November 27, at It will take time but it will be worth it. If so, I highly disagree. Losses are invadable part of trading, if you avoid this acknowledgment, you end up taking higher losses, and suffer form revenge trading and denial black spot trading. The press is filled with stories of currencies overvalued being restored to fair value; in the recent European crisis forex players brought the value of the Euro down when it was overvalued from 1. However, there are a lot more agents who cannot even cover their monthly expenses in the same cities.
Sep 09, · Do you know any millionaire or multimillionaire forex trader in person? Seems so hard to find one Thanks in advance, MrJinks.
PLEASE READ THE WIKI/FAQ BEFORE POSTING ANY QUESTIONS
Most people think that they can learn to make money through Forex trading within a short time, and become a full-time Forex trader who makes thousands or even millions of dollars.
None of the real millionaires or billionaires, like George Soros, have made their wealth through full-time Forex or stock trading: They are experienced business people who make a lot of money through several sources of income they have. Then they invest a portion of their wealth in currency, stock, real estate… markets to increase their wealth: None of them have achieved this through full-time Forex or stock trading and with retail brokers.
Therefore, if you like to become a millionaire, first you have to have a good source of income that makes a reasonable amount of money that not only covers your expenses, but also leaves some money for your trading and investments. One way which is the harder and in most cases the impossible way, is following too many trading strategies, robots and time-frames, and sitting at the computer for several hours per day. The simpler and easier way is learning the Forex trading basics, and then a simple and strong trading strategy.
When you succeed to make profit consistently for 6 consecutive months at least, you can open a small live account and start practicing with it.
You can keep on making money with the source of income I explained above, to save a reasonable amount of money to open a bank account and start trading with it. Trading through a bank account will have a lot more advantages compared to trading through Forex brokers.
Therefore, to become able to trade through a bank account, you have to have a lot of money already. You can do it slowly and surely when you become a consistently profitable trader and you have enough patience. Because of the same reason, we have some programs to help our followers to create a reliable and strong source of income while they also learn how to trade Forex. When they become a consistently profitable Forex trader finally, they have enough money to open a professional live Forex trading account with a bank to trade professionally and grow the money they make.
This is how they can become a millionaire Forex trader while they also have some other good sources of income to support their Forex and stock trading investments. So, the answer of this question that whether it is possible to become a millionaire through Forex trading, is in the facts that I explained in details above.
I think the market is exhausted; strong break of BB; if current candle closes as strong bullish this looks a strong long entry. This is my first day of reading the charts per your strategy, so would welcome your comments.
There is another one forming in daily chart. Both the latest setups you guys mentioned on Nzdusd and usdcad are not strong setup. Hi Chris , This is my 1st comment on luckscout.. Thank you, this article is another big motivation for us. I would like to ask you about NZDUSD, I think on monthly time frame we are on support line, and on daily — nice bullish engulfing are forming with strong LBB breakout, but we must wait for closed. Now, a bullish engulfing pattern is formed at the daily chart.
However, what does this mean for my already open position? Should I close it due to the presence of the long setup although weak? When I looked back I saw that in most cases there was a weak no BB breakout or weak candles setup formed with the last two candles.
Please consider this as a general question. I have read many times your strategy for maximising profits by opening two positions. Do you use a weak setup as an indication that it is time to close the second open position? The upper shadows of the daily candlesticks tell me that Bears still have the control.
So the price can go lower. However, holding or closing of the position is your own choice and is what you have to decide about.
When the position has made a good profit, yes. But when the trend is strong and the weak setup is just formed as the first reversal, then I hold the position. Long tail on the second candle which seems to be because it is stuck on the middle band on the 4hr chart.
I thought today would throw up some strong trade setups across a few of the pairs. But as we approached the close, many of the candles developed long shadows which voided most if not all the setups. Although MA is not steep but might have long setup? We have to wait for the price to retest and forms a buy signal above it.
You have to be able to repeat your success consistently and consecutively for 6 months. Later he started to learn the experience of professional traders.
Within the short period he got a certificate of a financial consultant and taught novice traders. In five years Larry made his first million and became a millionaire. His personal secret of success became a scalping strategy which is widely used in the currency market even nowadays.
Alexander Elder his occupation is psychiatrist by his own example proved the influence of psychology on the exchange trading. His main line of activity is options and stocks. As of today Alexander Elder is an author of popular books about trading in the Forex and stock market.
He is also the head of the professional traders training center. He managed to make millions not only by trading but by teaching how to trade and writing books. Timothy Sykes is one of the most successful young traders in the world. His first step on the road to his first million Timothy made when he was In he took the first place in Barclays rating amongst hedge fund managers. No one can say that billionaire Warren Edward Buffet increased his wealth only due to trading in the Forex market.
The major part of his capital Warren made in the stock market due to share trading. The secret of his success is quite simple and based exclusively on the fundamental analysis: Richard Dennis started his career in the Forex industry as a courier in one of the stock markets in Then he started learning more about trading, and as a result, having started with only dollars, he managed to increase his fortune to million dollars.
After making a deal, it is better to take a break, gain strength and inspiration, and only after that, continue trading in the market. In our article we tried to answer the most frequently asked question of the 21st century: The answer is evident: They are all united by strive for success, desire not to stop at the achieved levels and continuous self-development.
We sincerely wish success to every trader. Trade in the Forex market together with us, open a real account today, and let nothing make you to abandon your dream.
It may be you who will become the next Forex millionaire and serve an example to millions of people over time. We have spoken about this issue and the die is cast now. The reason we bring it into your attention is for you to see that there are the richest hard working people out there ; however we did not mention them all, there are so many rich Forex traders out there that space may not allow us to mention. There are those people who are still building their Forex trading accounts very slowly and others are not revealing their success status for safety reasons.
It is very possible to be rich in every aspect of life,. Dedication, Hard work and Goal driven as we have stated above. Sign in Get started. Never miss a story from Forexafrica. Get updates Get updates.
FOREX TRADING. At the moment we are going to speak about the richest giants in the Forex trading market; we are going to expose who they really are and how do they make success on the Forex trading market, perhaps studying about few of them will inspire the current Forex traders and also those who are willing to start trading. Disclaimer: Forex trading involves high level of risk. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary. It possible to become a millionaire through forex trading, as it is possible to become a millionaire through stock trading, programming, marketing, importing and exporting, constructing, and The more important question is “how?” There are two things that you have to do to become a millionaire Forex trader: 1.