Nick's Forex Blog

Hello, Log in, or join forex4noobs.

Forex – Get Rich Slow

Posted by Nick 17 Comments

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.

No related posts.

  • Okanemochi

    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

      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.

  • adejonwo taiwo

    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

      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

    OK.
    Thanks Nick.

  • http://www.tradeprofits.net TradeProfits

    Good stuff Nick. As always..

  • Andraste

    “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

      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.

  • hickh

    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:

  • year45

    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.

  • Johnny TQM Jenny

    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

    • http://profile.yahoo.com/EFPL33HZDXFVLN6ELRQZSJUF4A Joseph

       Do you remember the month dis list was released? I would like to read that article. Thanks.

  • http://www.everestforex.com/ fxtrader

    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

  • Xtianmendoza11

    You will get rich in time if you have the ability and knowledge of how to trade.  To learn more about Forex trading visit http://www.estocks.com

  • http://www.thegeekknows.com/ Learn Forex Trading

    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 :)

  • ali hassan

    Euro Range Narrows Ahead Of Holidays!
    :)
    EUR/USD is trading in a narrow range of roughly 100 pips over the past week as the uncertainty over the Euro debt crisis saw the Euro trade at 11-month lows.  It is questionable whether this range is setting up to be support for a retracement higher, or a http://www.ala6rar6.tk continuation of the move lower.

    The Euro traded as low 1.20 over 18 months ago when the Euro debt crisis was in its infancy and though the uncertainty was greater than what we know now, the situation has gotten much worse.

    The actions of the US Fed since that time to weaken the US dollar to provide endless liquidity through the quantitative easing programs has provided the Euro with some http://www.vb.ala6rar6.tk support, but for how much longer?

    The next leg is likely lower for the Euro as leaders continue to kick the can further down the road.:cool: