Before you start thinking about building Forex trading wealth, it might be a good idea to consider what wealth really means to you. In terms of finances, wealth can be defined as having a strong economical position. However, there is no definition on how much assets you need to have in order to be a wealthy person. Abundance of money is therefore said to be a general definition. On the other hand, wealth might not be a question about your economical position at all. To some people, wealth is a question about quite some other things. Wellness and the feeling of abundance can be sufficient feelings of welath also. Knowing what wealth is to you is therefore important before you start planning it.
The general answer is yes! However, we live in a time when nothing comes for free. Therefore, we must never forget that Forex trading is hard work. Thus, a well developed Forex trading strategy is a good start. Combining your trading stratgy with discipline, risk- and money management will eventually get you to success. Keeping your focus in order to reach your goal is the most essential.
Reaching success in Forex trading naturally comes from hard work. We like to see success as a concept to be deserved. It means, success can not be achieved, but rather come to you as a consequence of your actions. How do you handle abundance from Forex trading when it reaches you? In best case you are applying money and risk management for your private life. In worst case, be carefull not to develop the wrong narrative for money. Unfortunately, the world has seen to many examples where there is no respect for money. Be careful not to let it bring you back beyond “ground zero”.
“Never change a winning team!” The old saying is more than good enough in order to preserve your Forex wealth. Success in Forex trading means you are generating profit due to your expectations. You have reached a point where your trading strategy is performing as you defined in the beginning. Thus, the best advice on how you should preserve your Forex wealth is already given. Keep on doing what you already do!
Are you trading in order to grow your wealth on long term basis? If so, it implies that your plan is to live from your trading activity. What values does this create in your life? Are you considering long term alternative investment strategies? Perhaps the best advice would be; “Never put all the eggs in the same basket”. Consider to diversify. Look into how you can create a long term growth portfolio for yourself. You might even call it pension planning. On the other hand, the most dangerous thing would be to think that your own Forex trading represents your one and only source of income. Protect what you have and don’t develop a delusional mind for money.