Can You Make a Living Trading Forex?

Filed under: Learn Forex Trading |

The short answer of course – is a resounding “yes”! But it is far from easy as some people think it might be. It takes a combination of skills and mindsets to become a successful forex trader; and you might argue that you have to continually develop as the market and variables change rather than hope to become a finished product.

 

One of the first things you have to master to become a successful forex trader is a sound grasp of money management skills. This is vital as even the best system or methodology will fall flat if you don’t exercise good money management.

 

You also need to learn not to over-trade, and only take the best set-ups with the highest probability of succeeding. It is a game of probabilities, and the sooner you understand that – the better. You have to accept losing as part of the process, and you have to learn to not be emotional when a trade does not work out. This is all part of the package – but it is hard to accept, even so. Some people never come to terms with losing trades, and especially, a series of losing trades. But if you understand that your methodology is sound and that you will come out on top after a long enough series of trades, then you’ll be well on your way.

 

It takes a lot of work, patience, and perseverance, but if you stick with it, it is possible to make a living trading forex. Your starting bank will of course, have a great bearing on whether or not you can make a living from the start. If you only start with 500GBP, then it will have to be more of a hobby. I would say you need at least a bank of 10,000 GBP before you can even think about making a living from trading; and even then, you would have to at the very least, double your bank – which is very difficult. But it is possible, and it has been done – so why not? Stick with it folks, and who knows, your hobby just might turn into a profession.

 

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