Maybe you are looking to escape that 9-5 job or maybe you want to become a stay at home parent similar to what I did. I literally walked away from my job because of both SEO and Trading back in May 2016. I set my own schedule around my daughters and wife. I have been trading for going on 3 years. So if I can do it anyone can even if you have a fulltime job like I did. So don’t go out and quit your job tomorrow just because you are committed to learning and trading forex. It is something you can get involved with on the side especially with all the different strategies.
Trading Forex for a living…can it be done? Yes it can be. Is it easy? It can be easy but people have a tendency to make it harder myself included in the beginning. Setup a demo account, find a strategy you like, demo it until you have at least doubled your account. Go live with smaller lots until you are winning 8-9 out of 10 trades then increase your risk percentage to 2-3% that is it. The rest is all mental and self-development.
When it comes to forex you need patience number one, but you also do need some kind of funding to start to make money. It can be like $100 or $5,000 that is up to you and what you are comfortable investing into it. A simple math breakdown is if you started with $5k trading account and made 10% ROI a month in 5 years you would be a millionaire. After you get too a million and consistently earn 10% a month that is 100k a month?
People (myself included) want that million dollars today and don’t want to wait that 5 years even though making 10 percent return a month in forex can be very easy and something you can do as a side hustle for 5 years. This where the trouble begins you start over leveraging and can blow your account. The worst thing that can happen is something like you risk 10-20% of your account and win. Because I can almost guarantee risking that much you will at some point blow your account and be left with nothing to show.
When you use proper risk management in Forex it is very hard to blow your account I mean nearly impossible. For example, if you risk 3% of your account and lose 33 trades in a row you still wouldn’t blow your account? So why over risk when you can be safe and grow.
I have doubled and tripled my money in a day mostly trading crypto and that is a true story. The other side of the story is I blew all my winning the next or next week trading the same way. Luckily I was mostly messing around with a $100.00 account but it still doesn’t teach you good habits even when you aren’t taking it seriously. Look up Non-Farm Payroll Forex Make Bank or something like that you will see people clearing 15-25k in a matter of minutes and yes it is possible. This is absolutely the worst idea to get in your head when trading forex though.
You want to keep your risk management consistent and low and keep your win rate high. That is how simple it can be once you learn what you are doing. Traders lose ALL TRADERS LOSE! If they say they don’t they are lying. That’s why you need to be willing to lose in order to win.
Making a living trading just comes down to consistency and being able to learn to trade in a boring manner. When you start winning you will want to keep adding those pips to make more money and this is the worst thing. One of the strategies I trade called the QuickFire Strategy is 4 rules when they are all met you enter the trade. I started trading this strategy won some trades and first I looked at was well if only 2 of those rules were met I still would have one and these other ones I didn’t take still won and they were close to meeting the rules. So guess what I started taking the ones that were “CLOSE” to meeting the rules and I started to lose big time. Learned my lesson in a hurry oh yeah I also over-leveraged and 40% of my account was gone just like that.
You need to learn that trading is boring at times and winning strategies are usually boring. One of the longer term strategies really just boils down to one indicator flipping my direction then I can just jump in and set a big stop loss and I will win 80%+ of those trades. People just can’t believe it is that easy but it can be.
Yes anyone that has some kind of capital can make a living in forex. It will either take more capital and a shorter amount of time or smaller capital and a longer amount of time. It is like one of my mentor says “5 pips a day can make you a millionaire“. The only thing that will get in your way is your head you need to get your mind right more then learning how to trade.
Is Forex A Good Way To Make Money?
Forex is a great way to earn money if you are patient and have the time to learn how to trade. It isn’t for everybody but there are plenty of other ways to make money online don’t let anybody tell you different. A small percentage of people make full time money online and it all boils down to a belife.
Can You Get Rich By Trading Forex?
Yes 5 pips a day and you can become a millionaire just do the math. It will take a lot of money upfront or a lot of time upfront. Once you learn to win 8 out of 10 trades you can literally print your own money.
How Much Do Professional Forex Traders Make?
Well I don’t consider myself a professional trader in my mind when I get to 6-8 figures and making 100k a month that is a professional trader in forex. But this can be simply defined as anybody making their living and providing for their family so it really isn’t set in stone. I still make a big bulk of my income from SEO, but I am still learning and trading so I need to be patient.
How Much Do You Need To Start Trading Forex?
You don’t need any money to get involved with trading. You can setup free demo accounts with brokers, mt4 and even tradingview that I use for all my charting needs. If you are looking for a minimal amount to go live with I would say no less then $100.00 but preferably $500.00.
How Many Forex Trades Should I Take Per A Day?
This is more of a personal preference. I will tell you that I take no more than 3 trades on average a day on average. That is both winning and losing trades. The only exception is if I lose 2 trades in a row I am done for the day. There are different ways to look at losing and I won’t get into particulars but in the new paradigm I can get out at +1 pips and that is a losing trade for me because I didn’t reach my 5-10 pips a day. If you want to know more on that visit my new paradigm page where I give a 30,000 feet view of what the New Paradigm of trading is.