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Can You Be A Millionaire Trading Forex?
Do you have what it takes to become a forex trading millionaire?
There are lots of competitors in the forex market.
Getting to the top isn’t easy.
But it’s certainly possible…
So how can you be a millionaire trading forex?
Can you be a millionaire trading forex? Mindset is the key!
To start, your wealth isn’t measured by how much you earn trading forex. It’s measured by how consistently profitable you are with your trading strategies.
Learning how to become consistently profitable comes down to one fact: accepting the reality of trading.
You can’t become a millionaire overnight.
In fact, you need to learn how to lose before you can win!
This mindset comes from accepting that trading is a skill that takes time to master. You will encounter different stages of forex trading, as you move from being a losing forex trader to a winning forex trader.
The journey is frustrating at times…
But losing is part of forex trading.
Most forex traders don’t go into trading expecting to lose.
I certainly didn’t!
Answer this question: how does it make you feel when you lose money on a forex trade?
If you can learn to handle losses and, importantly, learn to limit those losses, you will be on the path to becoming a millionaire forex trader.
You must learn to be ‘cold blooded’.
When pro forex traders lose a trade, they don’t think twice about it. They are immediately focused on the next trade.
One time, I met another forex trader in a hotel pool. We were at the same trading conference and he was shorting the Mexican peso, when then US President Donald Trump said: ‘I’m going to build a wall on the Mexican border and make Mexico pay for it!’
The Mexican peso nosedived and the trader made a bucket load…
I said to him…
‘If you lost all of your money, what would you do and how would you feel?’
I’ll never forget his reply.
‘I would feel nothing because I would make it all back again.’
That’s the mindset of a millionaire forex trader.
You have to be comfortable with losses or you will never make it in this game.
Your strategy might win today. But tomorrow is a different day.
The main challenge is to prepare yourself for the worst possible scenario. If it comes, you will be ready. This is forex trading and anything can happen, after all. There’s no sure thing in trading. If there was, everyone would be rich.
But when can you be a millionaire trading forex?
You know the answer.
When you have the right mindset.
Having the right mindset will set you up for success throughout your forex trading career. Remember, you can’t become a forex trading millionaire overnight. You must learn how to lose small before you can learn how to win big.
Successful strategies in forex trading
Let’s review today’s question again: can you be a millionaire trading forex?
You know the answer is yes.
Forex trading is pretty straightforward as well. Don’t let anyone tell you otherwise.
You just need to have a really good trading plan that gives you an edge. We talk about this more in our 24-lesson free trading course, which you can read later.
Here’s how you do it quickly…
Good capital balance and minimal risk
To start, you must have enough capital before you can start trading forex. The most common mistake is not having enough capital for multiple trades.
Newbie traders usually have low starting capital and invest too much in their forex trades.
It’s okay to have a low starting balance, such as $100 to $500. But you shouldn’t bet the house on just one or two trades. That’s why, if you don’t have enough capital to make multiple forex trades, you risk getting bored and doing something reckless with your trading account.
If you start trading with $100, for example, you should manage your risk accordingly. The best strategy is to minimise the risk per trade, such as 1-5% of your capital per trade. Just because you have a small account doesn’t mean you have to bet big.
It’s about the journey – not the destination.
The more trades you perform, the more experience you will get. After learning how to trade forex, getting experience is necessary to become a millionaire forex trader. That means lots of trades and screen time to learn how to become a millionaire forex trader.
Stay updated on the forex news
It’s also essential to keep an eye on the news, even social media.
If you watch the news every day and trade forex, you will become good at predicting the market direction. You will also see what news moves the market. Remember, an intelligent forex trader should know what time to trade and when to go to the beach.
Timing is everything in this game…
Turn the 60/40 rule into a habit
And so is money management…
Let’s say you win big on a forex trade. Consider only reinvesting 60% or 40% into future trades.
Putting some profit aside helps build your confidence.
The trick is to know how much risk you want to take. If you are happy to keep growing your account, you can opt for the 60% reinvestment and put 40% in the bank. The point is, the goal of trading is to live a good life.
I should actually take my own advice more…
Your ‘Start With Forex’ Takeaway: Can you be a millionaire trading forex?
Today’s question is: can you be a millionaire trading forex?
You know the answer…
But you can’t make millions trading forex overnight!
The first step to becoming a millionaire forex trader is having the right mindset. Then, after you have the right mindset, you need to learn how to trade forex.
Most people think they can learn while trading.
That’s a myth.
It’s better to spend time learning how to trade first, instead of going down loads of dead ends and losing money.
That’s a soul-destroying process.
It’s also worth signing up for forex trading signals or a forex system provider. That way, you can learn how to make the best trades as well.
If you want to learn how to trade forex like a professional, start by reading our FREE forex course. Remember, there’s a million ways to make a million bucks in the forex markets. So if you want a head start in forex trading, alongside our free course, check out our approved products page for forex trading signals and systems to help kick start your trading.
To your trading success,
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