How Does It Feel to Be a Professional Full Time Forex Trader?

Some people start learning and trading forex while they already have a job and income. They want to generate an extra income to have a better living. Some others have no job and income, and want to make money through forex trading as a full time job.

The first group, will finally become a full time forex trader, if they succeed to make money through forex trading and become a profitable forex trader, because they will see that they can easily make more money through forex trading compared to the job they have. The second group will also become a full time professional forex trader if they finally achieve to become a profitable forex trader.

You have heard that 95% of the traders lose, and many of them finally give up and will never become a profitable forex trader. This is true, but it is not a shocking fact, because it is the same with all the other businesses. 95% of the small businesses are doomed too.

The fact that 95% of the traders lose, is not something that can prevent you from learning forex, because there is always a high probability that you fail and you can not make any money through any other business that you try. This is not a reason for staying away from forex. If you do it, then you have to stay away from any other business too.

Forex trading is a great opportunity for everybody to make money, no matter if you already have an income or not; No matter if you are educated or not; No matter if you are already wealthy or you have no money at all. You can learn to trade forex and make money for free.

Once you can achieve to make money through forex trading, and you feel the joy of sitting at your laptop and making money working few minutes per day, you will come to this conclusion that you have been too lucky that you have chosen to become a forex trader. If you choose the right way and you succeed to become a “consistently profitable” forex trader, you will see that forex trading is the best business one can ever have:

1. There is almost no limit in the amount of the money you can make. You can grow your account and make more money month after month.

Compare this to the other businesses. You can run a restaurant and make a lot of money, but the amount of the money you make through a restaurant or businesses like it, cannot go beyond a special limit. A restaurant with 12 tables can not make money more than a special limit even if it becomes a too busy restaurant. If you want to double your income, you have to double your restaurant size, which is not cheap and easy to do.

What about forex? You can open a small account, grow it steadily and patiently, and increase your income every month. I am not saying there is no limit in forex trading at all. There is a limit here too, but this limit will not be reached so easily.

2. You don’t have to have a lot of money to start a forex trading business. Once you get ready to start live trading, you can open an account as small as $1-2000 and grow it, until it turns into a reasonable account balance. Some people think that in order to trade forex professionally, they have to have a $500,000 account at least.

This is not true at all. Read this: A Great Money Management Strategy We Have Been Following For Years

Compare this to the other businesses. To run a small business, you have to buy or rent a place. It needs a lot of money. To rent a place, usually you have to sign a 5 years contract. No matter if you make profit or not, you have to pay the rent. If you want to shut down the business, still you have to pay the rent, unless you find another tenant. You can not dissolve the rent contract otherwise. You have to spend a lot of money on the other things. You have to pay for utilities, services, transport, cleaning, insurance, furniture, decoration, marketing, advertising, gas (you have to drive to work every day), and… .

Depend on your business size, you will have to hire employees. You have to deal with the customers and clients. You have to spend several days, weeks, or even months to launch, and then at least 8 hours per day to maintain the business. You have to do all of these while still you don’t know whether you will make any profit or not.

What if the business you are spending too much time and money to run, doesn’t work and make any profit? You will have to shut it down, and so, most of the time and money you have spent on it will go down the drain. As I said, 95% of the small businesses fail. Refer to a local mall and talk to the businesses there and see how many of them are making money. Many of them struggle, lose a lot of money, and file bankruptcy finally.

You can start your forex trading business with a $1-2000 account and make a lot of money after a while (of course if you follow the right way, which is a “must” in running any business. Read this carefully.) This is impossible to achieve with any other businesses as far as I know.

3. You don’t have to work too much as a full time forex traders. At least, my friends and me are like that. We spend only few minutes on trading every day. I don’t care that day traders spend several hours at the computer every day. They are wrong. Maybe some people like to suffer. But in order to make a reasonable amount of money through trading, you don’t have to spend several hours at the computer every day. In fact, I have never seen a forex day trader who makes money consistently:

Why Do I Love the Daily Chart?

I Trade the Daily Chart, But I Am a Day Trader

Let’s Learn from the Others’ Mistakes

I have so many forex, stock, options and future trading friends. All of them spend few minutes per day checking the charts. Therefore, forex trading is a “few minutes per day” business. Of course you will have to spend more time on it while you are learning it. For example, at the beginning you can spend several hours per day to read and learn. But once you reach to the live trading level and you become a professional full time forex trader, you will have to spend few minutes only. This is what we do.

What Does It Take to Become a Professional Full Time Trader?

You just need to read and learn. Do you think it is too hard to do that? You are wrong if you think so. It doesn’t take more than a couple of weeks, or a month, or a few months maximum (depend on the time you spend on learning). I see that some people spend several years on learning and practising, but they don’t make any money yet. They are not on the right track definitely.

No matter if today is the first day you have heard about forex, or you have been working on it for several years and you have had no success yet. Just follow this article and learn anything you need to know to make money through forex trading for free: Are You Still Looking for the Forex Holy Grail?

Once you reach the live trading level the way it is explained in the above article (and the articles listed in it), you can open a small live account, grow it slowly and patiently and turn it into a big trading capital.

