Forex Trading Time Factor: How Long to Get Rich?

The factors that affect the speed of getting rich in Forex Trading

The starting capital. It may seem uninspiring or unromantic, for those who give weight to these things, but it's really true: it always rains on the wet. Those who have the fortune of starting with a substantial capital, "engage" faster. The reason for this is essentially technical: earning 2% on a position of 10,000 euros is different from earning the same percentage on a position of 100 euros. Capital is a decisive factor, perhaps the most important one, also because, by allowing from the beginning to generate significant profits, it allows the trader to reinvest rather large sums, in what is to all intents and purposes a virtuous circle. The advice, therefore, is to gather sufficient capital before starting to trade. What is the minimum? We are in the order of thousands of euros. Trading style. It's obvious, fast trading allows, in theory, to earn money faster. The reason? Simple: fast trading, the so-called scalping, consists in opening many positions per day, which lead to numerous gains. Yet not all that glitters is gold. Scalping, in fact, you have to know how to do it, and it is also a difficult approach. In the worst case, instead of earning quickly you lose quickly. Strategy. This factor is not, so to speak, static. It has nothing to do with it, and in the end it doesn't even turn out to be valid, the assumption that a good strategy always leads to success. In reality, what leads to success is not the best strategy in absolute terms, which doesn't even exist, but the strategy most suited to one's personality, skills and way of acting. The mechanism is obvious: a strategy that doesn't fit the trader like a glove is not valued and, indeed, causes discomfort. All this causes negative performance, which slows down or even compromises hopes of success. Personality. Unfortunately, trading is not for everyone. Or, better to say, it can be approached by everyone, but only some of them are able to achieve success in a short time. The truth is that some specific personality traits, and only those, marry with the dynamics of trading. One of the qualities that a trader must possess is cold blood, which then translates into resistance to stress and the ability to maintain clarity even in the most hectic moments. Another important characteristic is patience. Results never come immediately, and not even soon. Winning the Forex Trading challenge means first and foremost waiting for the most favorable moments.