Forex Millionaire Strategy: How they do it
I recently started a series entitled ”How to Become a Millionaire Trading Forex”. In this series, the aim is to show you the ultimate Forex millionaire strategy.
Is it even possible to learn these Forex millionaire strategies and use them successfully?
Absolutely yes. But if you keep doing things the same way, you should typically expect the same results that you’ve always got.
They don’t do what the ”herd” is always doing in the pursuit to seek Forex riches.
This post is a lesson that will provide you with useful insights on how professional Forex traders think and act.
Whether you’re looking to trade the financial market for the first time or have been trading and getting pathetic results, mimicking these Forex trading tips secrets from professional traders will dramatically improve your trading and ultimately your bank account.
Forex Millionaire Strategy tips
You should be anticipating what you’re going to trade
We do not trade like a machine gunner. We trade like snipers because snipers don’t have second chances.
We wait for the right opportunity and then pounce on the prey.
It is different from someone who wakes up in the morning and reacts to whatever pattern formation they see on their chart.
I have a map that highlights conditions that should be met for me to get into any trade.
I will not get into a trade if these conditions have not been met. And that’s one of the most important Forex Trading tips secrets that every trader who opts to go the way of learning must utilize.
Since I have a trading plan and sticking to it, I will just sit back (no matter how long that will take) and wait for the market to ”fall into my trap”. Then I will pull the trigger.
Focus on trading, money will automatically follow
When I became proficient as a Forex traders, it didn’t happen by chance.
I went through heaven and most of the time, through hell.
I learned, relearned and even thought to myself that this was an impossible thing to get right.
But when I stopped focusing on the money, I began to see dramatic improvements in my trading.
What was I doing wrong that I was now doing right?
I focused on trading more than on the money.
By doing so, I see any form of trading as a game or a competition. It is literally me against the ‘herd’.
So I have to play right because if I lose the competition, the consequences can be very severe (I have received a couple of emails from people who lost their life savings to Forex trading).
When I look around in popular trading forums and blogs, I see people judging traders based on pips gained or percentage of trades won.
Honestly these metrics are not the most effective way to measure your progress.
This is because every trader is unique in terms of how they trade and how much they fund their accounts with.
I prefer to track my progress based on dollars risked verses dollars gained rather than measure in terms of win rate or percentage gained.
This is a value denoted by R.
The bigger the R value, the better it is.
So R is a measure of risk. Multiples of R represents gains.
If, for example, my risk reward is 2R, then it means that for every $2 earned, I lose $1.
If risk/reward is 4R, then it means that for every 4 dollars earned, I lose $1.
If I made $200,000 and lost $50,000 in one year of trading, my profit factor R is 4R.
Sorry for the calculations. But am trying to drive a very important point home as far as the topic of how to become a millionaire Trading Forex is concerned.
How do you double your R profit factor? Well, focus on trading and not the money. That is the way I have always increased my R profit factor.
Day Trading Vs Swing trading
Not only does this apply to Forex trading, but it also applies to stock trading and other forms of trading as well.
Unless you’re using automated Forex robots to trade the financial markets, limit the urge to day trade.
In my opinion, it’s a bit challenging to make money as a day trader than it is as a swing trader.
Successful traders basically hold a position for days or even weeks, meaning that once our ideal trading conditions are met, we enter the markets and hold on until our trades have matured.
This can take days or weeks. It does not matter.
On the other hand, day traders struggle to make a million dollars because they get in and out of the market many times a day in their pursuit to collect tiny gains.
As swing traders, we mostly focus on the 24 hour chart and occasionally the 4h chart.
Rarely do I trade the 1 hour chart unless under special circumstances. I will never go below that time frame whatsoever.
Basically, the higher the timeframe, the more accurate the signals become.
You need to ton down if you have been trading a lot. Reduce your frequency because most traders want to trade too much, and they lose money as you know.
On the other hand, we the swing traders stay away from the markets when there is no need to be there.
But when we enter, we do so only on a high probability trade setup.
Remember, we trade like snipers, not machine gunners.
There is something called clutter verses clarity.
In this blog, I have trading products. But I also teach my students how to become better traders.
One thing to realize is that if you’re going to use automated Forex trading robots in your pursuit to make a million dollar, stick to a clear path.
Don’t mix up several trading indicators and methods with the thought that you will dramatically boost your results and make more money.
When you clutter your trading approach, i.e using many automated Forex robots and indicators with different settings, it leads to mental confusion, then losses.
Buy an automated Forex robot that has multiple settings. Experiment with the various settings on a demo account. When you find the ”sweet spot”, transition to live account and stick to those settings.
We, successful hands-on traders have a special way of trading.
Once we master our trading approach, we stick to it.
We may also own a few tools. But we are always very careful not to mix up everything. We only use what we like most.
And that answers the question of How to Become a Millionaire Trading Forex.
My best advice for you
How to Become a Millionaire Trading Forex isn’t necessarily an impossible thing to achieve.
But there is one thing that is constantly becoming clearer in my mind. That if you don’t think or act like millionaire traders do, then you will be sucked in, get chewed and spit out faster than you can ever imagine.
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That being said, I’d love to read your thoughts and opinions on this lesson below.