#2: Forex Trading Is Not The Only Way To Make Money
It is possible to make a regular income out of forex trading. To do so, however, means putting a substantial amount of capital on the market, and trading it regularly.
Forex trading has one great advantage: Many brokers do not charge commission.
The cost of a trade is taken out in the spread, and, once a trade becomes profitable, the payment to the broker is already made.
How To Make A Living With Forex Trading (ft. Jason Graystone)
Apart from a small annual fee, it is thus possible to limit actual costs of trading.
However, forex is not a get-rich-quick investment. It is, on the contrary, a demanding and time-intensive form of trading.
The forex market is unforgiving: As seasoned forex traders often say: ‘Always remember, the market will hurt you if it you give it the opportunity.
To make a living at trading forex, you must learn to understand how the market works, gain serious experience at trading, and learn an in-depth proven strategy.
If you are willing to spend the time to do this, and you are prepared to spend at least five to seven hours a day trading, then it is possible to make a living at the game.
Becoming a consistently profitable trader requires serious discipline, but it can be done and there are a happy few who achieve this.
Most forex traders anticipate earning 10-15 percent per month on their capital.
In order to do this, however, you must make a fairly substantial initial investment.
It is possible to begin trading with as little as $500, but you cannot really follow the movements of the market with so little invested.
Normally, one should start with a minimum of US$10,000, or the equivalent.
It is possible to begin with as little as US$5,000, or the equivalent, but it is a painful start.
Having a reasonable amount to work with allows you to avoid having to risk too much on any one trade. But you need to have enough money at your disposal to take a large enough position on a trade to make a reasonable amount of money.
Don’t quit your day job right away!
Focus on building a consistently profitable track record and self-confidence and the money will follow. Forex trading is about consistency and security.
Good trading will lead to expanded trading.
Good trading takes place one trade at a time. Trade the short-term – 15-minutes, an hour, the daily charts.
Look for well-defined positions; take the advantage; clear out fast. The full-time trader is, above all, a trader who manages risk.