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posted on:
7/3/2012 2:07:58 PM EST
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Currency Trading For A Living
currency trading, trading currency, trade currency for a living,
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You have to admit it has a nice ring to it when people say “What Do you do for a living” and you reply with “I buy and sell foreign currency”. It has an air of importance and automatically suggests wealth; why not after all the market does boast a massive three trillion dollars traded on it every day.
It sounds good that you have the ability to start with very little money and manage to earn in excess of 400 times the amount your original investment. So why isn’t everyone doing it? The answer is because the majority of people do fail in the forex market long term.
People hate to admit failure especially when it comes to losing money. You often hear a gambler boasting about big wins, yet you never hear about the big losses. The truth is, forex trading is a form of gambling and is classed in such a way that there is no tax to pay in certain countries. So if you trade currency for a living are you just a professional gambler?
Currency trading is always going to carry an element of risk but that risk can be significantly reduced to such a small percentage of your account balance with proper evaluation and strategy in the market. To go in head first and randomly place bets on what you think a currency might do is flat out gambling and to be honest you deserve to lose.
To be able to get to the stage where you can trade currency for a living and rely upon its income is a matter of patience and strategy education. Very few people can come into the forex market and turn a profit month on month with no education, training and dedication to learning the market.
You need to be extremely strict in your strategy and know exactly where your limits are. Money management is a major part of the overall profit taking process. Only risking a small percentage of your trading balance takes discipline and restraint that very few can master.
Learning the technical and fundamental analysis of the forex market is one thing but sticking to your strategy when the chips are down is another. Two big tips I will give you right now for the beginning stages are; Do not chase losses and do not bet more than 5% of your trading balance.
If you are having a bad day do yourself a favour and close down your spread betting platform and forget about it for the rest of the day. Take the kids out and put it to the back of your mind until you start again tomorrow and then evaluate what went wrong. Currency trading for a living is all about discipline, you need to get a grip with yourself before you can master the market.
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