Can You Trade Forex for A Living?

It is possible to make a regular income out of forex trading. To do so, however, means putting a substantial amount of capital on the market, and trading it regularly.

Forex trading has one great advantage: Many brokers do not charge commission.

The cost of a trade is taken out in the spread, and, once a trade becomes profitable, the payment to the broker is already made. Apart from a small annual fee, it is thus possible to limit actual costs of trading. 

The Best Forex Brokers + Trading Platforms

Broker	Our Rating	Description	Minimum Deposit	Regulation	Visit
AVATrade	4.5	Trusted, regulated broker with 10 yrs experience Multi award winning company Segregated accounts with leading banks	$100	Central Bank of	Visit Broker AVATrade Review T1 ROTW
FBS Markets.	4	Split second execution No requotes Range of accounts	$5	IFSC	Visit Broker FBS Markets. Review ROTW
XM Group	4.5	Free forex signals + market research Online education and webinars Fee free withdrawals and deposits	$5	CySEC, FSP, ASIC	Visit Broker XM Group Review ROTW
IQOption	5		10	IQ Option is a	Visit Broker IQOption Review
Plus500	4	No commissions and low spreads Advanced trading tools Minimal account fees	€100	FCA, CySec :	Visit Broker Plus500 Review T1 ROTW
HF Markets Ltd. (HotForex)	3.5	8 Trading Platforms Spreads from 0.1 Pips $0 fees on deposits	$5	FSC & CySEC	Visit Broker HF Markets Ltd. (HotForex) Review ROTW
Easy Markets	4.5	Free Guaranteed Stop Loss Segregated funds at top tier banks Fixed spreads & negative balance protection	$100	ASIC, CySEC	Visit Broker Easy Markets Review T1 ROTW
FXPrimus	3	Trusted by 100,000s of traders Fully licensed in the EU by CySec Tight spreads and fast withdrawals	$100	FSC Mauritius	Visit Broker FXPrimus Review ROTW
Markets.com	4.5	Tight spreads without commissions Advanced charting tools	$100	CySec, MiFID, FSA	Visit Broker Markets.com Review T1 ROTW
InstaForex	3.5	'Asia's top broker' Wide choice of leverage options	$1	RAFMM, The Federal	Visit Broker InstaForex Review ROTW
OLYMP TRADE	4		10		Visit Broker OLYMP TRADE Review

Broker rankings last updated 14/05/2022 06:02

However, forex is not a get-rich-quick investment. It is, on the contrary, a demanding and time-intensive form of trading. The forex market is unforgiving: As seasoned forex traders often say: ‘Always remember, the market will hurt you if it you give it the opportunity.

To make a living at trading forex, you must learn to understand how the market works, gain serious experience at trading, and learn an in-depth proven strategy. If you are willing to spend the time to do this, and you are prepared to spend at least five to seven hours a day trading, then it is possible to make a living at the game.

Becoming a consistently profitable trader requires serious discipline, but it can be done and there are a happy few who achieve this.

Most forex traders anticipate earning 10-15 percent per month on their capital. In order to do this, however, you must make a fairly substantial initial investment. It is possible to begin trading with as little as $500, but you cannot really follow the movements of the market with so little invested. 

Normally, one should start with a minimum of US$10,000, or the equivalent. It is possible to begin with as little as US$5,000, or the equivalent, but it is a painful start.

Having a reasonable amount to work with allows you to avoid having to risk too much on any one trade. But you need to have enough money at your disposal to take a large enough position on a trade to make a reasonable amount of money.

Don’t quit your day job right away! Focus on building a consistently profitable track record and self-confidence and the money will follow. Forex trading is about consistency and security.

Good trading will lead to expanded trading. Good trading takes place one trade at a time. Trade the short-term – 15-minutes, an hour, the daily charts. Look for well-defined positions; take the advantage; clear out fast. The full-time trader is, above all, a trader who manages risk.