trade one currency or multiple?
Depends of your trading style. On my swing and position system I use daily, weekly and monthly charts, so I can follow 15 pairs and some commodities like oil, gold, and some indexes. Pretty much everything that trends well works.
But if you are scalping, then is impossible to focus on 15 pairs on the 1 min chart. I would say go for the majors that have good liquidity. If you want to start trading bigger timeframes, which I strongly recommend if you are not profitable yet, then open 15 pairs on daily charts. You will have plenty of time to identify good setups and diverisfy your portfolio.
It is very possible to live only on forex, but you need a big account, huge account and you have to be very good in your trading skills. Otherwise it would be a total mess.
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: Why does it take 5 pages of thread to say yes?
Ofcourse! When you make money and you are with a broker that is honest enough to pay out, you can make a living out of it.
In my opinion it’s good to learn to trade several currencies, if not more, but to generally focus on no more than 2-3 at a time.
I will be swing trader. I don’t have time for intraday neither for scalping. Place a bunch of trades and go study…
Yes it is possible to live only on forex trading. But you cannot just start trading start making immediate profit from the market. It will take time and first you have to spend time in order to learn proper trading for regular profit.
As a newbei Ii don’t think I will be able only on forex, but as a student I would love to have extra money.
Hi VladWulf
Can you explain a little bit more? How do you deal with spread? I have 5 to 20 pips spread. A SL of 5 pips + spread will give me a loss of 10 pips If this is 1% risk I make only 50 euro a day (500 account) or I need 200 pip TP + spread That means that I need 20 perfect trades (days) to have 1000 (Your first number) of profit
My experience is that trades with 5 pip SL hit SL 98% to 99% of the time So I like to know how you manage to enter trades almost perfectly that they move directly into your favor and not hit SL
You say : Each week you have between 1 and 5 days-opportunities. Why can there be only 1 day? Only 1 trade at a time?
Hi Toekan Is that a YES?
Well, Im going to give it a shot.
Every week withdrawing 25% of my account, that is based on a fixed amount at the beginning of the week. There will be a carry over every week that will snowball weekly.
Im starting with $300, so my first week I should be withdrawing $75 then $77 then $78.75 then $81, then $83.25 and so on…
But by the 5th week, My weekly starting balance will be $341…
I think it will give me more sense of accomplishment, and its slow and steady. But also bring in an income.
Of course Ill have another account to do the overtrading and rags to riches 50% a day action, lol…
It’s possible to gain from Forex, but we should take it as secondary income source, Learn first then trade, and everyone should follow strong money management.
Yes. It is possible. But learning is the main thing to do first. Means in the start you can’t make out the living easily and have to spent time learning tricks and mentally being calm during the ups and downs of the currency. I still remember, losing 1700$ during the French Elections.
Forex is a great business for those who are trading sincerely and according to the rules and manners, it is good earning platform and we can trust on this business, we can earn huge amount and can enjoy our life, I found forex reliable business and I am trading since last 3 years, I am earning reasonable amount.
Good luck! Looking forward to the results.