Novice traders often ask me one question: “Can you make a living trading forex? ”
Short answer is YES you can.
Long answer is YES you can make a living trading Forex but it requires that you will be consistently doing the right things at the right time.
You also need to possess patience, discipline, trading skills and realistic expectations.
If you will not have these it will be difficult for you to succeed in Forex market long term. Most beginning traders do not have what it takes to make living from Forex market.
Hoowever that does not mean you cannot do that. All you need to do is to learn what it takes to become a consistently profitable forex trader and stick to those rules.
OK, so the answer to the main question: “Can you make a living trading forex?” is YES.
Now another question is:
How much money do I need to make a living from forex trading?
Well, this is a tough question. The answer is different for different people. It depends on your monthly expenses.
But anyway, you will not be able to make a living as a Forex trader if your trading account is under funded. You will simply need large enough starting capital so you can manage your risk properly and be able to trade large enough positions.
So to be able to support yourself and not to risk big portion of your capital per trade you´ll need a decent amount of money on your trading account.
For start, becoming a part time Forex trader can be a good decision. That way you can still make a nice extra income, but on the other hand you will not put yourself under pressure. You can focus solely on trading, create good trading habits to become a consistent forex trader and the money will follow. Later you can switch to a full time mode.
Can you make a living trading Forex with small account?
As I mentioned above you will need a big trading capital to make a living as a Forex trader. But if you do not have large sums of money do not worry.
There is also another way you can make enough money to live off. If you have a small trading capital but you are a very good trader with positive trading record you will be able to trade with other people´s money and get part of profits you make for them as your commission. Always there are funds or private investors who are looking for good forex traders to trade for them. But you must be very good.
So my advice for you is to learn correct trading mechanics, apply them on your trading, become a consistently profitable forex trader and good things will follow.