There are few common questions that knock in our mind like ‘how much we can earn from forex trading?’ ‘How many trades we need to put daily to get our target?’, ‘Can we get success by start trading with $100 account’ etc. among all these questions there is one more common question is asked very frequently is “Can someone become millionaire with forex trading?”.
There are two clear answers first is ‘Yes’ you can become millionaire and second is ‘No’ you cannot become millionaire.
Practically first answer is true only for those who trade in forex market with good experience, proper planning and strategy. Forex trading is very popular way to make lot of money and to become millionaire with forex trading but how? If you really need to know how you can become rich by trading in forex, you need to read strategy that given below in detail.
Table of Contents
- 1 Why is It Difficult to Become Millionaire?
- 2 How to Become Millionaire through Forex Trading
- 3 Follow EMAC Strategy to Become Millionaire with Forex
- 4 You May Also Like to Read
Why is It Difficult to Become Millionaire?
Many traders think they can get rich in very short span of time by trading in forex market. But with less experience and inappropriate knowledge, they lose their hard earned money. Here are some points which provide us reasons about ‘why it is so difficult to become millionaire with forex trading’.
Many retail traders fail in forex trading because they don’t have sufficient capital to trade. They start with small amount and place order with big lots using high leverage that causes lose at the end.
Lake of adequate Knowledge
Most of traders don’t learn enough knowledge before start trading on real account and don’t pay attention on gaining knowledge this is also big reason, they fail to get success in forex trading.
Many newbie traders do not make proper practice on demo account after learning the forex trading. After short practicing on demo account they start thinking, they have got enough expertise and are ready for trading on real account. But they don’t understand that forex market might become uncertain any time that can cause them a great loss of money.
One more reason, traders fail to get success in forex is they don’t have patience. They close their profitable trades too early and they keep holding their negative trades that result in loss of their account.
Trading without strategy or proper planner is wastage of time and money. Most of retail traders start trading without any strategy and do not use stop loss to manage/control their loss. Trading plan should be developed after proper research and demo practice.
It is said that ‘money management is key to success in forex’. Trading without money management is the biggest reason of failing in forex. Trade should be with proper risk to reward ratio.
How to Develop A Trading Plan
How to Become Millionaire through Forex Trading
Yes! You can really become millionaire or billionaire through forex trading using the strategy that we are going to share with you. Before applying this strategy on your real account you should read, understand and practice on demo to get better results.
Make A Trading Plan
To become successful forex trader you should make a plan/strategy for trading. Means you should know some important things before placing order like how many pips you can get from this trader, where you will place stop loss and take profit and how much risk you are going to take in this trade etc.
Practice your Plan on Demo Account
Practice your strategy on demo account again and again until you get sure that you can securely trade you can get your daily or weekly targets. Every good strategy can become successful if it is tested and practiced properly.
Use Stop Loss and Leverage Wisely
Use leverage carefully, as we know leverage helps us to place order with big lot size. And we can make big profit but on other hand if you don’t have good experience and confirm trades then this high leverage can destroy your account.
Follow EMAC Strategy to Become Millionaire with Forex
You can use this strategy given below to get success and become millionaire through forex trading. Below you can find download button to get ‘EMAC Forex Plan Calculator’. After downloading open this trading plan calculator you can enter value in first column of your account balance and in second column your monthly target to get results.
Now to become millionaire with forex we recommend you to invest $1000 balance in your trading account and make only 1% profit of total investment on daily bases. It means you will earn $10 daily with $1000 account balance and it’s not hard to achieve this target. If you place order with 0.10 lot size and make 10 to 20 pip daily then you can easily earn $10 daily on daily bases.
If you follow this strategy and earn $10 or 10 pip daily you earn $220 in a month by working 22 days and 8 days are off in a month. After one month your balance will be $1220, now repeat this in next month and you will make 1% daily that will be $12 and at the end of 2nd month your total balance will reach to $1488. Keep doing this every month and after 2 years you will definitely become millionaire with more than $26000. This strategy of earning 1% daily can really make you millionaire by investing only $1000 in two year.
Note: Before following this strategy you should apply on demo account and practice until you get your desired targets.