Forex trading for good living com. I just want to hear that it can be done. All I seem to see posted online(and i've checked quit a few forums) is people trading with micro accounts hoping to hit it big, or just mere speculation of making a living if such.

Forex trading for good living com

Best Forex Trading Hours

Forex trading for good living com. Hi there, good question and glad you take an interest in forex trading! First off, the answer is definitely yes, it's absolutely possible to make a living from forex trading. But it's not easy. It won't be a get-rich-quick scheme either. Anyone who tells you otherwise is lying:) Secondly, not a lot of people are making huge gains in.

Forex trading for good living com


He has a monthly readership of , traders and has taught over 20, students. The short answer is yes. The longer answer is, yes you can make a living trading the Forex market but you have to consistently do a lot of things right. Most traders simply do not yet possess the necessary trading skill, discipline, patience, or realistic attitude to succeed long-term in the markets.

However, this does not mean that it is impossible. You simply have to learn what you need to do to become a consistently profitable trader, and then do it. Easier said than done, I know. But, I am living proof that you can make a living trading the Forex market, and I personally know other people who make consistent money in the markets. So, it can be done. My story has ultimately led me down the path of helping other traders, so let me give you some valuable insight into what it takes to be able to trade Forex for a living….

Thanks alot for your help in sharing these lessons with others. The first thing you need if you want to make a living trading the Forex market is enough starting capital; if you are under-funded you will have to accept that you will not be making a living from trading Forex any time soon.

The exact amount of disposable money that you will need in order trade full-time will be different for everyone. But, generally speaking, if you plan on effectively managing your risk on every trade, you will need a decent amount of money at your disposal in order to trade a large enough position size to make enough money to support yourself while at the same not risking too much of your account on any one trade.

Part Time trading for extra income is more easy to achieve in the early stages of you trading career. However, instead of putting pressure on yourself to make a lot of money really fast, focus on building a consistently profitable track record and self confidence and the money will follow.

Even if you have a lot of money to trade with, if you do not focus on the mechanics of successful Forex trading , you will lose regardless. When I started trading, I started small, and when I became good, I approached people for money to trade, I built up my own capital and then went out on my own.

My most sincere advice in the early stages of your trading pursuits is to aim to be a part time trader and a good one! Big things will follow for you in the future if you can get this first part right. So, yes, you do need a relatively large amount of money in order to trade full-time and be a player, but you still must be able to be a consistently profitable trader regardless.

I trade mainly off the daily charts, and I teach my students to do the same. If you want to have a realistic chance at making a living as a Forex trader, you need to master trading the daily charts before all else. This is one of the most important pieces of the puzzle of being able to trade for a living. The daily chart gives us the best combination of accuracy and frequency of price action trading setups.

Focusing your efforts on trading higher time frames will give you a much better perspective on the markets and will greatly reduce the amount of trading mistakes you make. Trading Forex for a living is the result of doing a lot of things right….

Trading the Forex market for a living does not only depend on being sufficiently funded and trading the daily charts. These two components are important, but there are a lot of other things you have to do too. Refer to this trading plan every day and tweak or update it as you learn and grow as a trader. This is important for keeping you accountable and helping you maintain discipline. Practice proper Forex money management.

Doing everything else discussed in this article will help you to not over-trade. But you really have to be consciously aware of this huge trading mistake. Most Forex traders trade too much and in my opinion this is the number one reason most of them fail to make a living in the market.

If you are properly funded, have mastered the daily charts, are consistently and perfectly executing your edge, are following your trading plan, are recording your trades, and not over-trading or over-leveraging, you have a very good shot at eventually making a living from the market. The trick is that you must do ALL these things right. Learning to trade from a successful trader can help you achieve your goals faster….

Just like any other profession or skill in life is easier to learn from a mentor, learning to trade Forex from a skilled trading mentor is arguable the most efficient and effective way to achieve your trading goals. No this is not some marketing pitch lol, I am serious, you need to educate yourself and be around others with the same goals, that is the entire reasons I started my trading community in the first place, ie; to share ideas, to be around other traders who have similar goals and to continue my own learning journey.

