Can day trading forex make you rich?

Yes, you can get very rich with day trading if you're lucky and everything is going well, but it's extremely difficult. Most people fail in day trading because the odds are already stacked against them as retailers. Yes, it's possible to make money trading stocks. Many people have earned millions just by trading one day.

Some examples are Ross Cameron, Brett N. That is one of the main questions asked by anyone considering trading in currencies. The simple answer is yes, but the reality is that it depends. The reason is that it takes more than luck or a casual knowledge of the foreign exchange market to succeed.

For that, you must act like a professional trader and create a trading environment and a routine that a professional trader follows. There is both a personal limit that each person feels comfortable trading with and a physical maximum that they will reach every day in the trading strategy and in the market. Nowadays, you can start trading with as little as 100€, but don't expect to earn a living with such a small amount of initial capital. Reading stories about the path to success for profitable Forex traders can also give you ideas about what to do and what mistakes to avoid, without sacrificing any of your trading capital.

Like any other type of job, Forex trading requires you to learn the right trading skills and techniques. Learning from (or better yet, with) mentors who are successful and experienced Forex traders is probably the easiest and most effective way to receive the trading knowledge and practice needed to build your trading career. Everyone is a total of what you know, and it's what you know about currency trading that will determine your success. In addition, maintaining a high success rate in daily trading is not easy, which is why you hear about day traders who earn money but who are not real millionaires.

If you are an intraday trader, in addition to trading intraday on the best platforms and investing part of your profits, you will also generate another source of income. That said, there aren't many millionaires trading intraday compared to the total number of people trading intraday. In my personal experience, in intraday currency trading I wouldn't feel comfortable taking more than 5 standard lots in a day trade. The continuous advice that every experienced trader gives is that everyone should recognize that currency trading is not a direct access to immediate wealth.

In any case, the chances of you developing a successful trading career are good if you start acting like a professional trader, with realistic goals set and a solid trading strategy with positive expectations.