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Forex – Get Rich Slow

Hey guys, I haven’t had much of a chance to update the blog recently. I have been working hard with the Super VIP guys and it has been taking up a lot of my time. Over the last two weeks I started noting down some of the most common questions newbies in the Super VIP group have asked me. These questions are probably familiar to you:

  • How long do you think it will take to grow my account from $1,000 to $50,000?
  • How long before I can quit my job?
  • How long until I can make $20,000?

You probably notice a theme to all these questions:; money. Let’s face it the vast majority of people are attracted to Forex for the money. Forex can make you money. It can make you a lot of money, but it will not happen fast.

Reality Check

I am sure you already know that Forex is not a get rich quick scheme. Many people out there spout that line. However, what many people won’t tell you Forex trading is a career. And as with any career it can take a long time to master Forex. So, if you are considering Forex you need to ask yourself two simple questions:

  • Do I have the passion needed to take on a new career and become successful?
  • Do I have the patience needed to get through the bumps in the road to succeed?

If your answer is no to either of these questions perhaps Forex isn’t for you.

Getting Rich Slow

I have been trading for nine years now and I have yet to meet anybody who has gotten rich fast in Forex. I am not saying that it is impossible. What I am saying is that the vast majority of successful traders get rich slowly. Becoming a successful Forex trader breaks down into five steps:

  • Learning the basics
  • Planing & Preparing (write a proper trading plan and money management plan)
  • Developing a trading method
    • Testing your trading method
    • Tweaking your trading method
  • Nailing down your trading psychology.
  • Getting rich!

Most new traders want to jump from step one to step five in the space of a few months. Realistically, you will have to go through each step to succeed and it will take you some time. So I am sorry to be the one to tell you this but Forex is very much a get rich slowly game. Some good news though is that Forex4Noobs provides a free video course that will guide you through step two “Plan & Prepare”. Forex4Noobs also has a fun and interactive forex education section that will help you with step one “learn the basics”.

So Why Bother?

Well the fact is that most people do not get rich quick in any career or business. So giving up on Forex because it will take you time to achieve success is silly. I personally feel that the best thing about Forex is the freedom it provides. Unlike most careers, once you become consistently profitable in Forex you can scale back your chart time.

Over the past two months, I set up a stop watch and timed the total amount of time I spend trading per week. I found that on average I spend six hours per week trading. Compare that against the 8-12 hour work day most people are forced to do these days. Forex is the obvious winner.

Forex certainly does have a lot of benefits and it can turn your life around. However, please do not fall into the trap of thinking that you will be rich within six months.

Leave a Reply

47 Responses

  • peter says:

    Steady and slow win the game!

  • Dennis Miole says:

    i truly believe that forex is not a get rich quick scheme. it needs time and perseverance to succeed in this endeavor.

  • Molly Beckett says:

    You’re definitely right!!

    Addiction hasn’t done good to anyone yet. Thanks for sharing a good story and the valuable advice!

  • Paul Preston says:

    I’m a newbie here, and I’m liking the look of this site very much, I
    have been a Trader for 18 months and all I ever do really is lose money.
    I’m going back to basics and starting at the very beginning again, this
    time I’m gonna do it the Forex4Noobs way.

  • Trading Market Online says:

    You should start looking for investors as soon as you start making consistent profits. PAMM accounts are the way to go. Without investors, the profits would always be too small comparing to other businesses.

  • LeeMilano says:

    A good read for a new forex trader like me. I really agree that this is a good platform to make money but not a fast money. Thanks.

  • TyBaby2005 says:

    I really appreciate the upfront to the point advice. This relates to any market (i.e. stocks, ETFs, Options, Futures). Thanks! Advice well taken!

  • Eric D says:

    I must say the very first reason I started now some years ago to trade the FX was the freedom it provides, patience of course is the key factor in this business, now that I think about it, I remember writing an article about the false expectations traders get when first exploring this business, its title was something like “get rich quick!” of course I tried to explain the reasons that the market doesn’t care or works that way and the futility of this thinking, however it had lots of reads and clicks because of that title, it is still a powerful factor on traders mind.

