How Much Money Do I Really Need To Trade Forex For A Living?

Forex trading: How Much Do You Need?

You don't need $20,000 to wave goodbye to your 9-5. 

 

In fact, with less than half, you can replace your monthly income. 

 

So, How much do you really need? 

 


 

 

I want to highlight three key regions today. Because all are really significant. 

 

We should aim to go from phase 1 to 3. 

 

 

1 - The Learning Phase: $300-$500 

 

It does not matter if you don't use dollars. Switch it to £300 etc. 

 

Loads of Forex traders like to skip this phase but this is probably the most important phase. You need to embrace this phase because of the following:

 

  • New to Forex 
     

  • Testing a Forex trading strategy 
     

  • Starting again after blowing a Forex account 
     

  • Learning how to make money as a Forex trader 
     

 

You will be trading a small account size for several reasons: 

 

  • You will be able to stomach a loss (many traders never learn HOW to lose the right way) 
     

  • You're Not trading pennies or cents but will be risking/making pounds/dollars 
     

  • You are building your confidence as a trader 
     

  • If you learn how to make money here, it just comes down to adding money to your account and doing it again  

As a trader starting out, I just told myself... "although I am trading with a small account size, just learn how to make money"

 

Instead of topping up an account with a few thousand and losing it, why not risk a few hundred and learn the ropes? 

 

 

Results: 

 

I would recommended risking no more than 2% on a trade. That is $6/£6 etc. I also advise aiming for 6% or more on winning trades. That is $18/£18 plus. Here is one of my trades with a 6% plus return. I even have a Forex course just to show you how to find these trades whether you are working around the clock or have 10 hours free everyday. 

 

 

Making $18/£18 a day isn't ground-breaking but for someone working 40+ hours a week it's a start.   

 

 

2 - The Entry Phase: $1000-$5000 

 

Again, It does not matter if you don't use dollars. Switch it to Pounds, Euros etc. 

 

After progressing through the Learning Phase, you should now be confident. You should now be ready to start making comparable money to a job. By the time you reach the upper band, that could easily be a reality if you know what you are doing. You need to embrace this phase because of the following:

 

  • You are an Intermediate to Forex 
     

  • You are Confident in a Forex trading strategy 
     

  • You are Starting to build a Forex account 
     

  • You are Learning how to scale your earnings as a Forex trader  

 

You will be trading an account this size for several reasons: 

 

  • You should be able to stomach a loss  
     

  • You will be risking $10-$20 but more importantly making $100 (here is another one of my trades: 10% return) 
     

  • You are still building your confidence as a trader 
     

  • If you learn how to make money CONSISTENTLY here, you will be able to live off Forex returns in the future 

 

 

As a Forex trader entering the Entry Phase it was a breath of fresh air. You begin to realise that making money in less time and from the comforts of your home is possible. I told myself... "Don't mess this up, learn to be consistent." 

 

Results: 

 

I recommended risking no more than 2% on a trade. That is $20/£20 etc. I would also advise aiming for 6% or more on winning trades. That is $60/£60 plus. I don't want you to think this is impossible, here are some more of my trades: 12% Return - 8% Return. 

 

 

Making $60/£60 or more a day isn't millionaire status but it definitely will help your monthly expenses. If someone offered you an opportunity to make some extra income for a few extra hours each day, you would take it. 

 

What you can start paying for with these returns: 

 

  • Phone Bill 
     

  • Internet Bill 
     

  • Groceries from time to time 
     

  • Hobbies  
     

 

3 - The Replacement Phase: $10,000+  

 

 

Loads of Forex traders try to move straight here and end up losing a boat-load of money. This phase is only for:

 

  • Only for experienced Forex traders 
     

  • Traders Using and even teaching a Forex trading strategy 
     

  • Traders who can Show others how to avoid blowing a Forex account 
     

  • Traders Making money as a Forex trader 
     

 

You will be trading this account size for several reasons: 

 

  • You will be able to stomach a loss now 
     

  • Risking hundreds but making hundreds and thousands 
     

  • You are maintaining and building your confidence as a trader 
     

  • You now have the opportunity to live off Forex returns and trade from home or abroad 

  

As a trader my goal was to reach a £10,000 account, It kind of became like a holy grail account balance. When I reached this status, I realised it was just a number but obviously the money you can make here is LIFE CHANGING. I told myself... "Cherish the Replacement phase and never let it go" 

 

Today I trade the Forex markets and help Forex traders through free materials and content on the website and through my Forex courses and other products. 

 

Results: 

 

I would recommended risking no more than 2% on a trade. That is $200/£200 etc. I would also advise aiming for 6% or more on winning trades. That is $600/£600 plus. Here are some more of my trades with 6% plus returns: Video of my 12% Return - 13% Return. 

 

 

Making $600/£600 a day or even a few times a week from Forex is life changing. With consistency, you no longer need to work a 9-5 and can trade from home or abroad. Let me show you how to do it.