I provide aspiring traders with the necessary pieces of the puzzle, but it is up to them to put them all together, I cannot do this for you. If you can master the technical aspects that I teach along with the human elements, trading for a living is a realistically achievable goal for you. Paul, we have a beginners guide to forex trading here — http: Very straightforward article Nial, I love it!

Hey what do you think about trailing stops with new swings as an exit strategy in trends for someone who wants a higher reward to risk ratio? I have read a lot of articles on the web but yours have changed my perspectives. Keep the good work Nial. Lots of traders are dying cos they tend to trade with a loaned capital.

This is Lakes from Nigeria. I wish I found this article 2 years ago. Well said about your article. Maybe my other oncern is to understand how both forex and shares work. Dave, take the beginners guide to forex trading here — http: Good article, but I think that a person has to find himself in the forex market. They have to know what works for them. Learning forex was the most difficult skill I have tried to learn.

After learning so much in the forex market, spike trading is the best for me. Good article I want to start trading and know nothing about it at all,my friend makes a lot of money doing futures trading he has a company doing this he is going to teach me how but before he starts I have to learn about trading ect. I have no idea in forex trading yet and have seen your blog. It helped me a bit in understanding forex and what needs to be done before investing and not to lose too much money.

I am a newbie and have made double digit returns in my first quarter by following Nialls trading techniques. Always great to read what Nial has to say. Very practical and I can easily relate to it. Though I have dropped forex for a while now due to inability to make a living from it in view of inconsistency and indiscipline. I hope to analyse, digest and practicalise your strategies, when I make up my mind to come back to forex. It is still a kind of first love for me. Keep up the good work.

Just google up the tittle of this article and you will be met with a deluge of money hungry people who have no idea about trading..

Most if not all have the same problems with patience and keep jumping from one system to another in hopes of finding the holy grail. Your search ends right here right now with the information on this site… price action!

Keep things simple with bigger time frames and sound bankroll management, be consistent in your approach, have some sticking power and relax.. Thanks, Nial, Great read, good info… Have been trading for a year now… Looking for a semi-auto trade journal software, do you know of a good one? Hi Nial, I really appreciate your tremendous help in helping me to my feet in forex trading.

Having only traded for 3 months and going nowhere, your articles addressed all my greatest challenges. A genuine teacher, honest in approach,reading his articles gave me at least some hope that I should hold on. And the fear factor of the forex may be a lie. I will tell you, look at the weekly chart for trending markets, you will hardly be disappointed. Thanks for the article. Can the same principles be applied to stock? Also, in this article you say to master the daily charts yet most of your other material focuses on the 4h.

Any clarification you can provide would be appreciated. Great article Nial, this question popped up in my mind an you answered it accurately and clearly. As a newbie member to the site I am just amazed at the content and above all the passion from Nial to help others to trade successfully. I am yet to see another site come close this one. It has taken me awhile to understand the fundamentals of education in trading and the above article cements in my mind that until all the factors outlined above are implemented then and only then will I start trading and aspiring to my goals.

Great article Nial, this is my ultimate goal but right now I am still learning the business, the hardest part is controlling the human elements and not over trading that as you put it is the 1 killer. Your method is truly the best I have no doubts. Your course is the best investment I have ever made.

For few years I am doing trading on demo but could not succeed due to inexperience. Your article was really opening and I realized what mistakes I was making. I intend to follow your instructions seriously and will consult you time and again if you allow me.

I am a new trader, but I doubled my account balance in under an hour, just by using price action analysis of the chart. Good Job, I cant wait to meet u in Australia. As a beginner learning trading, I can see you have well summarized what needs to be followed to become successful in trading.

Thanks Nial,i cant thank you enough your teachings has made me a profitable trader. Money management is important for all of us. We need to be willing to start small and achieve consistency. Got a question that being a beginner like me i know a person who does the 1hr and 4hr charts for a living. Why do you believe its the daily chart that works and not the others.


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