Trading Forex and getting rich through Forex has attracted a lot of traders in the past, the present and the future. It might look easy and also a lot of gurus out there make it sound easy. When you look at the chart, you feel excited and dreams of making a million dollars float into your mind.
The reason it looks so easy is because when you see the prices going up, you just buy and when the prices come down, you sell. However, in reality, it is not as easy as it seems.
If you are new to Forex and someone tells you that you can become a millionaire just by investing $500 or $1000, run as far as you can from them. If it seems too good to be true, it often is. If it was so easy to make money, everyone can quit their jobs and just become full time Forex traders.
I am not saying making money from Forex is impossible. It is very possible if you have the skills and knowledge and mindset.
Now, back to our topic of making your first $100,000 from Forex trading.
I will not advise you to set a monetary value or pips goals in forex trading or any other form of investment for that matter. The reason is that when you set such a goal, let's say, “I must make $1000 a day through forex trading” or "I must make 100 pips a day", you push yourself to trade even when there is no trade setup formed on the charts. You will be trying to force a trade and that is just not the way to go.
The number of the trade setups that form on the charts is dependent on the market. Dependent on luck. Many traders do not like to hear the work "luck" but think about this for a moment. Some days, the market is flat and slow moving. Some days, the market is volatile and fast moving. It would be almost impossible to make 100 pips from a flat market. And when the market is volatile, 100 pips might be too little.
Trade setups form when the market conditions meet your trading conditions. All we can do is to enter our trades and there is no guarantee that every single trade, even in perfect conditions, will be a profitable trade. The market gives us nothing but an opportunity to enter a trade but no guarantees that we will make money. Anyone who tells you otherwise is lying.
Therefore, we cannot set a monetary or pip goal within a specific time frame, what we can do instead is to set goals that have no deadline. For example, "I want to make $100,000 in 3 months from trading forex" is not realistic but "I want to make $100,000" is realistic because it is achievable with any job. If you have a job that pays you $3,000 a month, in less than 4 years you would achieve that target.
We can aim towards making our first $100,000 through forex trading, but it is not wise to set a specific deadline like 3 months or even 1 year for it.
Having goals like making your first $100,000 profit is not a bad idea, because it can help to keep you going, and not to get disappointed. It keeps us motivated and focused on achieving the goal.
Daily Forex is my way of sharing my personal thoughts on the Forex Industry with would-be traders as well as current traders.
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Here are some interesting topics to start you off :
- Daily Forex #1 - Will Forex Trading Be Banned
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- Daily Forex #6 - What Makes The Price Move
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