Can You Really Make A Living Trading Forex?
Aspiring traders often ask me whether or not it’s really 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.
However, this does not mean that it is impossible. 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. But, I am living proof that you can make a living trading the Forex market, and I personally 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…
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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 in order 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 in order 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 more easy to achieve in the early stages of you trading career. You can obviously 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 really 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 own 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 (there are funds and private investors 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.
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