How Much Can I Make Trading Forex?
How Much Can I Make Trading Forex?
The Age Old Question In Forex, And truth be told. All The So Called Guru’s out there want you to believe you can be rich overnight. This business like any other does take time.
Tip: A commonly known fact is that a significant amount of forex traders fail. Various websites and blogs even go as far as to say that 70%, 80%, and even more than 90% of forex traders lose money and end up quitting.
Far to often people want to get into Forex because They heard from a buddy that this one guy made 150k In a week. And that does happen. But this is what he did not tell you, That guy studied charts for years and knows what to look for in the markets.
Why Start Forex?
Forex is very similar to the stock market truth be told, There is just way more liquidity in the markets. And the larger the market the more it tends to move. Now with that being said, I seen a bunch of folks getting in during the crash of 2008 and I watched one guy loose 30k in under 2 minutes. Now I tell you this because so many times I have seen folks get into this market because they were sold on the fast money idea. Only to loose all there money in the blink of an eye.
Forex Is Like Stock Trading?
The truth is the Forex market tends to go hand in hand with the stock market with the way it moves and Flows. It is not uncommon for a FX trader to trade stocks as well as the FX markets.
The Reality Of You Making Money
I have been asked this question about a thousand times in my career as a trader, and the truth is it does take a kind of passion for this. Forex Has had a long standing on Guru’s Scamming folks out of there money. And that is why it tends to get a bad name. I think just like most things in life, if you want it bad enough you can make it as a trader.
Find What Works For You?
Will this be what you are looking for? I can not answer that. I have said all throughout this blog. Trading is very personal, and you need to find what works for you. Every trader is different and trading styles are different as well. So is every system, Heck go over to Forex Factory And You Will See page after page of what works for some of those guy’s.
Find a System That Works For You
I have said it over and over in this Blog on how trading is personal, and you need to find a style of trading IE: A system
And stick with that style of trading that makes you comfortable. If you are uncomfortable in a trade, you have way to much risk on the table and need to rethink your position.
Think of Forex Like this, Your buddy has a business that you really believe in. And you think he is going to make it big. So you give him some money and a week later (time shortened for an example ) He did, and now your 100 bucks is worth 200 bucks. Same as the stock market. The only difference is you believe that a currency pair is going to be worth more or less.
So How Much Can You Make?
I personally know a trader that makes 750 bucks everyday and has so for years. Now most will say that is not much, But that is around 15k a month. Pretty good money if you ask me. But I also know of another guy who trades 20-50 lots and goes for short runs and i have seen him make 20k in a day.
With the wins, come the losses as well. every trader out there will win big and loose big. we all go thru the same thing. You can make really good money in this business only if you treat it as such.
David Is A Sixteen Year Veteran In The Forex World. He Gives His Advice On What Works And What Does Not.