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Full Time Forex Retail Trader, Is it possible?

 Every trader's dream is to achieve trading for a living. Although it is very difficult, but it is doable.

 
 
In order to do that, first of all you need a startup capital. You cannot open an account in forex for $2000 and say I want to make a living from that! Any trading system or style, one wants to follow, will have a drawdown. And if you are looking at making around $1500-2500 a month, which is 150 to 250 pip if you are trading whole lots, then you should expect drawdowns of not less than 300 pips. Your account won't tolerate that.
 
Basicaly in order to be able to make 1500-2500 USD a month you would need to have an account of 25,000 USD or more. This means you are making around 6% a month. Which is also somehow diffcult to acheive too.
 
The next thing you need to look at, is finding a system. A good system is the key of success. If you have your own system or you want to follow another peron's system, you need to look at these things first: 1. Max Drawdown, 2. Feasibilty and hours of trading.
 
Another thing to take into consideration is money management, risk and reward. Personal things like Fear, Greed, and discipline.
 
 
 
Low Risk = Low Reward, High Risk = High Reward
 
Every trader is different...so is every trader's tolerance for risk.
 
However, I believe most people who trade forex have too high expectations.  It's not really their fault.  There's so much "get-rich-quick" hype behind retail forex trading (thanks to marketers of EA's, forex systems, etc.) that most forex traders (especially newbies) focus too much on the "High Reward" aspect and not enough on it's ugly counterpart, "High Risk".
 
Forex brokers don't help either by offering high leverage.  Isn't higher leverage nothing more than higher risk?
 
You can even add the "leverage" component to the rules of investing...
 
Low Leverage = Low Risk = Low Reward
High Leverage = High Risk = High Reward
 
High leverage and high risk is why most forex traders lose money.  They focus too much on high reward that they overlook the fact that in order to achieve that, one must have high risk.
 
No one can break the rules of investing, not even in forex trading.  Unless, of course, you are a super trader who can achieve "Low Risk = High Reward".  Many traders believe they are (or can be) super traders, few ever are.
 
In my $3000 per month profits example, too many forex traders are expecting to achieve that on so little capital...$50000, $10000, maybe even with as little as $5000 capital.
 
That's not going to happen unless you take on high risk/high leverage.  But when you do, your probability for long-term success drops significantly.
 
Too many traders are turning "forex trading" into "forex gambling".  That's why the majority of forex traders end up wiping out their accounts.— Lukpayat,

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