Can People Really Make Money From Trading Forex?

By Kelvin Dee



This is the most commonly asked question among new traders especially after they have made a few losing trades. In fact, I also once asked myself this question when I am new to trading some years back.

So is it really possible to make money from trading?

Yes, I am making a living just from trading currency and I have several friends who have quit their day job after they have trading forex for several months. But not everyone who takes up forex trading manages to make money from it and in fact, 90% of those who took up trading loses money in their first few months of trading.

So what is the key factors that allows me to make money from trading currency:

1) The willingness To Learn: Even though I am able to trade profitably, I am still buying forex books, attending forex courses and reading up forex blogs. This is because the more knowledge you have, the easier you will find trading to be. When you attend a course or read a blog, you will always find out something that you are not aware of and it can be use to your advantage to increase your odds of winning.

2) The willingness To Practice: Before I go into live trading with my real money, I spent about 4 months to do demo trading trying out various strategies that I have learned and then fine tune to become my own trading plan. This alone has greatly reduce my losses as it makes me more familiar with the strategy before I trade it with real money.

3) The willingness To Wait: There are a lot of traders that have their own trading plan, but only 20% of them actually stick to their plan and 80% of them trade based on their instinct and enter trade even when there is no setups that suit their strategy. This is because they are unwilling to wait for the desired setup to occur and this usually cost them a big part of their capital.

If you are serious about trading forex for a living, you should take the above 3 factors into consideration. If you stick to the 3 factors above, you will be able to make money from trading one day.

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