Do you have a plan for this? This is the first thing you need and it should be designed as much as possible in detail.
To get big money you need careful and serious preparation. It is very important. You are going to earn good money and don’t think that it will be easy for you.

Making a million on Forex doesn’t mean going to a casino and winning… easily.

I’ll even say more, many people think about this as an unattainable dream when they come to Forex... and immediately, without any preparation, they start playing “on intuition”, often lose a lot and then get offended at everyone, saying that “Forex is chaos” so nothing is impossible here earn money.

What is the approach and what is the result?

Another thing is that you can make money easily and simply. But this ease is often acquired with great difficulty.

To make it clearer, look at an athlete, for example, an acrobat - how easy and simple everything is for him, but everyone understands that behind this “easy and simple” there is hard work. And only when he reaches a certain level of professionalism does he acquire this apparent lightness and simplicity.

It’s the same in trading, but why should trading be an exception?

Everything will be “easy and simple” for you only when you understand HOW it all happens and master a profitable technique, any one that suits you.

The trader’s mistake at this stage, and this happens very often, is that the beginner begins to sort through a large number of strategies in search of one that will “earn itself”... there are no such strategies

If such a strategy existed, then Forex in the form in which it exists would not exist... but there would be another Forex, in a different form for which the “Grail” would not exist.

Therefore, if you want to start making money on Forex, stop going through strategies, stop at one, master it and finally get down to business.

With that out of the way, let’s move on to another issue – choosing a broker.

There is no need to pay for any bonuses when opening an account, or other gifts. You came to the market to earn money, to do business, and not to receive 10 dollars of freebies when opening an account.

You need a reliable and time-tested broker, with whom there will be no problems and where you have the opportunity to develop yourself as a trader.

I found this for myself: InstaForex, this company provides a huge range of opportunities for a trader, both for beginners and for experienced ones.

Thus, if you choose InstaForex for yourself, you will be able to work fruitfully with it for many years, starting with a micro account and subsequently moving on to more serious deposits and PAMM accounts.

The company has been operating in Forex since 1998 and is now known all over the world as a reliable and easy-to-work broker.

After you have chosen the broker with whom you will work, mastered and tested the strategy, you move on to the most difficult part - real trading.

Moreover, all these difficulties fall on you at the very beginning... imagine that you were thrown into the water, but at the same time they told you how to swim and you even tried everything but in shallow water. But now you can’t feel the bottom under your feet and you must somehow calm down and subsequently learn to confidently float on the water.

Agree that for those who know how to swim, everything is simple, at the level of instincts, somehow everything works out on its own.

In trading, of course, instincts and intuition alone will not be enough, but the whole question will be that if you have learned to “swim well”, you will already clearly and adequately perceive all the dangers and will not do anything that can “sink” you.

You must instinctively develop for yourself the principles of safe trading and strictly adhere to them.

For example:
- set a stop loss every time
- do not recoup after a major loss if there are no reliable signals previously worked out.
- never and under any circumstances violate the rules of your trading system
etc.

All this should be at the level of taboo - never and under no circumstances

Freestyle play is for losers.

A successful trader is in some way a trading robot, but only more flexible and capable of self-learning
Moreover, the robot mainly only during trading, and outside the trading session - “debriefing”, correcting errors, testing new ideas.

When the time comes to trade - you are a robot, you work only according to proven scenarios, if something does not go according to the scenario - stop, exit the market, debug and correct, introduce new ideas and test them outside the market (outside the main trading process)
And this principle should also be practiced in any weather.

Let's move on to the issues of greed and psychology in Forex, also briefly...

As soon as we start to really earn money, make a profit on Forex, we understand that EVERYTHING – we succeeded, we did IT.

What's really wrong... we haven't yet been broken by our own greed and fear of losses.

Forex psychology is just that rock about which everything that we have created before is broken. And you begin to doubt everything: the broker, the trading system, your abilities...

