Forex Trading: How Profitable Is It?

When people ask how much money they can make from day trading? Honestly, it is hard to answer. Because, there really no limit. Think of compound interest. If you understand compound interest and how to earn it, you will become wealthy. If you don’t understand, you will end up paying to big banks in the form of mortgages and consumer credit In addition to compound interest, it is important to exercise the discipline of money management. It is about risking only from 2% to 3% per trade.

If you demo trade before going live, there will be a good chance you will be winning at least 65% of all your trades. By the time, you go live, with your own money, you will have built up all the right trading habits and gain enough confidence. Most people ignore the fact that becoming good at anything requires you to put in time and dedication. The best selling book by Robert Greene called Mastery talks about the 10,000 hour rule. It is about learning how to drive to ride a bike or swimming. Once you learnt it, you cannot unlearn it. It is literally the blueprint on making money, no matter what field you eventually choose to get into.

The same concept applies for mastering any skill. You have to be consistent and persistent to become successful. Technology has also made so many things possible. Almost all trading platforms will allow you to set up your trades to execute automatically without spending every waking moment.

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