You must be dreaming of becoming a Forex millionaire. Many new traders dream of becoming Forex millionaires in a year or two, but give up after a few months when they lose their hard-earned money. The problem is, most of them don’t have a business plan. Well, if you sincerely follow the following trading plan, you can also become a Forex millionaire.
Becoming a Forex Millionaire Tip No. 1
Learn about Forex trading first. 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 test 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 that are sold on the market. Make a list of at least the 3 best Forex systems. Make sure that Forex systems are easy to trade and take no more than 3-4 hours a day to trade.
Becoming a Forex Millionaire Tip No. 2
Try the best Forex system in your opinion on your demo account for a month. If the system is difficult for you to operate, request a refund. Choose the second Forex system on your list. After trying a system or two, you will find the system that works for you on the demo account and you get a 100% return per month. Once you have mastered the system on your demo account, it is time to trade live.
Becoming a Forex Millionaire Tip No. 3
Now, we are not going to trade live on a standard account right away. What we will do is deposit $ 100 in a micro account and exchange micro lots with that system. Your goal should be to achieve 100% or more profitability each month. When you trade a micro lot, 1 pip equals 10 cents. So losing 10 pips means losing $ 1. However, if you lose 10 pips on a standard lot, you lost $ 100 and you need at least $ 1000- $ 2000 to trade a standard lot.
What we will do is try to double that $ 100 in a month. This means getting 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 a micro account. Try a system on the micro account and if you don’t get a 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, it will convert your $ 100 to $ 200 at the end of the second month and that $ 200 to $ 400 at the end of the third month.
Now you need to switch to a mini account as you want your trading risk to be more realistic. 1 pip in a mini account equals $ 1. With 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 works 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 a 100% return per month or more. Do the math, you will be a millionaire in the next 6 months.