It is precisely because of these problems that many begin to reconsider everything from the beginning; absolutely everything that I wrote about above begins to be revised and questioned.

All you had to do was look in the mirror and here it is, the cause of all your failures - you yourself.

There is a whole dedicated to this topic - look, you can’t say it in a nutshell, but the complexity and danger of this problem lies in the fact that, as I already mentioned, they don’t want to notice it or turn to it in the very last place, because... often they don’t want to believe it or simply don’t know what to do with themselves.

So what to do and this again, in my opinion, should not be discussed...

In addition, as I wrote above, it is necessary to determine limits on profits and losses for yourself no matter what the market situation is.
The thing is that for each trader there is a certain amount of money above which he will not be comfortable trading - an additional psychological load that is sometimes very difficult to cope with. And in order not to tempt yourself once again, it is best not to exceed this amount

The same goes for losses. There is a certain amount that, for risk management reasons, should not be exceeded, and there is also another amount of losses that will, in addition, psychologically put pressure on the trader, motivating him to act rashly.
Your profits should grow evenly and, first of all, you should not expect gifts from the market in the form of super-successful transactions.

As a rule, while waiting for such transactions, a trader misses a lot of opportunities and makes a lot of mistakes in pursuit of excess profits.
Raise your profit bar as you adapt to the market and don’t try to force things.

Take from the market only what you really can and stop dreaming about the unrealistic.

Then you will succeed.

Best regards, Vitaly Popov

Well, a millionaire or not a millionaire - it depends on you when and how successfully. A little about what Forex is. I will not describe in detail in smart words what Forex is, you can read all this in smart books, I will say one thing - Forex is a huge ocean of money, where it is quite possible to catch it. If you approach this wisely, you will always have money, regardless of work. What does it mean to approach wisely? I’ll be honest, I lost three times because of my own greed, I want a million in one day, and laziness, again I want a million and preferably without doing or learning anything. This does not apply to myself, but a lot of people who registered with a broker for me had little idea at all and, for example, having downloaded the terminal and installed the advisor, they almost immediately closed the terminal and turned off the computer, assuming that everything was being traded there. Let's figure it out: you download the terminal to your computer, the advisor is installed in the terminal installed on your computer, the Internet is connected to your computer, so why are people so scared that they decide that after closing everything and turning it off, someone should trade there?! I took this lyric to mean that you need to at least imagine some things, that is, computer skills are welcome. Let's go further. Forex is, of course, not easy, and if you want to make serious money on it, you will have to read something (of course, you don’t have to fill your head with a ton of literature, mostly it won’t be useful). How much can you earn on Forex? It depends on you and the amount you invest. Manual trading is more profitable, but requires a lot of knowledge. The advantage of manual trading is that having predicted a trade, it is not necessary to control the process (this does not apply to scalping), but it is still advisable to keep an eye on it, but it does not require a computer that is turned on 24/7. Working with an advisor is easier, but you need to find another profitable advisor, and keep your computer turned on and connected to the Internet 24/7 from Monday to Friday. To earn $40 - $60 a day as an advisor with minimal risks (loss is practically impossible, well, unless the market starts to focus), you need to invest $1000. You can start trading on Forex with 10 dollars, you can even with one, but I’m afraid from one dollar those who are impatient and especially thirsty for wealth will quickly get tired of such trading, but it’s still possible to rise with that kind of money. I started trading with 10 dollars and in 3 months my account rose to 73 dollars, not bad at all, you won’t be able to do this by reading letters and clicking on links, and the account will increase all the time, since due to the increase in the amount in the account there will be and increase profits. Here is a screenshot of the last month of trading, if you look closely, this profit is even less than a month.

Good luck, and don’t hesitate, if you have a head on your shoulders, then you can always make money on Forex, and it’s up to you to become a successful trader! Also, don’t forget that you can increase your income by inviting other people, just don’t deceive them!

