What benefits can you expect from global currency trading, and how much effort do you need to put in to generate a great second income? In this article I will give you some realistic goals to aim for and also give you an idea of how much study and work you have to do to achieve these achievements.
Currency trading is easy to learn and there is no need for continuing education, once you have a system that you are satisfied with and trust. No system is perfect, but if you have a simple graph-based system, you can make a lot of money from it. So how long will it take to learn a simple chart-based system? My own opinion is that it will take from a couple of weeks to about a month to learn everything you need to know and that’s it, no further study is required.
Many traders waste their time researching new systems when they have some losses, but all systems will experience periods of loss. Instead of trading systems, if you are confident in your system, trade it through periods of loss with discipline. If the systems have a solid foundation, it will generate money in the long run. Short-term capital dips happen to all traders, so embrace them, trade with discipline, and focus on the long-term.
Your system should also be based on tracking long-term price action, if you focus on the long term, you will find that you make more profit and do less work and one hour a day off can lead to a lot of profit.
So how much money can you make from Forex trading?
Of course, this will vary between traders and systems, but here are some general points regarding how much you can earn and the size of the capital drops you can expect.
The best traders will earn 30-100% annually and this can be achieved even by new traders. You will see many cheap Forex gurus and robots who say that you can earn 100-1000% per year and also have very small losses (usually less than 5%) but they do not achieve these figures.
If you win from 30 to 100%, your reduction will increase with the amount you normally target, if your goal is to earn 30% annual profit, your reduction will be around 10% and on 100% of the profits it will be about 30 to 50%. And periods of losses will always last from a few weeks to a couple of months, so it is important to keep your eyes firmly focused on the long term – cut your losses and run on your profits.
The above is an honest assessment of how much money you can make from Forex trading and how long it will take to do so, so good luck and I hope the forex trading tips above will help you enjoy long-term trading success. term.