Over my 15 year trading career I have been asked countless questions about Forex trading but the questions around growing an account are the most common. 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 until I can quit my job to become a full-time trader?
- How long until I can make $20,000?
- How much can I make per month?
You may notice a theme with these questions: money. Let’s face it, a vast majority of people are attracted to Forex because of the money. That’s fine – Forex can make you money. It can make you a lot of money, but it won’t happen as fast as you hope.
I am sure you already know Forex is not a get rich quick scheme. A lot of traders will advocate this to lure people in. However, what many people won’t tell you is that Forex trading is a career. As with any career, it takes time to master and eventually reap the rewards. So, if you are considering becoming a Forex trader you need to ask yourself two simple questions:
- Do I have the passion needed to take on a new career and achieve success?
- Do I have the patience and diligence to get through the bumps in the road?
If your answer is no to either of these questions – well, maybe Forex isn’t for you.
Getting Rich Slow
It has been 15 years since I started my Forex journey and I have yet to meet anyone who has gotten rich fast in Forex.
I am not saying it is impossible.
But I am saying that for the vast majority of traders, becoming rich in Forex happens slowly. Becoming a successful Forex trader can be broken down into 5 steps:
- Learn the basics
- Plan & Prepare (Use a trading plan and money management plan)
- Developing your trading method
- Testing your trading method
- Updating and tweaking your trading method
- Understanding your trading psychology.
- Put everything into practice (get rich!)
Most traders would love to jump from step one to step five in the space of a few months. Realistically, you will have to go through each step and succeed in each one before you can get rich. It will take you some time.
So, overall, there is good news and bad news. The bad news is that Forex is a get rich slow and steady kind of game. The good news is that you can cut into the time it will take to find success. You can find the right advice to enable you in becoming a profitable trader. That is what Forex4noobs is all about – helping you to becoming a profitable, independent trader.
If you want to check out the basics of Forex, you can head on over to the fun and interactive basics course. I also show you how to put together a trading plan in the free video course that teaches you a little about my strategy. I strongly encourage anyone looking to become a trader to research different strategies and methods of learning. We all learn and progress in different ways and no single approach will work for everyone.
So Why Bother?
Well, the fact is most people don’t get rich quick in any business or career. So giving up on Forex because it won’t make you rich quick is silly.
In my personal experience, the best thing about Forex is the freedom it provides. Unlike most careers, when you become consistently profitable in Forex you can scale back the amount of time you dedicate to work.
Over the past years I have occasionally tracked the amount of time I spend trading per week. When I wrote this post 6 years ago, my trading time was, on average, six hours per week trading. Now, my trading has further scaled back to about 4-5 hours per week on average.
Compare that to the average 8-12 hour work day and you can see that Forex is the clear winner.
Financial freedom is something we all would enjoy. But freedom to spend more of your time in the way you want is even more valuable. These benefits can turn your life around. Just don’t fall into the trap of thinking that getting to this place will take you 6 months and little work.