- Can I Become a Millionaire through Forex Trading?
- – What Are Those Conditions?
- – Forex Is Not a Get-Rich-Quick Scheme
- – Behavior, Life and Work Style
- How Can You Become a Consistently Profitable Forex Trader?
- – False Forex Success Stories
- – The Hard and the Easy Way
- – You Need a Source of Income
- – Do It the Right Way
- Do Retail Traders Have a Chance?
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:
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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 will have a hard time.
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.
Forex 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
Currency trading is not an easy way of making money and making a living.
It is the same with the stock trading and all the 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:
First you have to learn and master the trading techniques.
2. You have to have a reasonable amount of capital to invest in the Forex market.
You can’t become rich through growing a $500, $1000 or even a $10,000 account.
It is not even possible to make a living through such an account, 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 through growing a small account with a retail Forex broker.
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 trades through the retail Forex brokers.
You have to have enough capital to trade currencies through a bank account.
And, as the bank accounts are not leveraged, your capital has to be reasonably enough.
Learn more here: Forex Trading through a Bank Account
Those who don’t believe in what I explained above, can spend some time and money on retail Forex trading through the retail Forex brokers.
I am 100% sure that they will remember what I’ve explained above, and will be back to this site after losing a lot of money and wasting a lot of time: Trading Strategies Don’t Work If You Don’t Choose the Right Living Strategy
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 have a source of income that supports your currency investment.
I mean you have 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.
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.
– False Forex Success Stories
Most people think that they can learn to make money through Forex trading within a short time, and become a full-time Forex trader who makes thousands or even millions of dollars.
This is is not true at all.
I’ve 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 the real millionaires or billionaires, like George Soros, have made their wealth through full-time Forex or stock trading: How Did George Soros Make His Money?
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.
None of them have achieved this through full-time Forex or stock trading and with retail brokers.
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.
There are two ways to do that.
– The Hard and the Easy Way
One way which is the harder and in most cases the impossible way, is 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 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 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 Need a Source of Income
Forex trading is not a full-time job.
It is not a business as well.
It is an investment opportunity.
You should already have an income to become able to invest in the currency market.
You can keep on making money with the source of income I explained above, 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.
(Please refer to the articles I listed above.)
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.
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.
– Do It the Right Way
Because of the same reason, we have some programs to help our followers to create a reliable and strong source of income while they also learn how to trade Forex.
While they are learning to become consistently profitable Forex traders, 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 above.
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.