Trading forex is like a battle – if you want to win, you have to be ready for it.
If you’re new to trading, you might wonder – how to make living trading forex? Is it possible at all? Well, everyone knows the small traders don’t. But, I have to tell you it’s possible. Even for the small traders.
It’s really possible to make a living from forex trading.
I was just like you several years ago. You wouldn’t believe how desperate I was to earn money. Yes, I had a steady job at that time but it was barely enough to spur my dreams. And one day I met a man who told me he was making thousands per day. I couldn’t believe it. I thought he was joking. That man told me he is a forex trader.
So what, man? The shocking surprise came several days later. I heed his advice and have made thousands of dollars.
I’ll show you exactly how I did and how you too can do the same. So, here is! How to make living trading forex?
You might start making money from Forex trading even if you start with a $1 account. Honestly, if you start under $1000 you’ll not have a chance to leave your current jobs but slowly, your capital will grow and you could eventually make a living by trading forex.
So, how to become a successful Forex trader? How much can you really make? How to make living trading forex?
Let’s hop right in.
How to become a professional trader?
The problem with new traders is that they minimize the engagement needed to succeed. If you’re not ready to do what it takes to become a professional trader you should put your dreams about making serious money aside. You have to be committed. You’ll need to invest a lot of your time to learn, build a winning stance by getting the trading skills. You’ll need a suitable mindset, one that will allow you to make money constantly.
First of all, never give up due to the slight mistake. Second, never challenge or make wild trades. That will lead you to lose more than you should do.
Start your day trading as a part-time job. Think about your profits as an additional income. Later, when you come up to the point of fully understanding the forex market you might decide to invest large sums. But firstly, test yourselves, your skills, check your risk tolerance, your trading personality. Only in that way, you’ll build confidence. Never just jump in trading.
How much capital to invest to make a living trading forex?
This is a very important decision. Don’t underestimate it. You have to precisely calculate how much money you can put at risk. That said, it isn’t the same when you are trading to earn some extra cash to pay for luxury travel or you’re risking your hard-earned money to live better. Sometimes, the financial survival of your family is in the game. Trading forex could be extreme psychological pressure. So, you’ll have to decide how much money you can put at risk until you develop and improve your trading strategy.
What is the secret to Forex trading success?
A consistent Forex trading plan. If you don’t have a trading plan, you will lose your money. Eventually, you’ll not succeed as a forex trader. Bear to your mind, you’ll not make billions on a single trade. The success in forex trading means you have a series of consistent trades supported by your trading plan. It is never a matter of luck. Forget it! Only if you have a consistent trading plan you can be successful. Forex trading isn’t gambling, so luck has almost zero influence.
It’s like in your life. Your life is shaped by things you’re doing consistently. Not from time to time.
If you want to be a successful Forex trader you’ll need the dedication to trade according to your trading plan. You’ll need your own rules, your strategy.
How to trade Forex?
You’ll have to learn how to predict the movement of the forex market. That’s not all! There is more!
For each transaction, you’ll need to predict how the value of one currency will go against the other in the currency pair. Some pairs are moving 100 pips every day. That depends on the market conditions for the day you’re trading. And it is changeable. Sometimes during one day, the changes can be enormous.
Guys, I really hope you know what the pip is! Nevermind, it is the smallest movement of a currency pair. For example, if you trade EUR/USD currency pair and it moves from 1.1900 up to 1.2000 you’ll make a 100 pip move.
In forex trading, you can buy different lots of the base currency you want to trade. I hope you know what is a “lot size” in the forex?
The important part of forex trading is to look at indicators to choose the pair and the time to trade. Indicators could be literally everything, from price patterns to macroeconomy.
You might think it’s hard to follow but here is your trading plan to help you. Also, you can find some accurate apps and use them. Or, you can use some trading signal provider. Whatever you choose you’ll have to understand the forex is full of mysteries, especially for new traders. So walk carefully throughout this field. Never rush! It’s better to miss the trade than to have the wrong trading and lose money.
When you fully understand forex trading you’ll see unlimited opportunities there. And you’ll see how to make living trading forex.
How much money can I earn trading Forex?
Yes, I’ve heard a lot of stories of Forex traders that made millions in the short term. I’m sure you’ve heard them too. Forget them! Forex trading isn’t some get-rich-quick scheme. It’s a business. You don’t believe it? Okay!
That’s not your pair of shoes. These traders are another category, you’re not the same. You are unique! All your characteristics are different. Your risk tolerance is unlike the trading strategy, you have different rules of risk management. Almost everything is different. Don’t compare yourselves to them.
How much money can you make trading forex? I don’t know. Nor anyone can know.
Think about the size of your account, also, how many trades you want to do per month, expected returns, will you withdraw your profits, or you’ll reinvest, how much you’re ready to risk per trade. When you get the answer to all these questions you’ll be able to calculate how much money you can earn in forex trading.
In any case, you must have realistic goals set in place. You must have a trading strategy with a positive outlook. Also, you must trust your trading plan.
How to make living trading forex?
It is like any other job. That means you’ll need skills and strategy. Motivation plays a great role. Find a mentor, that is the easiest way. Let successful traders inspire you. Learn from them. But remember, you’re in charge, you have to create your unique path, you have to shape your trading career.
Bear in your mind, every profitable trader made mistakes and still makes mistakes. You will make them too. But try to do that without sacrificing a big portion of your trading capital.