Most people don’t think about forex trading from the right lens. They view it as a get rich quick, make money and then get out scheme. It’s common for it to be seen as risky and not very sustainable long term. This couldn’t be further from the truth. In this article we want to break down how to correctly view forex trading a skillset that can lay the groundwork for you building true wealth and achieving financial freedom (the level at which you no longer need to work because you own assets that pay you and completely cover your costs of living as well as everything you desire to be do and have in life).
How To View Forex Trading As A Skill (The Correct Lens)
Trading is a skillset that can be honed just like any other skill you’ve developed in life. It requires consistent practice long enough until you have the skill pocketed. There’s nothing magic about it. It’s time spent developing yourself long enough consistently. The beautiful thing about this particular skill set is that there is no upside cap on the income you can generate with it. The better you get, the more you can make.
Having a high income skill like this is key to amassing wealth. It’s phase 1. You need a skill set that can produce more and more for you over time the better you get at it and that does not require more time invested to generate that additional income. Trading utilizes leverage in reference to income generation. You spending 1hr to execute a 10% position on a $10,000 account and earning $1,000 is no different than you spending 1hr to execute that same position on a $100,000 account or a $1,000,000 account. In both latter scenarios you’d earn far more than scenario one, but it did not require any more time of you to do it. This is leverage and this is required to scale your earnings and wealth fast.
Therefore, the correct lens to be viewing forex trading through is to see it simply as a high income skill. You want to become one of the best. Your goal as a trader should be to sharpen your skills and to join the top 1% of traders who earn more than the other 99% combined. All that separates you from them is time spent honing the skill. They’ve simply been at it longer, have spent more time and money on education, and have experienced more of the ups and downs that trading puts one through. There’s no getting around experience. You simply have to commit the time to become great. Same goes for mastering any domain.
Where Trading Can Take You Financially
We imagine you were drawn to trading to begin with because you saw or heard about the income you could make here. Most of us were! That promise was and is true. You can make as much as you desire as a professional trader. There truly is no limit. What we want you to focus on more so however, is where trading can take you and what sort of doors begin to open up to you as you skill up, scale up and start diversifying where you invest the money that you make.
Trading income is just phase 1 as we’ve mentioned prior. As you start generating more and more income for yourself, you’re able to take those earnings and invest them into other asset classes that work for you and produce additional income for you. You may have heard of the idea of passive income generation. If not, it’s having assets that produce income for you without requiring time and attention from you ongoing to produce it. This is essentially the idea of retirement ie. to have income coming in without requiring active time and energy investment on your part to make it. This concept is 100% legitimate and is being realized by wealthy people everywhere around the globe on a daily basis.
Real estate, holding cryptocurrency, stock dividends, businesses that have been outsourced and delegated and you simply own, the list goes on. There are endless paths you can go down, but it all starts with having the capital to deploy. This is where trading comes in. Get the money first and just know that as you do, there is so much more waiting for you on the other side. You can build generational wealth, retire early, and be set up for life if you execute this correctly. So hurry up and skill up in your trading so you can get to making this a reality for you.
How To Execute This Path To Build Long-Term Wealth
As we’ve discussed above, what comes first is mastery of your trading skill set. This is your new priority. This holds the key to all of the doors of true wealth generation and the ability to create passive income in the future that can set you and your family up for retirement and a life where you don’t worry about money. You want assets working FOR you. And the only way to make this a reality for you is to cash up. It’s to choose a high-income skill that has no income-earning cap to it (our skill of choice being day trading the forex market) and to master it. Get income consistent and scaling and then deploy it into an asset class you have researched and one that you understand and then rinse and repeat the process until you’ve reached your desired income targets.
It’s simple but it’s not easy. You just have to build a “why” that is strong enough and exciting enough for you to remain hungry and consistent day in and day out regardless of what happens along the way. We hope this article was a wake-up call for you if you’ve felt you’ve lost your hunger. Create a vision for yourself that’s compelling enough to get you to see it through to realization, despite the adversity that will inevitably show up along the way.
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FX Trader & Analyst
Writer & Editor
Rob is a funded trader from Toronto, Canada, and has been trading currencies, commodities, stocks, and cryptocurrencies for over 7 years. Outside of trading, he enjoys making music, boxing, and riding motorcycles.