Best way to Start Forex Trading for Living 2023
Many peoples send messages daily saying they know nothing about forex. Here is all about how to start forex trading for a living with your demo or live account. We are going to explain the most important factors with tips in this post.
We are really happy to teach those new traders who said, I know nothing about forex trading. Because fresh traders can learn foreign exchange trading easily. In this post, you can learn from Start to end What you have to do as a beginner trader to start forex trading for a living as a small retail trader.
You can get information on How to trade forex for beginners in this post. The most important thing is we do not provide Successful forex trading strategies here.
Forex Trading for Beginners and Losing Traders.
Forex Trading is the business of Big players. that means Large financial institutions, Brokers, Billionaires, etc. As a small retail trader, you cannot move the market price using your small lot sizes. You must follow the big players if you need to profit from the market.
We mentioned a Forex Trading main concept for small retail traders in our very first post on this blog. If you understood that post well then you will be able to know the best way to trade forex profitably. Read the “what, why, how to trade forex as a beginner” post to get more info.
Is forex trading profitable?
Forex Trading is truly profitable. Many forex traders make lots of money while trading. But is not much that you are thinking. To become a profitable trader you must work hard. Sometimes you have to sacrifice your sleep too.
If you need to be profitable in trading you must make a trading plan including the best checklist. If you followed our proven checklist it is easy to grow your skills to be a profitable forex trader.
I know Nothing about Forex. How to Start Forex Trading for Living
As a Fresh Forex Trader, you do not need to know the history of forex trading. which means like When start forex etc. But, You must know What is for trading and How does it work to earn some dollars from trading as a small trader. You must understand the main concept for beginners and then the requirements to start forex trading.
Related: How to Join Forex Trading
As we mentioned above, Forex Trading is a game of Big Players. Small traders must Follow them to get profit in the Currency Market. Institutional traders looking to buy and sell currencies to get profit out. They need good reasons to buy a currency against another currency.
Mainly they do an Analysis of the Fundamentals using Central banks to know how strong is that currency in the near future. After monitoring the monetary policy report they do compare that report with the economic calendar news forecast to get an idea about the next behavior of the currency which they do analysis.
Then They do Technical Analysis using their powerful trading platforms. In here I am not saying about small trading platforms like meta-trader 4 or 5. They have advanced trading platforms and small traders cannot get those platforms to trade even for Analyzing the market.
Related: Forex Technical Analysis Facts
They do try to get currencies at the best prices by monitoring the historical data of the price movements and Small traders’ Stop Loss zones. You have to learn how to start forex trading in every single corner.
More than 95% of small traders get losing their money in forex. Most of the time, they do Analysis of both Fundamentals and Technicals. But many traders don’t use Trader Sentiment Analysis to know, which big player played in that particular market.
Related: Sentiment Analysis of forex with COT
Many forex Mentors say this to their clients. Follow the Trend. Because The Trend is your Friend. But there are many things to learn. You must make a trading strategy that is totally fit for your mindset. You must read how to join the forex trading article, to learn the basic things of forex trading. From here We will explain important topics in a short version.
How to start Forex trading?
The very first thing is your age must be 18+. The applicator should have a Driving License or Passport to verify your identification. Any Gas, Electricity, Water, internet bill, or bank statement which you got within at least three months to prove your Address to your broker.
You must arrange a computer or smartphone with a good and fast internet connection.
To join forex trading you must find a good ECN Forex broker who allowed market execution and learn the basics of advanced things of Forex Trading. Here are the topics which you must learn if you are saying I know nothing about forex trading.
- Forex basic facts
- All Three Types of Analysis methods
- Understand Forex Trading techniques
- Forex Trading Platform Tutorials.
- How to make a trading strategy.
- Online wallets and transaction methods.
After learning the basics to advanced facts of forex trading you can understand which type of trader you are. Contact us at any time if you need to get any help making your strategy for mentor service.
Any fresh trader who tells us “I know nothing about forex trading” now can start forex trading with a demo account.
We do recommend small traders become Swing Traders by using a Swing trading strategy at the beginning. With your experience, you can go for Day trading, Scalper Trading, or even position trading.
Swing trading is the easiest way to understand the big player’s trading behavior and concept. After making a Strategy for Swing trading, you can try it on the demo while you be a profitable trader. Risk management is your next step. Let’s learn about that.
Not the most important facts for any trader.
There square measure a dizzying array of queries and variables to contemplate after you begin currency trading. Am I able to teach myself to trade Forex? can I trade exploitation elementary or technical analysis? Or maybe, a mix of both?
Do I would like to start day commerce Forex or can I be taking a longer-term approach? Can you trade bolt-supported principles of a specific Forex system? can you’re taking a lot of discretionary approaches?
However, the queries square measure endless; however, they ultimately confirm what you’ll succeed in within the market and how you are doing it. You’ll be able to conjointly break these queries down into even a lot of specific directions.
