How much do forex traders make a day? For example, with an average five-pip profit and 10 trades per day with a standard accounts the trader will make $100 (Note: this is an estimate and will depend on the currency pair traded). 25% to 40% return every month
It is possible cane i Make $100 a day trading Forex
Let’s get straight down to the facts here. Yes, you can make a $100 a day and more while trading in the foreign exchange. It doesn’t matter if you have a micro account with just $250 in it. If you know how to make it you can easily make 100 a day trading forex. Here are a few worthwhile tips which will get you to that mark. A $100 a day means about $30,000 a month, not bad at all!
If you’re thinking that you can make 100 a day trading forex in USD EUR then you’d better ponder on it. This is not saying you can’t, this is simply saying that it depends. There are numerous factors to making a profit and it depends completely on the set or future market trends. For example, if GBP USD has registered a slump and forecasts observe a definite resistance in the future, you should look at investing in it even though you haven’t made much head way into the other asset which you have.
A suggestion would be to have two trading accounts instead of one as this will give you the flexibility in making trades beyond the pre-supposed plan which you might have had at the start of the day. To make money day trading forex, you also can keep an eye on other prospects which might end up fruitfully for you. Day trading or scalping is all about adaptability, and you should always have a contingency strategy or plan.
Day trading or scalping requires constant monitoring and quick responses. Price quotes change within seconds irrespective of the time-charts being followed. If you want to properly forecast the market for that day, you need to keep an eye out not only on technical tools and indicators but also on economic news and forecasts by other traders too.
Trading forums are very important for day trading; making money day trading forex is one-shot chance and if you end up predicting the other way, that whole day is lost. You will more than a few situations where your forecasts will not match up with what was originally expected. This forums and blogs provide live updates of the market and will give you a heads-up as to what you might’ve been missing in your forecast.
And it’s not just about the right attitude; it’s about the whole mentality which you need to have to make sure that you do scalp the profit through the day. To make money daily with forex, you need to be an opportunist with a sound strategy and the urgency of getting the job done. Let’s consider an example here to brighten the possibility of it.
Considering that you have a 250:1 leverage account with $500 in it. You buy long $100 in a currency which stands at 1.25 against USD (Say) and sell it off at a 1.27. As per leverage, you garner a profit worth $400. That’s 4 times more than what you’ve been thinking you can get through so far!
So invest and make 100 a day trading forex. It’s easier than you think!