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Forex Trading for a Living
You can only trade forex for a living if you have an insane drive for success, the hunger to win (and earn big), and the tenacity of a leech. Do it only if you have the conviction and confidence to attack statisticians who claim that only about 15% of forex traders succeed in this "odds" market and have the fearlessness to say "bring it on" despite initial failures and losses. Here's an insight into this option Forex.
If you are considering trading forex for a living, here's a word of caution for you. If you thought that this job entailed just a few hours in front of your computer, expertise in a few technical analysis tools for trend analysis and statistical probabilities, and a secure means of steady income flow, you couldn't be more wrong. Its dynamics requires great skill and timing, the ability to withstand a few blows (there will certainly be quite a few), and a hundred percent acceptance of a few extra-gray hair that you will always seem to be growing. Only if you have the grit and determination to succeed despite failures and have the requisite financial knowledge and education, are you qualified to even consider becoming a full-time forex trader. As a beginner, you can only play it low and safe, till you gain the absolutely essential exposure and experience to become a pro. If you think you have what it takes, read the following paragraphs that will take you a step closer in learning it, like a pro.
Forex Prerequisites to Enter These Markets
Before you dive head first into the forex trading field, please gain adequate information about queries like, "does anyone make a living out of it" and "how much capital does one need for it." These two questions should be enough of a reality check on your big money schemes. It is true that you can earn huge amounts by trading in these markets, but it is also true that only a few highly skilled individuals actually do so, and the probability of that happening is very low. If that probability in itself is low, you can just imagine how low the probability of that happening on a regular basis is; think about it.
Apart from this, you need to have adequate financial knowledge about how these markets work, what are the different trading strategies for the same, and which is the best strategy for you, i.e., which one is in the best alignment with your income goals, investment horizons, risk willingness, and other factors. Last but not the least, the market is a cruel world that shows big dreams. Know who your friends and advisors are, and check their background track records before you follow them blindly. Having a fair and level head is an absolutely essential prerequisite when you think about entering this option. To help you in your dream job, the paragraphs below list the main trading strategies. These are followed by some tips to help you trade forex and make it your primary, full-time job.
Forex Strategies
Your trading game plan should be based on one of the following strategies or should be a combination of them. Mastering the techniques mentioned below should help you in your goal:
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