Can you get rich fast in Forex?
A lot of amateur traders and those who want to get into the Forex market ask the question, “Is it possible to get rich quick in Forex?” Yes, it is possible. The Forex market is the biggest and best financial market in the world with a daily turnover of 8 trillion dollars, and this means that the Forex market is a very suitable and excellent place to make money and get rich. But getting rich fast in this Forex market has its own conditions and secrets, and in this article we want to introduce these secrets to you.
The first condition is that you have thoroughly and professionally learned all the trading principles and practiced them well; that is, you have backtested your strategies and worked with a demo account for at least a month.
To become a professional trader, you need to learn the following lessons well
1_Technical analysis
2_Fundamental analysis
3_The psychology of trading
4_Risk and capital management
Now that you have learned how to trade, it is time to introduce you to the secrets that can help you get rich in Forex quickly and with very little capital.
Attracting capital from prop trading firms
Prop trading firms allow professional traders to get accounts with large funds by passing the challenges they provide for each account. In addition, 80% of the prop account profit is usually paid to the traders, and this profit distribution is also made on a monthly basis.
For example, you are a relatively professional trader who can make a 10% monthly profit from the market. Now, if you can earn 10% monthly profit on a $75,000 prop trading account, You can earn $7500 a month. Of course, 80% of this amount is usually yours, and the percentage of profit sharing varies with each prop trading firm. Note that you can also get accounts with millions of dollars in balance from prop trading firms, provided you pass the challenges.
Using the magic of compound interest
To use compound interest, you must be patient and allow your capital to grow and do not withdraw from your account balance for at least one year so that your account balance grows.
We hope you enjoyed this article.