It is the dream to become a millionaire that brings most retail traders into the Forex world. But, the question is, is it possible to become a Forex Millionaire? Can you turn $500 into $1 Million in a year via Forex? Or it is just a hoax?
You probably have heard it over and over again, but I am going to repeat it too. You can not think of reward without putting effort. So, you can not think of making money in Forex without strengthening your trading arsenal. And all you need is a professional trading mindset, a proper Forex training teaching you real Forex trading strategies.
Believe it or not, in a year (+ 20 days possible extra no-trade days) you can turn USD500 into USD1 Million in a year, using reliable and effective Forex trading strategies like what Yagub Rahimov teach via Pro-Trader Challenges.
The one he is teaching is based on Fibonacci, strong psychology and daily established goals. Now, let me show you some numbers, but you need to get a calculator or just open an excel file on your computer. I want to show you how to turn USD500 into USD1 Million in a year via Forex without over-trading.
Maas, show me how to become a Forex millionaire!
First of all, you need to understand that you can not even think of becoming a Forex Millionaire without a reliable Forex Broker. Assuming that you have selected a truly reliable Forex broker with a $500 deposit, we can now start talking about how to make $1 Million in a year.
The next action you have to take is defining Risk and Reward. In order to turn USD500 into USD1 Million in a year via Forex, we will use 1/1.5 or higher risk-reward ratio. Hence, for our million-dollar Forex strategy, we will use 4% daily risk with 1/1.5 Risk Reward Ratio. As a result, basically we will be risking every day 4% to make 6%.
Next is finding a reliable strategy with 7/3 win/loss ratio. What it means is that for every 7 profitable days you accept to have 3 loss-making days. In the end, there is nothing called holly grail. Here is the simple math for your first month you can also do with your calculator.
The winning strategy: 1/1.5 RRR with 4% risk
Day 1. You have $500 and you make 6% profit to make your equity to $530
Day 2. You make 6% profit, your equity is now $562
Day 3. You make 4% loss, your equity is now $540
Day 4. 6% profit, equity $573
Day 5. 6% profit, equity $607
Day 6. Another 6% profit, equity $643
Day 7. Another 6% profit, equity $682
Day 8. You make 4% loss, your equity is now $656
Day 9. Another 6% profit, equity $695
Day 10. You make 4% loss, your equity is now $668
Day 11. You make 6% profit to make your equity to $708
Day 12. You make 6% profit, your equity is now $751
Day 13. You make 4% loss, your equity is now $722
Day 14. 6% profit, equity $765
Day 15. 6% profit, equity $811
Day 16. Another 6% profit, equity $860
Day 17. Another 6% profit, equity $912
Day 18. You make 4% loss, your equity is now $877
Day 19. Another 6% profit, equity $929
Day 20. You make 4% loss, your equity is now $893
Here you go, repeat the above-given cycle for 260 days and you will have $1,003,097 at the end of your 1-year trading. So, you can turn USD500 into USD1 Million in a year via Forex!
Yes, I am not denying the Risk In Forex, Trading on Leverage Carries a high level of risk. I guess you’ve already felt it. If you have any trade experience, I don’t care how senior you are or which hedge fund you work for, you have sustained some level of loss. So, Forex is risky, but so is driving a car or just living itself. Everything we do carries some sort of risk until we learn that habit, knowledge or experience which reduces this risk. The only thing you have to do is to learn how to trade.