Can You Make a Living Trading Forex?… The short answer is that YES, you can make money online if you only trade at legitimate brokers and learn the basic fundamentals.
Forex trading is a form of investing through predicting the movement of various assets such as gold, silver, the USD etc. It is very similar to other forms of investing such as stock trading.
The idea is that you can make money only if you treat it as a real form of investing.
This means learning how it works, learning how to read charts and learning how you can make accurate predictions.
All these are not that difficult but it takes some time.
If you treat it as gambling and just make random predictions then you will obviously not win.
Let’s say that you are already a good trader and you are able to make 500 pips a month.
So the first question is:
- Do you have the starting capital to make a living trading the Forex market?
If you have $1000 and you are trading micro-lots, you will get $50 per month (I’m taking a currency pair like EUR/USD in this example).
So can you make a living by trading Forex? Of course not.
How much do you need?
It depends on you, the starting capital to become a full-time trader is different for everyone.
But, if you don’t have enough money to invest, it is better to start like other top traders did, as part-time traders to earn an extra income.
If you try to reach the amount you desire, just increasing your positions and your risks, it is likely that you will lose all your money.
It would be unrealistic to say that Forex makes you ‘rich’... Because you need a good capital to have a good profit… So, you have to be already rich so that you can invest enough money and get more money out of it…
There are a lot of factors to consider… So, don’t aim to become rich in forex… It may not make you a millionaire, but you can certainly make a reasonable profit and even a living out of forex. You just need enough patience,
You just need enough patience, learning, and practice.
But it is certainly possible to make a living out of Forex. It just takes many years of commitment and practice.
You need to focus on building your own Forex strategy that allows you to make money consistently each month, don’t focus on making a lot of money really fast because it will come with time.
So my suggestion is to start as a part-time trader, become the best part-time trader of all time!
When you will feel confident and will have the capital to make a living only trading the Forex market, then become a full-time trader.
Building your own Forex strategy is not as complicated as many people think it is. You don’t have to be an economics expert in order to make your own trading system and strategy.
Below are some good trading systems you can try to trade the market.
High Accuracy QQE Arrow Signal System – This is the best and easy to use Forex trading signals for your MetaTrader 4 (MT4) Platform. These accurate QQE Arrow trading signals provide profitable trade entries for every pair you trade.
QQE Arrow Trading System is a simple trend strength strategy based on the QQE Arr indicator. The QQE arr is a variant of the QQE Indicator.
The advantage of this forex trading strategy is very simple and clean with success profitability between 53-60%.
This idea of trading can be improved with a filter system because QQE Arr is a very good indicator.
- Best Time Frames: H1, H4, and Daily
- Most Recommended Currency Pairs: GBPUSD, EURUSD, GBPJPY, USDJPY, and USDCAD
FREE DOWNLOAD Profitable Forex Breakout Trading System and Strategy with Super Signals Channel. What are breakouts and how can I take advantage of them?…
A breakout occurs when the price “breaks out” (get it?) of some kind of consolidation or trading range.
The nice thing about breakout trading in forex is that opportunities are pretty easy to spot with the naked eye!
This profitable and high accuracy Forex Breakout Strategy with Super Signals Channel Arrows and Curves System is popular trend reversal system that I have filtered with CCI and Awesome Oscillator indicators.
- Best Time Frames: H1 or higher.
- Recommended Currency Pairs: GBPUSD, EURUSD, USDCAD, and USDJPY
Advanced 123 Triangle Chart Patterns Trading System – The best tool to identify high probability BUY and SELL signals in the forex market. BUY when the market is falling and SELL when the market is rising is the main key in this system and strategy.
I recommend you to trade on the daily charts, so you will only need perhaps 1 hour per day dedicated to this.
If you stick to the rules of the system, you’re going to be smiling from ear to ear as you watch your account grow at an astonishing rate every month from now on.
Trend Direction Force Index Trading System – Trading with the trend is trading with the flow and every trader wants to know how to identify trends and determine their relative strength.
It’s what allows us to trade with momentum rather than against it, which in turn increases the odds of a favorable outcome.
Identifying what the current trend is for beginning traders can sometimes be a difficult process, which is why I thought I would share this simple method (Trend Direction Force Index Trading System) with you today.
The trading system is very easy to use to identify the market trends and determine their relative strength.
Super Easy Forex Trend Momentum Trading with Brooky Support Resistance – Support and resistance are one of the most widely used concepts in Forex trading.
From a strategic point of view, support and resistance levels represent smart places to anticipate a reaction in the price of an asset and therefore represent a basic tool in technical analysis.
Don’t be disappointed if S&R lines haven’t worked for you until now.
You see, in reality, support and resistance are price zones, not exact numbers.
If the market were made by S&R lines and not by people, then the exchange rate would always rise and fall to the same exact price points, over and over again.