By Clara If you’re not doing so well getting started in Forex, your frustration may cause you to wonder: “Is trading Forex for a living actually possible?” It’s a very valid question, and chances are that while you’re learning to trade Forex, the chances of you making a Forex trading income may seem very slim indeed. The good news is that it is indeed possible to make a Forex trading income that can replace your full time income. By the end of this article, you’ll know how to trade Forex for a living.
Is It Possible To Trade Forex For A Living?
Yes, it is, and I know a handful of traders that are doing very well trading Forex for a living. Some of them trade purely using automatic trading systems, while others trade manually using their own mental systems. How you choose to trade depends on your personal preference, but if trading Forex for a living is your goal, then you’ve got to make a very serious commitment to learning to trade Forex the right way.
It’s a sad fact that 95{dfba7e737e838285fc4d803ca4f092c43fd5acc19a228103c932fdd82820eaa1} of beginner Forex traders don’t survive their first year of trading. While there are many factors involved in their failure, the one common factor is that they don’t treat it as a Forex trading business. All successful businesses start out with a well thought out plan of action, sufficient capital and a proven process for producing profits. If you’re serious about trading Forex for a living, then need to get serious about your Forex trading business.
Creating A Forex Trading Business
The number one problem plaguing beginner Forex traders is a lack of capital. No one can turn $250 into $10,000 in a matter of years, let alone months, yet thousands of beginner Forex traders try to do it every single day. In trying to double and triple their money rapidly, they end up taking extreme risks in their trading, which leads to the inevitable blow-up of their trading account. No matter how profitable your trading system or strategy is, you will fail if you don’t start with enough capital and a very strict money management approach.
Having said that, you have no real Forex trading business unless you have a proven, profitable trading system that works consistently for the months and years to come. If you’re only just getting started in Forex, then the chances of you designing your own profitable trading system is very slim. It takes years to develop a proven, profitable trading system, so if you want to have a successful Forex trading business right now, then what you can do is to buy a system that has already been developed by a more experienced professional Forex trader.
Trading Forex for a living is not a myth. In fact, it is a very achievable goal for anyone who treats it as a Forex trading business. It doesn’t matter if you’re just getting started in Forex, or if you’ve been trading Forex for years without much success – if you’re willing to make a serious commitment to treat your Forex trading as a business, you’ll be well on your way to creating the Forex trading income you desire.