In Forex is it possible to become a millionaire by always trading the same currency pair such as USD/GBP?
Saturday, September 19th, 2009 at
6:51 pm
William M asked:
I have had a practice Forex account for a few months now and have been experimenting with it in terms of leverage in which I always use 1:25 now, and the currency pair I am familiar with; GBP/USD and have discovered that so far at least, and hopefully always, I keep on making 10%+ profit onto my capital every time I trade using my personal strategy I’ve developed.
I have had a practice Forex account for a few months now and have been experimenting with it in terms of leverage in which I always use 1:25 now, and the currency pair I am familiar with; GBP/USD and have discovered that so far at least, and hopefully always, I keep on making 10%+ profit onto my capital every time I trade using my personal strategy I’ve developed.
I am going to be 18 in a few weeks time and I intend to put in a few hundred to open up a real Forex trading account, and what I’d like to know is if its possible that by always using the same currency pair, if I could become a millionaire all in good time if I keep on making consistent profits as such with the GBP/USD? Has anybody ever only traded 1 currency pair always, and made a million starting with little capital? Has this ever been done before, and is it possible to do?
Tagged with: Gbp Usd • Leverage • Millionaire
Filed under: Forex
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Like any market, you can make millions or nothing from trading. It’s always good to put your eggs in more than one basket though…
* This is not legal or financial advice.
i would suggest trading some more with your practice account. There is a lot of luck in Forex, and it is easy to make money by having a lucky streak. You need to thoroughly test your strategy before putting real money in it.
I have never heard of a Forex trader who has made millions starting with only a small amount of money and trading only one pair. Most people who become millionaires use OPM – other people’s money. They opened a fund and invested other people’s money.
The correct name of the trading pair is GBP/USD (in case others try to find USD/GBP).
Yes, you can trade just one pair and one pair alone is sufficient to trade. Actually, it is highly recommended to trade one or two pairs rather than several as you can focus much more on learning the personality of the pair.
It is great you are interested in investing at such a young age as you have the time to accumulate a large amount of money. Make sure to make regularly deposits into your account and with your strategy you can see the magic of compounding.
It is possible to be successful by trading only one currency pair. If you look at the big forex trading companies each trader concentrates on a specific currency of his expertise and makes consistent profits over time. If you think you have what it takes and are not risking your life saving then go for it.