I'm sorry to squash anyone's dreams, but there is no easy way to making a living from Forex.
We all go through the same thing. We get in, think we will end up rich in 6, 12, 18 months etc and then the market humbles us.
You want to know how 90%+ of successful traders make consistent money from Forex? The answer is a decent account size ($25K+) coupled with a conservative money management system.
Do you know how easy it is to generate a 2% profit each month? It ain't difficult, but on a small account that is not going to be enough to satisfy your desire for profit and so you will over trade and/or take on too much risk to get higher profit. This is what kills accounts. Of the supposed 95% of Traders who go bust, how many do you think started with $100K? My bet is not many. Why is that?
The larger your account the less aggressive you have to be to make a living.
Say you need $2K per month to live fairly comfortably. With a $10K account you need to make a 20% profit per month. With a $100K account you only need to make 2% profit. Which account is most likely to provide you the income you need?
I don't mean to be a bummer, I'm just trying to put the odds in your favor. A larger account does that, strict money management does that and finally, keeping your expectations within reason will do that.
Study, practice in demo and when you go live I wish you luck.
We all go through the same thing. We get in, think we will end up rich in 6, 12, 18 months etc and then the market humbles us.
You want to know how 90%+ of successful traders make consistent money from Forex? The answer is a decent account size ($25K+) coupled with a conservative money management system.
Do you know how easy it is to generate a 2% profit each month? It ain't difficult, but on a small account that is not going to be enough to satisfy your desire for profit and so you will over trade and/or take on too much risk to get higher profit. This is what kills accounts. Of the supposed 95% of Traders who go bust, how many do you think started with $100K? My bet is not many. Why is that?
The larger your account the less aggressive you have to be to make a living.
Say you need $2K per month to live fairly comfortably. With a $10K account you need to make a 20% profit per month. With a $100K account you only need to make 2% profit. Which account is most likely to provide you the income you need?
I don't mean to be a bummer, I'm just trying to put the odds in your favor. A larger account does that, strict money management does that and finally, keeping your expectations within reason will do that.
Study, practice in demo and when you go live I wish you luck.
