What benefits can you expect from trading global currencies and how much effort do you need to put in for a great second income? In this article I will give you some realistic goals to achieve and give you an idea of how much you have to study and work to achieve them.
Forex trading is easy to learn and does not require ongoing learning, once you have a system you are happy with and confident No system is perfect but if you have a simple system based on your chart you can build a lot of it With money. How long does it take to learn a simple chart based system? My own opinion is that it will take about a few weeks in a week, to learn what you need to know and that – no further study is required for this.
Many traders waste their time, researching new systems when they get some losses but all the system will lose time instead of switching to losing system, if you have confidence in your system then trade it even after loss with discipline. If the systems are explicitly grounded, it will make money in the long run. Equity declines in the short term, so in the case of all traders accept them, trade with discipline and focus on the long term.
Your system should also be based on following long-term pricing practices, if you focus on the long term you will see that you will gain more and work less and one day off work can benefit you a lot.
So how much money can you make trading forex?
Of course, this can vary between traders and systems, but here are some common points about how much you can do and the size of equity dips you can expect.
The best traders will make between 30 to 100% annually and even new traders can achieve this. You will see lots of gurus and cheap forex robots that you can make 100 – 1000% annually and make very small losses (usually below 5%) but there are lies and they cannot achieve these figures.
If you do 30 – 100%, your drowdown will increase with the amount you are usually targeting, if you are aiming for 30% annual profit, your dropdown will be around 10% and at 100% profit it will be around 30 – 50% Periods always last from a few weeks to a few weeks so it’s important to keep your eyes focused on the long term – reduce your losses and manage your gains.
The above is a true assessment of how much money you can make trading Forex and how long it will take you to make a wish and I hope the above Forex trading tips help you to enjoy long term trading success.