Can Forex Trading Make You A Millionaire?
I was reading this article about becoming a millionaire which sparked some ideas about becoming a millionaire through Forex trading. You can read the article here: 5 Signs You Will Become A Millionaire
First off, becoming a millionaire is not what it used to be. According to the article, “When your father, or maybe you, set that savings goal in 1980, it was like shooting for $3 million today”. And that is true. But getting to the point where you can say you are a millionaire is still cool… and a goal a lot of people have.
I have found this to be specifically true of Forex traders. People looking to profit in the Forex markets often have the lofty goal of making a million dollars. And when looking for mentors, a lot of people only like to consider people who are millionaires.
I think this is absurd.
Do you really need a million dollars to make a significant improvement to your life? Do you really want to discount any mentor, strategy or signals service that doesn’t promise you a million dollars? If that is your starting point for getting involved in Forex trading… prepare to be disappointed.
Anyway, the article goes on to show 5 signs you have a great chance of becoming a millionaire.
- Lucrative Career
- High Income
- Long-Term Focus
- Appropriate Aggressiveness
The first two are pretty straightforward. Obviously, if you have a lucrative career and a high income, you’ll have a better chance of becoming a millionaire.
The next 3 are things I think can be applied to Forex traders looking to become millionaires.
Self-Starters: Even if you have “extra” income you want to invest, most people take a passive approach to investing. By self starter in Forex, I mean someone who is taking a more hands on approach to growing their wealth. (This can be either by placing the trades manually from a signals service, or trading independently).
Most people don’t take this hands-on approach and don’t put their money to work for them properly. And if you want to be wealthy, do what the wealth do. Put your money to work and let your money make money.
At Forex Investing Live, we do all the heavy lifting for you by sharing our trade calls… but you still need to take an active role in your success.
Long-Term Focus: Too many people get involved in Forex because they are looking for fast profits. But that is not a serious way to look at building wealth through Forex trading. Those that take a long-term focus have a better chance of really learning how to make life changing profits through trading Forex.
Taking a long-term focus in Forex can be challenging. It is not like buying a house and planning to sell it 20 years later. Most likely you are looking at the charts at least once a day. It can be difficult to keep a long term view when you are looking at short term results.
At Forex Investing Live, we strive to safely and steadily grow wealth, not looking for windfall profits using any tricks or gimmicks.
Appropriate Aggressiveness: The article states, “Similar to multimillionaires, the emerging affluent display a willingness to invest in riskier, high-growth assets for superior long-term returns”.
Especially if you don’t have a lucrative career or high paying job, you need to be able to make money that matters from your Forex trading efforts. This means you need to use the appropriate risk for your account size and trading goals. You must be willing to learn how to safely and aggressively grow your accounts.
At Forex Investing Live, we provide our Forex “Money That Matters” Course after 20 days of becoming a member. This course shows how traders with even smaller accounts can use money management to make significant and meaningful profits.
In conclusion, becoming a millionaire is still a great goal to go after. And Forex trading can be a realistic and achievable method for making this goal become a reality. To learn how, take our FREE 14 day trial.