You must be dreaming of becoming a Forex millionaire. Many new traders dream of becoming Forex millionaires within a year or two, but give up after a few months when they lose their hard-earned money. The problem is that most of them do not have a business plan. Well, if you sincerely follow the following trading plan, you too can become a Forex millionaire.
Become a Forex Millionaire Tip#1
First educate yourself about Forex trading. Most of the information is freely available online. Choose a Forex trading system that you think suits your personality and style. This Forex trading system must have a 60 day money back guarantee. This way you can try out that system and if it doesn’t work you can get a refund. The correct choice of your trading system is very important. You don’t need to rush. Read about the different Forex systems being sold on the market. Make a list of at least the 3 best Forex systems. Make sure the Forex systems are easy to trade and take no more than 3-4 hours a day to trade.
Becoming a Forex Millionaire Tip#2
Test the best Forex system in your opinion on your demo account for one month. If you find the system difficult to exchange, get a refund. Choose the second Forex system from your list. After trying a system or two, you will find the system that works for you on the demo account and earn 100% return per month. Once you have mastered the system on your demo account, it is time to trade live.
Become a Forex Millionaire Tip#3
Now, we’re not going live trading on a standard account right away. What we will do is deposit $100 into a micro account and trade micro lots with that system. Your goal should be to achieve a return of 100% or more each month. When you trade on a micro lot, 1 pip is equal to 10 cents. So losing 10 pips means losing $1. However, if you lose 10 pips on a standard lot, you lose $100 plus you need at least $1000-$2000 to trade a standard lot.
What we’re going to do is try to double that $100 in a month. This means making a return of at least 100% in a month. Losing 100 pips on a micro account means losing only $10. Therefore, you are safe when trading on a micro account. Try a system on the micro account and if you don’t get 100% return per month, get a refund and try the second best system on your list.
Once you find the system that generates a 100% return on your micro account, you’ll turn your $100 into $200 at the end of the second month and that $200 into $400 at the end of the third month.
Now you need to switch to a mini account as you want to make your trading risk more realistic. 1 pip on a mini account equals $1. Using that same trading system, now turn that $400 into $800 at the end of the fourth month and that $800 into $1,600 at the end of the fifth month.
Do not rush. These five months will teach you a lot about how Forex markets change and how your trading system behaves when market conditions change and you will also know if your broker is good or not, what leverage to use and how to manage risk. . Now, you have $1,600 in your account, you can switch to your standard account and start earning 100% return per month or more. Do the math, you will be a millionaire in the next 6 months.
