If you are sitting on the sideline, never getting involved and wondering “can you make money trading forex“, the short and sharp answer is, yes, you can make money trading forex.
Now, I’m not talking based on somebody else’s experience. I’m saying this based on my own experience in trading the currency market. I’ve made a lot of money and lost a lot of money trading forex.
Here is an example of what you can make in forex trading in a day with the right forex trading account size (this was from one of my real live forex trading accounts):
And this is what you can lose in a day trading forex too:
What You Need To Really Make Money In Forex Trading
Now, I’m not a professional forex trader. I still am in my day job grinding it out daily. But I’ve had my own scale of successes and failures in forex trading including blowing up a handful of forex trading accounts and one thing that has escaped me is this: keeping the money I make in forex trading.
Here’s what I believe: everyone including you reading this right now can make money in forex trading.
The real problem is when you make money, you should learn to keep it.
You should learn to protect that money.
That’s where one of the biggest challenges in forex trading lies…keeping the money you make.
Believe me, there was a one time when I was trading a fairly significant forex trading account and making $5,000-$10,000 profits in a single day of trading but I haven’t been able to keep those profits.
I’d make $10,000 today and tomorrow, I would lose $5,000.
So why I’d make so much and lose it all again? Well, there’s a thing called greed, if you don’t know…and if you don’t have it, you’d really make a good forex trader.
Believe me, I never knew how greedy I was until I started trading forex.
When your own money is on the line, you will do things you are not supposed to do. Things like taking big risks to make big money fast and if that backfired, you’d lose a lot of your trading account.
Forex trading is not complicated at all. Trading is is really easy.
And making money in forex trading is simple: you press the buy or sell button…if you are right, you make money, if you are wrong, you lose money. That’s how simple forex trading is.
But….if making money in forex trading is that simple, why are so many forex traders not making money? Or why are so many forex traders make money and lose it?
That my friend, is the reality (the truth) about forex trading.
Just because something is easy does not mean everyone can make money trading forex.
What It REALLY Takes To Make Money In Forex Trading (And Keep IT)?
There are many things that have to be strictly followed to really make money in forex trading, and I’m going to list the top ones:
- Proper trading mindset (calm, discipline, patience, perseverance)
- Trading risk control and management
- Adequate trading capital
- A good reliable forex trading strategy
Of these, the most important thing is the mindset. If you have the proper trading mindset, you will obey risk management rules, you will obey your trading strategy’s buy and sell rules, you will be calm and patient during the days of trading loses etc. A proper trading mindset covers for all the shortfalls that every forex trader faces.
And fact be known, this is one of the most difficult things to master in forex trading.
One Day I Will Trade Forex…
I’ve got friends, some of them don’t know I trade forex.
A few do.
But for those that don’t know, they have all this weird ideas floating in their brains that forex trading is gambling or is a scam or something along those lines.
I just laugh (silently in my head), thinking they must be “nuts”.
There are two types of people when it comes to forex trading:
- those people people that just think about trading forex and do absolutely nothing
- and there are people that think about trading forex and actually do it. They open a live forex trading account to start trading forex.
Now, I’m never going to guarantee you that you’ll make it in forex trading.
Here’s the thing about forex trading:
- If you can make money in forex, you can also lose money in forex. It is like a two-sided coin.
If you jump in a plane, that’s a possibility that it can crash and you’ll die. Most things in life we do come with risks…
The woman you married or the man you married, the risk is that he or she will leave you one day, even though “till death do us part” was probably uttered during the wedding ceremony.
So what am I really saying?
Well, take the risk…get in. See for yourself if you are one that is always sitting on the fence.
The only way to find out is to trade forex yourself and find out if you have the knack for it.
Who knows, that can be the start of something good…(or maybe not).