That's a question that many people ask day in and day out - can you make an income out of forex day trading? And that I've asked myself too many times.
You can certainly make an income out of forex day trading.
For example professional investors in hedge funds and banks alike make very comfortable incomes out of day trading, so why couldn't you? Let's take a look at what you need to have or do to make an income out of day trading.
First of all you need to have knowledge of the subject.
Especially for forex, nowadays you can find a lot of good quality, free information online on websites.
Beware though of the quality of the advice.
That fact everyone can put up a website and present themselves as experts does not mean they have necessary qualifications.
To this extent forums and blogs are excellent starting points as you can immediately gauge the expertise of the author by reading their posts.
Secondly you need the right mental attitude to succeed at forex day trading.
Trading isn't for everyone indeed, and less so day trading.
It can be a very stressful activity as you are playing with large amounts of money which you can lose in a matter of minutes.
Also you need to be very quick in reacting, especially if you have taken the wrong decision.
If you are forex day trading for your personal account, this is even more difficult as you are naturally emotionally attached to the money you are trading.
So, at least, always make sure you are only trading with "money you can afford to lose", as they say.
Finally, you need to enjoy it.
Forex day trading is a stressful and difficult activity so if you want to get good at it (and profit from it eventually) you need to enjoy it otherwise you will immediately notice it's not worth the stress for you.
The most successful traders I have met all love to bits trading.
Most of them got into forex trading as much for the money as much as they did for the challenge itself.
They would generally trade for the fun of it rather than as a means of making an income.
They more you enjoy forex day trading, the more you will get good at it naturally without massive efforts and the more profitable you will be at it.
You can certainly make an income out of forex day trading.
For example professional investors in hedge funds and banks alike make very comfortable incomes out of day trading, so why couldn't you? Let's take a look at what you need to have or do to make an income out of day trading.
First of all you need to have knowledge of the subject.
Especially for forex, nowadays you can find a lot of good quality, free information online on websites.
Beware though of the quality of the advice.
That fact everyone can put up a website and present themselves as experts does not mean they have necessary qualifications.
To this extent forums and blogs are excellent starting points as you can immediately gauge the expertise of the author by reading their posts.
Secondly you need the right mental attitude to succeed at forex day trading.
Trading isn't for everyone indeed, and less so day trading.
It can be a very stressful activity as you are playing with large amounts of money which you can lose in a matter of minutes.
Also you need to be very quick in reacting, especially if you have taken the wrong decision.
If you are forex day trading for your personal account, this is even more difficult as you are naturally emotionally attached to the money you are trading.
So, at least, always make sure you are only trading with "money you can afford to lose", as they say.
Finally, you need to enjoy it.
Forex day trading is a stressful and difficult activity so if you want to get good at it (and profit from it eventually) you need to enjoy it otherwise you will immediately notice it's not worth the stress for you.
The most successful traders I have met all love to bits trading.
Most of them got into forex trading as much for the money as much as they did for the challenge itself.
They would generally trade for the fun of it rather than as a means of making an income.
They more you enjoy forex day trading, the more you will get good at it naturally without massive efforts and the more profitable you will be at it.
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