Update from 05/12/2017: I no longer provide an advisor, since I abandoned it completely; for a long time I have been trading only with my hands for the medium term. Today, in connection with the release of the law on regulation of the Forex market (let me remind you: they removed the shoulders, slapped taxes, depositing and withdrawing funds is not for the faint of heart), I consider this broker to be the best today, it has been working for a very long time, everything is paid to everyone! Yes, it’s offshore and no Central Bank will be able to look into your wallet. My opinion is that the introduction of the Forex law is not to protect citizens, but because they realized that people earn money and not badly. Let me explain: a leverage of 1 to 50 does not protect against loss in any way, people will still compensate for the lack of leverage with a large volume - the deposit will instantly disappear. The main thing is that they haven’t forgotten about taxes, given that not many people earn money in the financial markets, you may not earn anything yet, but the tax is already there. Our state doesn’t want people to earn money and become independent, then there will be no one to do all kinds of shit at miracle jobs pick, thereby enriching the already not poor bosses. I have everything.

Otherwise, you will be taking a big risk. For example, if you start with 100 thousand dollars and double the amount every year, then the next year you will become the owner of 200 thousand dollars, in the third year -400 thousand, in the fourth year - 800 thousand dollars. These numbers are very approximate. And you definitely need to know how to trade in order to double the amount every year. Just wanting is not enough.

Is it possible to become a millionaire on Forex with 100 dollars?

Theoretically it is possible but this will require many decades of hard work.

In practice, you don’t become millionaires with a hundred dollars. You must have a stable income that would give you the opportunity to live on the money you earn. If you now earn $500 at your main job, then you should earn no less on the stock exchange.

Often, newcomers to trading embark on all imaginable and unimaginable trading adventures. They can make a thousand from a hundred dollars in a few weeks. And they will have a feeling of ease of working on Forex.

Actually this is not true.

It is much easier to lose money in this market than to make money.

Luck has nothing to do with Forex. One day the trader is lucky, but the second time he is not. You can't be born lucky. The role of luck is ultimately zero.

What does a speculator who dreams of becoming a millionaire need to know?

You can make money on the foreign exchange market only by trading positionally.

That is, having taken some currency, you have to wait a long time for the transaction to end. If you keep a trade open for an hour or two and then accept a loss or profit, then things will end badly for you. It is important to know not only the market, but also yourself. The market is completely unknowable, but you can and should know yourself. Who are you by nature in the market? How can you trade and how can you not?

Without a clear advantage over the market, it is impossible to become a millionaire.

Do you know what it is? If you don't beat the market, it will beat you.

There are traders who are guided by opposite rules, which is what the majority is guided by, but they too are thriving.

A sane, healthy person comes to the market and... loses his money. To beat the charts, you need to develop extraordinary reactions.

The Black-Scholes formula states that that the graph can go both up and down at the same time. You can expect anything from the market.

Number one readiness for anything - that's it, which should be remembered by traders who dream of earning millions. It doesn’t matter where the market will go, but what matters is how you react to the movement of the chart in one case or another.

There are many people who claim that it is absolutely impossible to make money on Forex, but the history of the existence of the currency exchange indicates the opposite.

Some professional traders simply earn their living, but there are also those who, starting with just a few hundred dollars, have made a multimillion-dollar fortune.

Forex millionaires are conditionally divided into two groups, the first includes those who trade only with their own money and have earned money through the use of a highly profitable strategy, the second are professional traders who successfully manage other people’s money and will receive a percentage of the profits. Both methods allow you to earn millions, but the second one is still easier.

Trade big only with a leading broker

Now let's move on to getting to know specific individuals.

Larry Williams– this trader can confidently be called one of the most legendary personalities in the stock and foreign exchange markets.

He began his trading on the stock market back in 1965, it was then that he first learned what the stock market was and what the secret of making money by changing the exchange rate was.

From the very beginning, Larry decided to work independently, so at first he only studied the basics of technical analysis, economics and finance. After he had some idea about stock trading, he moved on to studying the work experience of leading traders.

