Making money through forex trading is possible if you adhere to some conditions. When you have proper conditions in place you will indeed make money. However, without the conditions, you’re possibly wasting your money and time.

What Are Those Conditions

Forex can make you a millionaire if you are patient enough because it cannot be done overnight or even in some months to come. There will be challenges which you will encounter as you find a good broker who will not cheat you. However, you need to be cautious enough about these brokers because they will not let you grow your account gradually because your profit will be a loss on their side.

Forex Is Not A Get Rich Quick Scheme

If you thought currency trading is an easy way of making a living then you are wrong.There are some important stages that you need to go through to make money through forex which eventually you’ll be a millionaire. Making money through forex is possible like any other importing and exporting, marketing, programming, and stock trading. Some rules can help you become a forex trader.

-You need to master trading techniques.

-You should have a reasonable amount of capital to invest in the forex market it is still very hard for a single forex trader to become a millionaire by growing a small account with a retail forex broker.

-You should have adequate capital so that you can trade currencies using a bank account.

Can I Become A Millionaire Trading Forex 1 to 24 Month Plan

You have to have an endgame insight when you get into forex trading. This means it is like a magic number that you want to use in a trading bank so that you can withdraw ROI from your funds. For instance, if you have $5000 you can get 5% ROI weekly. This can earn you 5 k weekly which totals up to 260 K a year. Therefore if you are persistence with forex trading you can grow your small account. Therefore you need to set ROI goals and stock to your plan.

How Can You Become A Consistently Profitable Forex Traders

It is not possible to start making money straight after learning the basics of forex trading because you will first need a strategy. Most people fail to learn that to become a successful forex trader you need to consistently be a profitable trader by first having a reliable source of income to support your currency investment which you will use in forex trading. This means you need to have an income that can sort out your expenses and give you some free time to learn how to trade in Forex when you are relaxed and you have peace of mind.

Unfortunately, if you have financial problems it will be difficult for you to make money through Forex.

Is IT That Simple To Make Money In Forex

Well, if you want to make things simpler for you need to start by learning the basics of Forex which includes risk management, taking trades and setting up a demo account. These basics will help you narrow down to develop a strategy and stick to the rules outlined in the strategy. In forex trading never try to win a trade by breaking the rules. Always stick to your rules if you want to succeed in any trading.

The spreads and fees from your broker will work out as Time goes that is why most people opt out from trading using math to gain forex earning because it makes it more complicated. What you need to do is to research what the broker needs you to use and start by researching more on other resources.

Therefore as a trader, you need to control buying and selling so that you can take your profits and manage the losses. Try to figure out the simplest and the best way which will work for you depending on the strategy that you have chosen to follow. Doing Forex the right way will help you to become a consistently profitable forex trader which will motivate you to open a professional forex trading account. By doing this you can become a millionaire in forex trading.

So Can You Make A Living Trading Forex

Forex can be a good platform for making a living even if you start small your account will grow as Time goes. Therefore, you need to set your own goals and limit the risks. If you lose your first trade don’t revenge because you may end up losing everything. Instead, take another emotionless trade when you are relaxed. Ensure to stick to your plan always.

False Forex Success Stories

Some people believe that you can make money with forex over a short period. others believe that being a full-time forex trader can make you a millionaire but that is not true at all. This is because there are many false Forex millionaire stories all over the internet hence you need to be cautious so that you may not be deceived. Some of the genuine multimillionaire forex traders include Steve Gregor who is the founder of forks, scans, and festivals Facebook group, Eric Garrison and Clint Eastman. Follow the success stories of these successful traders and someday you will achieve your dream.

Related Questions

Can you Get Rich By forex trading

You can get rich by forex trading when you have a strategy and start small even if it is only 5 pips a day.

How much money Do I Need To Start Trading Forex

When starting Forex you don’t need any money because you can use a demo account board Tradingview and MT4 are free.

Is Forex Trading Profitable

Forex trading is profitable but they are also associated risk that is why you need to start to buy a demo account until you have mastered how to trade in Forex.

Can You Be successful Right Away With Trading

You can be successful right away with forex trading but it is a rare case because it requires you to be consistent and follow your strategy as you grow experience.

A year which comprises 12 months typically has 250+ Trading Days. 2019, for instance, consists of 252 trading days out of a total of 365 days in a year and mathematically translates to around 4.85 trading days a week. Please see our Bank Holidays Calendar.

How Many Actual Trading Days Do I Have in a Year?

Based on your trading style, 250+ days can work. Around 5 PM EST on Sundays is when Forex markets open, and that’s the time for higher spreads. During low spreads and when the price isn’t consolidating and, I trade, and so I only trade around 7 pm like from Sunday to around 5 pm on Friday.

Do I Trade All Those Days?

No, I trade only when the market favors my daily traps. Starting with a 1% goal on daily bases is achievable whatever the strategy. Note that it is different on Demo on your first trading day. If you are new, try out your strategy anytime an opportunity comes up. Basically in demoing, you learn the DOs and DON’Ts, meaning you should bring in the VOT (Volumes of trades) you can.

But, when you are getting set to go live, ensure that you live demo! Now, live Demoing is turning into a machine that involves trading with no emotions. You should stick to setting your 1% goal and do not read when the market is not right. Aim on reaching that goal daily and then closing for the day. Stay away from trading in excess because it will end up hurting you. That is a lesson I have learned over the years.

If you lose nothing in a particular day, be glad for that victory, for so many newcomers quit in barely one week or month. The risk to reward ratio is another role in it.

Let me reiterate that you need to trade any minute if possible but don’t develop a habit of doing so every time. You must balance life and do some work elsewhere to supplement your income. There are weeks I trade for just a few days to ensure that my 4-5% is assured weekly. My trading involves perfect setups alongside stacked confirmations. I usually call it major energy points. I fix an alert in a small number of pips to 10 pips to let me jump on the charts to assess whether to or not to take that trade.

This enables me to go on with other important activities for my life the way I deem necessary without spending time 24/5 on the chart.

What Becomes of the Forex Market When it is Holidays?

Other currencies respond pretty slowly to most holidays. However, only U.S holidays have my interest to a significant degree, and it is not particularly so because I reside in the U.S. The U.S dollar has an influence over many other currencies, so when the USD is moving slowly, other currencies do not move.

Forex Trading Calendar

What Transpires During Holidays?

Based on the country that has the holiday, when banks are not operational that period, the market goes much slower, and the spreads go higher considering that volatility is less. It does not imply that you should not involve in trading. You rather just have to be careful and choose alternative currencies without any correlation with the specific country being closed.

And during the Weekends?

Retail traders have nothing to do with weekends. You should not feel laidback by weekends as they can be a good time to sit back and assess your last week’s performance. Besides, trading in crypto with some brokers can be a good option for you during the weekend.

That is what I was fond of doing in my newbie years, but it was during the hay days of Bitcoin. So, it helped me to get a few corrections while riding on the Bitcoin wave. Presently I am not trading cryptocurrency at all but I will again when my strategy gives me the go-ahead.

Banks and similar financial organizations continue to have the right of entry to the currency market and that accounts to why big Gaps exist in the market on Sunday when markets open. It can be a positive thing if the trade you are holding happens to jump even more towards you or a bad thing if the opposite is the case. When it is weekend, stay away from holding the trade. Friday is when I close, and Monday is when I get back looking for re-entry.

This as well provides an avenue for another strategy to trade the gap in the weekend. This strategy is pretty well-known and could be worth your interest.