A Forex Trading Plan: Limit Your Greed and Make More Money

As long as you are doing this carefully like how you first started, this will speed up your process in finding new ways to trade your account more efficiently. Thanks a great deal Lawrence Chan. October 2, at 6: In a sense trading forex and CFDs with very small starting capital is like the professional poker scene. I would like to compare Forex Vs Average and above average careers.

Day Trading Income Potential For Forex Traders and CFD Traders By Lawrence The income potential of trading forex and CFDs is not that different from trading the emini S&P (see Day Trading Income Potential For Index Trader) with similar trading capital. The difference, however, lies in the transition issue mentioned above.

BREAKING DOWN 'Earning Potential'

Compare the results for different opening and closing rates either historic or hypothetical. This is for general information purposes only - Examples shown are for illustrative purposes and may not reflect current prices from OANDA.

It is not investment advice or an inducement to trade. Past history is not an indication of future performance. OANDA uses cookies to make our websites easy to use and customized to our visitors. Cookies cannot be used to identify you personally. It is also impossible to find out what the best independent traders make because only a few people share that information and those that do, may or may not be telling the truth.

We will start by looking at some independent forex trader salary public data available on the internet:. However, this can vary widely depending on a variety of factors. Our team of Certified Compensation Professionals has analyzed survey data collected from thousands of HR departments at companies of all sizes and industries to present this range of annual salaries for people with the job title Foreign Exchange Trader III in the United States.

Foreign exchange trader job is very hard to find but you can do it if you work at it, however, I think it is better if we work on trading for ourselves. There is no Limit on how much you can make! You can make millions of dollars. Anything is possible which is why so many people try to learn how to trade. Before you get crazy here and start throwing loads of cash into a trading account. I need to tell you that, only a few people get rich trading retail forex, it is difficult, and you must be a master of trading and discipline to make a significant amount of money.

They see the possibilities of millions of dollars as what is possible and next thing you know they have lost several thousand dollars trading because they trade without knowing what they are doing and lack of discipline. The first thing you have to realize is that the use of leverage in trading is an excellent way to maximize gains and risk can be managed fairly well, if you have the discipline. That is the problem though is most people do not have the discipline.

But for the sake of this article, I am going to assume you have the trading discipline and have the ability to follow a forex trading income; risk management plan. The great thing is you do not have to risk much to make a substantial profit.

Let me give you an example. If you review your memory, you will see that most of the bad positions you have taken are because you have not picked a strong signal or because you had missed a strong signal but you pushed yourself to enter and make some profit and get out.

Sometimes it really looks like that a position has been waiting for you to enter and right when you clicked on buy or sell button, it changed its direction. You will become a profitable trader only when you know it and become able to control it. Besides, you can still leave some of the monthly profit in your account to grow it even bigger.

What I am trying to say is that a small but steady monthly profit can create a great income for you after a while. Hello, I think that this was a great article. I suffer from every aspect of greed that you listed.

This week alone I have made more money than in the past month. So thanks, you really described my dilemma, and the pointed me in the right direction for profitable trading. Hi there, what a nice article you have written. I have been trading just for 6 months and i saw myself in several parts of this indresdible article. Thank you so much for sharing your opinion, believe you are saving lives you are giving us a chance to see the bigger picture.

Thank you so much for sharing…believe when i feel that greed is trying to control me i run to this article to remember all you told Hugs from Brazil and Green trades for us!!! Thank you so much for this article.

I have blown up several accounts. But the strong passion I have for keeps me coming back each time I plan to stay away. We trading using the candlestick patterns and Bollinger Bands. We also use technical analysis sometimes when it helps. Dear, while reading your article I believed you are talking about me. I will follow your articles and I wish succeed.

I have question, there is an agent or employee of a brokerage company suggesting me to open an account worth U. If they allow you to trade mini-lots 0. Can I know market maker brokers only let us to open USD account? Asiri you may want to look at Oanda you can trade any size.

I do not work for Oanda! Chris , LuckScout your the best.. I switched back to practice…. That means I should have no problem trading a standard lot , units , right?

So, the answer is yes. But are you going to take that risk? Hey Chris, Is that really true? Can you touch on this or correct me? Maybe they put the small accounts on a market maker system.

