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How to Make a Living As a Forex Trader

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How to Make a Living As a Forex Trader

Postby johnsmith00710 » Thu Jun 27, 2013 6:54 am

There are now millions of people around the world who make a successful living as a full time forex trader. Do you want to join them? Suppose, you have a day job but you are interested in your financial freedom and you want to pass your time with your family. You want to get out of the corporate rat race and want your own home business.

What to do? Learn forex trading. Make your plan. Suppose, you want to make $10,000 per month before you will think of leaving your day job. How to achieve $10,000 per month with forex? Obviously, you are not going to achieve your goal in one day. It might take you a few months. Suppose, you set the target of 9 months. You think in the next 9 months if you work with determination, you should be able to start making $10,000 per month.

In the first month, devote four hours in the evening after your job to educate yourself about forex trading. Most of the information is freely available. What is the best forex trading tool? Education! Yes, first educate yourself. In this first month, you should be able to choose your trading method that will give you $10,000 per month.

Now, I give you a simple forex method that you can use to achieve your target of $10,000 per month. Now a days, many pro traders sell their forex signals. They give you the exact entry, exit and stop loss targets of their own trades within seconds of them making a live trade. You should join one such service that makes around 50 pips daily.

Open a demo account. Use those forex signals to place your own trades. Practice for two months on your demo account. You should be able to make 50 pips daily. Make 50 pips daily for one month on your demo account. Once, you have done that for one month consistently. You are ready for your real test.

Open a micro or mini account and trade those signals on that account. One pip on a micro account is equal to $1 whereas it is equal to $10 on the standard account. If you lose 50 pips, you lose only $50 on the micro account but a 50 pips loss on the standard account entail losing $500. So, the micro or mini account is the best way to practice live trading in the beginning.

Once, you make 50 pips daily on the micro or mini account for one month, you are ready now for the standard account. Fund the standard account with $2K and trade those forex signals with one standard lot. 50 pips daily means $500 or roughly $10,000 per month. Do it for the next three months and then leave your day job. Good Luck!
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Re: How to Make a Living As a Forex Trader

Postby Shawnmichal » Fri Oct 04, 2013 6:10 am

To make a Forex trading as a means of living is a big decision and one should think twice before it as are they really can be relay on Forex trading because only that trader can relay on trading who have immense knowledge of trading and have much experience so that he can be successfully relay on that.
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Re: How to Make a Living As a Forex Trader

Postby alexjasen120 » Thu Oct 31, 2013 6:45 am

You are better off going for a trading strategies that works slowly but for longer than a fast one that is very short lived. New traders seem to fall for these short term strategies as they are trying to build their footing in the trading market. Long term strategies grant you time to better learn them meaning in time you can know how to make them suit different market situations differently. You can make a few changes relative to the current trend.

Thanks.
http://www.myforextradingworld.com/
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Re: How to Make a Living As a Forex Trader

Postby Shawnmichal » Wed Nov 06, 2013 7:03 am

Agree with alexjasen having long term strategy is always better to have then a small strategy as it provides us with an opportunity to have more understanding and analyse more and trade well.
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Re: How to Make a Living As a Forex Trader

Postby lubnayesmin » Thu Dec 05, 2013 5:44 pm

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Re: How to Make a Living As a Forex Trader

Postby andredaily » Mon Dec 09, 2013 4:40 am

'Good traders' can earn a little or a lot, depending on what they want out of it but few make a living at it.
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Re: How to Make a Living As a Forex Trader

Postby signalsprovider » Wed Dec 11, 2013 7:38 am

Target to our goal and work on proper strategy not only target earn money our target is to long time planning. I also agree alexjasen comment..
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Re: How to Make a Living As a Forex Trader

Postby lee.belisar » Fri Dec 20, 2013 6:09 pm

Making a living via Forex trading is not impossible. I have known some people who make Forex trading as a job and earning amounts more than those office workers earn. But of course you have to study it first. You to learn more about it. You have to invest some of your time, enhance your skills and do sufficient training to become a successful trader.
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Re: How to Make a Living As a Forex Trader

Postby uncle gober » Thu Jan 02, 2014 9:03 am

Anyone can actually make a living out of forex trading it all depends on your investment capital. If you invest more, you earn more. But be carefull not to take too much risks. I think in addition to having good strategy, good indicator etc traders need to have a realistic target on a daily or weekly target. Before trading on live account, try to read educational materiel on the subject, learn the technical analysis techniques and fundamental techniques. Find a good broker that has good reputation, even if he gives you a bigger spread that a broker that you know nothing about. I am use Armada Markets which give 15 Eur Welcome bonus
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Re: How to Make a Living As a Forex Trader

Postby orni308 » Wed Feb 12, 2014 4:58 pm

making a living as a forex trader is difficult, first try it as a part time job, then if you can earn with forex, you can leave your full time job and take forex as a profession....
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