  • MikeVA says:

    It’s interesting to see many others who have lost a lot but have not given up. Back in like 2007 or 2008, I started trading Forex. I had $17k invested and back then leverage was 100-1. I tried to research and learn quickly but I dove right in. I had no idea how bad overleveraging could be. I got super lucky in and I turned $17k into $50k in a week or two. I was leveraging to the hilt and had the best beginner’s luck ever. I made $10k overnight on a USD/CAD 100 pip move. That means I had $1,000,000 leaning for or against USD…I can’t remember which way I had it. I was super happy of course making $10k overnight but I could’ve lost $10k overnight. I had no idea what overleveraging could do or how fast the market can move on unexpected world events or when economic news comes out and it is not what the market expects. I found out. I lost that $50k down to about $4k in just a matter of a couple of days. I pulled out the $4k and I’ve been in and out since with $500, $1000 here and there. I KNOW I can make a go of this…I can consistently get a small investment up to double or triple…I don’t max out leverage but I am impatient and eventually make risky bets. I don’t like putting in stop limits because they get stopped out when sometimes it would have been fine if I let it breath. I am going to try to be patient and make a go of it. The returns on Forex are still 100x better than stocks, quicker too but you can lose your $#!. Hope I can eventually learn and make a go of it. I love Forex. Good luck and happy trading.

    • SamuelL says:

      I still remember when I used to have margin call so often that I lost count of them. I won a lot, but came to lose them all again, continue to deposit more money and repeated this process countless times. Until last year, I fine tuned my trading style and started making profits consistently. Self discipline is important, I enter my trades “emotionless”, I set my stop loss every time. Most people have a profitable strategy, only to lose money to poor discipline. Trust me, fine tune your psychology and risk management, then have a go for it. Wish you success in fx trading!

      • TyBaby2005 says:

        Very nice!

      • Austin Foong says:

        so,what is your new trading style?mind to share? :)

        • SamuelL says:

          When I used to get constant margin calls, that wasn’t because my strategies did not work. Its because I over-leveraged, I still remember having a particular trade that went opposite my bet for less than 100 pips, then boom, I blew account. How foolish I was at that moment.
          After some readings, I realised sound risk management system is the key to trade profitably. To your question about my “new trading style”, it is something so simple that you might not wanna believe at first. I simply capped all my trades to a maximum of 1% risk, in other words, I set stop loss to every single trade and make sure non of them will ever lose more than 1% of account size.
          Here comes the argument, although capping risk to 1% saves me from losing much, it prevents me from earning big. Yes, but just like what this blog’s author mentioned, Forex is a get rich slow investment.
          After all, what I learned from losing my entire account multiple times is, when you lose big, it is very hard to recover (E.g. If you lose 50% of initial account, you need to make 100% just to break even). So it’s not how much you can rake in with a single trade, but rather how consistent you can bring in profit.
          Just to conclude again, what’s in my new trading style since I know my strategies work? It’s risk management.

    • TyBaby2005 says:

      Wow! This is a good story and much to learn from your experience. Did you have a good trading plan established before you jumped in the market?

  • Eko Gober says:

    forex is a high risk business, we need to do it slowly :)

    i am still practice right now using free deposit account. I get 15 eur from armadamarkets

  • stressfreefx says:

    Get rich slow and emphasis on low drawdowns in the key here.

  • David Skysummers says:

    It is quite hard to change the mentality of newbies when they try their hands on trading especially fx. With all the hype n promises of EAs and forex signal provider. I’ve been reading n trading for 7 years and it ain’t good. But as long as you manage your loses properly and add position when winning. I believe the odds can change.

    Just need to know where smart money goes.

    Regards
    David

  • Sanford Hall says:

    This got to be a tough business, still working at cracking this one. I am used to stocks but find it difficult crossing over here.

  • mart says:

    Thank you for sharing with the world.Truely forex is a get rich slow game.I have been back testing and demo trading for the last two years and it is untill now that I have been able to come up with a consistent strategy. Being in a position to harmonize displine,patience and self control is not a small task and definitely not something you can achive in a day.For those aspiring to become forex traders the road is not easy but with the right mind set and the willingness to learn and improve yourself there is nothing to stop you. I remember back in the days I used to be exicited by moves that made 20 pips now that is normal. As one continous to learn you will know what to expect the market to do though that can only happen if you have a trading plan.In my country Kenya athletees are aready preparing for the olympics that will be held in four years to come they know well that to win there they have to start preparing now. Those starting forex now give your self about one year and a half to develop a trading strategy and your self. Thank you NickB

  • CNFINFOTECH says:

    Thanks for the beautiful and exiting facts shared above. I am new here and will like to share my experience. Sometimes 6 Years ago I walked into a Cyber Cafe where I saw a young guy with his Laptop containing some lines, charts, graphs and dots. I went closer to him and asked what the whole was all about and he told FOREX. that was the first time I saw a REAL TRADING PLATFORM. I eventually decided to take a career in FX as I always to be free and be my own boss. I launched into learning FX and got my method tested for 2 years on a DEMO through crash and reinstalling. Later I opened a real account and was thinking of multiplying my account in a couple of days but the mistake was “GET RICH QUICK” so the account crashed as I loosed out in the market till I cannot trade anymore. I later went to the drawing board and relaunched into the main FX Market.
    LESSON: I learnt that FX is not a destination but a JOURNEY in which you are getting to the destination through GRADUAL PROCESS.