How is your trading going now? Are you still demo trading, or you are trading a live account now? You will always have time to open a live account. There is no rush. Make sure to read the below article, if you have not done it yet: I meant it is not possible to have such an account and income as a retail trader with the ordinary brokers.

Based on what you have said in this article. Would you please explain this to me whether it is possible and safe to keep growing the account until the third year and have a million dollar accoun and then withdraw it?

That is possible but it is risky with retail brokers, although the risk is not too high. You can split your money among a few brokers. Later when your capital grows, you can trade through banks which is a little more expensive but much safer. A trader can expect to become rich through trading. Making a 6 figure income through trading every month is a piece of cake for the professional traders.

Hello, I have had this same concept in my mind forever. The only problem is that I can not consistently get winning trades. I have done a ton of research on the safest strategies but I am lucky if I win over half my trades.

Do you have any advice on a solid strategy that produces consistent winning trades? Thank you for your comment and welcome to LuckScout.

Please start from here if you are looking for a good trade setup: I would love to change your name to Jesus Chris. You have made my day with this article. Can you earn thousand bucks per month with the ordinary brokers? What are the brokers where you can earn more than thousand at month? What do you say? Does this calculation make sense? Yes, you are right. It is possible to make more or less than that with different trading styles.

Chris But how it is possible then What you reckon ordinary brokers. You recommend some broker Who kept our money safe and Are not termed as money maker. Do you think ECN Broker or any other advice. I am abdelghani from Morocco.

Very nice article Chris! It seemed as though you read my mind and wrote in words about greed. Hi Chris, just read your article and liked it. Any advice for a newbie? Before you open a live account: At the end of weekdays, which one is better, opening position at the close of a candlestick or at the beginning of opened candlestick? After all, market usually opens price with gaps after weekends. I prefer to take the position before the market close. Strong trade setups are usually followed by agreeable weekend gaps that might not be filled sometimes.

So that we cannot enter. Hi Chris, Can u please help me in trading, let me also known the strong setup. Do you trade all the 24 pairs plus gold? Or do you just trade the previously mentioned 19 pairs and gold?

Thank you for the sharp article that really describe what im going through at the moment. Quick question, in a day how many hours we trade to not over trade? If you choose to be a day trader, then you have to be at the computer during one of the main sessions London or NY which is too hard and tiring.

My question is do you take positions on the daily and weekly time frames on Fridays when the candlestick has formed if it is a strong trade set up? I take my positions on Friday afternoon if I see them on time and before the market close, otherwise I wait till the market open. In that time period you and the folks at LuckScout have taught me how to have a life trading. The major thing is I have slowed down. I am no longer trying to scalp my way to success.

I am no longer sitting at the computer for hours per day. I am learning how to live life with a business model that allows me to do just that. I began with learning November I made a commitment to Josie and myself that I would find a way to add value to our lives by trading.

I am 69 and Josie teaches school. My retirement is meager to say the least. I love The DBB trading plan. In my humble way, Thank you from the very bottom of my soul for showing me the way…The Way! You have found the right track. Just keep on following it and you will reach your destination soon.

You are so close. Hi Chris, first of all, thank you for your great articles. Allow me to ask you the following:. I would appreciate very much your answer in order to know if I am wrong or what would you recommend! If you make a 1: When you take a trade, the only thing you know for sure is your Risk, because YOU fix it. The problem is that you never know the Reward. Thank you for your inestimable support and hope one day all of us who are learning from you could do the same good and help others.

Novice traders can also do it if they learn to take the too strong setups on the long time frames. It is not possible to predict the reward. You never know how far the price will go even after a too strong setup.

It can even hit the stop loss at its initial level. All we can do is that we take the too strong signals and set a proper stop loss. The rest is not under our control, nor we can determine how far the price will move. The basic thing for me is to focus on doing thing well. Doing so, money will come sooner or later at least to make a living.

Helpful Links

Forex trading earning potential 21 Nov When discussing about forex earning potential, experts give importance to 3 aspects- whether you are disciplined and have patience, your trading strategy and your mindset. steps on maximizing forex trading earning potential, and becoming a consistent trader. If your trading strategy works stick to it, consider risk management. Apr 03,  · What is monthly average earnings for forex traders? Rookie Talk.