How to Make a Living As a Forex Trader
There are now millions of people around the world who make a successful living as a full time forex trader. Do you want to join them? Suppose, you have a day job but you are interested in your financial freedom and you want to pass your time with your family. You want to get out of the corporate rat race and want your own home business.
What to do? Learn forex trading. Make your plan. Suppose, you want to make $10,000 per month before you will think of leaving your day job. How to achieve $10,000 per month with forex? Obviously, you are not going to achieve your goal in one day. It might take you a few months. Suppose, you set the target of 9 months. You think in the next 9 months if you work with determination, you should be able to start making $10,000 per month.
In the first month, devote four hours in the evening after your job to educate yourself about forex trading. Most of the information is freely available. What is the best forex trading tool? Education! Yes, first educate yourself. In this first month, you should be able to choose your trading method that will give you $10,000 per month.
Now, I give you a simple forex method that you can use to achieve your target of $10,000 per month. Now a days, many pro traders sell their forex signals. They give you the exact entry, exit and stop loss targets of their own trades within seconds of them making a live trade. You should join one such service that makes around 50 pips daily.
Open a demo account. Use those forex signals to place your own trades. Practice for two months on your demo account. You should be able to make 50 pips daily. Make 50 pips daily for one month on your demo account. Once, you have done that for one month consistently. You are ready for your real test.
Open a micro or mini account and trade those signals on that account. One pip on a micro account is equal to $1 whereas it is equal to $10 on the standard account. If you lose 50 pips, you lose only $50 on the micro account but a 50 pips loss on the standard account entail losing $500. So, the micro or mini account is the best way to practice live trading in the beginning.
Once, you make 50 pips daily on the micro or mini account for one month, you are ready now for the standard account. Fund the standard account with $2K and trade those forex signals with one standard lot. 50 pips daily means $500 or roughly $10,000 per month. Do it for the next three months and then leave your day job. Good Luck!