How can I learn to trade forex for a living ?… One nice thing about FOREX are that you can start trading with a small amount of money.
However, not everyone has the stomach for trading or the knowledge to be successful at trading. It is a VERY risky way to make a living. Even if you are successful for years you can blown up and lose everything instantly with one bad trade.
There are a huge number of strategies to make money on the FX market. And 10x more ways to lose money. Making money can be as intense as you want or as laid back as your want.
However don’t think that if you trade more often with 100 simultaneous stragies then you’ll be able to succeed quicker.
You need to invest time to understand how exactly the market works (how institutions buy and sell, supply and demand, what exactly is a bid and ask, volumes, who your competing against, what they know about you etc) and how you can find a exploit or niche strategy that works (just like a business – you need to find a profitable niche that works for you).
- Become a Profitable Forex Trader (an Easy Steps)
- H1 – H4 High Accuracy Trading System and Strategy
- ATR Ratio Trading System Combines with Cycle Indicator and Trendline
Indeed there are some people that are making huge gains in the forex market, however there are also a lot of people that lose a lot of money in this industry.
The most important factor in your opinion, if you want to trade forex for a living, is to actually learn about forex and know what you are doing.
Forex isn’t anything about gambling or luck, yes you need a percentage of luck like in any other aspect in life, but if you want to make money don’t put everything on luck, put it on your knowledge.
Learn every aspect of forex trading before you put huge money into it.
I can tell you from my experience what have i done, i have read a lot of blog posts, articles, forums and also most important i am constantly watching a live trading room where i get to see all the insights in trading, i can ask questions, it’s very helpful.
There are no magical indicators, oscillators, proprietary systems etc out there that will make you huge sums over the long run.
To be long term profitable you need to understand the core of the market and who controls it – Banks, hedge funds, institutions , governments and why and how they use it. Then you simply follow their lead. They know how the market actually works and they don’t like sharing their secrets. They have billions at stake.
The reality is there are no shortcuts in this game. It’s a hard slog. But it’ll be worth it in the end if your focused and persistent.
Options for learning :
- Get your basic foundation right.
- Open a demo account and learn the software like buy and sell orders, most popular software being MT4.
- Develop a trading strategy and practice on your demo account.
- If you’re consistently profitable on your demo account after 6 months, consider going live.
- When you’re live, divide your trading capital into 2 parts.
- half goes into the bank, you won’t touch it.
- The other half use it to fund your account.
- Risk no more than 2% a trade.
You shouldn’t blow up your trading account if you follow these steps, best of luck! Let me know if you have any questions, i’ll be glad to help.