Can You Make Trading Forex for a Living: Truth or Myth
Can you continue trading Forex for a living? Can we really become professional traders and leave our current profession? In principle, it is something really possible, but this does not mean that this is a simple goal.
Don’t believe the scam advertisements. They promise you to become a millionaire or so thanks to online trading in a few days or weeks.
Suppose it is true that you can certainly live by trading. It is equally true that it is a path to be studied thoroughly and prepared for a long time.
In today’s guide, we will deal with to find out if you can make trading Forex for a living. We will talk about assets, channels, strategies, and much more. Read on to learn more.
Leave a Stable Job, to Live On Forex
People want to make a living from Forex to leave a job that they are not passionate about. It is one of the great motivations for them who feel trapped in their job.
Trading offers promises of freedom that no other activity can give you. You can trade Forex from anywhere in the world. You only need an Internet connection and an Online Broker to operate with; it’s that simple and easy.
That wonderful life, near a paradisiacal beach, at the edge of a swimming pool or tourism around the world- is what the Trading industry really sells us.
It’s true; we could live like this. In theory, everything is possible, but you have to know that reality is much harsher. At least give it some thought before leaving a stable job.
What Does It Mean to Live by Trading?
Let’s start with a brief examination of the main concept: what does it mean to live by trading? In what sense can we become trading professionals?
Living on trading means being able to live on what we can achieve in the financial markets. However, it is not just a question of how much you earn. Earnings in such a type of business can be high or low and can vary over time.
Becoming a professional trader and therefore living from trading means being organized. Organize in such a way as to transform an ancillary activity into our main one. So that you can be sure of being able to survive, or rather live on it.
Today you have access to all the markets for online trading from your home!
This is by no means easy. We absolutely do not want to scare you, but we want to avoid doing what, unfortunately, many publications do with dubious reliability. It is not true that trading is enough to make millions. You need the right information, the right attitude, and the right organization.
Can You Really Live on Trading?
Certainly, there are thousands of people in the world who make a living from trading. They have turned a hobby into their main business. Many people manage to earn very well through their operations on the markets.
Do you want to do it too? You need to start studying a strategy for daily trades and a long-term strategy. Stay with an open mind to learn more every day and to improve as a trader.
Below you will find an analysis of what you need to have and build to experience trading truly.
Make a Living Trading Forex: What Do We Really Need?
If we had to demand two fundamental premises to be able to live from Forex, the essential thing would be:
· Be profitable on a regular basis.
We are going to ignore all that is training. If we want to live from Forex, we must have passed through the stage of knowledge. It is necessary to be in possession of the knowledge needed to operate:
- Technical analysis,
- Psychological control,
- Trading systems,
- Risk management,
- Capital management
All this knowledge can and should be had, but knowledge alone is not enough. You have to be profitable repeatedly.
And I’m not talking about one-month making money and another not. The invoices arrive every month. Every month you have to pay for water, electricity, telephone, housing, and food. You have to be profitable, and this profitability has to be sufficient to cover our needs.
And this brings me to the second premise: it is possible to live from Forex and be profitable regularly.
· Have a suitable trading account
The best investors in the world speak of annualized returns of 20%. How much is an annualized profitability of 20%, translated into profitability-month?
Don’t make an effort. If your profitability per month is 2%, you would need to have a € 100,000 account to get € 2,000 per month.
I will not go into detail because Forex Trading is a much-leveraged Trading. The accounts are margin, and you may be able to achieve higher returns, even starting with smaller accounts.
Forex for a Living is One More Job
If you decide to live off Forex, you will be one more wage earner; but with the problems that all freelancers have.
When you depend on yourself, your effort, and profitability, you may find that there are really complicated situations:
- That you are sick,
- That you do not have access to the internet (if you travel),
- That the market changes and your profitability drop.
There are so many problems that you can find. Making a living trading Forex can be exciting, but it doesn’t have to be easy at all.
Yes, trading Forex for a living is really possible, even if it is certainly not an avenue for everyone. Our advice is to start investing as a side asset and then choose, over time, to increase interactions, exchanges, and earning opportunities.
We are facing a huge opportunity for practically everyone, something that was simply unimaginable some time ago. Today you have a lot of tools, quality brokers, and markets available to start trading.
You will really find many guides and all the best insights to go and invest correctly in the markets.
Like many others, you may wonder if it is possible to do trading Forex for a living! Let’s see together what there is to do, to know, and to believe.
Become a job for you? Certainly. This is only the first step!