  • Alexander Collins says:

    I see some newbie traders trading with automated software without learning the ropes and then scream that software doesn’t work. It pisses me off.

  • David Wilson-Holmes says:

    Albeit a short article but nonetheless is of monumental importance. In the past looking for the magic EA and indicators has cost me a lot of grief (and money). Nick you have nailed it entirely. By far the best technique is knowing the key SR levels and the understanding of candlesticks which will betray who is in control of the market, the bulls or the bears at any given time. Larger time frames rule absolutely because they are reveal the true nature of PA movement. Add to this recipe good risk management and diligent patience and the market will reveal itself. The market will not co operate with fools and and as such will chew and spit them out by the wayside.     

  • sumailaadamu says:

    these are great tips, I’m going to practice friendly forex brokers

  • Efewfwe says:

    scam

  • Alexander Collins says:

    Forex brokers (market makers) shows the market for newcomers as the Holy Grail. In one article I read that you will make more than your neighbor sitting on the couch. 
    However, it may take year before you can trade for living.

    • Nick says:

      Realistically it takes several years to master Forex but you could be profitable in under a year. You simply need to start on the right path which most of us do not do.

  • John says:

    If it was a get  rich over night scheme then everyone would be doing it and we would have hyper inflation and suddenly our new found wealth would see us where we were before we started forex.
    Unfortunately (for the impatient) it is a long road. Like any trade or professional, there is much to learn and I can guarantee you 100% it is easier to burn your whole account than it is to double it. So sit back, have a beverage and listen to what the experienced people like Nick have to say.

  • Mailgeeque says:

    Nick is very right, there is no profession that does not need initial time investment before success and to think forex is an exception is a big mistake. Cheers

  • Jassal2009 says:

    Good post. Verry verry thanx for this…i am trading for last 1 year and lost huge money ,but from last three weeks iam in proffit….

  • The Forex Koala says:

    Good post. I have seen many newcomers who thought that forex is a get rich fast scheme.. myself included when i had my margin calls last time.  Been there but i survived !  slow and steady is the key to success :)

  • fxtrader says:

    With Forex trading you definitely get out what you put in… choosing the right times to trade and what to trade doesn’t come by luck. Put in the research and hone your trading skills and it doesn’t have to be a slow process getting rich

  • Johnny TQM Jenny says:

    This is my first time that I will post here as I feel that what Nick said is important. I want to share with everyone a trading story and why it is better to wait for your trades.

    Many years ago when I was young and naive and living on Long Island I used to pass by a brokerage firm in Bay Shore on my way to the marina. The brokers would leave the door open and you can see the ticket tape. This how I got interested in trading. Back then I had no idea what the numbers and letters represented. One day out of curiosity I was standing outside the door looking at that ticket tape and one of the brokers invited me in. He told me have a sit and enjoy the show. Sitting a few sit from me was this old man. Must have been about 70′ish or more. I don’t know I was a kid and I thought everyone pass 16 years old where old people to me. Anyway, as I was sitting there this old man got up and started yelling. I still remember the words as it startled me. So did everyone else in the room. “BUY, BUY, BUY THE BACON!” One of the brokers that was sitting at his desk immediately looked over to where this crazy old man was and said, “Buy June Bellies at the market!” I think it was June or July. It was a long time ago. The old man reply “BUY 50!”. At the time I did not know what that meant. Now I know that the old man meant “Buy 50 June Bellies”. The broker picked up his phone and said something like buy 50 something something. I could not hear him but now I know that is what it was. A minute later the broker answer his phone, turned around, looked at the old man and said to him, “You bought 50 June Bellies at price…..”. The old man sat back down at his chair. I had no idea what just happen. I was just as confused as when I saw “The Crying Game”. Who the hell was gay in that movie? I went to talked to the broker that invited me in asked him about the crazy old man. He told me he comes here a couple of time a month and trade the meats. When ever he gets a buy signal he jumps up and yell BUY BUY BUY. Trade the meats? Buy signal? What, what! He told me just sit down and watch him again in about an hour. So I sat there, watching all those numbers on that ticket, still confuse but more intrigue then before. About an hour and a half later as I watched the ticket tape the old man did it again. He gets up and yell “SELL, SELL, SELL THE BACON!”. Now what? The broker that took his order turned around and said to him “SELL June Bellies at the market”. The old man said, “SELL 50!”. The broker pickup the phone, said something like “Sell 50 June Bellies…..”. A minute later the broker picked up the phone, turned around and told the old man, “Sold 50 June bellies at price…..”. Then old man then leave. Everyone in the room just watch him leave. I went to talked to the broker that invited me in. He told the story about this old man. He said a couple of times a month this old man comes in and buys the meats at the CME. Mostly he trades the bellies. He only trades 50 lots and always go for half a point or more depending on the time of day. I had no idea what this man was talking about but he told me that this old man makes a nice living doing this. Later, as I got older I realize what this old man was doing. If my theory is correct, this old man would trade off of the meat and agriculture reports and buys after the selling stop. He would wait for the trade to COME to him. Guys, “He would wait for the trade to come to him”. This is important what I am saying. You don’t have to trade everyday to make money. This old man only traded a couple of time a month. Lets do the math. He trade 50 lots. One full point on pork bellies is what, $440 or so? Half a point is what, $220. Multiply that by what, 50 lots. How much is that? Nick only trades about 6 hours a week and is making a living.

