Direct from the desk of Dane Williams.
Yes, a lot of people have become millionaires from forex.
A million dollars isn't even that much money, considering the average house price in suburban Sydney is over a million dollars right now.
What a joke... but I digress, that's a whole other kettle of fish!
Getting back on topic, I want to stress that making a million dollars as a forex trader is no different from making your first $1000 from forex.
It all boils down to account size and, from there, your risk to reward ratio.
You see, in the forex world, it's not about hitting a jackpot or getting lucky.
It's about mastering your process and nothing more.
Let me break it down for you.
Whether you're aiming for that first $1000 or striving for a million, it all starts with a well-defined strategy and the right mindset.
Your account size is your foundation.
Think of it as the base camp for your financial mountain climb.
Starting small, perhaps with just $100, is a great way to learn the ropes of this process, without risking a fortune.
No, not on a demo account, start on a small account instead so you have real skin in the game.
You'll make mistakes, and that's okay.
But having real money on the line will allow you to process the emotions you feel and learn lessons that a demo account just can’t teach.
Now, once you've grown your initial investment to, say, $1000, you've already proven that you can apply your strategy successfully.
You've scaled your account by tenfold, and that's no small feat.
Now, it's time to scale it further.
You don’t have to change anything, just the percentages of your account that you’re risking and targeting in every trade.
The key to growing your forex account, whether it's from $1000 to $10,000 or from $10,000 to $1 million, is following your process.
Stick to your strategy like glue.
Understand your risk tolerance and never over-leverage your trades.
Discipline as a trader becomes paramount here.
No, you're not trying to hit home runs with every trade.
Instead, focus on small, consistent gains with your favourable risk:reward ratio.
This ensures that even if you have a string of losing trades, a few winning ones can still keep you in the game.
The beauty of forex is that the market’s deep liquidity means it's a level playing field between $100 or $100,000 accounts.
Whether you're starting with a small account or a substantial one, the principles remain the same.
If your process works on a small account, then it will work on a large account.
You don’t have to change a thing.
So, don't be discouraged or even distracted by the million-dollar mark.
Treat it as just another percentage milestone on your forex journey.
If you can scale an account from $100 to $10,000, then you can use the exact same process to scale an account from $10,000 to $1 million.
Remember, in the world of forex trading, consistency, discipline and a solid strategy are your best allies on the path to financial success.
Best of probabilities to you.
Posted Using LeoFinance Alpha
It's not impossible to earn money but it's a slow process. I also think trading is hard and most people don't really earn that off of it. Forex is easier though due to the liquidity but wouldn't that depend on the broker? Not all brokers have access to the same liquidity right?
Yep, gotta just focus on the process.
Once you have that down pat, there is no difference between trading on a $100 or $100,000 account.
As for your liquidity question, just make sure you're using any forex broker that uses an ECN execution model.
That way, they are using liquidity providers to access the interbank market and liquidity won't be an issue under normal market conditions.
Your last few sentences really caught me hard. If you have the same strategy to raise $10 to $100, you can master that strategy to become a millionaire
Yep, it's all about process.
Once you have that figured out, the sky is the limit.
Definitely. But the issue many faced is they are not able to figure out the process talkless of sticking to it
Trading every day must be very stressful, we all trade but I guess it all comes down to how each handles it mentaly, the nice part of it is that you are making money with more money, probably nothing more profitable 🤑
Money makes money... or so the saying goes 😉.
But what I'm really trying to say is that your process is what really makes you money.
Because once you have that down pat, it doesn't matter how big your account is.
You just do the same thing and earn the same percentages.
!pizza
Hey Ting, I'd love to vote your comments as well, but I just need you to give me a comment relating to the post.
Give it a go tomorrow?
I haven't listened to the chat with traders pod for ages.
Thanks for inspiring me to give it another listen 🙂.