Sunday, January 29, 2012

How To Trade Currency For A Living

January 5, 2009 by  
Filed under Forex Advice


Hi, I m Kelvin, a full time currency trader.

I have been enjoying my everyday because I live a life of freedom.

I am a currency trader which means that I can make money from any part of the world as long as I have a laptop and access to the internet. Therefore I will like to share with all of you fellow forex traders out there some of the techniques behind my profitable trades and hope that you can one day find some of the methods I am using applicable to your own forex trading.

However if you are new to forex trading, I will be posting articles related to forex strategies and other forex tips articles so that you can benefit from it too.

The aim of this blog is to provide useful forex trading advice to forex traders of all levels.

Trading forex for a living is absolutely possible but it requires some initial hard work in learning the trade. You must bear in mind that currency trading is not a gamble, it is a form of investment with strategic planning. The better your plan, the higher the chance of you making a profit.

There is no such strategy that can guarantee you 100% profit. If you have heard anyone or saw any advertisement that claims to be able to teach you how to trade currency with 100% accuracy, you most likely must have met with a scam. Most successful traders only claimed to be 70% accurate with their trade and what makes you think that someone can make you 100% accurate.

Personally, I have started from a person with absolutely no knowledge in currency trading into a currency trader that is making a living from it today enabling me to quit my day job. I managed to achieve this stage because I have put in effort to read forex books, attend forex trading course and learn after a forex mentor who is a very successful and experienced forex trader.

If I were to summarize my forex strategies, I will say that these 5 forex trading tools are all I need to make a living from currency trading.

1) Candle Pattern
2) Trendline
3) Pivot Point
4) Price
5) MACD

These five forex trading tools combined have been my money making tools till today and I believe it will continue to make me more and more money in the currency trading field.

Last but not least, I will also be posting weekly forex trading signals that may be of help to you.

All the Best to your Currency Trading!

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Other Related Posts:

  1. Forex Trading Tools You Can Use For Your Trading
  2. How To Trade Currency Like A Pro
  3. 4 Currency Trading Basics Tips For The New Traders
  4. How To Setup Your Own Forex Trading Strategies
  5. How To Make A Living From Trading

Comments

14 Responses to “How To Trade Currency For A Living”
  1. Johnbenson says:

    I am motivated by your comments. I lost a substantial amount of money in Nigeria stocks. With what I am hearing from you I believe I will come back to life.
    Please, tell me what other strategies to add with the ones I have already.

    • Kelvin says:

      Hi

      If you already have a working strategy, stick to it and dun keep on looking for the best forex strategy. In fact, there is no best strategy, the one that is making you money is your best.

  2. kenny says:

    Hi, i had been trading forex for a long time, failed 4 times in total. Whenever i failed i would go back to demo account to test out my strategy and improve it, most of the time i discover that my demo account always make more profit (in pips) compare to my real account. Understand that there are 2 major factor which is the fear and the greed which usually cause the downfall of me, thus would like to ask if there is any other factor that i should look out for?

    • Kelvin says:

      Hi Kenny

      Just to confirm with you that you are making money with demo account but losing money on real account?

      If you are able to produce consecutive winning months with you demo account, then your problem is really in your greed and fear. In order to overcome this problem, I suggest that you enter your position, set your stop loss and target profit and quickly log out of your trading platform. This will prevent you from shifting your stop loss to greater loss and cut short your winning.

  3. Abioye Peter says:

    With the account size of $2,000.00 and 1 lot size, how many order of pivot point can one be advised to be setting daily please.

    • Kelvin says:

      This is usually how I trade. You should always stick to a risk of about 3 to 5% of your trading account. With an account of $2,000, you can roughly risk about $60 to $100 per trade.

      If you are trading a mini account with 1 pip equivalent to $1. You can have a loss of about 60 to 100 pips. Depending on the volatility of the currency you are trading in, it will affect the number of order you can placed.

      If the currency you are trading with is very volatile, you should place at most 1 mini lots. If the currency is not that volatile, you can then place up to about 2 to at most 3 mini lots.

  4. Abioye Peter says:

    I have been demo trading for more than 3 months now, I just need more light on Pivot Points please.

    • Kelvin says:

      Hi Abioye

      Pivot points alone does not constitute as a trading strategy. It is only one of the tool that you can add to your plan. As a whole, the pivot points are simply major support and resistance levels that you have to bear in mind. You can use it as an entry criteria and as a target profit level.

      As I have written earlier, you can go to the page that I write about pivot points and learn how to crank out the numbers. With the number on hand, you can then draw them on your charts. Together with other indicators and depending on the type of trading strategy that you are employing, you will be able to put the pivot points to use.

      What I mean by trading strategy refers to swing, range, breakout or scalping trades. You can read up on the various type of trading strategy in this blog as well.

      If you still have any problem or question, do feel free to contact me again. I am very happy to be of help to you.

  5. Abioye Peter says:

    Please I would appreciate if you could shied me more light on forex strategies, most especially how to use Pivot Points strategies to forex and how to use news trading.
    Thanks and God bless you.

  6. adams says:

    want you to put me through.i am new and in a dilemmaa on how to identify a trading opportunity

    • Kelvin says:

      Hi Adams

      Glad to hear that you are giving yourself a chance to achieve financial freedom through forex trading.

      As for your question on how to identify a trading opportunity, It all depends on what type of trading strategy you are adopting. Before you start to trade, you need to make sure that you have decided on a trading style and then create your own trading plan.

      For example: I am a day trader who will enter a trade and then exit the trade on the same day and I am interested in trading breakouts. With these in mind, I will create a trading plan to trade breakouts.

      When I first started trading, I wanted to trade all types of strategies but I ended up losing more than gain. You have to pick one or two strategies and then practice it to death on a demo account until you are confident that it is winning consistently before you start to trade with real money. For a start, you need to focus on one or maximum 2 trading strategies so that you can master it. When you are more experienced, you can then trade with more strategies.

      Remember this: No trade is sometime a good trade! A common mistake of new traders is the mentalities that they must always enter a trade daily and this usually causes traders to enter trade that do not adhere to their trading plan. So the key thing now for you is to pick up a trading course or read some trading books to learn the basic of trading and then start to create a trading plan for yourself.

      You can take a look at this post on how to setup your forex trading plan. Do feel free to contact me if you need any help.

  7. adams says:

    you spoke of your trading tools,which are

    candleline,pivot and etc. i would like to learn and use these tools.

    i am new to forex

    • Kelvin says:

      If you are interested to learn more, you can explore this blog as what I posted here are what I actually used in my trading everyday. Some of them may be too complicated for you if you are new but you need to slowly learn them.

      Do not rush into trading with real money. The minimum learning time requires for this business is about 3 months. Forex trading is not a get rich quick scheme, it is a legitimate business that can allow you to make money from home and anyone who really put in effort to learn and persevere will see success one day.

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