George Soros is the richest Forex trader in the world, with his current net worth totaling $8M.

So, you’ve heard about forex and you’re thinking, “Can I really make money trading currencies?” Short answer? Yes, George is proof. Long answer? Only if you treat it like a business, not a get-rich-quick scheme.

Here’s a breakdown of exactly how to build wealth through forex trading… in plain English.

Forex (short for “foreign exchange”) is the biggest financial market in the world. We’re talking over $6 trillion traded every day, yes, trillion.

Traders buy and sell currency pairs like EUR/USD or GBP/JPY, hoping to profit from price changes.

It’s open 24 hours a day, five days a week, and you don’t need to be rich to get started. But you do need to be smart.

Step 1: Learn the Game Before You Play

Would you jump into a poker tournament without knowing the rules? Nope. It ia the same with forex.

Get comfortable with what pips, spreads, and leverage mean, how to read a candlestick chart, and what actually moves currency prices (hint: it is not just luck).

Step 2: Find a Broker That Doesn’t Suck

Not all brokers are created equal. You want one that is regulated by serious financial bodies (like the FCA, ASIC, or NFA), offers a free demo account, has low fees and tight spreads, and doesn’t make you want to throw your laptop across the room.

Try brokers like IG, OANDA, or Pepperstone for starters.

Step 3: Choose a Strategy That Matches You

This is where people get it wrong. They chase hype instead of building a strategy that suits their lifestyle and risk appetite.

For instance, Scalping helps you make super short trades (think minutes). They are fast-paced, but high-risk.

Day trading, on the other hand, covers the in and out within the day. It is good if you want to avoid overnight surprises.

If you want to hold trades for a few days or weeks with less stress, try swing trading. It is great for 9–5ers.

Finally, position Trading is a long-term strategy based on macro trends. Like investing, but forex-style.

I recommend you pick the one that works best for you. Stick to it, and refine as you go.

Step 4: Learn to Manage Risk

Even pro traders lose sometimes. However, the difference is that they don’t blow their whole account when they do.

If I were you, I’d only risk 1–2% of your capital per trade, always use a stop-loss, and would not trade just to “make my money back.”

Amateur traders tend to focus on how much they can make. Pros focus on how much they can lose, and manage it.”

Step 5: Practice Like Crazy (With Zero Risk)

Use a demo account to test your strategy before putting real money on the line. Treat it like real money. If you’re reckless in demo, you’ll be reckless with your cash too.

Platforms like MetaTrader 4 or TradingView are great for this.

Step 6: Get Your Head in the Game

Emotions are your biggest enemy. Fear, greed, revenge trading will wipe you out faster than a bad trade ever could.

The fix is to stick to your plan like your life depends on it, take breaks if you’re on a losing streak, and celebrate discipline, not just wins.