This is a common question we receive here at Phantom Trading whether it be through social direct messages sent in or by email. Every newbie trader wants to know how much one can make and whether or not the claims made in videos, headlines, testimonials, etc are all legitimate. In this article, we’ll break this down a bit further to help you correctly view what trading can provide for you when you’re consistently profitable.
The Claims Are True But There’s More To It
Everywhere you search online you’ll be able to find claims of traders making 5, 6, and 7-figures a month from the comfort of their own homes or from a laptop or phone somewhere abroad. While a lot of them may be lies in attempts to build social followings and sell products and programs online, there are a good percentage of the claims that are absolutely true. Regardless of the claims anyway, absolutely reaching these income levels is legitimate.
The reason so many traders get involved in this space and stay in this space is that there is no cap to the income you can generate trading the markets. Most traders start out in a 9-5 job where their income is fixed and there is limited opportunity for upward progression in their career. Trading opens that up entirely. While involving risk of course, there is no ceiling to the potential income you could earn on a monthly basis. It all comes down to your level of skill and experience trading the markets.
Where most new traders get caught up is believing that they’ll achieve these 5, 6, and 7-figure month incomes within weeks or months of beginning. The average millionaire on Earth doesn’t reach that milestone until they’re 37 years old. That simply proves that it takes most of us longer than we expect it will become proficient at any given skill and to actually start generating big money consistently. Trading is no different.
How To Actually Earn These 6 And 7 Figure Incomes With Trading
Most traders are in for a rude awakening when they first start out. It’s the first phase of weeding out those who aren’t cut out for the long journey that is trading. Most rush into trading having been sold that they’d be making 10k, 50k, or 100k/month within their first few months or first year trading the markets. When they realize that it’s actually a lot tougher and more complicated than it was made out to be, most drop-off. For those who stick with it and rework their beliefs and expectations about what’s required, there is a real opportunity to make real money.
We go deep on this topic here at Phantom Trading because we believe it to single-handedly be the core reason why most traders fail themselves by giving up before they see results. Having improper expectations about how the journey is supposed to go will set you up for failure. You’ll constantly be gauging your progress against this fictional story of how it’s supposed to go. When you aren’t seeing results within your expected timeframe, you start to doubt your ability and question whether or not it’s doable for you. The thing is, if you were to strip away all expectations entirely and simply focus on improving even just 1% a day every day consistently, you would inevitably realize success whether it be months or even years out from today. That’s where most traders get messed up. It’s not necessarily the strategy they trade or the gear they use or the money in their account… it’s the activity that occurs between their two ears.
You want to focus on constantly reframing and reworking your expectations and beliefs about the trading journey. When you feel that frustration come up, that you’re not progressing fast enough… challenge those thoughts and ask yourself where they’re coming from and whether or not they’re based in reality. Oftentimes you’ll realize through self-reflection that your mindset needs some work and by doing that work you’ll feel a lot more at ease with your trading.
Actioning And Progressing Towards 6 And 7-Figure Trading
From the moment you first open a chart on TradingView, you’ve started making progress toward consistency as a trader. Every single day that you’ve kept at it, others have chosen to give up out of frustration, boredom, impatience, etc. This is something to reflect on every day that you show up to the charts to better yourself. It’s the key to getting what you want with trading or with any other high-income skill you can develop. Showing up consistently and putting in the work whether you want to or not will move the needle for you. Every day that you show up you’re improving… and that alone is enough to get to where you want to be.
Ask any top 1% trader that you admire about how their journeys have gone to date and they’ll fill your ear with all of the programs they joined, the mentors they learned from, the mistakes they made, the years of self-doubt they experienced, the money they made and the money they lost, the accounts they’ve blown, the list goes on. It’s not an anomaly. It’s a requirement for success. You have to experience the lows to be able to sustain and appreciate the highs. For you to consistently generate 6 and 7-figure annual incomes as a trader, you have to know what it’s like to struggle to make a dime in the markets. Those failures and negative experiences force you to grow and to improve as a trader and as a person who can handle adversity. It’s part of the journey. Learn to embrace it and persevere despite uncomfortably and you’ll get where you’re trying to go. We make that promise to you.
Never give up and someday you’ll have everything you want and then some.
We hope this has been a valuable read for you! If you liked it, shoot us a DM on Instagram and let us know! You can also find related topics here on our site throughout our resources section. Feel free to poke around.
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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 his motorcycle.