Forex trading can be an unpredictable, risky endeavor. Over 90% of new traders fail within the first year. However, with the right knowledge, skills, and mindset, some traders are able to achieve sustainable success. One such trader is Russell Cline, whose journey from humble beginnings to self-made millionaire serves as an inspiration.
Introduction
Russell Cline is a professional forex trader, entrepreneur, and coach based in Las Vegas, Nevada. He is the founder and CEO of IMarketslive, a company that provides trading education and technology.
Cline struggled early on in his trading career, lacking both money and knowledge. However, through perseverance and a thirst for learning, he was eventually able to gain a solid understanding of the forex market. This knowledge, combined with the right strategies and risk management, enabled him to generate consistent profits.
Over the past decade, Cline has established himself as one of the most skilled retail traders. He has built a thriving business teaching his proven forex methodology to over 140,000 students worldwide.
This article will explore Cline’s background, his introduction to trading, the evolution of his trading approach, the growth of his business, and the wisdom he has gained. His story serves as an inspiration for those looking to achieve success as a retail forex trader.
Early Life and Struggles
Born in 1971 in Los Angeles, California, Cline faced hardship from early on. His parents divorced when he was only 3 years old. His mother remarried, but his turbulent home environment forced Cline to move out at the young age of 14.
With no family support, Cline lived out of his car for several months. He took odd jobs where he could find them, working as a busboy and dishwasher to pay for his food and gas. At one point, with only $20 left to his name, Cline contemplated suicide but ultimately persevered.
Cline’s challenging upbringing instilled in him several valuable traits – independence, resilience, discipline, and perseverance. These traits would later enable him to survive the highs and lows of the forex market.
Introduction to Forex Trading
After finishing high school, Cline joined the U.S. Marine Corps in 1990. He served in the Gulf War but later suffered an honorable discharge.Still lacking direction, he stumbled into a stock trading chat room in 1999.
Initially hesitant, Cline started paper trading and soon became obsessed with trading. He realized he finally found his purpose and passion. However, with only $180 in his checking account, he lacked the capital to actively trade.
In 2001, Cline attended a wealth seminar and learned about the forex market. Forex trading offered major advantages over stocks – 24 hour markets, high liquidity, and the ability to profit in any market condition.
Cline opened a small $300 forex trading account. For the next two years, he dedicated himself to learning forex price action strategies. However, the lack of quality education and mentorship at the time severely limited his success. Cline depleted his account down to $30 by 2003.
Most people would have given up at this point. However, Cline viewed trading losses as tuition for his forex education. He voraciously read books, joined forums, and backtested strategies, determined to succeed.
Developing a Profitable Trading Approach
By 2004, after years of study and demo trading, Cline finally developed an edge in the market. His key breakthrough was mastering naked price action – analyzing uncluttered charts without indicators.
Cline also adopted a more probability-based approach, focusing on high probability chart patterns and trades. He relied on only 3 indicators – Bollinger Bands, Stochastics, and the Relative Strength Index.
Leveraging larger position sizes during trending markets while limiting risk during choppy markets enabled Cline to capitalize on upside moves. Strict risk management and keeping losses small was critical, as he never risked more than 1% of capital per trade.
His perseverance finally paid off. From 2004 to 2006, Cline turned $30,000 into over $1 million in trading profits. His track record demonstrated that retail traders could consistently beat the market with the right education and strategies.
Founding IMarketslive
Despite his trading success, Cline recognized that new traders still lacked proper training and resources. Too many were falling for scams or losing money due to lack of knowledge.
To solve this problem, Cline founded the International Markets Live (IML) Academy in 2013. IML provided an online education platform for aspiring forex and crypto traders.
Cline packaged his price action strategies into a structured curriculum. He also developed novel tools like Harmonic Scanner to automate technical analysis. IML enabled traders to fast track their learning curve under Cline’s mentorship.
By filling a huge neglected niche, IML grew rapidly. The company currently serves over 140,000 members with a presence in over 100 countries.
While controversial, IML has undoubtedly helped many retail traders finally achieve consistency. Cline’s transparent trading approach is a rarity in an industry plagued with scams.
Trading Lifestyle and Giving Back
Cline attributes much of his success to developing a positive, empowering environment. He starts each morning with gratitude, prayer, and meditation. This grounds him for the trading day ahead.
Cline also adheres to the “wealthy trader mindset”, focusing purely on the process rather than money. By detaching himself from outcome, he is able to act decisively and without emotion.
Despite his success, Cline leads a relatively modest lifestyle. He believes in living below your means and pursuing passion over materialism. Much of his profits have been reinvested into IML and philanthropic causes.
Cline is passionate about giving back and enabling others to create their own success. In 2018, he launched the IM Mastery Academy with detailed forex education courses. He also funds the R.C. Legacy Foundation focused on youth outreach and empowerment.
For traders struggling on their journey, Cline advises treating trading as a lifelong endeavor. By focusing on continuous improvement rather than overnight success, he believes anyone can achieve mastery.
Key Takeaways from Russell Cline’s Journey
Russell Cline’s incredible rags to riches story provides many valuable lessons for aspiring forex traders:
- Success requires perseverance through failures and setbacks. Cline lost multiple trading accounts before achieving consistency.
- Mastering naked price action is critical for trading forex profitably. Indicators alone are insufficient without a price action foundation.
- Adopting solid risk management is key to protect capital and stay in the game long-term. Never risk more than 1-2% per trade.
- Ongoing education from proven mentors can help traders shortcut the learning curve substantially.
- Psychology and mindset are huge performance differentiators. Adopt empowering rituals and detach from outcomes.
- Giving back and having a purpose beyond just money are key to sustaining success in trading.
Cline’s journey shows that with the proper knowledge, risk management, and mindset, retail traders can consistently beat the market over the long-run.
Conclusion
Russell Cline’s rise from humble beginnings to self-made millionaire forex trader is truly inspirational. His perseverance through early struggles and losses demonstrates that sufficient drive can overcome any circumstance.
By mastering high probability price action strategies and implementing solid risk management, Cline was finally able to unlock profitable forex trading. Passing on his knowledge through IML has enabled thousands of traders to follow in his footsteps.
Cline’s story dispels the notion that retail traders cannot consistently beat the market. With proper education, strategies, and mindset, sustainable success is indeed possible. For anyone seeking forex trading mastery, studying Cline’s journey is highly recommended.
Cline’s remarkable achievements highlight the incredible opportunities available in the forex market. His generosity and desire to give back also underscore the merit of pursuing purpose beyond just profits. In Russell Cline, new traders have an inspiring role model on the journey to mastery.
