What is going on guys welcome back to another video for today's video question of the day a user sent me this question He said can you get rich by trading Forex? Today I am going to answer this He wants to know can you actually get rich trading Forex like the currency market? well I am here to tell you guys the truth the truth that you guys don't want to know Why because like all these other videos, I've been keeping it real with you guys So, can you get rich first of all, rich is relative what I might consider rich.
Someone might consider chump change or someone might consider filthy rich, so it's all relative but By standards, I would say people consider rich around Making about a quarter million dollars And let's just say that per year For this video obviously, I think it's a lot more than that But a lot of people considering nowadays the medium household income in the u.
s Is like around fifty thousand dollars, I believe so if you're making five times that let's say that's rich for this video So can you make about twenty fifty thousand dollars a year? There's two answers to that Yes, and no hope yes if you have a large account So if you think you're going to take a ten thousand dollar investment and turn it into 250 by the end of the year It's just not going to happen A lot of people have unreal unrealistic expectations about how much percentage you can make per month per year and take insane risk of trading the forex market, so Can usually make to under 50k.
If you have an account about a couple like million because that's nothing If you have a couple of thousand dollars Don't expect that.
Why? because first of all You're going to start taking insane grits just to get that much money for a year – you're gonna break your trading plan And three you're just going to over leverage yourself.
It's just like a ticking time bomb You got to stay away from trying to make a certain amount of money We're just trying to like strike Rachel Forex.
That's just not the way it works.
Wait Forex really works this you get a certain amount of money Then You for example say you take ten thousand bucks.
Throw it into a trading account You look you're averaging and ultimately your trading plan and how much you're comfortable with taking risk but It all depends on your risk parameters how much you're comfortable with losing for a day or gaining per day? So it's going to depend some people might get a thirty percent return on their ten thousand Some people might get up to two hundred percent return and double their money it all depends on your trading preference how you trade and Different factors.
So do you get rich by trading Forex? Yes down the road.
Don't expect it to be overnight If you if you start for example with 10, 000 bucks And then you make say for example thirty percent fifty percent and you just invest that back into it now you're If you're if you made fifty percent all that you're about if you're investing now fifteen thousand and you just repeat it's like a snowball if you keep that up eventually down the road you will eventually get rich trading forex, but it takes time so Don't expect immediate results.
Like I want to make a million bucks Preferably by next week.
That's not going to happen I know that it's not what you had my quantity here.
But I'm keeping it real with you guys.
This is uh There's a straight to the point Really on this channel.
I tell you guys the truth.
Well, you don't want to hear what? benefits you in the long term I'm not gonna sugarcoat things like yeah, of course you gave me the rich They just kind of do this this and this I'll tell you the truth.
It's possible to get rich trading Forex, but One yet to know what you're doing.
You have to get an education to you have to just Keep putting their money into it.
I keep your returns and nothing your accounts little compound And boy, you've gotta stay persistent If we do that then yes You can't get rich off the market.
The only easy way out of this is if you get like your uncle Larry let you borrow a couple million bucks and we start just making all kinds of games because Look big with the big account, you'll get big results and you get a quick But that being said, I hope this video helped you guys out Send me another any other questions that you guys may have.
I'm gonna tell you guys the truth I've been trading Forex for years now But a profitable trader I can tell you guys exactly what you need to know What I wish somebody would have told me when I was starting now So having said the next video stay tuned.