Road to one million

Community Introduce Yourself
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Hi
My name is Daniel and first i like to thank you for accepting me and i hope to learn how to become rich :joy:
Greetings

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Hi Daniel,
Welcome to the forum. This is a great place to learn from other members and from the educational content on here. Start with School of Pipsology in the education section.

You hope to learn how to become rich. I hope that you are aware of the warning that most brokers put on their websites - a random example is copied below.

You may already be rich. If you have good health, a warm and dry home to live in, a source of income to provide you with food and clothing, you are already more rich than about 80% of the people on the planet. I recommend two books to add to the Baby Pips education. Happiness - by Richard Layard, and The Millionaire Next Door by Stanley and Danko.

Learning Forex and aspiring to be in the top 20% (of those who don’t lose money) or more likely in the top (less than) 1% who can say that they make a living only from Forex trading is like approaching any other profession or calling. It looks interesting but in reality, it is “dressed in coveralls and looks like hard work”.

The fastest road to one million (your intro title) is to give two million to a money manager and see him in six months’ time. Sorry - bad joke. Importantly, the main reason I spend a lot of time on Babypips is because I refuse to have something as important as our life savings “looked after” by an intermediary or “fund manager”. If I need someone to blame for our poor decisions, it may as well be me.

Expect to spend between 1,000 and 6,000 hours in learning. That’s between 6 months and 3 years equivalent of 40 hours a week. But the knowledge will impact your entire life in a positive way, not just your chosen unit of account, be that the USD, gold or Bitcoin.

Random example: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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This post should be mandatory for every single new person on this site to read before they make a single topic on the forum.

I’ve noticed an insane increase in the amount of “introduction posts” during Covid. It’s GREAT that people want to take financial matters into their own hands…My only concern is exactly everything you laid out above will go in one ear, and right out there other for most people. Just look at all the record-breaking profits trade desks are posting from trading activities. There is a frenzy right now, and too many people think you can press a few buttons and become a “millionaire” in a few weeks.

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It is good know that you are aiming for becoming rich. Good luck with that.

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One way is to gamble and get lucky. Another way, is to learn HOW NOT TO LOSE MONEY instead. Or just ignore posters advice, like mine, and blow your account pressing buttons on a mobile app.

In other words - get real, otherwise we’d be all millionaires.

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