element that goes along with trading and why we may still make poor choices even if we know what is right. Trading Forex for a living is the result of doing a lot of things right. However, leverage is a double edged sword in that big gains can also mean big losses. After learning and mastering an effective trading strategy, design a tangible and working. Meaning, you will get a much clearer, accurate, and more relevant view of a markets price action on the daily chart than you will on any time frame below. 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. I provide aspiring traders with the necessary pieces of the puzzle, but it is up to them to put them all together, I cannot do this for you. However, this does not mean that it is impossible. You will have to be a very good trader to do forex trading for a living.
I was dedicated and I committed myself to the plan 100.
If the answer is really yes, I must do forex trading for a living, then you will need to find a way to make these four points a reality.
The best way you can do this is as follows: Learn, learn, and learn.
Open a demo account and see if you can become profitable for several consecutive months without any wild account draw downs.
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The difference is that they have slowly developed over time and increased their account to a level that can create sustainable income. My plan was to trade forex for a living and let my account compound until I was so well off, I wouldn't have to work again in my life. The short answer is yes. Question: Adam, is making a living off trading Forex alone a realistic ambition for a retail trader like me? We researched millions of live trades and compiled our results in a Traits of Successful Traders guide. If you are properly funded, have mastered the daily charts, are consistently and perfectly executing your edge, are following your trading plan, are recording your trades, and not over-trading or over-leveraging, you have a very good shot at eventually making a living from the market. The point of me telling this story is because I think many traders can relate to starting off in this market, not seeing the results that they expected and not understanding why. ( No this is not some marketing pitch lol, I am serious, you need to educate yourself and be around others with the same goals, that is the entire reasons I started my trading community in the first place, ie; to share ideas,. Learn to trade the daily charts: I trade mainly off the daily charts, and I teach my students to do the same. Most traders simply do not yet possess the necessary trading skill, discipline, patience, or realistic attitude to succeed long-term in the markets.
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