Forex market is the most popular online earning platform in the world. You can make huge money if you become a full-time trader. but you need proper knowledge and skills to make money from this market.
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making huge money from this trading place is not a minor deal , of course first of all we have to take trading as full time , because i have never seen at any trader who already successful as part timer.
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Joined Jan 2020
|265 Posts
Trading psychology and good analysis is an essential part of every trader. If a trader cannot control his emotions, he will never succeed. You have to maintain risk in every trade. No more than a 2% risk can be taken for trade. If all these things are maintained properly, the rate of loss will be reduced a lot.
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Joined Mar 2017
|629 Posts
risk ratio 2% is very good but honestly this ratio never sustain for all time , because most of the time market moves at random and does not follow any kind of rules.
Yous hotel definitely become a fill time forex trader but only if it is working for you. Most of the newbies when they join forex they usually think that they can take it and then they learn adn starr trading butfor some for them things never work out as they expect and yet they still go for full time trading which is a bad idea. There are times when you need to know when something's not right for you. Forex trading is a business and in a business you need to make profit. If the profit you are ganing now is low then you should not go for full time trading until you are in a position where you can make a lot of profit.
how much you need to survive per month that figure multiplied at least by 6 or 12 at least then you covered for half year - 1 year if you make no money
so lets say you need 3k to live off per month you need an account size to make you minimum 3k per month. A realistic figure 2-5% consistenly for performance so that would mean you need around 150k account.
trading becomes very different when its being used to put food on the table... it suddenly matters a lot.. It has recently mattered to me a lot more as im having to pay bills with it...
so some things one needs to consider
now if your living at home paying no rent etc and you are looked after that's another matter.
risk ratio 2% is very good but honestly this ratio never sustain for all time , because most of the time market moves at random and does not follow any kind of rules.
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Market doesn't follow rules all the time that's the reason a trader should follow rules. He should be disciplined. He should know when to trade and when to sit in the side bench and observe.
{quote} Market doesn't follow rules all the time that's the reason a trader should follow rules. He should be disciplined. He should know when to trade and when to sit in the side bench and observe.
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Yes you are right. It is very important for a trader to know when to trade and when not to trade. Most traders make the mistake of trading all the time, no matter how market is behaving. Slowly it becomes their habit.
{quote} Yes you are right. It is very important for a trader to know when to trade and when not to trade. Most traders make the mistake of trading all the time, no matter how market is behaving. Slowly it becomes their habit.
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Membership Revoked
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Joined Jul 2020
|7,294 Posts
Of course anyone that learns to trade successfully should be a full time trader/investor. It is your choice. Trading can become a full-time career opportunity, a part-time opportunity, or just a way to generate supplemental income. One option is to trade from home; however, this option can have high barriers to entry because the minimum equity requirement for a retail trader/investor is $25,000. Make sure that is the money that you can afford to lose. NEVER get a loan for trading.That is an advice to start with $25,000, which means you already learn to trade, you learned technical analysis either price action, supply/demand, or you are a algorithm trader and so on. You MUST pay attention to macro economics, understand what is going on in the world. For example, if you were paying attention last year with macro economics, when COVID19 appeared, plus looking at the charts, you could have bought EURUSD and leave it like that for months. Just an example, that no matter what, macro economics are very important, and you want to understand it. You don't have to trade according to it, but it can be used as a tool in trading, just like other strategies.
In order to become a full time successful trader you need minimum 3 years of trading so you know how successful you were. Now, you know you are a good trader if in the worst months, you still manage to make the amount of money that you need on a monthly basis, paying your bills and so on. It takes time, and practice. An engineer does not become overnight. It takes years of school and experience. And there is always something new to learn. Same with trading. Only trading you can learn it from home, but it takes time and experience to be a full time successful trader. Another thing someone mentioned here which is important, knowing when to trade and when not to trade. If you have day job and still want to trade, you may want to trade on higher time frames, as it is very hard to day trade with another job. If you can make money only with trading, and you want to day trade, that is your strategy and choice.
Either way, it is possible for us retail traders to be successful, it just takes a very good money management, good strategy, macro economics, and you need about $25,000 to start full time. It is also on-going education.
I totally agree with you but I consider 25,000 starting capital to be an exaggeration.
it all depends on the tested hit rate of the strategy used, how much should be our starting capital.
I totally agree with you but I consider 25,000 starting capital to be an exaggeration. it all depends on the tested hit rate of the strategy used, how much should be our starting capital.
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even 25k is too little
one needs to think of the reality
2-5% month is an excellent return and something is achievable whilst maintaining downside risk..
the more money you have to trade the easier it becomes to become a full time trader why... because you dont need too make much in % terms to make good $
example
100k account make 1% = 1k
5k account make 20% = 1k
which is easier to make 1% or 20% ?
i have seen few traders with proven records hitting 2-5% for a long period of time
i have yet to see anyone that consistently hits over 15% per month
remember we are talking about full time trading paying for bills and food its not easy.. with small accounts
unfortunately there is very little talk about the strategy used.
yes, there are crap strategies that require $ 25,000.
and there are some very good strategies for which $ 1,000 is enough to start with.
unfortunately there is very little talk about the strategy used. yes, there are crap strategies that require $ 25,000. and there are some very good strategies for which $ 1,000 is enough to start with.
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The $1,000 you can start with, you can start with $100 live account just to see how it feels making and losing real money. But to actually trade for a living, full time, you need minimum $25,000. More is better but if that is all a trader can start with, $25,000 is a good amount to start.
