Making money online guide with stock trading to fight with unemployment
#1 Guide
Traders often ask me whether or not it’s really
possible to make a living trading the Forex market. The short answer is
yes. The longer answer is, yes you can make a living trading the Forex
market but you have to consistently do a lot of things right. Most
traders simply do not yet possess the necessary trading skill,
discipline, patience, or realistic attitude to succeed long-term in the
markets.
Platforms:
1- Instaforex
2- Etoro
3- FX trading
4- Onda
However, this does not mean that it is impossible. You simply have to
learn what you need to do to become a consistently profitable trader,
and then do it. Easier said than done, I know. But, I am living proof
that you can make a living trading the Forex market, and I personally
know other people who make consistent money in the markets. So, it can
be done. My story has ultimately led me down the path of helping other
traders, so let me give you some valuable insight into what it takes to
be able to trade Forex for a living…
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How much money do you need to make a living as a Forex trader?
The first thing you need if you want to make a living trading the
Forex market is enough starting capital; if you are under-funded you
will have to accept that you will not be making a living from trading
Forex any time soon. The exact amount of disposable money that you will
need in order trade full-time will be different for everyone. But,
generally speaking, if you plan on effectively managing your risk on
every trade, you will need a decent amount of money at your disposal in
order to trade a large enough position size to make enough money to
support yourself while at the same not risking too much of your account
on any one trade.
Part Time trading for extra income is more easy to achieve in the
early stages of you trading career. You can obviously still trade and
make consistent money each month even if you don’t have enough money to
allow you to trade for a living just yet. However, instead of putting
pressure on yourself to make a lot of money really fast, focus on
building a consistently profitable track record and self confidence and
the money will follow. Even if you have a lot of money to trade with, if
you do not focus on the mechanics of successful Forex trading,
you will lose regardless. When I started trading, I started small, and
when I became good, I approached people for money to trade, I built up
my own capital and then went out on my own. People need to focus on
becoming good traders and not focus on how much money they are trading,
because let me tell you, if you are good, people will throw money at you
to trade for them, and you will be fine in the long run (there are
funds and private investors looking for good traders to trade for them,
but you need to be good). My most sincere advice in the early stages of
your trading pursuits is to aim to be a part time trader and a good one !
Big things will follow for you in the future if you can get this first
part right.
So, yes, you do need a relatively large amount of money in order to
trade full-time and be a player, but you still must be able to be a
consistently profitable trader regardless. If you cannot make consistent
profits on a small or medium size trading account you will not make
them on a large account either, in the end it’s just Zeros .. $1, $100,
$1000 per pip means nothing, it’s all the same.
Learn to trade the daily charts:
I trade mainly off the daily charts, and I teach my students to do
the same. If you want to have a realistic chance at making a living as a
Forex trader, you need to master trading the daily charts before all
else. This is one of the most important pieces of the puzzle of being
able to trade for a living.
The daily chart gives us the best combination of accuracy and frequency of price action trading
setups. Meaning, you will get a much clearer, accurate, and more
relevant view of a market’s price action on the daily chart than you
will on any time frame below it. The weekly and monthly charts also
provide a good clear view of a market’s overall movement, but they do
not provide enough trade setups to be practical enough for the short to
mid-term retail Forex trader. The daily chart gives us enough
trade-worthy setups each month to be able to make consistent money,
while at the same time filtering out a lot of the “random” and less
reliable trade signals of the lower time frames. So, the daily chart
should be your primary or “core” price action trading chart.
Trading full-time is not about over-analyzing and over-trading, it’s
about being a “sniper”; making sure everything is as “perfect” as it can
be before risking your money. Combining this high-reward / low-risk
“sniper” mentality with a high-probability trading strategy like price
action, is your edge in the market, and you must learn to trade the
price action setups that I teach on the daily chart first. Focusing your
efforts on trading higher time frames will give you a much better perspective on the markets and will greatly reduce the amount of trading mistakes you make.
always trade lower lot and also invest that you can afford.
