Wednesday, October 31, 2012

Truth About Forex Millionaires

Many people on the Internet these days are on the quest searching for forex millionaires. Other people just think that it is not possible to make millions trading forex market. So where is the truth?

The truth is that there are real forex millionaires in this world. Just one example for all: George Soros. He made not millions but billions on forex market back in 1992. Here is his story:

His career began since the establishment of the Quantum Fund in 1969 on Curacao. During the time of its existence, Quantum Fund conducted a large number of profitable speculative operations at Forex currency market. Just one example: on the spot market in 1996 only, the Quantum Fund received the profit equal to the annual income of McDonald's Corporation. But, the most money-making deal of George Soros is considered to be the currency speculations at the British pound sterling back in 1992, which within one month netted a profit of USD 2 billion. Thanks to such great success and the facts, by which it was caused by, George Soros soon got the reputation of "the man who broke the Bank of England."

But there are also ordinary people these days who can make millions on Forex market.

Good news is that even you can become one of them. But it takes a little time. Yes, there are some forex contest winners who turned 10 thousands into 100 thousand or million in a month or so, but that has nothing to do with real forex trading. They were just lucky, overtrading their demo account, risking all capital in one trade and so on. If they continue like that they would blow their account up very soon. Other question is: would they trade like that with real money or they own money? I do not think so.

There are no shortcuts, there is no holy grail, there are no magic indicators to make you millionaire in a speed of light, but if you employ a sound strategy, great money management, discipline, power of compounding and patience, you can turn even a very small amount of money (like couple of hundreds) to one million or more within 10 years. Or even sooner if you have bigger starting capital.

You do not even need to know how to trade forex market yourself. There is a simple way for you. You can simply auto copy forex trades of experienced traders. Their trades can automatically copy on your broker account and you will be just sitting and watching your account grow.