to invest and grow your wealth.
Risking small amounts of money in these markets will end to nothing but loss, because you can’t take the proper choices and you have to be dependent on the scams like brokers.
They make you lose and give up finally.
However, if you can trade the currencies against each other, the way that professionals do, you can make a fortune.
To do that, you have to grow a reasonable amount of capital and then buy and sell the currencies against each other through your bank account and by following the longer time-frames.
Now, if you like to learn this in details, please follow the below articles:
- Forex Trading through a Bank Account
- Trading Strategies Don’t Work If You Don’t Choose the Right Living Strategy
- A Short Term Investment Strategy That Makes You a Millionaire
- A Wealth Building Strategy to Create Wealth from Nothing
- Making Money Online as the First Step of Our Wealth Building Strategy