If you have just entered the forex world, you have likely seen many websites promoting their ability to help you convert $ 1,000 to $ 1 million in one year. And of course I also saw some ads that tempt you to quit your job, whether you work full or part time, and join them to earn enough income to survive from trading. Have you also heard about the huge leverage provided by many forex brokers that will enable you to double your profits overnight. Can forex really take you to the top of the rich within a short period of time?
All of these claims are based on some mathematical realities – but they are, in fact, closer to nonsense and completely separate from reality. There is no doubt that a large number of those who joined the Forex market were attracted by the bright promises of rapid wealth. Of course, there is no problem in seeking to build your wealth as quickly as possible, but being able to achieve this wealth in one year, as some are promoting, is rare in the best case. You will be lucky if you can achieve this wealth in ten years.
Forex trading is a full time job even if you work in another job throughout the day. Unless you are already wealthy and you have a lot of money, you will need a job to pay your bills because you will not be able to meet your living needs from the profits that you will achieve from Forex trading, especially during the first period. Even if your start has been successful, withdrawing from the account balance will prevent it from being expanded to appropriate levels because part of the capital has been spent on paying grocery, gas, or electricity bills.
In short, we can say that the stage of leaving the job for Forex has not yet arrived. As for the use of leverage, it is indeed a very important tool, but using it with caution is vital, especially with the beginning of your journey in Forex trading, because not dealing with it wisely will lead you to bankruptcy quickly. In fact, when you get to the point of feeling good at dealing with leverage, you will have lost interest in using it from the ground up, because you will discover that rational trading requires investing a small portion of the capital you already own – not scrambling to borrow huge money from the broker by over- Use of leverage.
We return to the question we asked at the beginning of the article, can you convert a thousand dollars to a million dollars in one year? In theory, this may be possible, but in practice, rushing to profit means that you will make more mistakes. These mistakes will cost you a lot and will be deducted from the balance of your hard-earned money. You can make big profits from Forex but after being patient and setting realistic goals and spending enough time learning and training. Nothing will break you in the Forex arena more than placing unrealistic hopes and feeling disappointed because it is impossible to achieve them. That is why I start on the right path to success, which essentially involves patience and self-discipline. This is the best recipe and the shortest path to success, even if it does not happen overnight. If you want to trade to make a living, keep this goal in mind – but never assume that you will achieve a certain amount of money within a specified period. In other words, you can focus on choosing the best deals with high chances of success, and you will eventually discover that you are able to achieve all the realistic goals that you want to achieve.