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HOW TO MAKE A LIVING FROM FOREX TRADING

By November 20, 2019 One Comment

Every trader and active investor dreams of making a living with trading. But don’t think that the path to getting rich with forex trading is fast and easy. 

If you want to trade for a living from home you first need to understand that that kind of trading takes discipline, effort and planning. There are no shortcuts, you need to follow the steps to reach the top like every other full-time Forex trader and if you do so you have a very good chance to become one yourself. 

If you are ready to open your mind and forget all things you learned so far about full-time Forex trading, then read on to learn some of the basic and most important features of making money as a full-time Forex trader. 

HOW TO BECOME A FULL-TIME FOREX TRADER 

There is no »magic-formula« to become a full-time trader, but many sites will try to convince you otherwise. However there are some typical features that define the majority of full-time Forex traders. 

  • BE REALISTIC: that is perhaps the most common quality of full- time traders. If you want to be one of them, don’t expect to become a billionaire overnight, or to win every trade. 

You must stay realistic about what is possible given the size of your trading account, or you will end up risking to much with trades or start over-trading. You must be careful not to become greedy or to anxious to make money. If you have a small trading account, your trades will need to stay small as well. This means it will take you more time to become a successful trader but over- trading or over-laveraging your account won’t speed things up, but only slow down your progress. 

So first you need to get your expectations in-line with reality, so make sure to manage your risk properly on every trade and don’t get upset when you hit a losing trade. 

THE DAILY ROUTINE OF A FULL-TIME FOREX TRADER 

  • DAILY ROUTINE: every full-time trader has it and has performed it for so long that it becomes a habit. You can get to that point only with an explicit plan that you follow. 
  • HAVE A TRADING PLAN AND TRADING JOURNAL 

You need to have both if you want to develop proper trading habits and keep your emotional trading demons under control, and you need to actually use them, not just have them. They are an important factor in your endurance on the markets and your success or failure as a trader. 

  • DAILY/WEEKLY CHART ANALYSIS 

You need to create your own daily chart commentary and keep notes in your trading diary. You do that every week and you will have a weekly guide to follow each day as you do your chart analysis. Also make yourself a daily commentary before you make any trade (go through your favorite markets, mark the key levels, conditions and any price action setup you see ). 

You should trade during the BEST FOREX TRADING HOURS for your location, which is during the London and New York trading sessions. Full-time traders know their moves before they enter the trade, and make as few decisions as possible during a live trade moment. 

  • HABITS 

With time you will developed positive trading habits as a result of following a positive daily trading routine everyday, while struggling traders have all wrong/negative trading habits. 

 

A FULL-TIME FOREX TRADER’S OFFICE 

  • SETTING UP YOUR TRADING OFFICE 

It’s not necessary to have it, but every full-time home-based Forex trader has it, and it’s most likely very organized. You don’t get to the point of full time forex trading from being unorganized and out-of control impulsive trader. Being organized is one of the things that come with development of proper trading habits. 

FULL-TIME FOREX TRADERS ARE MASTERS OF THEIR TRADING EDGE 

  • BELIEVE IN YOUR TRADING STRATEGY 

It’s important to believe in your method of you want to gain confidence. Because if you don’t understand and believe in your strategy you won’t succeed in the markets. Every full-time Forex trader believes in his trading method and doesn’t doubt in his decisions or any trade he takes. If you want to learn, how to trade without doubt and fear, checkout : ELITE COURSE

  • MASTER A TRADING STRATEGY 

Before you jump into a real-time trading account you need to fully master your trading strategy. Many traders make a crucial mistake of not mastering their trading strategy and they end up guessing when to enter the market. FulL-time Forex traders trade with confidence- they don’t get scared and end up sitting there looking how the market takes off without their input. They also don’t regret their trades, because they mastered their trading strategy and they accepted that not every trade will win.

Article: MASTER ONLY ONE FOREX TRADING STRATEGY

 

MONEY MANAGEMENT 

  • MANAGING CAPITAL IS THE KEY 

What struggling traders don’t do and full-time Forex traders do is they win big and lose small. Sounds simple right? But to achieve it you must follow the other points discussed in this article. 

Proper RISK MANAGEMENT is one of the crucial aspect of  successful full-time trader, and that’s what beginning and struggling traders fail to understand. Never risk more than you are emotionally comfortable with losing. 

FULL-TIME FOREX TRADING PSYCHOLOGY 

  • MANAGE YOURSELF PROPERLY 

You need to control yourself and your emotions, otherwise you will end up trading when your edge is not present or risking to much on one trade. You always need to have one question in your mind: » Am I trading logically or emotionally?« The key to success is to have the PROPER FOREX TRADING MINDSET and to reach that you need to be realistic and have organized trading routine, that will help you to develop trading habits, which will lead you to proper trading mindset. If you do these things it will only be a matter of time before you become a full-time Forex trader. 

WHAT YOU WILL NOT FIND ON ELITEFXACADEMY.COM 

You won’t find mathematical formulas, complex technical indicators, heavy charts or elaborate software demands. You will find a simple, uncomplicated approach to home-based trading that can be reached by anyone, anywhere. Luka Lah has actually made it as a home-based trader. In his simple ELITE  COURSE he explains how to use highly accurate strategy to trade Forex, Stocks or Crypto.

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