Foreign currency exchange market is an attractive and lucrative online investment opportunity. More people worldwide are trying out their skills and luck in forex trading. And who can really blame them?
How much does average Forex Trader make each month? What can you expect to Earn in Forex? I am going to tell you the truth even if you probably don’t want to hear it. And even if you will feel a major discouragement, do take a moment to think it over. This is probably the first question that came to mind when you thought about trading Forex for a living.
The truth about Forex Trading might be painful, but I absolutely guarantee you that if you skip my wisdom words now, you will not become a successful, long-term Forex trader.
So how much do Forex traders really earn each month?
How can you possibly answer this questions without more information about the trader himself? I mean, do all lawyers, for example, have an equal pay? There are many factors that influence the lawyers salary such as place of work, country the person in question lives in, economic factors in that country, educational level (bachelor, masters degrees in law), place of work (small law firm, personal business, large 100-employee firm), family status, experience level, specific field of focus (real estate, family matters, corporate, criminal). There are endless specs and all influence and chance the possible salary.
So why don’t we think the same way with Forex Trading? After all, it is a profession and full-time career of many.
The real question you want to focus on is Why Some Forex Traders Cannot Make Any Money? Now this is 1 million dollar question!
When you hear about forex for the first time, you get a wrong idea that Forex Trading equals to Easy Money. Here is your first major mistake that will drag you down if you don’t change your attitude.
Most Forex traders have unreal expectations and believe that they can make up to 50% profit per month. This is almost impossible and on average successful traders make up to 10% monthly profit. And I am talking about true super stars in Trading industry like myself!
I am not saying that you cannot make more than 25% a month. I have done it and many other traders around me have done it. What is impossible, though, is to maintain 25% and higher profit every single month. It is the wrong approach and overwhelming goal mark, which will cause you to overtrade, use too much leverage, run after bad trades and ultimately lose your account funds.
You aren’t going to make 30% profit every month, even if you’re trading Forex for a living.
If you’re keeping your bets small, which you should, then your gains will also be relatively small.
But that’s a good thing. There’s nothing wrong with aiming for just 2% to 5% each month. In fact, I think that’s a good place to be.
This isn’t a goal you want to knock out of the park. If you’re aiming for 5% profit per month and you make 40% instead, chances are you over-traded or overleveraged your account, or both.
Neither of these are habits you want to feed.
Online currency exchange is a golden door to cash balance where currencies are traded simultaneously for one another, to flexibility where every financial world headline plays an important role in decision making, to financial freedom where you can make thousands in minutes sitting next to your computer at home! The question many ask is how much do forex traders really earn? Assuming that the average forex trader is responsible, serious, well-read and patient, what is the average profit? And what factors play important role in earning cash in forex trading?
With all that being said, we did have a poll on the site couple of months ago for “How much do you make per month?” question. A lot of traders made their voice heard andbelow are results of the monthly poll:
Monthly Profits in Forex Trading
Can you get rich by trading forex?
How much can you make in forex per day?
How much can you make with $100 on forex?
Can I start forex with $10?
Can you start forex with no money?
In case you are new to all of this, forex means foreign currency exchange and it basically deals with buying and selling different currencies simultaneously. Profits are based on the success of the trade. You make money in case you buy-low and sell high. You lose money when you buy-high and sell-low.
Forex trading is still considered a high risk investment overlooking the fact that high risk evolves from the lack of knowledge, practice and money management. Forex is complicated for those who don’t invest enough time into learning the basics. Funding your account with couple of hundreds will not ensure you a profitable trade if you have no idea what trading really is. So, before you seek fast and easy money, you should consider understanding the market you are getting into.
Forex profits also depend on the initial investment capital. If the initial deposit is just $5, it is most likely that you won’t collect anything larger than $10 per month.
Another overlooked trading issue is choosing the right lot size. The lot size plays a crucial role in profit making and should be taken seriously. By trading large lots with a small account fund usually leads to a complete disaster. Instead of quick-and-easy-cash you get fast-and- nonrefundable-losses.
So, there you have it. Making consistent income working from home is not just a dream. Buying a new car after a month of trading is not an illusion. Spending some time with your family instead of coming home exhausted and grumpy after yet another day in a cubicle is not an unreachable goal.
There is no magic… no focus-pocus… Get serious about forex trading, dedicate your time and mind to learning the basics, find the Reputable Forex Broker with Reviews an Rating from expert traders, practice with demo accounts and build yourself a better life, because if you won’t nobody else will. The amount you can earn from Forex over the long run is nearly limitless. With approximately $5 trillion exchanged every day, entering and exiting the market with millions on the line isn’t even a blip on the radar.