| Can you really make a living trading forex as a | | | | not large. Contrary to popular opinion, you can start a |
| business from the comfort of your own home? Can | | | | mini forex account with around $500 and can start to |
| you really create a replacement income as a part | | | | trade. With a mini forex account you can leverage |
| time trader and then retire young? | | | | off the system and be profitable. |
| Of course, the answer depends on how much is your | | | | <b>3. Your Risk Profile and Trading Discipline < |
| current income or the desired amount of income you | | | | b>- you need to consider your risk profile. Are |
| wish to obtain from forex trading before you wish to | | | | you aggressive in trading, so that you will prefer day |
| quit the rat race and be a professional trader, either | | | | trading the forex and thereby assume more risks? Or |
| part time or full time. | | | | are you happy enough swing trading the forex over |
| But there are many traders who are quietly making 5 | | | | a few days? This will determine the methodology and |
| figure incomes monthly trading from the comfort of | | | | trading system you will want to follow. |
| their homes, and some of these are part time | | | | <b>4. Advancing as a Forex Trader </b>- |
| traders. | | | | to advance further as a forex trader, you will need |
| So before you embark into forex trading as a part | | | | to constantly improve your trading skills and see |
| time trader, here are some guidelines you ought to | | | | increase profits in your trading. Good traders always |
| consider: | | | | keep a trading log and review whatever trades they |
| <b>1. Your devotion of time</b> - how | | | | have executed and consider the outcomes. In this |
| much time are you going to devote to trading forex? | | | | way, they learn from their errors and know whether |
| Contrary to popular opinion, you do not need to be | | | | they have obediently followed their trading strategies |
| glued to your trading monitor to watch the prices of | | | | and had kept and maintain discipline in their trading. |
| forex or currency pairs all the time. The larger part of | | | | In making the transition into a forex trader, the |
| your time is spent on finding those trading setups | | | | learning process is the most important. Many forex |
| based on your trading system and the execution is | | | | traders have muddled along the way by a self |
| fast, and you can also pre-set your stops and profits | | | | learning process without guidance, with the end result |
| or give instructions to your broker. | | | | that while they may be profitable, they are not |
| In fact, it is the learning process that will take time. | | | | consistently profitable. Many of them are seeking |
| So budget sufficient time to learn how to trade, and | | | | ways to unlearn some of their bad trading habits. |
| that time allocation is actually required before you | | | | You can avoid such a situation by understanding your |
| even place a live trade. | | | | own risk profile, and seeking out a professional trader |
| <b>2. Your allocation of capital </b>- again, | | | | who can become your mentor and to pass on his |
| if you trade the mini forex the amount of capital is | | | | trading skills to you. |