Becoming a millionaire is a mindset. You could follow these 10 simple Forex Millionaire Money Advice towards your goal and join my free skype group
I have been in Forex industry for 10 years now. I have seen traders of all types and have concluded that Forex market involves three types of trader bias:
- Traders – the ones who want to make extra income or livelihood out of this gigantic market.
- Gamblers – the ones who gamble and are driven more with their feeling and adrenalin than the money, but still become happy when they win.
- Dreamers – the ones who dream of doing big in their lives but fail to pursue an action plan.
One thing in common with all these bias is the fact that they all would like to be millionaires and often they would be in search of finding that crystal ball. However,they are not aware of the fact that their path to become a millionaire passes through themselves. You could follow 10 simple Forex Millionaire Money Advice towards your end goal:
01 - In Forex market,anyone can make as much money as they want.
02 - Your background, highest level of education, or IQ is irrelevant: when it comes to Forex trading, indeed the ones with lower education often perform better.
03 - Fastest way to make money is to control your emotions, both when you make profit or loss: the calmer you are, the more likely you would be making right decisions and the more money you make.
04 - Don't listen to the “billionaire beggars” who tell you that they have made millions but ask for your $500 deposit to trade for: it is likely they have lost their funds and many other people’s funds that they need another pray to feed their adrenalin needs.
05 - Expect to make more money but have a long term trade plan: for this one you have to think big, I mean very big $100,000, $500,000, or why not $1 million? But the key is this trade plan should not be the greed factor but an internal driver for yourself to push forward without giving up.
06 - Lose the fear and scarcity mindset and start seeing the market as an opportunity: it is no secret that 95% of the people lose in Forex market. When I started, my account was wiped out three times. However, the second time, I started to eliminate fear, while entering market, my winning ratio increased.
07 - Follow the 5 golden rules of a profitable trader: (1) Cut losses. (2) Ride winners. (3) Keep your order size (risk) small. (4) Follow the rules without question. (5) Know when to break the rules.
08 - You are not a stone, know when not to trade: trying to trade during a losing streak is emotionally devastating. Trying to play “catch up” is lethal.
09 - Don't wait for your ship to come in: you're not going to become profitable trader via following forums or discussions on your social media groups. If you want to become a profitable trader, build your own ship (strategy) and sail with it. No one else is coming to rescue you.
10 - Be committed: pick up a $1 bill and draw 6 zeros behind it and stick it on top of your bed. Have a deep belief in the inevitability of your strategy’s success and your success. Every morning when you wake up tell yourself that today I am one day closer to becoming a millionaire and ever before and I will do my best to reach my goal, because I am capable.
11 - Be wise: Often traders lose not because of their strategies but because of their brokers. Choose a broker with no conflict of interest
The above 10 tips are a simple start for your focus. Let me know in the comments below how you are committing to winning strategies in the Forex market.
I have a private skype group where we (multiple professional traders) share our trade ideas.
Yagub Rahimov is a professional trader, trainer and the author of the upcoming “Forex NOT for dummies” trader’s journey book. In 2007 he managed to make 7 digit profit from his $25K investment. Since then he has been nominated as the best trader of the year by multiple independent media sources multiple times.