The Forex market is obviously the most liquid market in the world and has long pride in diverse participants from across the globe trading in it. The rise of the Internet has made Forex trading even more accessible for just about anyone. This means the market is no longer for the big boys of investment banks and multinational firms.
However, those who are still new to the market may be wondering if Forex trading for a living holds true for retail investors. The good news is that trading Forex for a living is possible. The undoing for most people is that they simply lack the required trading skill, patience, discipline, or realistic mindset to make it trading Forex full time.
Here’s how the creator of the London Breakout and Leveling strategies, Joshua Martinez, started from the bottom and became a top trader; winning nearly 70% of all his trades.
How Much Do Forex Traders Make?
Now that you see how Josh did it, it’s time to start envisioning how you will. Before getting into the nuts and bolts, it’s important to ask the following question: “How much do Forex traders make annually?” The humble answer to this is that “no one knows.”
Irrespective of how experienced a trader is, it is impossible for anyone to control the market. Not minding whether a trader is so good in so much that every month/year is a winning session for them, the exact amount that he can make depends largely on what happens in the market.
The Forex market as we all know is unpredictable, meaning we might be faced with months of inactivity, which could also be followed by a rush of opportunities. It is interesting to note that such opportunities can mean a lot if you have the required starting capital to capture such breaks. To be able to successfully manage your risk on every trade, a good chunk of cash is needed in order to take positions large enough to yield suitable profits that will be able to support oneself, while also not risking excessively on any one position.
To seriously make a living off trading Forex, you’ll have to appreciate the workings of the market, attain proper trading experience, and get a hold of a proven Forex strategy. Once you get this sorted out, be ready to put in a decent amount of hours every day/week to monitor the market. From there, trading Forex for a living may become a reality.
Serious discipline can’t be ruled out if you must become consistently profitable in your trading career. Forex traders generally expect 10%-15% earnings per month on their capital. There’s nothing wrong with starting off your trading career with as little as $250 (usually a minimum seen on most brokers), but this amount is somewhat inadequate when following market price actions with an eye to making it big. Essentially a full time income cannot be achieved without first making an equally significant investment.
Looking at Forex trading, it’s just like any other profession or skill that is easier learning when mentorship is initiated. Learning to trade Forex from an experienced trader is possibly the most disciplined and effective way to attain your trading goals.
Forex trading is about consistency and security. Trading Forex full-time is achievable, but do not quit your job just yet. Exert your time and energy on building a consistently profitable track record and self-confidence, and the money should come forth.