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Thursday, June 27, 2013

Forex – Get Rich Slow

Some questions which are listed below are probably familiar to you:
  • How long do you think it will take to grow my account from $1,000 to $50,000?
  • How long before I can quit my job?
  • How long until I can make $20,000?
You probably notice a theme to all these questions:; money. Let’s face it the vast majority of people are attracted to Forex for the money. Forex can make you money. It can make you a lot of money, but it will not happen fast.

Reality Check

I am sure you already know that Forex is not a get rich quick scheme. Many people out there spout that line. However, what many people won’t tell you Forex trading is a career. And as with any career it can take a long time to master Forex. So, if you are considering Forex you need to ask yourself two simple questions:
  • Do I have the passion needed to take on a new career and become successful?
  • Do I have the patience needed to get through the bumps in the road to succeed?
If your answer is no to either of these questions perhaps Forex isn’t for you.

Getting Rich Slow

I have been trading for nine years now and I have yet to meet anybody who has gotten rich fast in Forex. I am not saying that it is impossible. What I am saying is that the vast majority of successful traders get rich slowly. Becoming a successful Forex trader breaks down into five steps:
  • Learning the basics
  • Planing & Preparing (write a proper trading plan and money management plan)
  • Developing a trading method
    • Testing your trading method
    • Tweaking your trading method
  • Nailing down your trading psychology.
  • Getting rich!
Most new traders want to jump from step one to step five in the space of a few months. Realistically, you will have to go through each step to succeed and it will take you some time. So I am sorry to be the one to tell you this but Forex is very much a get rich slowly game. Some good news though is that Forex4Noobs provides a free video course that will guide you through step two “Plan & Prepare”. Forex4Noobs also has a fun and interactive forex education section that will help you with step one “learn the basics”.

So Why you Bother?

Well the fact is that most people do not get rich quick in any career or business. So giving up on Forex because it will take you time to achieve success is silly. I personally feel that the best thing about Forex is the freedom it provides. Unlike most careers, once you become consistently profitable in Forex you can scale back your chart time.
Over the past two months, I set up a stop watch and timed the total amount of time I spend trading per week. I found that on average I spend six hours per week trading. Compare that against the 8-12 hour work day most people are forced to do these days. Forex is the obvious winner.
Forex certainly does have a lot of benefits and it can turn your life around. However, please do not fall into the trap of thinking that you will be rich within six months.

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