Can Forex make you Rich

Is it True, Forex Trading Can Make You Rich?

The answer to this question can only be found within an individual. As far as the potential the forex market has to offer then the facts speak for themselves. Over $80 billion dollars is traded on the forex market every single day; the markets are open 5 ½ days a week 24 hours a day. Since the invention of fast speed internet connections and online spread betting platforms it has become possible for individuals to trade foreign currency from the comfort of their homes. Many of these individuals are becoming rich from the forex market.

Although it is a true statement to say that trading forex can make you rich, there are certain attributes that need to be established in a forex trader both emotionally and physically. The hardest thing to deal with in trading forex is losing money and being able to keep your cool and make the correct decisions even after a losing trade. It is the hardest thing in the world to sit and wait for a decent trade to arrive after just losing a trade. The overwhelming emotion to dive straight back into the market to make your money back has to be controlled.

Surprisingly one of the other emotions that need to be controlled is that excitement when making money. You would be surprised the amount of traders that exit trades far too early because they feel they have made too much money. Loses are inevitable in forex trading no matter what people tell you but it is the overall profit at the end of the month or year that will determine whether you have what it takes to become rich from trading forex.

My advice to anybody wishing to embark on the roller coaster journey of trading forex is to seek out some training from a forex club with a professional trader. Open a demo account and trade with demo money for at least 3 months and document you results. Once you have found a system and method of trading that suits you and that shows consistent results then you should consider trading for real money

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5 Forex Trading Tips to Make You Rich

There is a method to becoming rich in the Forex market, and that method is Forex trading. With Forex trading you can now reap even more benefits, and be on your way to making money in literally no time. In this article, I will give you 5 Forex trading tips to make you rich.

Related: Forex where to start

Going from making little to exploding your profits through the system is easy to do, all you have to do is have the right mindset and make simple changes.

1 - Accept Volatility and Risk Cheerfully

Trading in any market means taking a risk, and for the Forex system that is no different. If you want to make this trading system work you will have to take risks and a few losses along the way. If you aren't prepared for that then don't think about trading.

Forex trading can be fun, but yes you can experience some drawbacks at times, which is why many traders back away. However the risks you are taking can and will result in profitable rewards.

2 - Trade Less Frequently

Just because you are out of the market for 5 minutes doesn't mean that you will miss the opportunity of a life time. What you need to do is focus on the trades that will make you lots of money, and these trades only come a few times a year. If you are the type of trader that trades frequently then cut down on your trading.

3 - Do NOT Diversify

It may seem like a good idea, and many other traders believe that it is, but it isn't as great as it seems because it will not result in the profits that you're hoping for, but instead will do the opposite.

4 - Be Able To Manage Your Money

Money management is important, because you will be focusing on really big profitable opportunities.

You can increase your chances of success by:

Get staying power by buying options in or at the money. Traders lose out because of counter moves that stops them out which is why you need options.

Don't trail your stop to a close. Many traders get stopped out here when the trade continues to make more benefits. You need to keep your position before moving up (when your move is profitable).

5 - Know The Power Of Compound Growth

Compound growth can make you lots of money fast, and to let this happen you must know how to use it. For example, with compound growth you could transform $20,000 into a million in just a few of years (10 max).

So if you are looking for a way to make money fast, and you have the nerve to take risks, then I recommend you go for Forex trading as it can be very profitable as long as you follow the content of this article.

Also See: Which forex broker is the best?