5 ways to make a living trading forex

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How many Forex traders desire good, consistent gains? Of course, we all do right? The answer is an overwhelming , "yes." Well, the question comes up, "Why is it that so many traders lose all they have?" I am a straight up kind of person. In turn, I like people to be the same way toward me. So let me get right to the point. Here are the 5 ways to make a living trading Forex.

Just prior to that, allow me to explain a little about who I am. I lost a great deal of money in the market when I did not have a great deal of money to lose. In the end, I walked away with just 25% of what I began with a year before. Sound like the kind of person you want to learn from? Read the rest of the story! I took a break and observed from the side lines. Slowly, I began to objectively assess what went wrong. The funny thing was things turned around for me pretty quickly. My strategies were clear. I noticed how fear and greed had a major impact on my Forex trading. Over time I accumulated the funds to get back in the Forex market and this time I was ready to go. As the old saying goes, "The rest is history." I am now doing very well and winning is the exception rather than the rule. Can you make a living trading Forex?" The answer is, "Yes, you can make a living trading Forex."

Let's check out why my Forex trading turned around. Let's look at the 5 ways to make a living trading Forex.

I never lost my hunger.

Yes, determination is a big part of the success recipe. A person that refuses to give up is a person bound for victory!

The Art of Perseverance.

Determination is vital but you will take some losses on your way, it is extremely important to stay positive and never stop believing in yourself.

Mistakes are Learned Lessons.

Only the unwise and foolish keep repeating the same mistakes.

Keep Perspective While Taking a Time Out.

The time out enabled me to look at my strategies objectively and modify it for the future. This is very important. Staying unemotional and looking at what went wrong was huge.

I found a Really Good Trading Platform.

The most important aspect in Forex trading. If you want to do well on the Forex market then you need a reliable, trading platform. I look for a trading platform with no hidden costs and competitive spreads. If you want a really good trading platform that allows you to start trading with as little $50, gives live quotes (real time) and requires no software or downloads, click on the link at the bottom of the page. I think you'll be glad you did.

Good luck trading and remember the only thing standing in your way is you. So get out of the way and trade.

 

Nice article.

If you are into the Psychology of trading, I recommend 'Trading in The Zone' by Mark Douglas. One of the best books about trading - a must.

 

Thank you, Trading in The Zone , amazon have it for sale?

FXCode:
Nice article. If you are into the Psychology of trading, I recommend 'Trading in The Zone' by Mark Douglas. One of the best books about trading - a must.
 
 

good article!

 

Nice read, thanks for sharing!

 
 

To add....

there are some basic principles with regards to technical trading the forex market that simply aren't going to change.

I love trading strategies that include those principles like filtering out the noise of price movements using moving averages or Heiken ashi candles.

Another example is using trendlines, pivot points and support/resistance.

I like trading during UK and US(morning) market cuz that's when the price really drives in a direction and doesn't wander.

patience and controlling greed and fear will guarantee you success.

 

Another way is to avoid market when it is bad.

Another way to make money is to apply God's grace.

Know when to avoid markets and know when to be inside.

If you treat certain aspects of market behaviours as unrighteouness,

apply God's grace can save you from going into wrong trades. Give it

a try, it is worth more than millions of fx books you will ever read.

You can get this idea for free from my new ebook which is free

"AVOIDING MARKET WHIPSAWS BY THE GRACE OF GOD"

 

How to succeed with a capital of $500 or less

I have read a few questions from new traders who wish to know if they can succeed with a low capital. Well, here is a thread I stumbled upon at babypips, I am sure it would be helpful.

"I have heard many newbies ask if they can make good profit with $500 or less. You can even do it with $100 capital but it will require a lot of patience and more discipline than with a larger account especially if you are not willing to set a long term goal and stick to a plan.

Personally I have tried using small amounts of capital and have been quite successful but also have failed in certain aspects. You see due to the limited amount of equity you will need to keep your open trades to a maximum of two, otherwise you will end up kicking yourself when you get in on a certain setup..

One thing that can also help you succeed with a low capital is HIGH LEVERAGE. If you’ve got $500 or less in your account, you can use a leverage of 1:500 to increase your pip value. But you must be very careful when using high leverage. You can do this by developing a good working strategy that you can trust.

For example a few months back USDJPY was in a very fast moving mode-I am sure it is now-

Ok so here is what I did and still do. I set my leverage to 1:500 and I watch this pair for at least 30mins each day. Starting from 10pm GMT in most cases, this pair will define its direction (you can only know its direction if you carefully monitor it at least 30mins for 10pm GMT). Once it has defined its direction (it could be an upward trend or downward trend), I place my trade. Since, I am sure that it will move at least 10pips away from my entry point, I usually buy 1 lot size (which makes my pip value $10). However, I make sure I close my trade after each 5 or 10 pip movements, no need to be greedy. With this strategy, I make at least $30 each day. One day I mad $350 in 5mins. – You can call this scalping. One reason why this strategy works for me is because Profiforex Forex Broker allows scalping and offers this 1:500 leverage plus tight spreads. I also take this risk because I can count on their execution speed to pull me out and get me in whenever I want. I am also increasing the Bonus I got from Best Forex Broker, Online Forex Trading Broker - PaxForexBoth brokers are ok for me anyway, as long as I get to withdraw my profits.

Now, who says you can’t succeed with a starting capital of $500 or less. YOU CAN! With the right strategy, focus and discipline, YOU CAN!

Here is a quote from a trader here

“Sometimes, I even trade the news! I wait for lvl 2 or lvl 3 news events and I trade the 5 minute gap after the release with either the way it moves drastically in favor of positive news or with a fade of that move based on news that was released in the previous 3 days from the currency that is being traded against

For example;

GBP/USD

US releases ADP number as positive, sell GBP/USD unless GBP released positive news within the same or past days otherwise I will wait 5-15 min until the good news rally stalls and I buy the GBP.

In any case it works for me as long as you have profit goals I usually take $5-$10 per trade as I am willing to build my account for many years to come! (Patience is the most important part of trading IMO)”

This trader also started with less than $500. You can Learn to grow a low capital.
 

One of the main keys to success in Forex is to specialize in those currency pairs that are operable in the time slot in which you can do and where it can be used a strategy that does not require constant monitoring.

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