Well, of course it is! There are new forex millionaires everyday. The bad news is that 95% of forex traders fail to even make money. So the chances of you just making money trading forex are against you, much less becoming a millionaire. So what's the secret? Why is it that so many people fail and so few succeed.
Well, lets take a look at this logically. When so many people are failing at trading forex, why not just trade the way the successful traders do? I know that sounds like a no-brainer, but why is it that so many traders don't think about that? The majority are using the same lagging indicators that have been proven to show no forecasting benefits.
If there is one major contrast between the pros and amateurs, its that the majority of the pros don't need all the bells and whistles that the amateurs just love. If you read many trading journals, magazines, newspapers, you'll notice most pros mention they don't even use indicators. They solely rely on price action to tell them when to buy and sell a currency. To those that have only traded with indicators, this may seem like a strange method, but it's really one of the oldest forms of technical analysis and has been traded successfully way before stochastics were even invented. People like Jesse Livermore became trading legends in the early 1900s by being on the market floor and trading based on the movements of the price. He didn't even have the privilege of looking at a chart.
So it is most definitely possible to be the next forex millionaire. All you have to do is stop following the herd and learn how to properly read the forex market.
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