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While not many people can boast that they trade forex for a living, there are a few traders who have so honed the skill of forex trading that they can to make it a full-time undertaking. It is very possible to successfully trade forex for a living, but it is by no means easy.
Don’t be fooled into thinking that you can make a killing trading foreign exchange full-time, simply because you have the desire to do so.
If you want to truly succeed at this, you must be willing to sacrifice some things and you must be willing to do what it takes to master the skill of forex trading.
Resources Necessary to Trade Forex for a Living
If you are serious about trading forex for a living, you will need certain resources, tools and skills to do so. One thing that every successful forex trader needs, is a solid knowledge of how forex trading works and forex trading news. It is important to understand that trading is risky and therefore, should be approached with care and lots of research.
Keeping yourself updated on what is happening in the economy, as well as learning and understanding how to read charts is essential to your success as a professional forex trader. The first tool that you need therefore is forex education.
This includes learning about both fundamental and technical analysis and gaining the skill of trading wisely based upon the information available to you.
There are several free online courses and articles about forex trading and how to master the skill. Our website, offers valuable forex trading articles and resources for free to help you become a better trader. There are also several books and ebooks available that teach on the topic of forex trading. Choose based on your level of knowledge and skill.
Capital is essential if you intend to trade forex for a living. If you are serious about earning a living from forex trading, you must be prepared to invest the necessary capital. Some experts recommend a minimum investment of $5,000 in order to successfully earn a living from forex trading. Expect to earn between 10% and 15% on your investment on a monthly basis (always depending on the money and risk management system). However, 10% of $5,000 is only $500 which is hardly enough to live off.
Therefore, ideally, you should be prepared to invest more than $5,000 if you plan to make a decent income from forex trading. Only you can decide how much to invest and how much you can afford to risk. Just bear in mind that what you will make, if you trade successfully, is only between 10% and 15% of your invested capital. Therefore, if you invest $50,000, you can expect to earn $5k to $7.5k per month. However, remember that no investment gives a guaranteed return. It is therefore important that you manage your risks well.
If you are prepared to learn all you can about forex trading, have the time and the capital to invest into it, then trading forex full-time may very well be a viable option for you.
