The basic aim and whole essence of trading in general, and Forex trading in specific is extra profit. The ambitious traders push it to become more than ‘extra’ profit but a respectable amount. The realistic dreamers who allow themselves to dream big, but are grounded enough to work hard are the ones who reach the ultimate dream of becoming millionaire and billionaire traders.
Be wary and cautious, be careful with your risks, and do not lose your money; so the story goes. Of course this is solid and very good advice. Throwing all your life savings into a trade will not open up doors to a future of exotic trips, expensive drinks, and luxurious mansions. On the other hand no one makes it big without ever taking a risk.
The hard truth is that not everyone can make it. Everybody can perform the action of trading, everybody has the mental capacity to observe the market and make predictions, but very few have the immense talent to go the extra mile, create their own strategies, follow their very own systems and find an even combination of skills and requirement to lead the way.
The father of all successful traders to this day is the legendary Jesse Livermore. Born in 1877, he had earned thousands of dollars through trading by the age of 15, after running away from a farmer’s life which he was intended to follow. He became history’s most successful trader by following his own rules and strategies. The core of his work revolved around increasing the size of his positions as the market moved in his favor, and quickly cutting his losses. He was a bit of a wiz when it came to predictions and he left no event untouched, like the 1907 and 1929 market crashes through which he made huge amounts of money. He made millions upon millions during his 63 years of life, but he also suffered great losses through his risk taking. He worked endlessly through long days and nights to become what he became.
Many business owners and millionaires who made it up from scratch made their initial fortunes through trading. Like Warren Buffet who according to Forbes magazine is now in America’s to 5 richest people with a net-worth estimated at 36 billion dollars. He established this empire through big risks, accurate predictions and smart trading.
Another impressive story is that of Laura Pedersen who joined Wall Street at the mere age of 17 making her the youngest employee of the trading institution, she turned into a self-made millionaire by the age of 24.
A more recent example of Forex millionaires is the now well-known Alexander Gerchik. He is now a managing partner in one of the biggest brokerages in the United States, and he started by making his money through trading. He has not had an unprofitable month since 1999.
Many traders do not become millionaires but they do make thousands a month and continuously bring in huge profits which make their lives more comfortable, and make trading worth their while.
What do they have that most other people don’t? Understanding currencies, economies and markets probably does come easier to them than it does to most other people, but there are millions of number wired brains out there, and they still aren’t millionaires.
Truthfully there isn’t any one answer, and there are no hidden secrets. The common denominator between all Forex millionaires is their hard work and dedication. A lot of time and effort needs to be applied before reaching a place where millions are being generated through trading and continue flowing.
A starting point, a very important starting point is to be innovative and be a trader at heart. There’s much more than simply technical knowledge to successful trading. One man who started making huge profits shortly after learning to trade, created his own rule of not investing his money before doubling his profits three times in a row through the demo account. He stuck to the plan and never put in one cent of his own money before reaching that goal; from thereon he turned his 1000 dollars into millions.
Another trader kept trading with small amounts which would not harm him financially, until he had managed to reach 50,000 dollars in profit within a short period. That’s when he decided that he was ‘on to something’ and risked bigger.
The one story which really stands out is the trader who spent so much time trading, creating his own strategies and systems that he eventually designed his very own trading robot, in which he implied his own accurate methods, and allowed the robot to do constant trades for him earning him millions.
The bottom line is there are no guarantees, and not everyone is made to find success through trading, although everyone is capable of it. Once you have tested your predictions, your trading skills, and you truly feel that you understand trading inside out, you are able to easily use strategies and even create your own, and you are very much aware of the market and all the movements which are occurring then you know that you are a trader at heart, and you may just be the next success story.
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