CAN YOU GET RICH BY TRADING FOREX?
The question many beginners ask before they join the forex market is that “Can you get rich by trading forex?” Well, today I’m going to show you a strategy that can 100% make you rich by trading forex with the most reliable forex brokers.
Forex trading and gambling
First, I want to talk about gambling, because many people have compared forex trading to gambling.
A long time ago, a friend of mine taught me a trick that can help me make money from betting. The game is that you have to choose a side of the dice. If that side is rolled, you win. If not, you lose your money. My friend’s forex trading strategy is that you choose a side and stick to it. Never change your choice. If you lose, double your deposit in the next turn. If you win, bet the original amount again. For example:
You bet $5 for the first turn and you lose. Then you bet $10 for the second turn, and you lose. Then $20, $40, $80, and $160. Let’s say in the 6th turn, you win (because the odd for you to win is 1/6). So now you win $320 and you lost 5 + 10 + 20 + 40 + 80 + 160 = $315. In total, you make $5.
The key to this is how much money you have in the beginning.
Let’s say you want to earn $50 from $200. If you lose in the first and second turn, you won’t have enough money to play the third. Your greed has hurt you.
What we can conclude from this game is that: if you’re ok to make a little, you can make a lot. If you want to make a lot, you will lose everything.
Get rich by trading forex
Forex trading is almost similar. The difference is that forex only has 2 possibilities: up or down, right or wrong, profit or loss so making money from forex seems to be easier on the crab table. You only need to place an order, take a loss of x and take profit y so that y ≥ x (this is allowed by the market and trading software) and x must match the amount we invest, usually 5% of the total capital. Why 5%?
First: you will have at least 20 times to place an order, if you lose both 20 times, it will take real, just stop it, you are not suitable for this.
Second: this is also the figure that John Murphy (the father of technical analysis) summarizes over many years of transactions.
So if you're new to the probability of 50 - 50 at least, you also break even and cannot lose, to be profitable you need to learn a bit of technical analysis to increase your probability of winning. This is in many reliable forex courses you can find.
In addition, you need to learn a bit about the techniques of putting holes and trading volume accordingly. So, in short, what you need to do to get rich from forex is: place an order, set a stop loss with 5% of the capital, take a profit greater than 5% and sit and play, that's all. Here, this is the holy grail in forex trading people are always looking for. So why are there more than 9 out of 10 investors who lose money and lose money, this is the actual number, not because anyone made it up.
Because human nature was born with greed and fear, like the gamble above, if we are greedy then we will leave empty-handed. People rushed into the investment market and always thought that they would make 50, 100, or even 1000% per year, while Waren was 23% and the rate of Sorros was 28%. Two people are considered to be the only modern best forex traders to do that.
The most difficult thing in trading is to restrain and restrain yourself to follow the simplest things. Getting rich is a long and gradual process. Man is a very strange creature. They know the harm but still do it: alcohol is bad but still drink, or smoking can cause cancer but they still do it. So winning or losing is only up to you, right? You can definitely get rich by trading forex, as long as you know how to hold yourself.