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Every now and then we hear stories about some forex traders claiming to have made a huge fortune in a short period of time, and how GTC trading has ensured them a luxurious life. However, you will notice that most of these stories circulating online end with a link to open a trading registration with a forex broker, or even buy a trading system that the owner claims to have extraordinary abilities. Although common sense requires not paying attention to such marketing ploys, the details of these stories will inevitably lead us to consider the truth of the matter. The question that comes to one's mind after reading these ads is whether forex trading alone can take them to the ranks of the rich. In this article we will attempt to find a clear answer to this important question while providing evidence to support our argument.
How to get rich from gold trading
Before we decide if an oil trading person can truly become wealthy by investing in oil trading, we first need to define what the term “get rich” means. There is a big difference in the definition of a rich person, for example, a person who earns the equivalent of $50,000 in a third world country can guarantee himself to live in a comfortable financial and social level. On the contrary, this amount will not be enough in the United States or Western European countries to rise to the rank of wealthy people, as this person will be at best classified in the middle-income category. The criteria for ranking the rich have also changed over the past few years, as a person only needed a million dollars in their bank account to hold this title. But due to the effect of inflation, sitting among the wealthy requires providing a surplus of cash beyond this number.
According to a survey conducted by brokerage Charles Schwab, a wealthy person in the United States should own more than $2.40 million. This number may vary slightly depending on the country in which the DFM trader resides. But in any case, we will use this number in this article, i.e. $2.40 million as a minimum to classify the merchant in the category of the wealthy.
Get rich in gulf trading forex company
You can definitely get rich by trading currencies. Or gold trading forum this dream can not come true overnight. It may take many years for an individual trader to grow their small account by accumulating profits. There is also a possibility that you could lose all your money. This leads us to ask about the ideal capital to start your business in Tadawul for electronic trading, Abu Dhabi Islamic Bank. Some Riyad Bank Tadawul stock brokers allow you to open an account in dollars. But in practice, it is impossible to generate any real income with this pathetic amount. This is based on the fact that all traders, even the most experienced ones, can face a series of consecutive losses which expose them to vaporize their account within a short period. As a general rule, the stock market trading loss on any trade should not exceed 2% of the capital.
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Although saving $350 might be enough to start trading DFM stock quotes, turning that small amount into millions of dollars would be a task next to impossible. In other words, increasing the initial capital will allow the trader to reduce the time and effort required to achieve his goal of becoming a “rich person”. The explanation for this is that the provision of sufficient capital means the ability to easily double trading volumes, which opens the door for registration in a trading company
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