Getting Rich Trading Forex – RULES!
If you are a newbie to Forex trading, and trading the market in general, you’re probably quite worried about losing money. The fact of the matter is that yes, there is a certain amount of risk involved with Forex trading. If you don’t do it right and you don’t follow the rules, getting rich trading Forex is not easy.
However, this is what we are here for today, to provide you with the best tips for getting rich trading Forex. There are a few very basic rules and principles that you must follow at all costs if getting rich trading Forex is your goal. Yes, people, it is possible to make a whole lot of money trading currency pairs, but you need to do it right.
Getting Rich Trading Forex – Best Tips
Our very own Andrew, A, the leader of a variety of trading channels, as well as the Income Mentor Box Day Trading Academy, just released and a brand new tips video on this very subject. Getting rich trading Forex is the name of the game, and Andrew is here to make it happen.
If you plan on getting rich trading Forex, one thing that you need to avoid doing at all costs is to bank or withdraw your profits. This is especially the case if you started off with a relatively small trading account. A big mistake with many greenhorns make is to always withdraw their profits as soon as they occur. This is a great way to get nowhere in the world of FX.
If you only have your initial investment amount in your account, it means that you can never increase the number of trades you place at once, plus you also cannot invest a lot of money per trade.
You need to keep as much of your profit in your trading account as possible. This is how you grow an account. It’s all about accumulating profits, kind of like interest at the bank. The more money you have in your account, the more interest accumulates, the more money you have, and the more interest there is. This is a cycle, one that is the same with Forex trading. People, keep reinvesting those profits!
Don’t Be Afraid to Move Against the Pack
One of the worst things that you can do as a newbie FX trader is to always be a sheep and to follow the herd. People who are afraid to think outside of the box or trade against the herd usually do not get very far at all.
Yes, this herd mentality can sometimes lead to some profits, but what usually happens when you follow the herd for too long is failure. It’s like if 1 sheep runs off a cliff, the whole herd will run off the cliff. This is often what happens here in FX trading.
When it comes to getting rich trading Forex, being the wolf or the black sheep can be very advantageous. Move against the pack, take a risk, and make it big. Yes, trading against the herd can be a bit risky and dangerous, but you won’t ever get wealthy via Forex trading if you never take risks. Think outside the box.
Don’t Be Idle
If you plan on getting rich trading Forex, one of the worst things you can do is to be idle or to sit on your hands. This is what Andrew refers to as sucking your thumb. Folks, if you don’t take risks and you don’t execute those trades when good opportunities arise, you won’t ever get anywhere. If an opportunity for profit presents itself, and the risk level suits your needs, go for it.
There is no point in trading FX if you are going to sit there doing nothing but analyzing things the whole time, all the while never placing trades. Yes, trading is risky, but those who risk it all are sometimes rewarded big. Simply put, you won’t get the puck in the net if you never take the shot. Get your stick on the ice and start shooting big.
Have a Plan
When it comes to getting rich trading Forex, another big mistake which many newbies make is to trade without a solid plan. Folks, there are thousands of different ways to trade FX out there. Between all those different charts, indicators, oscillators, and analysis tools, you can find thousands of different trading strategies.
No, you don’t need to know a thousand strategies, just a few good ones that you understand, ones that work well for you. The worst thing you can do is to start trading blindly and emotionally. Learn some good trading strategies, learn the basics of Forex, make a solid plan on paper, and then stick to it.
CLICK ON IMAGE TO GO TO ANDREW’S TRADING CHANNEL
Stop Wasting Cash
Rich people get rich because they save every last penny, not by spending it on frivolous junk. Stop buying expensive dinners and clothes, stop wasting money on useless garbage, and get an old second hand car instead of that new Ford Mustang.
Simply put, stop wasting your cash and pay attention to the small stuff too. Even small expenses like buying a cup of coffee from the shop instead of making your own brew starts to add up real quick. Use your money for to get rich trading Forex, focus your resources on trading, and then once you make it big, that’s when you can start spending.
One of the other tips to get rich trading Forex is to always engage in some good old risk assessment. You need to know how much money you can risk without completely bottoming out. Never trade with more cash than you can lose. If you need that last $1,000 to pay the rent, don’t trade with it!
Get Rich Trading Forex – Final Thoughts
The bottom line is that to get rich trading Forex, there are certain rules which you need to follow, rules which will either make or break you! If you really want to learn everything there is to know about how to get rich trading Forex, we would recommend joining the Income Mentor Box Day Trading Academy.