Can you Get Rich by Trading Forex? Beginners Question

Can you get rich by trading forex? or can I make money trading Forex? This is quite a lot of questions often asked these days! But this article will clear the air, at joebenz.com all your questions will be answered in one single click!

Making money trading Forex though never come easy but the chances of making money in forex are very high, people often see or take forex trading as a scam! Oh no far that forex trading is never a scam! Well.

Can you Get Rich by Trading Forex?

Lots of people or trader start trading Forex without knowing the basic which is in-depth of the market and how to probably go about it! Well, I will personally clear the air today in this article because myself I am a Forex trader for over 8 years now with lots and lots of experience in the industry!

If anyone tells you that forex is a scam tell that person is not a scam! And again others take forex as gambling oh no far from it forex trading is not gambling and for your information forex trading is legal all over the world or better still using percentage forex have a total percentage in the world to be 98% accepted worldwide.

What is Forex?
What is Forex?

The answer to your questions is yes you can make money trading Forex, but first please and please you need to learn the basic of forex trading like understanding how forex work, what is Forex?

If I buy or sell currency pairs what happened? That is what did I do? All of this put them into consideration before starting forex trading, and again if you probably want to start forex trading I will suggest you start with a demo account first, and also start with free credit can afford to start with in real life.

You may want to read this article: Robotized Forex Trading System

Can you Get Rich by Trading Forex?

What are the safest step to follow?

If you want to make money for forex trading, to be honest with you, you need to have some honest steps to follow! That alone lead you to your success, the most important step to follow is:

  1. Always use stop-loss and take profit
  2. Always keep it simple
  3. Starting small will help
  4. Deal with your emotions
  5. Stay away from greediness
  6. Be contented with your profit

Always use stop loss and take profit, that is very correct because stop loss and take profit will help you in becoming very successful in the journey of forex trading, well many people don’t even think of using those triggered devices can I can call them devices? Yes since I don’t have a better name for it! If you have you can let me know in the comment section below.

You may want to read this article: How to know when trend is not your friend?

Can you Get Rich by Trading Forex?

Always keep it simple, this has to do with yourself, well by keeping it simple means you will have to accept lost and also accept winning trades even though with small profits, do you know small profits is better than lost?

Yes, it is better than lost, we’ll try to keep it simple always, in joebenz.com we are committed to helping you understand what forex trading is all about.

Starting small will help yes it is true that starting small will help you become successful, do not trade with the fund you cannot afford to lose! Yes and always use 1% of your total start capital or total money, or total balance, because that alone will for sure keep you going, ok start small!

Deal with your emotions, it is said to be true that emotions will not only affect your trading but destroy you completely out of the market! If you want to trade forex then you have to learn the best way to control your emotions.

Is the only emotion that will cause you to leave the market simply because the market is not in your favor and after you leave the market at that same time or minute the market will turn back to your favor and then guess what you are no longer in the market! Because emotion asked to leave the trade with small losses!

Is only emotion that will tell you to run this is not your trade, but oh no come back later and check the same trade you refuse to enter, then the trade is in the money, so make you deal with your emotions.

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Can you Get Rich by Trading Forex?

Stay away from greediness, are you greedy? If yes then run away from your greedy self! Because it will affect your trading life! Yes you heard me right, greediness will cause you to lose money during forex trading.

This is what greediness do sometimes you have to reach your take profit goal then that greedy spirit will tell you is not enough to shift your take profit to extra 20 pips more and you decide to listen unto that voice and you go ahead to shift it.

The next minute the worse thing happened, the trade completely reverses at you and even your initial profits you lost everything, and then you regret why you listen unto that voice, the voice is the greedy spirit inside you, deal with it now.

Be contempt with your profits, learn to be contented with your profit, yes small profits can make you more profits when you accumulate it in many packs.

And yes remember that if you are contempt with the little you have today believe me tomorrow is another day to make big! Successful forex trader never looks how small the profits are per trade so try and be contempt with your profits and aspect big or more profits later in the future.

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Can you Get Rich by Trading Forex?

Successful forex trading strategies 

Imagine being a Forex trader who is successful. Isn’t it fantastic? This is something that all current and potential Forex traders want.

Why are only roughly 5% of people really successful? The choice of Forex software, particularly when utilizing specific tactics, is a critical secret to effective Forex trading for you and me.

Forex software comes in a variety of formats. Because there are so many different kinds of software, you should conduct your research thoroughly to discover which program best suits your trading style.

