You’ve come to the right place to learn why forex trading can be exponentially profitable… or a total money pit.
You’re here because you’re considering whether trading forex is a good option for additional income or to start a new career.
Now you need proof to decide if investing your energy and money into trading forex is the best next step… right?
I’m excited to share my experience in hopes it provides additional fuel to help you make a solid choice.
Before we dive in, I’d like to introduce myself. I’m Zane the founder of Enterandexittrades.com. I’ve been trading forex profitably for about a year.
If that excites you, and you haven’t ran for the hills, then you realize that “a more experienced trader” isn’t always ideal.
On the other hand, there are dozens of “gurus” and veteran traders out there waiting for you to follow them.
I’m a former newbie (as in not long ago I was a beginner) and am here to offer honest answers.
Still here? Awesome, let’s go!
The quick answer to is trading forex profitable is no. It’s not. Trading any asset class is rarely profitable automatically.
It’s true that forex trading offers you a great way to earn extra income or a full-time income. BUT only if the following things about you are true:
- You have a deep desire to trade forex
- You have time to devote towards learning how to trade
- You manage your emotions and mind well
- You have capital to invest
You will not find forex trading profitable if:
- You do not treat it like a business
- You do not have time to learn how to trade
- You lack focus (hop from one thing to another… I’ve been there.)
- You get bat-sh*t crazy if things don’t go your way.
Let’s explore all of these. Because before I created enterandexittrades.com. I knew I wanted to trade for a living and “go all in” as they say… but the results from my trades weren’t remarkable.
I was worried and feared my trading account would resemble more of a rollercoaster. Where it would be sky high one week and then tank the next instead of a building successful business.
What’s different now? And why wasn’t I profitable from the beginning?
A few things stood in my way of becoming profitable sooner.
I didn’t consistently treat trading like I was building a business. I was focused on all the wrong things right from the start. My attention was 100% on how much I could earn each day or month.
As soon as I stopped letting money control me my trades began to “work”.
Then I began catching trades like these, consistently….
How much time does it take to learn forex?
Most of us think we’re too busy to add anything else into our lives. If you dedicate 30 minutes to an hour at least 5 nights a week, reviewing trade setups and backtesting your strategy, you will develop into a profitable trader relatively quickly.
If you decide to work with a coach, you’ll get results faster.
So ask yourself, “will I invest 2.5 hours each week to learn a high-income skill?”.
Consistently profitable forex traders manage their emotions
No one is perfect. I can get upset at times for seemingly trivial matters however, when it comes to trading I compartmentalize my feelings and separate them from what I’m viewing.
When you focus on mastering your own strategy and know what you’re looking for, you execute based on your data and information, not on gut feelings or assumptions.
During the beginning of my development phase into a trader, I joined a Forex trading group, one I’m still apart of today… as I learned their specific method of shorting highs and going long on lows (look for double tops and bottoms) I noticed two things.
- It only worked once in a while, because you can’t “tell” when the market will reverse
- I’d have to monitor the trade very closely, or risk minimizing my gains by exiting too soon
That method works for a lot of people but, it messed with my emotional stability and caused unnecessary stress.
When a trade was going my way I was extremely excited. And pissed off when my timing was off and I made an error.
Too many errors creates fear and fear increases your heart rate. An elevated heart rate due to stress and fear decreases your brains ability to make rational decisions.
Without sound choices, your account balance flatlines or worse you loose everything.
If you’re unsure your emotions can withstand trading forex, open a practice account here and place one trade a day. If you treat this like a real account, you’ll have your answer within a week.
Your desire to master forex trading will trump the emotional rollercoaster you may feel each time you enter a new trade.
When it comes to making money some people clam up and shy away from accepting what’s rightfully theirs. I’ve been there… and I’m aways developing this area because it’s very important.
The ability to allow money to flow to you without being bashful or awkward will release you from the illusion of lack.
As you begin to accumulate money in your demo trading account, you’ll experience the feeling of having greater abundance.
You’ll realize the process for receiving that paper money was seemingly effortless compared to the way you earn a living now.
This leads us to funding your trading account…
How much do you need to start trading forex?
There are multiple answers to this depending on who you ask. Here’s my answer. ZERO.
Do not to start trading until you’ve proven be a consistently profitable trader.
I remember it like it was yesterday. I’d been trading forex for a few weeks and about 50% of my trades were profitable. I thought ‘This is great, I’m good enough to open a real account!’.
When I did open a live account I lost everything very quickly…. Do yourself a huge favor and trade with paper money for as long as possible.
Your goal is to nail 90+% of your trades before you go live. This very possible!
Then, you should invest as much as you can reasonably spare into your trading account. Your first goal is to maintain your current balance and not loose your initial deposit.
When you’re able to preserve your capital consistently, after making multiple trades per week, your second goal is growth. That’s where I am right now. I’m beginning to increase the size of each trade at a responsible rate.
You may want to stop there. If not, the third goal is to scale and diversify. Take a portion of your earnings and reinvest them else where.
My final goal is to start a foundation that supports single mothers.
As you can see, trading forex comes down to learning the mechanics, overcoming any mental blockages about receiving money and managing your emotions.
So, there you have it.
Do you see why you can’t ask anyone if forex trading is profitable? It may or may not be for you based on a few things we’ve covered today.
What do you think? Can you think of other reasons that may hold you back from becoming consistently profitable? Leave your comments below.