Let me teach you another thing that takes your forex trading risk to ZERO:

When you are ready to open your live account, just open a small $1-2000 account, work on it and double it. Then withdraw half of it and keep on trading with the other half. Doing so, you will trade with your profit, and so you are not risking your hard earned money anymore.

So your forex trading business will be started for free and with a zero risk.

Now it is time to answer the question that How Does It Feel to Be a Professional Full Time Forex Trader?

You choose to become a forex trader. You learn, practice and you finally become a professional and full time forex trader the way I explained above. Maybe there are some other ways too, but I think my way is the best and easiest way, because it is free, it is too easy, it takes the less possible time, and it is risk free. So you follow my way and you become a professional and full time forex trader finally. How does it feel?

It feels great because…

You have launched a great business with an unlimited income, for free. You have only spent some time to learn and launch the business.

1. You have no loan, rent, expenses…
2. You don’t have to do advertising and marketing.
3. You don’t have to deal with the employees, customers and clients.
4. You don’t have to spend time and money going to work and coming back every day.
5. You don’t have to spend several hours per day working and maintaining the business.
6. Your business is in your laptop that you can take wherever you go.
7. You spend only few minutes per day checking some price charts and taking some positions (if there is any trade setup).
8. You are free during the weekends.
9. You make a lot of money.
10. Your monthly income can increase month after month if grow your account and you don’t withdraw all your profit. Click Here to learn more.

How does it feel to have such a business?

It feels great. It is everybody’s dream to have such a business. You are at least one step ahead of those who also dream to have such a business and be financially free, but have not taken any step toward it yet. Keep on working. You are almost there 

Source: Luckscout

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Economic Calendar

Economic calendar release schedule of numerous economic indicators and get ready for significant market movements. Economic indicators help you consider trades in the context of economic events and understand price actions during these events. By following indicators for GDP, for instance, or inflation and employment strength, you can anticipate market volatility and gain potential trading opportunities in good time.

Below you can see the most important economic indicators at a glance.

Consumer Confidence Index (CCI): A monthly release formed from the survey results of over 5,000 households. It measures average consumer confidence and spending power (for instance, a drastic decrease in consumer confidence can indicate a weakening economy).

Consumer Price Index (CPI): A statistical estimate that measures changes in the price of services and consumer goods. CPI is used as a measure of inflation, as it reports price changes in over 200 categories.

Durable Goods Orders: A monthly released key indicator of future manufacturing activity with indications to new orders placed with domestic manufacturers for the upcoming delivery of durable goods.

Employment Cost Index (ECI): A quarterly economic series that indicates the rising and falling tendencies in employment costs. It measures inflation in salaries, wages and employer-paid benefits in the US.

Gross Domestic Product (GDP): It indicates the economic growth of a country, and it is determined by product output, income and expenditure. GDB is often correlated with the living standard. It is the market value of all services and goods produced in a country during a certain time period.

Gross Domestic Product Deflator: A measure of price levels for all goods and services in an economy. The use of the deflator helps you calculate the difference between nominal and real GDP.

Industrial Production (IP): An indicator for the changes in output in the industrial sector (e.g. manufacturing, mining). It indicates the industrial capacity of a country.

Industrial Production and Capacity Utilization (IPCU): It is released by the US Federal Reserve every month and it measures economic activity, showing data for the previous month about the total amount of US industrial production. The IPCU encourages buying or selling in certain industries.

International Trade (trade balance): It measures the difference imports vs exports of all goods and services. Changes in imports and exports, together with the level of the international trade balance, indicate market trends.

Institute of Economic Research (IFO): A business survey based on the latest economic data of over 7,000 German business leaders. It provides assessment of the current and upcoming economic climate in Germany and Europe.

National Association of Purchasing Manager Index (NAPM): It measures economy in general, and the manufacturing sector in particular. It sums up the survey of over 250 companies in all US states, and it calculates data of production, new orders, and employment.

Non-farm Payroll Employment (NFP): A monthly report released by the US Department of Labor that provides statistical data about the current state of the US labor market. It is also used to forecast future levels of economic activity.

Producer Price Index (PPI): A frequently used economic indicator that measures the average changes in selling prices received by domestic producers in manufacturing, mining, electric utility, and agriculture.

Purchasing Managers Index (PMI): It indicates economic activity and shows the percentage of company/business employees in charge of goods and service acquisition (i.e. purchasing managers) in a particular economic sector. PMI over 50 usually indicates an expanding economy, while anything below 50 indicates economic contraction.

Retail Sales: A monthly report that measures consumer expenditure (an essential indicator of GDP in the US). As a timely indicator of broad consumer spending patterns, it can be used to assess the immediate direction of an economy.

Tankan (Short-period Economy Observation): A quarterly business poll issued by the Bank of Japan on the status of Japanese economy. It considerably affects currency rates and stocks, and as such, it is considered a major financial indicator in Japan.

Unemployment Rate: The percentage of unemployed people, measured by the ratio of individuals who are out of work and who are willing and able to work as opposed to the total number of individuals in the work force. It is lagging indicator as it changes along with economy, and it shows future interest rates and monetary policies.

Source: XM Calendar

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