How much money can I make in Forex?

You've likely heard of George Soros, often regarded as one of the most legendary Forex traders of all time. Numerous ordinary traders have also achieved remarkable results, worthy of a place in the upper echelons of trading history.

One such trader is Cheng Likuy, who gained worldwide fame in 2008. Hailing from the Chinese province of Shanghai, this unassuming man began with just $400, and swiftly set a new Forex profit record. Within less than a month, his account had soared to $247 000. Cheng's journey to success took only six months of dedicated training. Although he didn't reveal all his strategies, he mentioned utilizing pending orders.

In 2012, the astonishing story that unfolded with Akhmad Arief turned the daydreams of countless traders into reality for him. Within two weeks of intense trading, his initial investment skyrocketed from $1000 to an incredible $1 000 000. Arief employed an aggressive and high-risk trading tactic, focusing on major currency pairs like GBPUSD and EURUSD.

Outside of these outlying cases, however, the general rule is that the more you put in, the more you profit. You don’t have to be a high-risk maverick to profit in Forex. A pro trader makes between 20% and 100% on their investments per year, depending on initial capitalization, skill, and luck.

Want to understand how to earn more and risk less? Read this online lesson for free and improve your trading processes.

Can I make a living trading Forex?

If you are a disciplined and organized person, and are prepared to make a commitment to constantly learning and adapting, then you can make a living trading Forex. With time and experience, you will cultivate a consistent level of profitability. Let’s say, over time, you grow your trading account to $400 000. If you manage your risk well, and proceed conservatively, even a modest monthly return of 3% to 4% could translate into a comfortable income ranging from $12 000 to $16 000 per month.

What trading method should I use?

Manual trading is for the adrenaline addict racecar driver type of trader. You have to be involved all the time, executing numerous orders precisely all by yourself. It’s a whole lifestyle. You’re the only one driving your account. You have to stay on top of market conditions constantly. Even if you have a lot of stamina, this can quickly lead to burnout.

Automated trading is the opposite: you sit back and relax while robots basically do everything for you. You don’t have to monitor charts or manage orders. You don’t have as much control of your account, either. But, especially if you’re new to trading, this may be a good way to start out.

Copy trading means you hitch your wagon to the star of a pro trader. You subscribe to their account, and mirror their actions with your own assets. It’s not super demanding, and can yield nice profits.

FAQ

1. How much can Forex traders make a day?

There is a huge range of profits and losses that a trader can experience on a given day. Market volatility, capital, risk tolerance, and strategy are all factors. Whatever’s happening, don’t overleverage.

2. Can I become a millionaire in Forex?

It is theoretically possible. It would require exceptional trading skills, discipline, high-quality risk management, a solid initial investment, and time.

Share with friends:

Open an FBS account

By registering, you accept FBS Customer Agreement conditions and FBS Privacy Policy and assume all risks inherent with trading operations on the world financial markets.