You must be dreaming of becoming a Forex Millionaire. Many new traders dream of becoming a Forex millionaire in one to two years but give up after a few months when they lose their hard earned money. The problem is most of them do not have a trading plan. Well, if you sincerely follow the following trading plan, you can also become a Forex millionaire.
Forex Millionaire Tip is becoming # 1
Educate yourself about forex trading first. Most of the information is available online for free. Choose your forex trading system according to your personality and style. This forex trading system should have a 60 day money back guarantee. That way, you can try that system and if it doesn’t work, you can get it back. The right choice of your trading system is crucial. You don’t have to hurry. Read about the different forex systems that are being sold in the market. Make a list of at least 3 best forex systems. Make sure that Forex systems are easy to trade and do not take more than 3-4 hours per day for trading.
Forex Millionaire Tip # 2
Check out the best Forex system you think for a month on your demo account. If you find it difficult to trade the system, go for a refund. Choose the second forex system in your list. After testing two or three systems, you will find the system that works for you in the demo account and gives 100% return per month. Once you’ve mastered the system on your demo account, it’s time to trade live.
Forex Millionaire Tip # 3
Now, we’re not going to trade live on a standard account right now. All we have to do is deposit 100 100 into a micro account and trade the micro lot with that system. Your goal should be to achieve 100% or more return per month. When you trade in a micro lot, 1 pip equals 10 cents. So, losing 10 pips means losing $ 1. However, if you lose 10 pips in a standard lot, you lose more than ড 100. You need at least $ 1000- $ 2000 to trade with a standard lot.
All we have to do is try to make 100 100 a month. This means returning at least 100% in a month. Losing 100 pips on a micro account is just losing ড 10. So, you are safe when you trade in a micro account. Check a system on a micro account and if it doesn’t return 100% per month, get it back and try the second best system on your list.
Once, you find a way to earn 100% income in your micro account, it will turn your 100 100 to 200 200 at the end of the second month and 200 200 to 400 400 at the end of the third month.
If you want to make your business risk more realistic, you need to switch to a mini account. 1 pip equals মিনি 1 in a mini account. With that same trading system now turn that 400 400 to 800 800 by the end of the fourth month and turn that 800 800 to 1, 1,600 by the end of the fifth month.
Do not rush. These five months are going to teach you a lot about how the forex markets change and when the market situation changes and you know how to use your broker well, how to use it and how to manage the risk. Now that you’ve got 1, 1,600 in your account, you can switch to your standard account and start getting 100% returns every month or more. Do the math, you will become a millionaire in the next 6 months.