There are two fundamental trading techniques, as you are already aware. One is where you do everything, and basic entrance and exit regions are established using software.

The third method is to employ software to make setup choices as well as enter and exit trades. This is referred regarded as robots or automatic Forex software. Trading online may be challenging without the right tools.

There are a few aspects to think about while evaluating Forex software:

  • Management of funds
  • Management of risks
  • User-friendliness
  • An easy-to-use interface
  • Trade in real time via the internet

The majority of the software provided by brokers or developed independently is charting and signal software. This means the program will show you what’s going on with the charts and may even give you an entry signal.

To place an order, you must be present. It normally necessitates a large quantity of your time and work.

This method has been used for a long time, and many people have found it to be effective. This program may range in price from free to thousands of dollars.

Currently, automatic Forex software is quite popular among Forex traders. Why? Because most have all of the aforementioned features built in, and you can trade 24 hours a day, seven days a week without having to sit at your computer.

Furthermore, superior automated software enables you to customize trading settings and trade many software pairings.

This method saves the trader a lot of time and work while yet delivering consistent profits. Experienced traders prefer automatic software since it allows them to trade 24 hours a day, seven days a week.

It appeals to new traders since they do not need to be Forex specialists to be successful in the market. The average cost of good automated Forex software is approximately $200.

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How to make money with forex trading for beginners

Forex trading methods are quite popular as a way to invest money in order to profit. Forex trading is all about putting your money into another currency for the purpose of earning more money in the long or short term.

Many forex trading methods are modeled after the way a stock market operates. You’ll discover that a forex trading method allows you to invest at your preferred currency rate.

Change your currency to a different one and then invest in a firm based outside of your own nation.

A forex trading system is based on international investors and enterprises, as well as international currencies.

An online FX trading method

A forex trading system online will provide the same outcomes as an offline forex trading system, but you will be able to access and see your money more quickly.

While you wait for paperwork to be finished, you may invest, transfer, trade, and withdraw your money quicker online using a forex trading system than you can offline.

For investors who are prepared to spend the time to learn about their assets and trust their brokers to make extra judgments, forex systems will develop money.

Which forex trading strategy or broker should you put your faith in?

You want to be able to trust anybody you’re working with, whether it’s an investing firm or a trading system.

You’re dealing with the incorrect organization if you can’t contact the forex trading system representative by phone, fax, in person, or even by email whenever you want.

A firm that employs forex trading systems and offers you global investment options should be able to connect with you at all hours of the day.

Furthermore, you want to engage with and invest with a forex trading system organization that prioritizes your money and listens to what you want to accomplish and how you want to do it.

Forex trading firms who phone you often, leave you little freedom to make judgments, and are seen as pushy in your thoughts are forex trading systems organizations you should avoid doing business with in the future.

Any investing firm should recognize that you, as a customer and end user of any trading system, should be allowed to take your time and research any investment before making one.

You should be skeptical if a forex trading system representative approaches you and begs for significant quantities of money, claiming that you must participate in this activity right now.

Any broker or forex trading adviser worth their salt should provide you their time and their finest advice.

There will be no demands on your time or money if you use our free web content. Before you spend any money, choose a forex trading strategy that you are comfortable with.

How much do professional forex traders make

To me there is no specific amount a trader can make daily, but their are few things to note, it all depend on how knowledgeble is the trader and also how much is the trader having in his or her account and also lot size use in trading.

I’m sure you’re curious about how much money you may earn from FX trading.

In the end…
Traders who make millions in the financial markets are well-known.
The problem is that you can’t compare yourself to them.

Why?
Because your account size, risk appetite, risk management, trading strategy, and other factors vary.

It’s like comparing an apple to an orange (which is ridiculous).

That’s why, in today’s article, I’ll show you how much money you may earn from forex trading using objective measurements.

There will be no more second guessing. There will be no more ludicrous forecasts. There will be no more illusions.
Statistics, data, and the cold hard facts are all there is to it.

In your trading profession, the most significant measure is

The truth is, your transactions might have a risk-to-reward ratio of 1 to 2. However, if you only win 20% of the time, you will be a regular loser.

Obviously, your risk-to-reward ratio isn’t the solution. So, what exactly is it? What’s your success rate?

Let’s have a look…

Maybe you have a 90 percent success rate. You will, however, be a continuous loser if you lose $0.95 for every dollar you stake.

So, what’s the answer?
Your risk-to-reward ratio and win rate are clearly useless on their own.

So, here’s the deal…
To estimate your long-term profitability, you must combine your win rate and risk to reward ratio.

