When we start a business where the stakes are considerable high, the question is “How can I become rich in this business?”… In this case the big question as a possible Forex trader is:
“Can I get rich in forex?”
This is because the purpose of investing in Forex trading is to make money.
The Daily Forex allows hundreds traders the opportunity to earn small sums and large sums, but that can be done if you receive a proper education and an internship in a demo account before entering the market with real money. This is like any job you play in life; you should be theoretically and practically prepared to achieve success.
When trading Forex we cannot help thinking all the time in money, but a good advice when you trade is to not think about money, but think objectively in the operation and not fall into the greed, the thought is good advice while trading, since if you want this to be profitable, it is best to focus on strategies rather than money. This can help to keep the objectivity of the trading.
Now let’s try to answering the question: Is it possible to become rich in Forex? The answer is: “If you can earn a lot of money” but we cannot say it will be enough for you to consider yourself “Rich” or “Millionaire”, but enough to significantly improve your quality of life. This is of course; if you obtain an adequate training to trade, so you have to take into account some important pointers:
- Do not start trading if not familiar with the process, you may lose all your money.
- Find out in forums, articles and videos about Forex.
- Invest in your financial education.
If for example you want to start trading with a capital of $ 30,000 is vital that you have a full plan since it is a considerable sum. Once again we see that everything is based on the management of money, because money management is the key.
Success is not an overnight event. There is no substitute for hard work, however we can think of other scenarios such as getting rich in one or two years by opening a $ 1000, actually this may not be possible, or perhaps we think we can make $ 1,000,000 in one year beginning with $ 500, but the truth is that this cannot be, it is unrealistic, so if that were to be true, all Forex traders would be richer than Bill Gates, the world’s richest man.
Every forex trader loses trades and money in their operations; the important thing is to earn more money than you lose. Many Forex traders when they start they have the hope of winning large sums of money without losing. However if you do not have a specific plan or any previous training and strategy on money management, the goal will not meet any significant percentage of your strategy or any other.
You could easily build a base of investments in forex about $ 5000 in the first year, opening a $ 1000 of capital, thinking that the capital will be increased each time it trades and builds gradually. When capital grows, increase the lots and therefore obtain better returns than before.
In the Forex market, you can get quick profits, but losses can also be obtained immediately, so you must be careful to think only about making money, if you are not well adhere to the management strategy of planned capital you follow, than make one if you do not have a strategy, to avoid becoming bankrupt.
The Forex market is not for traders who are not disciplined and who lack knowledge of planning and money management. Nor is it good idea for a Forex trader to be an unemployed person with debts and no capital to invest, since it is a risky market where you should be aware that in hard times it can all be lost. 90% of Forex investors do not succeed due to lack of strategy and education, so to get rich in forex mentoring is necessary to take serious, disciplined and planned.
Here are some tips on how to plan properly and thus achieve the goal of getting good profits:
- Set a limit to the pips while trading, one suggestion is to try to get at least twice what you risk per trade.
- Set the output based on conditions presented by the market.
- Give a daily eta to win in terms of pips. Having reached the goal ceases to trade that day.
- If you see that the market favors, you can take your profit every certain amount of pips and come back in again to win again.
- Do not make last minute changes to your strategy, if you start to take losses, try to recover the proposed gain for the day, and the next day try to recover what you lost yesterday.
- Try to be at least a few hours a day, every day at work. The important thing is consistency.
- Make a daily routine using your strategy and the months will start to see the success of your trades and profits.
In conclusion you can make money in Forex, and earn enough to improve your quality life, if you are consistent, use the appropriate strategies and money management tactics. And remember that in Forex you will not be “rich” in overnight.
The term “rich” varies from person to person and depends on the size of account with which to start trading. But to change for the better your economic status and lifestyle is a great success that few financial tools provide and that is the advantages that the Forex Market offers.