The information I offer in this article can permit you to start Forex Trading. With this Forex trading guide, you will not search in Google, “how to start Forex trading for a living Reddit”, wherever the reliability of the results you receive would be questionable.
Education factors are never ended on forex trading. Even if be a profitable forex trader, you have to learn many things about forex trading till you die.
Before I’m going into the small print of a way to begin Trading Forex, keep in mind two important factors any fresh trader ought to confine in mind once beginning Forex trading: risk management and employing a demo account.
Risk management is another important factor in trading. You can read our stop loss placement post to learn many things about risk management. If you need to trade forex. Risk management most important factor.
Forex Trading is the easiest and riskiest job in the world. We suggest every trading journal should fulfill with risk percentage and stop loss with pips or money against your capital.
Risk management concept.
We do inform our clients about risk management every time. Never risk your all capital into just one trade. you have to understand the accuracy of your trading strategy.
Many small traders do start with forex trading from $10 to $100. Many big traders suggest using a 2% risk per trade as a maximum amount. Practically, it is too hard to manage the risk of capital according to the big player’s concept.
Understanding the accuracy of your trading strategy you can manage your capital easily while trading in the live account.
Forex Trading Demo for Beginners.
If you need to know how is forex trading done, then your demo trading skills are too much important. After understanding the concept for small forex traders by learning basic requirements, everyone should do demo trading. You can get a good experience with trading and analyzing with managing the trades from the demo account.
Every new trader in our mentorship program does demo trading for at least 3 months before getting into live trading. We mentioned some tips on how to choose a Forex trading broker in our How to Start Forex Day Trading for Beginners Post.
Free Demo Trading Account.
Every Forex Broker offers a Free Demo trading account to trade. This way is the best for beginners who can understand forex trading and price behavior. Forex Demo Trading Platforms will help you to do technical analysis too.
Best demo trading account UK
If you are located in the united kingdom area, Here is a list of the 18 best forex brokers to try with demo accounts.
- Switch markets
- CMC Markets
- City Index
- Interactive Brokers
Best forex Demo accounts for South Africa.
Here are the Forex brokers if you are located in South Africa. You can get Demo accounts from these brokers to get a good experience.
- FP Markets
- Go Markets
- Hot Forex
- Plus 500
- IC Markets
- CMC Markets
- FX Pro
- Think Forex
- City Index
Learn to trade currencies online with Fuel Forex.
If you still could not find the best place to learn forex trading free, Fuel forex is the best place. we had covered every single topic those beginner traders should follow to trade.
All topics are clear and visible to everyone. You can learn here
- Requirements for trading.
- Facts of forex
- Fundamental Analysis
- Trader sentiment analysis
- Technical analysis
- How to enter a trade with a checklist.
- How to make a forex trading strategy.
How to do Live Forex Trading for Living.
After being a successful trader in demo trading, you can start your live trading career for a living. You have many ways to earn money with forex trading on your live accounts.
You have to grow your trading account consistently if you really need to do forex for living. The trader must know his expenses to get an idea of how much money need for a living.
Start forex trading with a $100.
Starting Forex trading with a $100 is fair for small retail traders. You can choose a good forex broker for that job. Then you should grow your account slowly.
How much money does one need to start a living in forex trading?
This is the biggest question for small traders. The answer to this question depends on your expenses and lifestyle plus your hopes for plans.
You can calculate this amount by using your demo trading knowledge. For example, You can gain at least 10% a month, plus You need $200 per month for your living. Then you have to build at least $2000 capital on your account.
How much do professional forex traders make?
Many Fresh forex traders do think that professional traders make big amounts of money from their trading. Yes. They earn for living with Forex. But the truth is they only make 2% to 10% per month or sometimes per year.
Can you make living trading forex?
Yes. you can. We do training small traders for a living here. To make a living, you need to calculate your profit and expenses. That means personal inflation. We explained inflation deeply in our Fundamental Analysis post.
Making a living with forex trading is not an easy job. it is a longer-term plan. Because expenses are getting grow with inflation of your country and according to your lifestyle.
How to get a Big forex account for a living?
You can use prop firms got to get a big forex account by paying a small fee. But the main thing is you have to trade according to their conditions. Here are some sites to get big forex accounts.
- My Forex Funds
- Funding Talent
- Blue FX
Start Forex Trading for Living on Demo Trading.
Did you ever hear you can do demo trading for living? Yes. It is possible if you have good skills and knowledge. You can do copy trading, Forex Signal providing, and many things on demo trading for a living. But it takes more time to get a clear idea bout this topic.
Read to learn how to make money with a forex trading website post to get a simple example for this topic. You can do Affiliate marketing, and copy trading with a Forex demo account for a living.
Conclusion of starting Forex Trading for Living
Earn money with forex trading is not an easy job. You have to do lots of research if you could not find this post. The biggest things are controlling emotions and being a disciplined trader. This is the only way to become a successful forex trader.
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