You’re probably interested in how to become a millionaire trading Forex because you’ve heard many stories of successful Forex traders in the world, and it sounds very easy to achieve the status that these guys have.
But let me remind you one thing. If you think and act like the rest of the herd in the Forex market, you won’t become a millionaire Forex trader.
It’s a known fact that Forex traders fall into two categories: those who win and those who lose.
The winning ones simply do things differently. Because they are not following the heard, they are constantly building their bank balance to the million dollar mark.
So in this lesson, I will discuss how to become a Millionaire trading Forex or stocks.
Of course am not saying you’ll become Warren Buffet tonight. It’s going to take some time to become a successful Forex trader.
In this lesson, I will also discuss how successful traders think, act and behave every day. One of them is that they don’t get desperate to the point of buying every trading product out there that is promising millions.
This is an equivalent of getting into the mindset of a millionaire Forex Trader.
When you copy their habits, it will change your story whether you’re a beginner or seasoned Forex trader who has not achieved the desired results.
Am sure you’ve always heard that if you keep repeating what you’ve been doing over and over, you will never get different results.
So then, let me ask you this question, where are you in your trading currently?
Are you happy with the results? If yes, then this lesson isn’t for you.
If No is the answer, it means it is time to make changes to attain the desired goal.
How to Become a Millionaire Trading Forex
Become a hedge fund manager like us
I am trading with a big account size than most of you reading this post.
This is not bragging, I am just trying to pass an important message across.
I started as a novice trader back in 2009. I was where you are right now.
And then with time and experience, I gradually moved to where I am right now.
Over the years, I have come to learn that my account size does not matter.
If you cannot trade properly, you can’t consider your account size as a factor that propels you to success.
On the other hand, your account size can help you make money faster because the bigger the size, the greater and quicker the profits (or losses).
Before you can think of playing with a big account, you must be proficient with a small one first.
Of course this does not apply to those who have opted to use Forex robots. It only applies to hands-on Forex traders.
My point is, bankers and hedge fund managers don’t focus on the money. They focus on trading properly and winning so that money can come.
Isn’t that in line with the philosophy of how to become a millionaire trading Forex?
love the ”herd”
We use the term ”herd” when referring to amateur traders.
90% of traders in the Forex market are amateurs, and we love them very much. But why?
Because if you are not a shepherd of the flock, you will be disadvantaged in the Forex market.
If you’re in the herd, the shepherds will take your money because the Forex market doesn’t pay people out of thin air.
Some people have to lose so that others can get paid.
You do not want to be in the herd because you will always be the one donating your money to the shepherds.
How do we exploit the behavior of the herd to get the most out of them?
We do the opposite. We are always on the opposite side of the crowd.
For example, we buy into weakness and sell into strengths, thus getting a better risk/reward ratio.
Most people will be caught unawares when big moves hit the market.
However, by the time these moves occur, it will find us in the market already because we bought into the weakness and sold into the strengths.
That’s how to become a millionaire trading Forex.
hate to spend time in the Forex market
If you’re wondering how to become a millionaire trading Forex, you’ve got to stay away from the market if there is nothing to do there.
Let me tell you one thing. High probability trade setups don’t show up every second, every minute, everyday.
If you insist to trade the markets every day and every time, even trying to form signals in your head in relation to what you’re seeing in the chart, you will erode your trading capital much faster.
I do not trade like most Forex robots do, although there are very few Forex robots that trade like me.
I prefer to sit with my hands folded until I see a sign that a big move will occur.
Do big moves or high probability trade setups occur every day? Absolutely no.
Even the Forex robots that I recommend in this blog don’t trade every day. So I made sure that I was only selecting robots that follow my ideal trading pattern.
That way, we preserve capital. We don’t stay in front of the computer all day long trying to beg the market to form high trade setups, and if it doesn’t, we jump in, praying that the trade will win.
Use wider stops
When you are not using a Forex robot because you’re a hands-on trader, you may decide to take a high probability trade like this one.
One thing I’d like to point out is that if you use tighter stops, you will often get kicked out of a trade before it can mature.
Some robots are designed to intelligently place stops according to market dynamics., and even move them when necessary.
But these robots don’t come with a cheap price tag. It’s the reason most Forex traders end up using cheaper robots that don’t have these settings integrated. In the end, the robot losses because it doesn’t place its stops correctly. It’s how not to become a millionaire trading Forex.
As a daily chart trader, we use wider stops because the 24 hour chart naturally comes with wider daily ranges which can prematurely stop us if we don’t place our stops correctly.
My best advice for you
I will not pretend that the above points are enough to answer the question of how to become a millionaire trading Forex.
But I can emphasize that these points are the core ideas and fundamentals of how to become a millionaire trading Forex.
I now see the need to instill these ideas in you because since I learned them, I have had a successful journey as a retail Forex trader since 2009.
I am always glad to teach and welcome you into my member’s area to learn more.
In the next article, I will continue with these points. The title shall be: how to become a millionaire trading Forex (part 2).