You must aspire to be a millionaire in the Forex market. Many novice traders dream of becoming a Forex billionaire in one to two years, but they leave up after losing their hard-earned money within a few months. The issue is that the majority of them do not have a trading strategy. You, too, may become a Forex billionaire if you genuinely follow the trading method below.
Tip #1 for Becoming a Forex Millionaire
To begin, learn everything there is to know about Forex trading. The majority of the information is publicly available on the internet. Select a Forex trading method that you believe best reflects your personality and trading style. A 60-day money-back guarantee should be included with this Forex trading technique. This way, you may test the system and get a refund if it doesn't work. It's critical to pick the best trading system for you. There's no need to haste. Learn about the many Forex trading systems available on the market. Make a list of at least three of the top Forex trading systems. Make sure that the Forex techniques are simple to use and that trading takes no more than 3-4 hours each day.
Tip #2 for Becoming a Forex Millionaire
For one month, test the best Forex system in your view on a sample account. If you're having trouble trading the system, request a refund. Select the second Forex trading system from your list. You will locate the system that works for you on the sample account and generates a 100% monthly return after testing two systems. It's time to trade live when you've mastered the system on your demo account.
Tip #3 on Becoming a Forex Millionaire
We won't be trading live on a regular account for a while. We'll deposit $100 into a micro account and use that system to trade micro lots. Every month, your goal should be to get a return of 100% or higher. 1 pip is 10 cents when trading on a micro lot. As a result, losing 10 pips equals losing $1. However, if you lose 10 pips on a regular lot, you lose $100, and trading with a standard lot requires at least $1000-$2000.
We'll strive to quadruple that $100 in a month's time. This entails a one-month return of at least 100 percent. On a micro account, losing 100 pips equates to a loss of only $10.As a result, trading on a micro account is risk-free. Test a system on a micro account, and if it doesn't produce a 100% monthly return, request a refund and go on to the next best system on your list.
Once you've found a technique that returns 100% on your micro account, it'll turn your $100 into $200 at the end of the second month, and $200 into $400 by the end of the third month.
You must now move to a micro account in order to make your trading risk more realistic. On a small account, 1 pip equals $1. Turn that $400 into $800 at the end of the fourth month, and that $800 into $1,600 by the end of the fifth month, using the same trading system.
Take your time. These five months will teach you a lot about how the Forex markets evolve and how your trading strategy performs when market circumstances change, as well as whether or not your broker is good, how to use leverage, and how to manage risk. Now that you have $1,600 in your account, you may switch to your regular account and begin earning a 100% monthly return or more.Do the math, and you'll be a millionaire in less than six months.
