- It can be possible, but education is first and foremost.
- Knowing how to reduce risks is paramount.
- To physically do this, you need determination and effort.
- If in doubt, use an LVMexchange risk-free trading simulator.
That is, indeed, the question that many traders ask themselves, can you live of off trading?
As you may know, living of off trading is not always possible, but what is possible, is to make your investment profitable.
For a market that has a daily trading volume of 5 billion dollars - Forex - it makes sense to think that you can earn money. Otherwise, the market would not be popular and would have disappeared. For these reasons you should not ask yourself if the Forex is profitable… or how to make money in Forex… but how to trade profitably as a Forex trader, this is the real question if we dissect the topic correctly. Keep in mind that in all types of investments, forex trading involves risks where you can earn profits, but also are exposed to losses.
Knowing how to reduce these risks is very important to limit your trading losses. Sometimes, people get carried away by the success of someone who makes money in the Forex and waste their resources in the market without first understanding it, without training such as the education which LVMexchange offers (a hand holding security method for traders of all levels) it can be difficult to live off of trading. To learn how to earn in Forex, you first need to understand both the relative methodologies, and various factors which are important to achieving success.
Focus, determination and effort Let’s first review tips to becoming a successful trader, the most obvious way to answer the question of whether it is possible to find success in trading, depends on what you would do with your own company if you had it. If you wanted to start with a new company, you wouldn't invest in the first get-rich-quick idea you thought about, right? You would investigate further, consider several options… as George Buchanan said "a fool and his money soon separate." Once you were running your business, you wouldn't get carried away by other events either. In order for your business to function properly, you would need to plan, set goals, review progress and allocate budgets.
The same principles should apply to trading. As in order to achieve the goals you set in your life, to be trained in trading also requires equal effort, focus and determination. When you search through Google for something like "can you live on trading?" you will meet the stories of some people who have earned millions in a few hours. Sure it’s a possibility, albeit slim. There is often a hidden agenda behind the story you’ve read, for example buying their ebook. If you knew the secret to being a millionaire over night, would you tell anyone? And why would you need the profits from the ebook. Some cases, such as the story of one man who made 10 million dollars in a year on Wall Street may be true. But factually, boots on the ground, history of the average trader does not reflect this in truth. The vast majority of stories do not show these real facts - deliberately sometimes - so that ordinary people get the wrong impression that living off of Forex trading can be easy ... But it isn’t. Before starting any type of trading, we recommend that you try your strategies in an LVMexchange risk-free trading simulator. This will allow you to try different strategies, trading techniques, time frames, among others, without putting your capital at risk.
Back to reality
There are many traders who believe that money can be made with good capital management and applying the right strategy, however, only a few succeed. You can indeed live off of Forex trading, however if we conclude, practice is necessary. Practive makes perfect, and there is only one way to practive properly in Forex without exposing capital, it’s with a demo/trading simulator. That’s the physical, the mental, is the education. Knowing what to do, and we support you fully through both elements.