FOREX TRADING AS A MAIN SOURCE OF INCOME

Both traditional enterprises and state-funded groups are having a lot of conversations about trade within the limitless Internet. There are many various things that people say and write. They are frequently certain that trading cannot be considered a primary source of income.

The following are the arguments made in support of this judgment: No matter how competent, cool-headed, or wise you are, all these personal traits won't help you if markets don't provide you a chance to earn money, because markets offer such possibilities only at certain specific times of the year. Also, daily trading will guarantee your failure.

Forex stereotypes

Many people share the same opinions and assert that trading should only be considered as an additional part-time activity to one's primary day job, occupation, or business because, as we've already stated, markets only provide opportunities to make money during specific short periods of time, while the remainder of the time is simply wasted. These debates suggest that in order to save time, one should consider trading as a supplementary activity (source of income) or seek employment with brokers, investment firms, asset management companies, etc. Independent, self-described “home-made,” traders and investors are prophesied to only experience a decrease or lose all of their money, leaving them bankrupt.

You are free to agree or disagree with this viewpoint; it is your personal choice. Nothing, however, is stopping you from considering the prospect of turning your own trading activities on the international financial market into something more than just a hobby, a way to make an additional $100, or a real business or career that pays you well. Because these are the criteria you often follow when beginning your own business or applying for a job, I propose you decide on your approach to trading, its daily schedule, and the amount of income you want to obtain from it to meet all of your subsistence needs.

Of course, you also need to decide on an average weekly or monthly revenue. The income level issue is perhaps the most important for many people, but it shouldn't be a “stumbling block” because trading is a complicated subject, not one that gets more complicated. Also, some newbies who want to start trading with $100 USD and anticipate seeing $1,000 USD on their account balance by the end of the month may be brought to their senses by this issue. Indeed, modesty and common sense do, in fact, influence stability and durability on the market.

Trading platform

Ah, but first things first. If you anticipate a consistent monthly income of $1,000–$2,000 USD, your account balance on the first trading day must be between $10,000–$20,000 USD. Of course, if you trade cautiously and with a low risk tolerance, you can earn this amount of money. If you have more experience managing risk, you can start trading with $5,000 and aim for $1,000 to $1,500 every month. This is the foundation for “home/couch” commerce, to put it another way. But, you must always keep in mind that your trading strategy should serve as the foundation for all of your efforts. It suggests that your trading strategy should be flexible enough to profit between 40 and 50 pip each day during any market activity periods.

Please let me know if the market can travel 40 to 50 pip distance in a single day.

It can, indeed! Finding and monitoring a trading instrument that can match this speed and distance lowers your task to simply copying profitable trades and deals. Recognizing that not all transactions will be lucrative, consider lengthening profitable periods to make up for losses experienced during drawdowns. You can start your job as an asset management firm in CopyFX and RAMM if you can maintain this rhythm/schedule for at least six months. To draw in investors and control large sums of money, you might establish trading communities. The hazards of asocial burnout caused by a lack of social interaction, which is a fairly regular occurrence for retail traders and investors, can be avoided with the use of this scaling, if not to say socializing, strategy.

Conclusion

To put it succinctly, one can take the following conclusion: if you develop your own strategy and follow its guidelines, trading can become your main source of income. Don't hurry into quitting your work, though, if you don't currently have the necessary strategy, expertise, abilities, or resources. Just keep working at it and earn money and experience.