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Abstract:can forex trading really make a millionaire out of you? Answers are presented hereby.
As the story is often heard that some traders become rich after earning a pretty packet overnight, many wannabes follow suit and join the forex market. Well, the thing is, can forex trading really make a millionaire out of you? Answers are presented hereby.
To begin with, the definition of wealth should be clear-cut. In the Third World, people boasting USD 50,000 can be cast as the rich whereas the figure should reach USD 2.4 million in the U.S. that is used herein as a standard for affluence.
Without limiting the capital scale, trading time or profits, the forex market allows beginners to get rich quickly through its tremendous leverage.
However, being an instant millionaire is the moon you ask for. In addition to many years spent in creating a large account, a trader has to be professional in both fundamental and technical analysis to follow the market at any time, and remain self-disciplined and patient at the same time.
Traders are vulnerable to quick bankruptcies due to the possible fluctuation of currencies caused by unexpected incidents. Few can be ever-victorious amid their one-year continuous forex trading.
Everyone wants to be rich whereas only the minority can be successful. The majority usually lack self-discipline and may be hit by their misuse of leverage. As for all industries, concentration and self-discipline are indispensable to success, and forex trading is no exception.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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