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. Yes. 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



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