Forex trading is still shrouded with mysteries and depicted with cliches in both mainstream media and popular culture. We only hear about Forex when another scammer gets caught or when an unforeseen event happens, causing tremendous losses to huge investors and small day-traders. So, it’s understandable that most people view Forex trading as some lottery, where you might earn your first million in a split second, and if you won’t manage to sell the currency pair – it all vanishes into thin air, leaving you in debt for life. But, in truth, Forex trading is just a job, and its only difference from your regular day jobs is that you work for yourself and use your capital.
As well as any other job, Forex trading is time-consuming. You won’t make a living by trading for an hour on Mondays and Thursdays, even though some motivational speakers might tell you that. Also, you won’t lose your house if you look away from your monitor for a second. Those are unlikely extremities that happen once in a lifetime and cannot be relied upon. You can only rely on your knowledge, expertise, and skills.
What Does It Take to Earn a Living in Forex
Firstly, it takes quite some time to start and even more to get up to speed and start earning enough to make trading your primary source of income. First, you’ll need a week to read through the basics carefully, and you might need even more because reading about something doesn’t equal knowing it by heart. Then, after you’ve learned the basics – you’ll need to develop your strategy and create your first Forex trading plan. And when you’re done with that, too – it’s about time to start researching major currency pairs, current trends, and prognosis for the near future. And if you want to find all that on one website – JustForex can help you make a living with Forex trading and provide all the info you need.
No matter how many materials you’ve read, you’ll still need to do research every day before deciding what currency pair you’re going to trade, when to buy, and when to sell. But hey, enough with research, there’s more to trading than that!
Let’s talk numbers here. How much do you need to put bread on the table? Well, experienced professional Forex traders make 5-20% of their total investments in a year. That’s an average number, not counting any unforeseen events such as global pandemics, international conflicts, etc. These events affect the currency exchange rates tremendously, and if you analyze them, you can gain huge profits.
Let’s take New Zealand, for example. It’s the only country with zero new COVID-19 cases and where the quarantine restrictions were lifted months ago, thus ensuring the return to the regular working schedule. As a result, NZD (New Zealand Dollar) is firmly climbing since the pandemic started, and its exchange rate against the USD rose from 0.57 in March 2020 to 0.72 in May 2021. It might be a coincidence, but what’s most likely – it’s a response of the national currency’s rate to firm and thought-out actions of the government and healthcare system. And many successful Forex traders would’ve told you the same thing because that’s what they have to know to remain successful.
If you’re keen on making a living with Forex – you’ll need to treat it as both your job and your hobby. You’re going to pick your areas of interest and research them thoroughly, and as soon as your analysis becomes consistent – you’ll start making real money.
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