Among all the frequent questions, there is one question which is asked by some novice traders more often:. You can increase your wealth and become richer through Forex trading and become a millionaire or even a billionaire.
To make money consistently through Forex trading and maybe to become a millionaire finally, you have to pass some important stages. For example, there are so many millionaire real estate agents and brokers in big cities like New York. However, there are a lot more agents who cannot even cover their monthly expenses in the same cities. But, how can some of them become millionaires, and most others fail to have even one sale per month?
Whatever the reason is, it has nothing to do with the real estate business itself, because it is the same for all the agents and brokers. It is not even possible to make a living through such an account, whether you master the trading techniques or not. There is no consistently profitable and professional currency trader who trades through the retail Forex brokers. Forex Trading through a Bank Account. Unlike what most people think, it is not possible to start making money right after learning the Forex trading basics and a trading strategy.
To learn how to trade Forex, become a consistently profitable trader and hopefully a millionaire, first you have to have a source of income that supports your currency investment. I mean you have to have an income that covers your expenses and leaves you some free time to sit at the computer and learn how to trade with peace of mind.
Most people think that they can learn to make money through Forex trading within a short time, and become a full-time Forex trader who makes thousands or even millions of dollars. None of the real millionaires or billionaires, like George Soros, have made their wealth through full-time Forex or stock trading.
They are experienced business people who make a lot of money through several sources of income they have. Then they invest a portion of their wealth in currency, stock, real estate… markets to increase their wealth: None of them have achieved this through full-time Forex or stock trading and with retail brokers. Therefore, if you like to become a millionaire, first you have to have a good source of income that makes a reasonable amount of money that not only covers your expenses, but also leaves some money for your trading and investments.
One way which is the harder and in most cases the impossible way, is following too many trading strategies, robots and time-frames, and sitting at the computer for several hours per day. The simpler and easier way is learning the Forex trading basics, and then a simple and strong trading strategy. When you succeed to make profit consistently for 6 consecutive months at least, you can open a small live account and start practicing with it.
You can keep on making money with the source of income I explained above, to save a reasonable amount of money to open a bank account and start trading with it. Trading through a bank account will have a lot more advantages compared to trading through Forex brokers. Therefore, to become able to trade through a bank account, you have to have a lot of money already. You can do it slowly and surely when you become a consistently profitable trader and you have enough patience.
Because of the same reason, we have some programs to help our followers to create a reliable and strong source of income while they also learn how to trade Forex. When they become a consistently profitable Forex trader finally, they have enough money to open a professional live Forex trading account with a bank to trade professionally and grow the money they make.
This is how they can become a millionaire Forex trader while they also have some other good sources of income to support their Forex and stock trading investments. So, the answer of this question that whether it is possible to become a millionaire through Forex trading, is in the facts that I explained in details above. I think the market is exhausted; strong break of BB; if current candle closes as strong bullish this looks a strong long entry.
This is my first day of reading the charts per your strategy, so would welcome your comments. There is another one forming in daily chart. Both the latest setups you guys mentioned on Nzdusd and usdcad are not strong setup. Hi Chris , This is my 1st comment on luckscout.. Thank you, this article is another big motivation for us. I would like to ask you about NZDUSD, I think on monthly time frame we are on support line, and on daily — nice bullish engulfing are forming with strong LBB breakout, but we must wait for closed.
Now, a bullish engulfing pattern is formed at the daily chart. However, what does this mean for my already open position? Should I close it due to the presence of the long setup although weak?
When I looked back I saw that in most cases there was a weak no BB breakout or weak candles setup formed with the last two candles. Please consider this as a general question. I have read many times your strategy for maximising profits by opening two positions. Do you use a weak setup as an indication that it is time to close the second open position? The upper shadows of the daily candlesticks tell me that Bears still have the control. So the price can go lower. However, holding or closing of the position is your own choice and is what you have to decide about.
When the position has made a good profit, yes. But when the trend is strong and the weak setup is just formed as the first reversal, then I hold the position. Long tail on the second candle which seems to be because it is stuck on the middle band on the 4hr chart. I thought today would throw up some strong trade setups across a few of the pairs.
But as we approached the close, many of the candles developed long shadows which voided most if not all the setups. Although MA is not steep but might have long setup? We have to wait for the price to retest and forms a buy signal above it. You have to be able to repeat your success consistently and consecutively for 6 months. If you double your account in this process, even better.
If so, your account will not be doubled, but you have repeated your success consistently. This is what you have to do. Hi Chris, thank for the sma50 system. It is really simple to understand but to use it in trading need some guide and practice.
Last month there is no score set up, is it normal for your point of view? It happens rarely that a month comes and goes with not even one setup. Fruitful months will always come. We will share more strong trading systems little by little that enables the traders to have trade setups every month.
I know I can wait to see how it goes later, but I guess something similar will happen again one day so I would like to hear an opinion from an experienced trader like you.
Thanks a lot Chris! The high has to be stronger. In spite of this, the upward movement was not that bad. We cannot expect to see a too strong trend forms after each breakout. Reference to the resistance line: Also, as you can see market actually reacted to these lines. I originally thought that as long as market react to your lines it is valid. It is not only the matter of the candlesticks size. Several candlesticks has to participate in creating a high or a low.
Price can react to any line, as weak trade setups also make the price move accordingly. But we wait for the too strong trade setups to have a higher success rate. Therefore, we have to follow the strong lines too. It sounds like LuckScout will be alive for quite some time. I am sure to follow till the last day!! The lot size is not considered in that calculator. It merely calculates the balance and monthly income based on the monthly profit a trader makes.
Thanks Boss Chris, God bless you. Thanks for your good works. Sorry to hear that the monthly fee is not affordable for you. You made a comment about brokers not letting you make a lot of money trading. How do you feel about futures and your strategies. CME and the futures markets are a lot more regulated in the US.
I have an account with them since Jan , not a long time, but they seem to be okay and their spreads are pretty good — much better than those of. Now retail traders in the US have even fewer choices while the remaining brokers rejoice over the demise of one of their largest competitors so they can consolidate even further. Wells Fargo was caught late last year creating millions of fake accounts for their customers so they could charge them fees.
There are some questions that are frequently asked by novice traders: How much money can I make through Forex trading every month? How many trade setups will I have every day and how many pips can I make every month? Before you read the rest of this article This eBook shows you the shortest way towards wealth and financial freedom: Article by LuckScout Team. December 9, at 9: December 9, at December 10, at 6:More...