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What No One Told You about "How to Make a Million Dollars Trading Forex"

Forex	7171 VIEWS
Forex
7171 VIEWS

Tuesday, December 22, 2020 / 07.57PM / By Olayinka Ajayi / Header Image Credit: iStock / Header

Before you start joining groups, here are what you should know about these folks peddling forex like it's a commodity.

They don't make money from forex.
Heck! Some of these folks have never navigated a forex chart.
The screenshots they post are from a practice account the broker you sign up with dashes you to practice how to trade.
If anyone walks up to you and starts preaching the forex gospel, ask him/her to show you their real account to know how much they're invested (yes you will see real displayed on the mt4).
Ask them to show you their withdrawal history to see how much profit they've withdrawn.

See Also: Currency Trading Platforms

Ah ah, but Yinka, they are doing me a favor by teaching me how to trade, no harm in that.

Here are the facts you should know about trading with no sugar coating.

Statistics have shown that 95% of retail traders lose money. If you start trading on your own, you'll be among the losing statistic. You are not special.
Expect to lose all your capital in the first three (3) years of trading forex.
It is recommended that if you plan to trade forex at all, you should have at least $10,000 YOU CAN AFFORD TO LOSE!! I personally recommend $20,000. In other words, if your account balance is 100,000 naira you should only use 1% of your capital which is 1000 naira. I'M NOT JOKING!!
You will never become profitable unless you have huge leverage.
You're trading against bots, humans with Ph.D.'s in mathematics and statistics, quantum computers (in other words ultra-fast computers), folks that have poured thousands of hours into practice, and multi-billion-dollar hedge funds. Do you honestly believe you stand a chance if you bet against the market?
If you don't already have a roof over your head, traveled half the planet, have more than five (5) sources of income, don't even dare to smell forex.

But then, how do these people make money?

I'm glad you asked. Here's how.

These so-called traders lure you into a group and promise to teach you forex for free. After few weeks in their group, then they ask you to pay $100 for some pdf course that has a magic formula to help you become a billionaire in 5 days.

Say, if 5000 people are in a group, there's a likelihood that 100 people will pay for that pdf ($100 * 100 people = $10,000).

They cash out from you and fund their lifestyle with your money.

Now as an ordinary Nigerian to another ordinary Nigerian, we both know how hard it is to make money in this country. Do you really want to risk your hard-earned money to a trillion dollars a day market? No seriously, GOOGLE IT!

More than 6.6 trillion dollars are being exchanged in just the forex market daily. Do you genuinely believe your $100 would move the market? You're not even a footnote in the grand scheme of transactions. You'll be swallowed alive.

But if you no dey hear word and you get coconut head like me, again here's the link to free pdf that guides you on how to trade.

Stock trading on the other hand is profitable provided you use the right strategy. But that'll be discussed in another article.

Credit:

The post How to Make a Million Dollars Trading Forex was first published in 'The Medium' on July 10, 2020 and is reproduced under permission from the author.

About the Author

Ajayi Olayinka is a self-taught financial market trader who graduated from Obafemi Awolowo University, Nigeria, with a BSc in public administration. He is thrilled by the intricacies of investing and making gains from it and therefore hurts when others are scammed of their hard-earned money in the name of quick gains from forex. This has further prompted him to give advice on how to avoid pitfalls in the financial markets. He's also well versed in how to navigate blockchain technology and their cryptocurrencies. He can be reached via yinkakani@gmail.com