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    Thread: How to make Forex the primary source of revenue?

    1. #11
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      well, making the forex trading business ones primary source of income is possible, but the trader would need a lot of time and effort. the trader would need to gain a lot of good knowledge on both the fundamental and technical analysis. he must learn to keep his emotions under control and be able to raise good capital.

      it would be important for him if he would be trading on his own to get a decvent and reasonable amount of capital.

      he could as well work for other organisations that are engaged in the forex trading business as a pamm manager or funds manager.
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    4. #12
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      Before you go into battle with the enemy always ensure that you count the cost, that is the words of Jesus Christ in the Bible, forex trading is not a child's play, you don't enter and suddenly hope that everything will be done well when indeed you have not taken proactive steps to forestall anything negative that could happen. The Forex Market can disgrace you for lack of preparation.

      Sometimes before we make it our primary source of income, we need to properly analyze the situation in order to know whether what you are going to be making based on the account balance you have will indeed pay your bills, that is something many people don't put into consideration before taking the quantum leap of trading only forex.


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    6. #13
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      A trader needs to understand fully the technical analysis. This involves the use of price action , different types of setups or chart patterns such as double tops, double bottom, head and shoulders, inverse head and shoulders etc. this is expected to be used in conjunction with indicators (on chart or in indicator windows) which are in different categories viz trend ,Momentum, Volume etc.
      In addition to this there should be a clear understanding of fundamental analysis and psychology of trading and with the combination of all he should be able to develop a working (personal) strategy that must have stood the test of time by producing profits consistent profits.
      With a good start up capital of at least 1,500usd, plans to use 5% of the capital per trade with stop loss of 50pips and take profit of 50pips knowing full well that the probability of having 30% profit is certain at the end of the amount, then it is certain that forex can be used as a primary source of revenue


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      If we want to make Forex the primary source of revenue its possible of course because there are unlimited people who are making such amount of revenues by which they can easily live a comfortable life but yes the journey is not so easy and simple as we are thinking and for that lots of dedication and understanding about the Forex business is needed so that we can get the real benefit from this source.

      We have to remember that within a day nothing can come and for that a proper planout is needed and the judgement of our capability is very much required so that we can set up the trading target and can make profit as per that conditions to built up a solid income profile so that our life can be smoothened .


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      Post It depends on a traders determination

      Making Forex the primary source of revenue is not easy at all. So many things to be achieved to make this happen. In brief-


      a. Have strong determination to make Forex business your primary Income
      b. Try to invest a handsome amount to make a significant profit. Low investment can't fulfill your demand
      c. Study a lot and make your own strategy, a perfect strategy
      d. Start going slowly and let yourself cope up with the market
      e. Never leave any opportunity as well as never expect anything which is not for you
      f. Give every attention to Forex and make market homely for you.


      I hope these may not ensure your desire but certainly will help you a lot.


    9. #16
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      How to make Forex the primary source of revenue?
      its absolutely possible to take Forex trading market as our main source of income, though this require lot of trading knowledge, but its possible, even from this forum, if we plan well we can be making good income from Forex and also from forum, what do we need to do to trade forex as our main source of income?
      1. have a plan: we need to have a plan, because there are several ways to benefit from the Forex market, depending on our capability in terms of fund and our knowledge. so we have to make decision which aspect we wanna go into.
      2 after we have to learn everything about the what we wanna invest on whether its Forex or fund management both requires lot of experience
      3. acquire the tools we need: as for forex trader we need all our trading tools in other to trade successfully in the market, but all this will definitely cost us lot of money and also trading capital


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    11. #17
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      In forex business we need to invest first for real trading market.without invest we can not trade in forex market. But without learning forex invest in real market is a fool decision. Many trader manage his invesr from many ways after learning forex. But mt5 offers new trader to learn forex and gain some bonus by which he can trade in live trading in instaforex broker. This is really amazing for all new trader. They do not need to think by where they collect their primary invest. A new comer can join in mt5 and can ask his question in encyclopedia round and he can get some thanks.from this question and answer one can easily get some bonus which helps him to trade in forex market. By this bonus if a trader make profit he must withdrawn it.


    12. #18
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      Default Re: How to make Forex the primary source of revenue?

      Yes, in my opinion, if traders are willing to set realistic goals, with not too huge capital, definitely they can profit favorably in Forex business. Forex trading business can generate the income you need to make it your primary source. Although, it is not as easy as many would think. It all boils down to how much capital can sustain you as a forex trader. The foreign exchange market business, just like every other businesses, has its own risk. It is probably wise for traders to take some "calculated" risk or tolerance, and to speculate the market trends thoroughly, but some traders could take unnecessary risks, failing to realize that their capital investment can decrease as quick as a stop watch counts down. However, if a trader takes trade seriously, they could make a decent, but humble income from Forex.


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    14. #19
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      Default Re: How to make Forex the primary source of revenue?

      Quote Originally Posted by alexthedefender04 View Post
      How to make Forex the primary source of revenue?
      It's not possible for my country. In my country, Forex trading is not a well established business. Government has no interest about that business. You have to trade in Forex market with your own risk. That means there has no need to pay tax to government from your Forex income. So there has no question of earning revenue from Forex market. Forex business is not like stock market in my country. We need to pay tax from our share market profits. As government doesn't give us security so we don't need to pay tax to government. It's open here. You can trade here or not, it's not a matter of concern for government. But for developed country like USA and UK i think Forex can become a primary source of revenue.


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    16. #20
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      Default Re: How to make Forex the primary source of revenue?

      Its possible to trade the Forex market as our main source of income, but this is not easy if am to be honest, to trade Forex market as our main source of income, we really have to be convince that we have a very good trading knowledge.
      our knowledge and experience will determine how successful we will become in the Forex trading market, success is not only about the capital we have in the account.

      what are the psychology criteria we need to avoid if we wanna trade for a living?

      1. we need to be extremely patient
      2. we need to avoid greed in the market
      3. we need to have a trading plan that is achievable in the market.
      4. i think if we can follow all this we can make forex as our primary source of living.


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