    I hope you all enjoy this story. BTW, last year issue of Traders magazine they have their annual top 100 traders. One of the top traders is a DAX trader from the Netherlands or Germany, I think. He only trades a couple of times a month and takes the rest of the month off. His boss don’t mind as long as he makes money for the company. How would you like to have that job?

    Johnny

  • year45 says:

    Thanks Nick. I spent the last 2 weeks contemplating if I should continue. I lost $30,000. I started with $12,000 and grew the account to $30,000 in about 4 months. Then I lost it ALL! Very scared of loosing any more but this is my chosen career. I will start over but take it slow.

  • hickh says:

    Top notch post Nick! I still remember starting out and thinking how fast I was going to make money. Until I started losing it of course.
    I would like to say to the younger croud that I hope you fully understand how lucky you are. There’s absolutely no reason that you won’t succeed if you just take it slow. Take the following to heart!!! You do not want to be 50 and looking back saying to yourself, “what could have been”. If at 50′ish, I can take it slow, you sure can. Oh; for you smarty pants that think at 50 we have to take it slow; just 3 years ago I smoked a local highschool sprinter in the 40. Never underestimate old peoples (o:

  • Andraste says:

    “only users who purchased Super VIP in the last three months have access to the new Super VIP system”

    I don’t see any logic in this statement – either a system is available or its not available. What has the purchase date got to do with anything?

    • Nick says:

      Andraste »

      I see what your saying but the logic is quite simple and is commonly used by software and web application designers.

      The new web application that allows users to view the course is currently in the beta stage. The fact that it is new means that it can have a lot of bugs. I am only allowing a small group of people to access it at the moment so they can give me their feedback and I can fix bugs. If I give access to over one thousand people I will receive hundreds of bug report emails weekly. I will also get a lot of emails from angry people saying something along the lines of “why release this if it doesn’t work”…..

      As with most new software or web apps we are currently beta testing so it is not publicly available.

  • TradeProfits says:

    Good stuff Nick. As always..

  • Okanemochi says:

    OK.
    Thanks Nick.

  • adejonwo taiwo says:

    Always refreshing advice from an experienced trader.i bet all you`ve said are the HARD TRUTH.this is my 4th year in this business and i know what you`re talking about.I PRAY IT SINK DIP INTO THE SUBCONSCIOUS OF STARTERS.just to add that one need 3 E`S TO SUCCEED:
    1.EDUCATION
    2.EXPERIENCE
    3.EXCESSIVE CASH- AS START UP CAPITAL(not funding a fx account with $100 and expecting to make $5000 profit at the end of the month.). Thanks Nick ur method have been life saving for me.

    • Mcaochuka says:

      You do not have to have excessive cash in order to succeed. What you need is know someone who has blown theirs risking too much any any amount. You could succeed with $100.00 if you have such a person.

  • Okanemochi says:

    Hi Nick,

    When I log into the Super VIP area I see your course but I can’t see Fetor’s course (which I also bought). I also don’t see anywhere to post or anything else at all.

    But anyway, good to have you back!

    • Nick says:

      Okanemochi » Sorry for the confusion but we only switched over to a new Super VIP system recently and we have yet to do a full public release. It is very much in the beta stage right now.

      You are still on the old Super VIP system. Eventually all users will be upgraded but only users who purchased Super VIP in the last three months have access to the new Super VIP system.