This is referred to as your expectation.
Your anticipated return on every dollar you risk will be determined by your expectation.

Why do you need to play more in order to win more?

Are you aware of this?
The majority of casinos are open every day of the year, 24 hours a day. Why?

Because the more they play, the more money they earn – and the same is true when it comes to trading.

“How does this relate to trading?” you may think.

This indicates that the frequency with which you trade is important. You’ll earn more money if you put on more transactions (albeit having a positive expectancy).

Consider this scenario: You have a 70 percent winning forex trading method with a risk-to-reward ratio of 1 to 3.

But here’s the catch…it only sends out two trade alerts every year.

What is the potential profit from this forex trading strategy?
Isn’t it not a lot? You may even lose that year, as losing two transactions in a row has a 9 percent probability of happening.

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Do you see how critical this is?
Now, although trade frequency is significant, it isn’t enough to decide how much money you may earn in forex trading.

There are a few additional important aspects to consider. Continue reading…
Why is money so important in your Forex trading business?

You’ve undoubtedly heard tales of traders who took a tiny account and turned it into millions of dollars in a short period of time.

What you don’t hear is that for every trader that tries it, tens of thousands of other traders lose their money.

Trading should not be seen as a get-rich-quick plan. Instead, consider it like a company that you want to slowly expand over time.

Let’s imagine you’re able to create 20% per year (on average).
With a $1000 account, you’ll save $200 every year on average.
On a $1 million account, the average annual return is $200,000.
On a $10 million account, the average annual return is $2 million.

The strategy, risk management, and trader are all the same.
The only difference is the amount of money you have in your trading account.

Do you see what I’m getting at?
That isn’t to mean that you can only earn 20% a year; for day or swing traders, the number might be much greater (as you have more trading opportunities).

But, regardless of the technique or system you choose…

The simple truth is that you need money to succeed in this industry.
Why does the quantity of your stake impact how much you can win?

You’ve probably heard something similar before…
“The greater the risk, the greater the reward.”

Is this correct?
In a nutshell, yes and no.

This is why I said yes…

Assume your trading technique has a positive expectation and delivers a 20R annual return. You also have a sizable $100,000 trading account.

So, how much money can you earn trading?
Well, it depends on how much money you’re willing to risk on each deal.
You may earn an average of $20,000 every year by risking $1000.

You may earn an average of $60,000 each year just risking $3000.
If you risk $5000, you may expect to earn $100,000 every year on average.

The approach, account size, and trader are all the same.
The only difference is the magnitude of your wager (or risk per trade). The greater the risk, the greater the reward.

How much do forex traders make a month?

We watch skilled traders make millions and live luxurious lives in movies like The Wolf of Wall Street and series like Billions. On the other hand, we have data showing that the vast majority of day traders lose money.

As a result, the topic of how much do traders earn arises.
We’ve done the legwork for you, comparing hedge fund managers’ earnings to those of normal Forex traders.

We looked at traders who work for firms and banks, as well as individual investors who trade with their own money on the markets.

As a sole proprietor,
Instead of being paid a salary as an independent Forex trader, stock trader, or commodities trader, you would trade and invest your money and pay yourself with the profits from your transactions.

Traders who work for corporations might earn a wide range of incomes, based on their precise job title, the company they work for, and even the location they work in.

According to data and statistics, the average trader salary in the United States is $98,652 per year, plus $25,000 in commissions.

Their highest income amount, though, was $196,917 with Citi Trader.

Equities traders made an average of $80,935 a year, according to Payscale, with a bonus of $14,916, commission of $21,000, and profit sharing options of $6,000.

Their basic salary varied from $47,000 to $160,000 per year.

This also depend on level of experience and how well you understand the basic of forex trading, and also how big is your account size, apart from account size how big is the lot size you use while trading.

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Conclusion

You can make money trading forex if and only if you follow the rules and precaution stated above, making money trading forex is fun, my friend writes to saying JOSEPH what is your hit today and in reply, I told him my hit for today was 59 pips and he said to me I hit 258 pips that is amazing!

So in nutshell, you can make a reasonable amount of money for everyday trading forex but you need to follow all the rules and precautions to be on the safer side, well I just hope you found this article helpful!

Want to get more value from me about forex on a video, strategies and indicators subscribe to my YouTube channel Joseph Benson Click Here And if you have any question or comment please drop it in the comment section below thank you so much hope to see you next article bye-bye, with much love from Joseph Benson

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