Can You Become a Professional Forex Trader? – Part 2

Filed under: Learn Forex Trading |

So yesterday, we talked a bit about the benefits that compound interest can bring and how you can multiply your starting bank very quickly if you are making regular profits of 6-10% when trading forex. This is just an example as a way to motivate you to study more and trade better. But just to review, if you start with a bank of $10,000 – then it is possible to turn that $10,000 into $320,000 after 5 years if you make a 6% returns on your bank every month. And if you can make 10% returns every month, then that $10,000 would become a massive $2,430,000 after five years! Hard to believe isn’t it? So now that we have done the math, let’s analyze whether these kinds of returns are possible or whether it is all just a nice theory and a pipe dream.

 

Well, if you have been following my “Daily Trades”, you will have an idea of how profitable forex can be if you have a sound trading methodology. By having good money management skills, you can limit your risk to 1% of your bank on each trade, and have a target of 2,3, or even 4% of your bank. By doing this, it is possible to make between 6-10% returns per month if you put the hours in and find a lot of good quality setups. But that does not mean you have to stare at a computer screen every minute of the day (or night). By checking your charts every hour, or even every four hours, you can make good returns and find a lot of quality setups. It only take a few minutes to check the charts for any setups once you have your support/resistance lines drawn in, so it really is a low workload if you have this kind of methodology. It takes a bit of hard work and dedication, but I believe that it is more than possible for anyone to become a professional forex trader if they have the time, equipment, and startup funds. So don’t give up. The risk of learning is worth the reward.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>