Can You Truly Make A Living Trading Forex? – ICoQuet
Connect with us
                               

Forex

Can You Truly Make A Living Trading Forex?

Published

on

Can You Truly Make A Living Trading Forex?

Aspiring traders often ask whether or not it’s possible to make a living trading the Forex market. The short answer is yes. The longer answer is, yes you can make a living trading the Forex market but you have to consistently do a lot of things right. Most traders simply do not yet possess the necessary trading skill, discipline, patience, or realistic attitude to succeed long-term in the markets.

You simply have to learn what you need to do to become a consistently profitable trader, and then do it. Easier said than done, I know.  I know other people who make consistent money in the markets. So, it can be done. My story has ultimately led me down the path of helping other traders, so let me give you some valuable insight into what it takes to be able to trade Forex for a living…

Important- On Average, 15,000 + People will Read This Educational Article Today,  So I Would Appreciate it if You Can All Make A Genuine Comment Below the Article and Share it on Facebook and Twitter with fellow traders. Click the “Like-Button” to add/share it to Facebook, post it on Twitter, and Of course, share your feedback with me by making a cool comment below this article. Thanks a lot for your help in sharing these lessons with others.

How much money do you need to make a living as a Forex trader?

The first thing you need if you want to make a living trading the Forex market is enough starting capital; if you are under-funded you will have to accept that you will not be making a living from trading Forex any time soon. The exact amount of disposable money that you will need to trade full-time will be different for everyone. But, generally speaking, if you plan on effectively managing your risk on every trade, you will need a decent amount of money at your disposal to trade a large enough position size to make enough money to support yourself while at the same not risking too much of your account on any one trade.

Part-Time trading for extra income is easier to achieve in the early stages of your trading career. You can still trade and make consistent money each month even if you don’t have enough money to allow you to trade for a living just yet. However, instead of putting pressure on yourself to make a lot of money fast, focus on building a consistently profitable track record and self-confidence and the money will follow. Even if you have a lot of money to trade with, if you do not focus on the mechanics of successful Forex trading, you will lose regardless. When I started trading, I started small, and when I became good, I approached people for money to trade, I built up my capital and then went out on my own. People need to focus on becoming good traders and not focus on how much money they are trading, because let me tell you, if you are good, people will throw money at you to trade for them,  and you will be fine in the long run (funds and private investors are looking for good traders to trade for them, but you need to be good). My most sincere advice in the early stages of your trading pursuits is to aim to be a part-time trader and a good one! Big things will follow for you in the future if you can get this first part right.

So, yes, you do need a relatively large amount of money to trade full-time and be a player, but you still must be able to be a consistently profitable trader regardless. If you cannot make consistent profits on a small or medium-size trading account you will not make them on a large account either, in the end, it’s just Zeros .. $1, $100, $1000 per pip means nothing, it’s all the same.

Learn to trade the daily charts:

I trade mainly off the daily charts, and I teach my students to do the same. If you want to have a realistic chance at making a living as a Forex trader, you need to master trading the daily charts before all else. This is one of the most important pieces of the puzzle of being able to trade for a living.

The daily chart gives us the best combination of accuracy and frequency of price action trading setups. Meaning, you will get a much clearer, accurate, and more relevant view of a market’s price action on the daily chart than you will on any time frame below it. The weekly and monthly charts also provide a good clear view of a market’s overall movement, but they do not provide enough trade setups to be practical enough for the short to the mid-term retail Forex trader. The daily chart gives us enough trade-worthy setups each month to be able to make consistent money, while at the same time filtering out a lot of the “random” and less reliable trade signals of the lower time frames. So, the daily chart should be your primary or “core” price action trading chart.

Trading full-time is not about over-analyzing and over-trading, it’s about being a “sniper”; making sure everything is as “perfect” as it can be before risking your money. Combining this high-reward / low-risk “sniper” mentality with a high-probability trading strategy like price action is your edge in the market, and you must learn to trade the price action setups that I teach on the daily chart first. Focusing your efforts on trading higher time frames will give you a much better perspective on the markets and will greatly reduce the number of trading mistakes you make.

Trading Forex for a living is the result of doing a lot of things right…

Trading the Forex market for a living does not only depend on being sufficiently funded and trading the daily charts. These two components are important, but there are a lot of other things you have to do too. Including the following:

• Learn and master a truly effective Forex trading strategy like price action.

• After learning and mastering an effective trading strategy, design a tangible and “working” Forex trading plan around it. Refer to this trading plan every day and tweak or update it as you learn and grow as a trader.

• Record your trades in a Forex trading journal and start creating a track record. This is important for keeping you accountable and helping you maintain discipline.

• Identify a logical and tolerable risk amount for every trade you take, do not ever risk more than you are comfortable with losing on any one trade. Practice proper Forex money management.

• Do not over-trade. Doing everything else discussed in this article will help you to not over-trade. But you have to be consciously aware of this huge trading mistake. Most Forex traders trade too much and in my opinion, this is the number one reason most of them fail to make a living in the market.

If you are properly funded, have mastered the daily charts, are consistently and perfectly executing your edge, are following your trading plan, are recording your trades, and not over-trading or over-leveraging, you have a very good shot at eventually making a living from the market. The trick is that you must do ALL these things right. You can’t just do one, you have to be on top of your game all the time to make a living as a trader; it’s not easy or gets rich quick.

Learning to trade from a successful trader can help you achieve your goals faster…

Just like any other profession or skill in life is easier to learn from a mentor, learning to trade Forex from a skilled trading mentor is arguably the most efficient and effective way to achieve your trading goals. ( No this is not some marketing pitch lol, I am serious, you need to educate yourself and be around others with the same goals, that is the entire reasons I started my trading community in the first place, ie; to share ideas, to be around other traders who have similar goals and to continue my learning journey).

 

CRYPTOFXOLA– CEO ICOQUET & SMARTMONEY FX

 

Sponsored Post

TAGS

Trending