How To Make A Living From Trading
August 17, 2009 by Kelvin
Filed under Forex Advice
When it comes to this question, I think that a book on this topic can be written to address this issue. Therefore I will not be able to cover this topic simply by writing a post, however I want to address some stuff that I think is important for me to be able to trade forex for a living full time today.
- Here are some information you need to knowYou need to determine how much time you need to learn the critical skill of forex technical analysis so that you can trade successfully. Personally, I believe that you need at least a 1000 hours of practice in order to achieve that. Your guitar teacher can teach you all the notes and the position of your finger but it still require your constant practice to be able to play a nice song. Start planning how many hours you need to spend now.
- Find a simple forex strategy that you find is suitable for you and put in the time to master the strategy. Practice it to death and make sure you manage to complete at least 100 demo trades with a win ratio of minimum 70%
- Determine the amount of capital you need to finance your trading account so that you can withstand the loss you are likely to incur during your trading career.
- Never lost more than 1.5 to 2% of your capital per trade. You need to work out your affordable stop loss before you trade.
- In order to be able to trade full time, you need to work out a financial plan so that you know how much money you have to win per month in order to quit your day job.
There are a lot of work you need to put in before you are able to trade full time. Take some time to work these information out.
Other Related Posts:
