Can forex be reliable for livelihood?

<p id="isPasted">In order to trade successfully for a living, one must attain a level of focus and discipline that most people will never achieve, regardless of their career choice. Traditional investors, on the other hand, buy relatively safe products and let their equity grow over a long period of time.</p><p>Despite the fact that day traders who work from home do not have a "boss," this is not the best career choice for people who want a flexible schedule and low-key hours. Trading schedules and plans determine the fate of day traders. Daily, they take notes on their watchlist stocks at predetermined times.&nbsp;</p><p>Educate yourself about everything related to trading before you quit your day job. As a day trader, you should be familiar with every type of trading that occurs in the markets, but you should focus on short-term strategies and securities that suit them.</p>

<p id="isPasted">FX trading has been a gold mine as well as an escape route from poverty for many people. You can make a lot of money trading forex since no specific degree qualifications or organizational bureaucracy are necessary to do so.</p><p>Rather than giving your money out to so-called brokers to trade for you, if you want to make a substantial income from FX trading, you should take the time to study and research the business thoroughly. The beginning stages of trading are never rosy as you will lose more than you win, but you should consider the losses as a blessing in disguise since you will learn from the mistakes you made. A lot of traders live luxurious lives in epic locations with the best cars and gorgeous models, but their pictures fail to reveal the pain they had to undergo to reach their present level of wealth.</p>

<p id="isPasted">Investing and trading are two different things. Investing is about buying something to hold on to, while riding downturns. Trading tries to beat the market by selling at highs and buying at lows, with active management.&nbsp;</p><p>In a nutshell, you can make money on Forex by buying at lower prices than you sell at. That’s a super-simplified explanation, and in reality, it’s much more challenging to be consistently profitable than novices usually expect. You’ll need to have more winners than losers to be profitable and have bigger wins than losses.</p><p>Here are a few of the things you’ll need to master to make a living in Forex:</p><ul style="list-style-type: disc;margin-left:50px;"><li>Risk management (including always using a stop, and never risking more than a certain percentage of your account on any given trade or day)</li><li>Determining your position size per trade to make the right amount of money per pip (while limiting your risk)</li><li>Determining the price levels where you get in and get out of the trade (both profit and risk)</li><li>Finding the best times of day to plan and execute trades for your time zone, lifestyle, and sleep schedule</li><li>Learning what moves currency pairs, including economic events/news/announcements</li><li>Learning about support and resistance of price, and how they can act for or against your trade</li></ul>

<p id="isPasted">Forex trading can be an unreliable source of livelihood for several reasons:</p><ol><li>High volatility: The currency markets are highly volatile and prices can fluctuate rapidly, leading to significant losses for traders.</li><li>Risk of losing capital: Forex trading involves a high degree of risk and traders can easily lose their entire investment if they do not have a solid understanding of the markets and proper risk management techniques.</li><li>Lack of regulation: Forex trading is largely unregulated, which means that there is a greater risk of fraud and scams.</li><li>Difficulty in predicting market trends: Forex prices are affected by a wide range of economic and political factors, making it difficult to predict market trends with accuracy.</li></ol><p><br></p><p>It is important to remember that forex trading is not a get-rich-quick scheme and it requires a significant amount of time, effort, and education to be successful. If you are looking for a reliable source of livelihood, it may be better to consider other options.</p>

<p id="isPasted">You can definitely make a living trading forex. it’s a lifelong skill, something like entrepreneurship but a lot more fun, a lot more money, a lot more easier, and a lot less time-consuming.</p><p>If you have the time and dedicate your free time to learning and perfecting these skills then you can definitely make more than a living.</p><p>You also have the ability to double your account probably twice a day but takes a lot of skill. To be honest most new traders lose money. It’s ok to lose money though because it will help you learn from your mistakes, unlike demo trading.</p><p>Some guys set up before bed and wake up to 5k–10k daily. Every day except Saturday morning. I could add plenty more.</p><p>Hopefully, I’ve added some useful pieces to your puzzle in life. Well wishes my friend. Tap the upvote if you think this would be useful to others.</p>