So you want to trade forex for a living? Who doesn’t? There are literally hundreds of thousands of people that trade forex for living and you can too!
Making a Living with forex
Making a living with forex may seem to be just a pipe dream, but many, many people are using the foreign exchange market as a way to provide for themselves and family. However, we can’t get too caught up in making millions, as very few traders ever make enough with forex to make a living.
One of the most notable forex traders to ever make a living trading currencies might just be George Soros. Then the manager of the famous Quantum fund—Soros managed annual compounded returns of 30% annually while at the helm—Soros famously bet $10 billion against the Great British Pound in 1992. In just one day, Soros was rewarded with a profit of $1 billion. By the time he closed the trade, Soros had earned more than $2 billion for himself and his fund.
Another opportunity emerged for Soros in 1997. Thailand’s currency, the Baht, was under stress as the central bank had hoped to artificially inflate its value. Sensing that the available supply of foreign currencies were low—the central bank traded foreign currencies for Baht at prices above the market level to inflate the currency’s value—Soros again bet big.
This bet eventually spawned what was known as the Asian Financial Crisis, and once again Soros made billions on a single bet. Since that time, Soros has been quiet in the currency markets, choosing instead to speculate on the gold market, which he described as “the ultimate bubble.” Soros closed that trade in May 2011, after making hundreds of millions on his wager. To say that Soros makes a living trading forex might be an understatement.
Trading Forex Odds
Of all the traders that try to make millions with currencies, very few succeed and the majority fail miserably. Statistics prove that of all the traders who will set out to make a living with forex, only a small fraction will, while 90% of traders will lose everything in their first year.
Where to Start Trading For a Living
To make a living trading forex, you’ll need to be well educated about the ins and outs of the foreign exchange market. Certainly, you wouldn’t try to make a living as a surgeon if you hadn’t yet completed medical school, and you can’t expect the same results with forex. Making money takes time, patience, and the ability to learn.
The only place where you can begin trading forex for a living are:
Prop firms – Proprietary trading firms love the currency markets because their traders can generate massive ROIs using highly-levered currency trades. Of course, entry to such a firm costs as much as $25,000, and requires that you dedicate the time to learn about the firm’s proprietary trading techniques.
Trading yourself – At home traders compromise the fastest growing segment of the foreign exchange market. Learning how to trade the markets to a point at which you become qualified enough to churn consistent income equal to the average American income may be years off, but the good news is that you’ve come to the right place. We can teach you how to trade successfully, though it won’t be as easy as joining a proprietary trading desk.
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