After a year of study, Larry Williams received a certificate as a financial consultant and could independently train novice traders.

After five years of working in the stock and foreign exchange markets, he made his first million and became a millionaire.

Larry's main strategy is scalping. Thanks to scalping, he earned 1,147,000 in a year from an initial deposit of only $10,000.

Richard Dennis He began his acquaintance with the Forex market as a messenger on one of the exchange platforms back in 1970.

Gradually, he began to make small transactions and study trading, as a result, starting with $400, he increased his fortune to 200 million, although this happened over several decades of hard work and study.

Richard's basic rule is to trade at the best time, why lose money on an unstable market if you can make money on a confident trend. And having made a successful transaction, it is better to rest and gain strength than to rush into the market again. It is this unique approach to trading that allows you to always be in profit and avoid deposit drawdowns.

Warren Edward Buffett– this billionaire cannot be classified as a person who made his fortune on Forex; he made most of his capital on the stock exchange when trading shares. Now the fortune is estimated at several billion US dollars.

The secret of its work is quite simple and is based solely on fundamental analysis; the main thing is to know what changes are coming in the country’s economy in the near future.

Based on the conclusions made, he finds shares of enterprises that have fallen in price and purchases them as soon as predicted events occur (for example, the adoption of a new law), the shares rise sharply in price and Warren Edward Buffett earns millions or tens of millions.

A similar principle applies to Forex trading, only the object of investment here is currencies and the main thing is to choose the right currency to buy or sell.

Alexander Elder– a former psychiatrist who has proven from his own experience the influence of psychology on stock trading.

The main specialization is stocks and options trading; options are most often mentioned in the biographies of famous traders as the preferred trading tool.

He started his trading in 1970, the first steps were quite difficult for Alexander, through trial and error he managed to create his own profitable trading strategy.

Currently, Alexander Elder is the author of several well-known books on trading on the Forex and stock market, and also heads the center for training professional traders.

It was not Forex trading itself that brought him millions, but teaching trading to novice players and writing books.

Can bring good income. In any case, this is what you need to strive for if you are going to make a living at it. Of course, the performance of each specific trader is very individual. In this article we will see that it is quite possible to consistently make a profit of 10-20% (or more) per month. But if day traders make so much money, why don't we hear about the massive emergence of millionaires and billionaires among them?

First of all, the assumption that there are few millionaires among day traders is based on the fact that there is little talk about this type of trading on television and in the financial news. Most day traders work from home and are not public. There is a lot more talk about investing and investors.

It must be admitted that as a percentage of the total number of those who trade intraday, there are really few millionaires among day traders. But there are just as few of them in any other sphere of human activity. No matter what people do, their income range is very wide, and only a few manage to reach the top of the income scale. The income distribution curve ranges from zero to millions of dollars per year, with most market participants falling somewhere in the middle. In other industries, you can be a very good specialist, but still not become a millionaire. It's the same in trading.

Another reason why there are few millionaires in day trading is that very few manage to succeed in this type of trading, and it takes a significant amount of time.

Besides the fact that statistically all good traders cannot be millionaires, there are other reasons why even some of the best traders do not become millionaires. These reasons are personal ceiling and market ceiling.

Day trader's personal ceiling

In life, most people find a comfortable level of income for themselves and continue to be there. They might like to have more money, but they do little to actually achieve this. This is called a personal ceiling. This is the level of resistance that prevents us from moving to the next stage of making money without significantly changing our psychology. But if we do this, then another ceiling awaits us above, which will prevent us from moving even further. Most people reach their personal ceiling at the level of the average income of the population. Some manage to do this faster (given the opportunity, desire and skills), others require more time. But eventually, each of us reaches a point where making money becomes much more difficult, or it is not worth the effort (even if we want to).

You can earn more money, but your personal ceiling is holding you back. Day trading is no exception. One trader may think that $2,000 a month is enough for his lifestyle and stop there. Another will not rest until he earns $50,000 a month, but further progress seems unlikely to him. We encounter limitations in different areas of life, when moving forward requires additional effort. It's the same in trading.

