Apparently, each of us dreams of quitting his/her job and enjoying a financially abundant life with big and stable income flowing into his/her pockets on a regular basis. With that said, there are many ways to financial freedom and success. Still, if to consider such factors as speed and ease, there is probably no better solution than financial markets, including Forex, which is currently the world's biggest financial market in the world with over 5 trillion dollars being turned over on a daily basis! This is a big and tasty cake and everyone wants a piece of its.
While Forex can become the key source of income, it is not for amateurs. Forex trading requires skills, experience, knowledge and a certain mindset. Still, no one was born an expert. So, any amateur can eventually become a professional provided that he/she devotes enough time, money and effort to it.
Is it actually possible to make stable income by trading Forex? As usual, Market Leader decided to ask Masterforex-V Academy about the reality and challenges of this job...
Experts Say You Can Make Big Money Trading Forex
According to a representative of the Mid-Term Trading Department of Masterforex-V Academy, you can make money by trading Forex and other financial markets. Still, it requires a lot of time and effort as well as personal investments (unless you are a managing trader running a PAMM account). Keep in mind that it is not a leisure, it is a job that requires performing multiple tasks and a lot of decision-making. You can use software to outsource some routine tasks to the computer but you should be in charge and in control of the situation.
Trading is subject to multiple challenges and pitfalls. With that said, each Forex trader should take into account the following aspects:
- Constant monitoring of your portfolio in general and individual assets in particular
- Buying and selling assets on time
- Using software to make the process easier
- Taking part in beneficial trading contests
- Communicating with more experienced and advanced fellow traders
- Testing your potential managing trader before trusting him/her with your money (if you are an investor).
Start small, dream big and do your best to make one step at a time while advancing towards your goal! Do not start trading right off the bat if you want your money to be safe. Start from demo-trading and learn to trade Forex professionally. OF course you can trust your money with a certain guy but if you want to stay in control of the situation, becoming a pro trader is one of the few options left. It is always better to learn within the scope of a community of fellow traders exchanging views and experience and helping rookies to get up and running fast, like Masterforex-V Academy's forum for traders and investors.
Another expert from Masterforex-V Academy (the creator of the AO_Zotik indicator) gave the following answers to the questions asked:
- Can you make money by trading Forex? - Yes, you can.
- Can you make big money there ? - Yes, you can.
- Is it easy to make money this way? - No, it isn't.
- Is it possible to go broke when trading Forex recklessly? - Yes, it is.
- What should a rookie do to become a pro?
First of all, in order to start showing consistent results, you should go deep into the essence of the market, its drivers and laws. When you win, someone loses...
Secondly, in order to earn money this way, you should treat Forex trading like any other job rather than a hobby or a game. Moreover, it is like having your own "financial business" where you are the manager, the accountant and an employeer at the same time.
Thirdly, a decent strategy is required. This one is the most important aspect. In a broader sense, the strategy includes:
1) finding a reputable Forex broker
2) choosing a suitable type of live accounts
3) getting comfortable with deposit / withdrawal options
4) sticking to info, technical and trading risks
5) making decent trading decisions based on a profitable strategy
Another expert from Masterforex-V Academy, the author of the SOVA trading strategy, says that thousands of people keep on falling pray to various financial scams like HYIPs, financial pyramids and other investment "businesses". That is why most of them treat Forex and other financial markets as one big scam, which is certainly not the case.
Of course, if you treat it like a casion game and try to gamble by playing guessing games, you are doomed to lose. However, if you approach the same thing professionally, with the right mindset and armed with knowledge, experience and skills, you are doomed to succeed in this business. These are not some empty words. Look at the chart below. This is the trading performance shown by one of his students over the course of the first 4 weeks of training. The SOVA strategy let him close 48 trades and generate +24% on top of the initial equity.
