There are a number of things that make Forex one of the most exciting investment vehicles available right now.
Some people love the almost 24/7 access to the financial markets.
Others appreciate the ridiculously low barrier of entry and ability to invest with smaller amounts of money.
And then of course you have people that are excited to get into Forex just because it’s something a little different, something that doesn’t involve the stock market for real estate.
At the end of the day, though, the overwhelming majority of people like Forex and the opportunities it offers because of the potential for huge profits.
Can Forex trading change your life?
Forex changing can absolutely change your life but it’s not likely. Only 20% of traders will ever make a profit within the forex markets and an even smaller percentage of those will have life changing amounts of profit.
You bet it can!
These investment vehicles have the opportunity to totally transform your financial future, and transform that financial future a lot faster than you ever would have thought possible.
This is not to suggest that trading Forex is simple or making a fortune in Forex something that can happen almost on autopilot.
Nothing could be further from the truth.
Can Forex Trading Change Your Life?
It’s not a challenge to get really excited about all the potential that Forex trading has to offer when you get started in this investment world.
The potential for accumulating real life changing wealth – we are talking hundreds of thousands of dollars, millions of dollars, and maybe even more – is always just another trade away.
Some of the world’s richest investors made the bulk of their money investing in Forex. Many of them capitalized on the leverage that Forex brokers offer to turn smaller nest eggs into big pockets of profit.
You can do the same!
There are other ways that Forex has the potential to change your life, though.
Let’s touch on a couple of them right now.
More Tuned Into World News Than Ever Before
One of the biggest changes you’ll notice about yourself after spending three months, six months, or a year in Forex is how much more in tuned you become with the news of the world around you.
Most people flip on the nightly local news a couple of times each evening to get an idea for what’s going on in their immediate community. Some people like to listen to local news channels and programs, too – giving them a better idea of what’s happening domestically around the country.
Only a few people will expand their news consumption beyond our borders, though.
Forex traders understand the power and value in not just consuming global news, but in analyzing what they’re told, and making connections across multiple nations and multiple markets, and applying that information on each and every one of their Forex trades.
You’ll not only make money in the Forex world. You’ll also become a lot more worldly and more knowledgeable, too.
Most forex traders are constantly plugged into news sites like FxStreet to keep their finger on the pulse of the worlds events.
See the Systems Behind the System
Watching foreign currencies shift and change in value (on a day-to-day basis) is going to help you see the “systems behind the system”.
You’ll start to recognize which kinds of new stories cause certain currencies to change in value. You’ll start to better understand the relationship between different currency pairs and why they exist.
At the end of the day, it’s a little bit like getting a chance to look into The Matrix.
You’ll start seeing connections and relationships you never would have noticed before.
Tailor Forex to Your Goals
Can Forex trading change your life for the better?
But the cool thing about Forex trading is that you can sort of bend it to your will as well.
If you feel like trading on a part-time basis, Forex works for that.
If you want to trade forex full time, you can do that too!
If you feel like trading as a day trader, Forex works for that as well.
If you feel like taking a hybrid approach – sometimes trading very actively and sometimes trading very passively – you’ll find that Forex is pretty perfectly suited to that, too.
Achieve Legit Financial Freedom
At the end of the day, though, the way that Forex will change your life the most is by helping you achieve true financial freedom.
Are you going to turn $10 into $1,000 with forex? Probably not, but you could make some good money along the way!
With the power of leverage and Forex (as well as some smart – and some lucky – trades) you have the power to enjoy the kind of financial future most people only ever dream of.
What are the Chances of Forex Trading Changing Your Life?
All that said, you have to understand that not everyone is going to see Forex change their life from top to bottom – and not always for the better, either.
Forex research shows that only about 50% or so of traders enjoy success right out-of-the-box and through their first few years of investing.
As shown here in this handy chart from Forex Illustrated, the overwhelming majority of traders are in fact losing money trading.
That means half the people that get into Forex are going to have a tougher time than they thought.
On top of that, only about 30% of Forex traders are going to see a lot of long-term success in this kind of investment opportunity.
What’s that mean for you, though?
Well, it’s important to understand that you are not relegated to fall squarely on one side of these statistics or another.
How you invest in Forex, how you research your trades, when you get in and out of positions, and a whole host of other things that contribute significantly to your success (or failure) are completely within your own control.
Sure, luck plays some role in who becomes a Forex millionaire and who doesn’t.
But a lot of success in Forex boils down to who works harder, who studies more, and who makes smarter moves with the best odds for success.
Also, avoiding mistakes in the forex market that trip a lot of traders up! That helps!
Can Forex Change Your Life Quickly?
One thing you really have to hammer home is that Forex success is very rarely going to occur overnight.
Yes, you might be able to turn $1000 into $100,000 faster than you ever thought possible – but turning $1000 into $500,000, a million dollars, or more is an entirely different animal altogether.
Forex investing is very much built for a long haul kind of approach. If you’re interested in figuring out how long it takes to learn to trade forex, it’s about 1 year of consistent learning to reach a level of consistency, let alone profitability.
You can certainly win Forex trades early (and often), but if you want to have Forex help you build the kind of financial freedom you’ve always dreamed of you must be committed to Forex for the long-term.
If you’re looking to expedite the process, you will need capital. How much capital do you need to trade forex? Well, that depends, but around $1000 to get started and learn the basics of risk management. With that being said, you can also learn to trade forex with no money… It just depends on how quickly you’re trying to learn to trade the forex markets!
In Conclusion – Will Forex Change My Life?
In summary, forex probably won’t change your life. In fact, for 90% of traders, or more, it won’t have any real kind of positive effects. However, the few traders that actually make a success of forex trading do tend to have their lives changed for the better. These are the people that make a real success of trading forex, and they’re the ones that go on to change their lives in a big way.
So, if you’re thinking about getting into forex trading, don’t expect it to change your life overnight. However, if you’re willing to put in the hard work, and you’re lucky enough to be one of the few that actually makes a success of it, then forex trading could definitely change your life for the better. Who knows, you could even become a millionaire trading forex!
Has your life been changed by forex trading? Let me know in the comments down below…