Make a Living Trading Forex

By J. Star

Yes, it is possible. With the right Forex education and training, a large enough Forex trading account, and the discipline to stick with a Forex trading system, anyone can make a significant living Forex day trading.

So how does one go about getting started in Forex you may ask? I have included below some simple steps towards trading Forex full-time.

1) Learn Forex Trading - This may sound obvious but it is the first and one of the more difficult steps. Unlike most professions, there are no "accredited" Forex schools to my knowledge to teach you how to specifically trade the Forex market. There are, however, Forex training courses online. However, many of these "learn Forex on your own" courses are written by individuals who don't know much more about Forex than your novice Forex trader. Others are written by Forex Brokers with a financial interest in seeing you lose (Google: "five types of forex brokers" to understand what I mean). It is difficult, but not impossible to find a reliable source for quality Forex education. Do your research. Compare multiple education alternatives and choose someone who has your best interest in mind.

2) Practice, Practice, Practice - When I was a kid, my Mom decided she wanted me to play the Piano. I was forced to attend weekly lessons and then asked to practice 15 minutes per day between lessons. This was extraordinarily embarrassing for the sport-enthusiast boy that I was and so I vowed not to practice. Well, for two years I went to every Piano lesson because I was forced to but rarely if ever practiced because I was only asked to. Over 100 lessons and nearly $3000 later my Mom gave up. In spite of the many lessons I attended, because I never practiced, I was never able to play the Piano. So it is with Forex (or anything for that matter). Learn EVERYTHING you can about Forex and then practice what you learn. One of the great things about Forex is that anyone, free of charge, can open Demo trading accounts and practice. Practice your trading system. Practice money management techniques. Practice order entry and exit techniques. Practice until you are profitable. Practice until you are ready.

3) Do NOT over leverage - Never risk more than a couple percent of your total account size. I personally rarely risk more than 2% of my total account and usually risk less than 1%. One pitfall many ambitious Forex traders fall into is the urge to "go big". They want to trade for a living but only have $5000 to start. So instead of being smart and trading that $5000 until it has grown big enough to where their monthly profits are sufficient to go full-time, they take huge risks per trade starting out in hopes of hitting it big upfront. In Forex, the tortoise ALWAYS beats the hare. Don't over leverage your account.

4) Master the art of Emotion-Free Trading - You do not become a disciplined trader overnight. Emotion-free trading/investing requires confidence, persistence, practice, and constant learning. Do not go full-time until you are a master of Emotion-Free trading.

5) Develop a plan and stick with it - Your trade plan is your road map to Forex success. Build your own Forex Trading System, learn it, practice it, and then stick with it. Your plan WILL lose and it WILL win. Do not give up after a couple losses and never go live until you are completely confident in your plan. Do not go full-time until you have a trading plan that you are confident can last for the long-term.

Echo FX prides itself on being an experienced, honest, disciplined, and emotion-free Forex Account Manager and quality Forex Trading Education provider. For more information about the company, their Managed Forex Account Programs, or Forex Education Solutions - visit http://www.echocurrency.com Forex Managed Account and http://www.AcademyofForex.com (Forex Education).