The personal ceiling is largely psychological, and this is normal. Illness, relationships, vacations, natural disasters, personal adversity, children, drama, emotions - there are a lot of things that can distract you from your main goal once you feel ready to make a breakthrough. The manifestations of a personal ceiling are varied. To break through, you need to work hard and sacrifice something. And for what? For money? Some people think it's worth doing, others don't.

Personal values ​​and priorities also influence the ceiling. Money is not the only thing traders strive for. They trade in order to be able to do other things they love. Although some people come to trading specifically for the sake of money, most still start doing it because they do not want to sit for 8 hours in the office and spend 2 hours on the road. Quality of life is more than just making money. You need to earn as much as is required to maintain personal freedom. This is good motivation.

What is the personal ceiling of the average day trader? Many self-employed traders earn between $40,000 and $300,000 per year. If you manage to consistently earn $40,000 a year, then there is no obstacle to increasing your earnings to $60,000 or $100,000. Still, people find their comfort level and tend to stay there. To increase your income, you need to progress very slowly, increasing the size of your positions a little at a time. If you try to increase your income too dramatically, your emotions will take over and your income will decrease. A personal ceiling is a conceptual thing, but very real.

There is also a market-driven ceiling. A successful day trader (but not one) will eventually reach a certain limit as the market simply cannot digest the infinitely increasing position size for a particular strategy. To earn more, a trader needs to either change the strategy or supplement it with another one, and this does not always work. If you change one thing, you cannot be sure that everything else will remain unchanged.

To get a good income, you have to make several transactions every day. As a rule, they last only a few minutes. Although the market can see multi-million dollar trades in a couple of hours, a day trader needs clear entry points. Therefore, the size of positions is limited by the liquidity (volume) available at the exact moment when you need to enter or exit a position.

If a stock has a daily trading volume of several million, but only 100 securities are available at the required point, then the position will be of this size.

In addition, each trader has his own psychological limit to the maximum position size, because a further increase will lead to unacceptably large risks and slippages (as a rule, the entire position is closed at a loss, and profits are taken in parts). In addition, you cannot significantly improve your profits unless you change your strategy and trade on higher time frames. To change the strategy, you need to conduct additional research and practice it, and the result is not guaranteed.

In short, there is a position size limit above which you will not be able to trade effectively and your profits will only decrease.

For example, it is much easier to earn 10% per month on $20,000 than on a $20,000,000 account.

This means that the day trader must withdraw from his account the entire amount exceeding his comfort level. This way, the score will not grow indefinitely.

How to Increase Profit Potential

If a day trader is not engaged in other activities - investing or some kind of business, then earning millions a year is not realistic. Most day traders will consider it a good day when they manage to make $500 or $2,000. This is their ceiling. Some days it may be more or less. It is necessary to take into account the presence of unprofitable days. In total, a more realistic expectation would be $50,000 - $200,000 per year. And that is if you are a good enough trader. If you save some part of this amount, then, in the end, you can save a million.

Every investor should invest in investing by setting aside money for a rainy day and mastering higher time frames. Investing, unlike day trading, places fewer restrictions on income. By buying gradually, you can accumulate a large position, even buying out the entire company. A good example is Warren Buffett.

Conclusion

Interestingly, the most profitable day traders may not use much debt capital. Each trader has his own trading limit based on his comfort level. There are also limitations related to strategy and market. For short-term trading, this limit is low. At a certain level, further increasing the position will only lead to a decrease in income. This is called the capital efficiency limit.

If you're looking to day trade to make a million, you'll be disappointed: very few day traders (or other professions) can make millions a year. To become rich, you need not only to succeed in something, but to work hard for it, including on yourself. Personal discipline must also be observed outside of day trading, for example, not squandering all your earnings. If you really want to earn a lot, then you need to create several sources of income and invest part of the profits.

All this is not simple, but it is real.

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