There is not a single Forex trader who did not lose some trades. All Forex traders are bound to accept the damage because, in this largest market, it is impossible to maintain profit constantly. The most probable reasons for losing are shortage of preparation, indiscipline, lack of training, poor risk management, and not having an edge. But if we consider the losing fact overall, you are not supposed to hate the losing terms. Otherwise, it will be more challenging to survive in the Forex.
From our point of view, a strong statement will be that Forex trading is not for those who join here to fulfill their daily needs. The tendency to pay your bills is absolutely prohibited to the purposiveness of entering the foreign exchange. One should never consider this market as a solution to their unemployment problem. If we say it more clearly, you need to join the Forex market with a $10,000 capital minimum. (In a mini account) that also you can afford to lose.
Can one be a Millionaire?
It will be foolishness if you expect to become a millionaire with a hundred-dollar investment. This is not a gambling show. Forex is the biggest trade center globally for the enormous size, liquidity, and a large number of currency pair’s transactions. Various currency pair’s rates fluctuate every second/minute. If someone wants to survive here with a strong position, he must understand the math and charts with a proper trading strategy and game plan.
The bitter truth is that many investors come to this place with a massive hope of becoming a millionaire with a few bucks. But in reality, most of them lose total assets for lack of discipline and suitable strategy. If they focus on the trading art instead of hoping unrealistic, the result could be sweetest. View page of Saxo and learn the basics of trading. It will definitely help you to make wise decision at trading.
If you are still unclear about the ‘how to become a millionaire’ question, the most straightforward answer will be, you cannot build millions of profits without involving in gigantic risks. That doesn’t mean we encourage one to take a larger risk for gaining profit without a perfect strategy. Now please do not call gambling mentality your strategy.
Forex trading requires a prominent skill that takes time (maybe many times) to learn the art. And it is impossible to be an artist overnight. Because success does not occur quickly like other occupations and businesses. If you move your eyes towards the current traders, things will start to make sense. Many people consider this market as a sweet piece of cake. But if it really is the truth, everybody joins the place would become rich.
I know many of you are still hoping to become a millionaire by investing in Foreign exchange. Yes, you can. But it depends on the initial capital of investments. If you start with $10,000 and invest 10% of capital each month, it will take four/five years to profit in millions. If you start with $100k and each month 10%, it will take two years approximately. It is only possible in foreign exchange.
Do not let the broker fool you with tempting offers, such as doubling your assets overnight. The truth is that they wish you to lose the money. As we brief earlier, only solid calculation, following a well-verified strategy can make you rich. Make yourself an expert on a major currency pair and be updated about the rates. Be aware of the timeframe so that the support and resistance will seem more accessible to you often.
You cannot find a shortcut to be successful in Forex. Persistence and experience are highly required to master in the segment. Keep practicing with a demo account until you feel confident about the pros and cons of forex trading and its methodology. According to your personality, choose a trading style that keeps motivating you for the upcoming sessions.