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How do I trade forex full time?

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dehnavi

New Member
First thing first, focusing on becoming a Forex trader that is successful based on SKILL is the difficult path. Instead of focusing on developing superior trading skills… you should focus on strategically designing the way you trade Forex to put the odds in your favor.

A strategically designed Forex trading approach practically guarantees you will be successful over the long term. All you need to do is to keep trading by the rules.

If you want to trade Forex with the best possibility of success, focus on these things:

  1. Keep it simple
  2. Trade off the daily charts
  3. Limit your trading to 1 minute a day
  4. Focus on risk to reward more than win rate
  5. Trade a 100% rules based strategy
  6. Take a long term mindset
  7. Look at Forex trading as wealth building and not “making money”
  8. Learn to be a good loser to be a long term winner
  9. Take your ego out of trading
Too many people think the path to trading Forex is learning everything you can about trading and spending hours “practicing” so you develop skills.

The thought is, at some point, you will be so knowledgeable and skilled that you will be able to look at a currency chart and instinctually know what to do. You will embody what it is to be a “Forex trader” and know what to do to profit in the market.

Some people might get to the end of this process and be a profitable Forex trader… but not many.

Compare this to how I trade Forex:

  • I trade once a day
  • I use a rules based strategy so there is no guesswork
  • I follow the rules
  • I spend about 1 minute 5 days a week trading
That’s it. No long learning curve. No decades studying. No endless hours practicing on a demo account.

Simple is best.
 

operlay

New Member
Good day. what is your strategy? Do you trade indicators? Are you using smaller time frames for better market entry?
 

devqq

New Member
The best strategy is just to follow a trend and exit as soon as you got your daily pips for the day, being greedy is not advised, just get your pips and log off for the day.
 

fardeen

New Member
My first tip to you would be not to go all-in right from the beginning and start trading full-time. This is because in order to do that you will of course be leaving your day job or however you are earning your money, and that is not advisable. At least not without some forex experience.

My advice would be to start slow. Also, don’t invest all your savings into the market when you are in the process of experimenting and learning. You should figure out your strategy and risk management plan first and then depending on how much profit you are making, decide whether you want to go full-time or not.

The first step is to learn about the market however much you can. Use good online resources, (they are usually free as well) take udemy courses, and read good forex books. There are also some very good forex traders on YouTube who make videos about tips and might also show you trade. In some academy courses as well you get to see a live trade. The point being, you need to get a feel of the market before stepping in.

The second step is to figure out your strategy. Now, this is most likely not the one you will stick to long term but you need a place to start. So think about what is likely to work based on what your strengths and weaknesses are. Don’t look at what is working for others and then just apply that to your trading. You have to come up with one that is personalized to your personality and habits.

The third and final step is to step in. Of course, in order to do this, you have to figure out how much you are willing to risk and also how much you will leverage. Remember, margin trading makes profits big, but then the same happens to losses as well.

Once you have hit upon a strategy that is making you more overall profit than loss, you can think about increasing the hours and investments you put into forex.

Good luck!
 

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