Can you really become a millionaire trading in the forex market? This is exactly the same question thousands of investors ask themselves each day. The desire to become rich is the reason behind traders conquering the famous forex market. The misconception that trading in the forex is a dangerous play is held by so many people, the same people also believe that there aren’t any real millionaires who solely traded in the forex market to make their fortune. Well, this is not necessarily true. It’s possible that there aren’t such traders who solely made their money trading in the forex market but a number of people have succeeded in increasing their fortune many times over due to perseverance, desire to grow and develop, self-discipline and purposefulness with the forex. These days, it’s in the habit of people to find people who in their opinion have succeeded the most in trading then following their strategy. But it’s rare seeing this legendary type of a trader. Is it true that it’s only a few traders who have succeeded, and are forex millionaire stories just but beautiful legends?
It does not necessarily mean that something is non-existent just because we are unaware of its existence. For example when you take a look at your neighbours, can you tell if there are millionaires among them? Most probably you do not and in any case never will because these people have the tendency have hiding their personal wealth which is natural after all. The forex millionaires’ situation is not different. The people who have managed to make a fortune here have the tendency of not broadcasting about themselves online on forums and blogs. Their main interest is securing and improving their results. As a rule, it’s a tendency of the losing people to be very loud in their negative comments. This might support the fact that many people do not believe in the existence of forex millionaires at all. Novices in the forex market should know the importance of not posting real data about profits they make. You may be surprised by the number of people who want to see a successful trader’s wages. Perhaps, even the world at large will want to see this person so that they can learn his secret and achieve results that are similar.
Getting to correctly understand trading in the forex market is the key moment. It first of all is not a place for betting but it’s rather a business. Your results will depend on assiduity and purposefulness just like in all other businesses. Good money can be made by a professional trader without greed. It may come as a surprise to you but the main reason of bad luck for a number of forex players is greed. Much more can be made by a clever trader than all mid-level office managers if they manage their emotions properly. Being a novice in the market, you can start earning from 2000 USD in profit and have the potential of going up to 20 000 USD yearly, then you can start viewing yourself as successful. Starting is the most important thing. Failure is about not getting to try and it isn’t about not succeeding.
As in all other businesses, the forex market has a list of its outstanding people, whose names are known worldwide. In this article we will give the best examples: Overwhelming results have been achieved by this people and they have become millionaires. They became recognised due to their hard-work, self-discipline and inventiveness. Let these examples serve as an extra source of optimism and desire for you to move forward.
The most successful trader as far as the forex market is concerned is George Soros. His career began in 1969 with the establishment of the Quantum fund on Curacao. In the currency market, a number of successful deals have been made by the Quantum fund. He is highly regarded as the man who broke the Bank of England. He showed the vulnerability that central banks have against large investors’ currency speculations in terms of exchange rates that are artificially maintained. Within just a few weeks, George Soros made a fortune through the usage of loans and he thus began his charitable activities.
In the currency and stock market, Larry Williams is a renowned figure. His financial investing activities began in 1965. He put specially put focus on technical analysis, economics and world finances. He later started learning professional traders’ experience. He got certified as a financial consultant within a short period and started teaching novice traders. In a five year period he became a millionaire by making his first million. A scalping strategy seeing wide use even today within the currency market was his personal secret to success.
Alexander Elder’s main occupation is in psychiatry. He has proved the influence that psychology has on exchange trading through his own example. Options and stocks are his main line of activity. Presently, Alexander Elder has authored popular books about forex and stock market trading. He also is heading the professional traders training centre. It is not only through trading that he has managed to make millions, but also by writing books and teaching how to trade.
One of the world’s youngest and most successful traders is Timothy Sykes. When he was 18 years old, he made his first step onto his first million. His parents gave him $12,415 for his birthday and he was able to increase this amount to $2 million. He was the first placed in the 2003-2006 Barclays ratings of hedge fund managers.
Warren Edward Buffet
For billionaire Warren Edward Buffet, no one can say that his wealth increase was only due to forex market trading. The main part of his capital was due to share trading in the stock market. His success secret is quite simple and is on the basis of fundamental analysis exclusively: The most important thing is following economy changes of countries for the short term.
Richard Dennis began his career in 1970 as a courier in a stock market. He started to learn more about trading and as a result he succeeded in increasing his fortune from his start-up of $400 to 200 million dollars. This did not happen just once but it took several years of hard work and purpose from him. Trading at the right time and following the rule of not losing money in the unstable market is his secret to his success as he can profit from the stable reliable trend.
We have in our article tried to answer one of the 21st century’s most asked question- Is it possible to become a millionaire by trading in the forex market. The answer obviously is yes. Though this market is somewhat young, today a lot of examples are available – many people have achieved results that are unbelievable in this business. Striving for success is what unites them and their desire to not stop at the levels they achieved with constant self-development.