Yes you can…. Anything is possible. In order to make a living trading Forex you need to have a proven winning strategy, proper money management, correct mindset, strict discipline and enough trading capital.
You can earn a living trading but it takes serious discipline to follow rules and checklists that no one ever gives you.
Understand that there is not one technical system, indicator or oscillator that can predict market movement.
Trading has really given me the opportunity to experience a certain degree of freedom that most people can only dream of.
But I think it’s important to have a real discussion, based on integrity and intellectual honesty, about the implications of trading for a living. It is possible but it’s also a hard-won battle.
One things to remember…
You will not grow your account and become rich if you draw the funds from it on regular basis.
You have $100.000 Equity
You make 10% per year
You net income is $10.000
If you take it out every year, your account will always be $100.000
IF YOU DON’T TAKE IT OUT, AFTER 10 YEARS YOUR ACCOUNT WILL BE:
$100.000x ( 1+0.1) to power of 10 = $259.000
You will have to remember and account for extras in your live. If you trade and become self employed, you will need to pay taxes on your income.
You will need to pay for all benefits you were getting from employment, medi care, pension contributions etc.
You will need to remember:
Will you still be trading in 20 years time?…
You are trying to make a living ( or get rich ) trading.
So you need to know what is a realistic goal in terms that don’t relate to our account size. i.e. Pips as an average.
Obviously, it will not be the same every day or even every week,
but what is a good average target?…. For sure, consistently profitable is the number one aim. Achieve that and then just scale from there.
In my opinion,
WHOEVER YOU ARE…. You can absolutely make a living on trading.
Trade as well as you can. Then, after you can say with confidence that you are able to make at least x-pips per day, start to increase the position size very, very gradually.