As a forex trader, serial investor, keynote speaker, and mentor, one of the most asked questions that I get is,
“Can I Become A Millionaire Trading Forex?” Or
“How long Does it take to become a millionaire trading forex?.”
Whilst this question is important, my usual answer to those who ask me this is; “Do you have the millionaire mindset?”
Yes, that is the first question I ask, which helps uncover the motive they have or have developed when planning to trade the forex market.
I would share my personal experience and view as to whether or not you would be able to become a millionaire as you read along.
But first, let’s talk about the millionaire mindset.
Millionaire Mindset.
First, let me bring to your notice that ‐ nothing good and sustainable is built in a haste.
Your greatest success always comes from you having the freedom to fail.
But the question now is, are you repeating the same mistake each time you fail?
Or are you learning from your mistakes so as to avoid them, in the nearest future?
What many traders always like to hear are the success stories and how people became successful within a short period of time.
They are not willing to listen to their failure story or stories, simply because it might be boring to them.
The important thing about listening to failure stories in your niche is for you to be able to know the obstacles coming ahead of you, tactics you can deploy to combat them, and how you can stay motivated even while you continue to fail.
As an individual who is aspiring to become a millionaire, you must be willing to do what seems boring or impossible for others to accomplish.
By so doing, you are learning what the majority of the people in your niche failed to learn.
The obstacles you have faced, which others did not face due to their indifference, would help you build even more experience and you would be able to solve impending problems that many would not be able to solve.
Just like I have earlier stated, nothing good comes easy.
They all come with their peculiar obstacles and challenges, which you must overcome.
Many fizzle out because of their unmotivated spirit.
After one or two challenges many believe it is not for them, some say they are chasing the wrong thing others may say they are pursuing the wrong goal.
As a matter of fact, some believe that whatever will be for you, would come to you.
Most often times than not, this statement is mostly made by those who are lazy and are not willing to fight for what belongs to them.
In developing a millionaire mindset, you must always be motivated.
If you are not motivated by your surroundings, change where you stay.
Your environment has a lot of impact on how well you would chase your goal.
Another thing you need to have is a good circle.
What do I mean by this?
I mean the people you talk to, share your experience with, and those you refer to as your friends.
Just as much impact your environment has on your thinking faculty, your circle of friends also does affect your thinking capability, if not more.
If you aren’t moving with the right set of people, if you are not having those with common goals in your circle, your dream would not come to fruition.
The only way to escape from this is to change your circle. Source for an experienced mentor in your niche and make sure they guide you through your journey.
Lastly, for the purpose of this article on millionaire mindset, commitment & dedication, discipline & consistency are attributes you need to possess. They would take you beyond the skies.
The most successful traders have only attained where they are today, because of these factors.
Now, back to the question.
Can you really become a millionaire trading forex?
Forex trading is continually increasing in popularity all over the world.
Though you must understand that it takes a lot of patience and other factors mentioned above to become successful.
Therefore, the direct answer is YES! and am a Living witness.
Learn more: how I became a forex millionaire trader
But If yes, then Why do most traders fail?
Why is it only 6% of forex traders that become successful in the long run?
Well, that is why this answer is definitely subjective, as your millionaire goal depends on you.
I would share my experience with you for free.
With over 12 years’ worth of trading experience, I have been able to make millions of dollars from the forex market.
How did I attain this stage?
Apart from developing the millionaire mindset, my goal of becoming a millionaire was dependent on these four factors I mentioned earlier. They are:-
• Dedication and commitment,
• Discipline and consistency.
Dedication and Commitment.
These two factors work hand in hand.
You cannot be committed if you are not dedicated, so also, you cannot be dedicated if you are not committed.
With dedication and commitment, I was able to put in the hours of work and learning.
Whilst trying to become a millionaire in this industry, I spent no less than 20,000 hours of learning from the charts.
I had to show up, learning and watching how and why these candlesticks moved.
Without these two qualities, it could have been seen that maybe 20,000 hours of chart time would be too much.
But I never saw it that way.
I continued to stay motivated to pursue my goals, though it was not an easy hurdle.
The same thing is applicable to you, no matter how fast you might want your trading journey to be, your dedication and commitment always have their roles to play.
Discipline and Consistency
Discipline is the quality that makes you stick to your plan no matter how difficult it might be.
Consistency is an attribute that helps you to continue to stay motivated and to show up no matter how many times you fail.
These two qualities are golden when it comes to trading forex.
The urge to over-trade and over-leverage is avoided if you possess the quality of discipline.
Abiding by your laid down rule of trading is also embodied in the discipline you have.
Sometimes, whenever the market is not going as expected, consistency together with discipline helps you to show up and not give up.
When on a losing streak, the temptations to overtrade, and over-leverage are usually on the high side, but if you have developed these qualities, you would not find yourself in the trap of the cycle of doom.
If you have worked well on yourself and have consistently profitable results, the next thing you would want to think of building a portfolio.
Portfolio building will help you source for investors.
As an average trader who only has $1,000 as a starting capital, there is no reasonable way you could scale that up to $ 1,000,000 except if you’re thinking of compounding your capital.
Like this– Considering that you make 100% returns on investment yearly, below is how you can scale $1,000 to $1,000,000
First-year- $1,000 will give $2,000
The second year- $2,000 would yield $4,000
If you continue in that manner, it would take you ten (10) years of consistently making 100% ROI before you can scale $1,000 to $1,000,000.
But, if you want to become a millionaire by raising capital, your portfolio would help you source for rich investors.
Having consistently traded $1,000 for one (1) year or more with profitable results, you can source for investors who can invest ranging from a couple of thousand dollars to millions of dollars.
Let’s take for instance you were able to bag a $1,000,000 deal with an investor, within 6 or 7 years of consistently trading, you should have been able to scale up to build your own million-dollar portfolio.
Not only through that capital, but also through networking.
Therefore, it is highly possible for you to become a millionaire trading forex if only you would adhere to the steps you have been exposed to.
The length of time it takes for you to become a millionaire depends on how fast you can apply these methods to yield consistently profitable results in this industry.
Key Points.
In becoming a millionaire,
• You need to develop a proper millionaire mindset,
• Dedication & discipline, consistency & discipline are necessary habits you need to develop to become a millionaire in this industry.
• Build a professional, consistently profitable portfolio and source for investors.
° The length of time it takes for you to become profitable depends on how well you can use the provided methods in this article
Good luck with Trading!
