How Much Can You Make Trading in Forex in 2024?

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Retail traders make between $500 and $5000 on average per month. The average return can vary significantly but is typically influenced by factors such as skill level, risk management strategies, market conditions, and individual trading approaches. At the beginning of their Forex trading career, most traders lose money.

Valued at a mind-boggling $1.93 quadrillion as of 2022, the global forex industry offers plenty of opportunities for investors. A common question people considering forex trading often ask is: is forex trading profitable? If so, how much money can one make from trading forex?

The fact is that there's very real forex trading earning potential, but the complexities and uncertainty involved in forex trading often scare novice traders away. Few people hardly ever give accurate estimates of the amount one might make from forex trading. In this article, we'll provide as much detailed information as possible on the amount of money you can expect to make from trading, whether as a beginner or an experienced trader.

  • How much does a forex trader make a day?

    An experienced trader with a good trading strategy can earn 5-15% of the investment amount every month. To start trading on Forex, it is desirable to have at least $1,000.

  • Can you make a living off forex?

    Yes, you can get a stable income on Forex.

  • Can Forex make me rich?

    Forex trading can make you rich, but if you make hasty decisions, you can lose all your capital.

  • How many traders earn profits at Forex?

    On average, 11-25% of novice traders become professionals and achieve a regular income. The rest quit because they want "everything and right now", which leads to fundamental errors and a loss of their deposit.

  • How much can a novice trader earn at Forex?

    This is a difficult question because it depends on several dozen factors. On average, in a successful scenario, a novice trader can earn $4, $40, or even $400 per day.

  • How much do the top traders earn per month?

    Nobody will give exact numbers. However, it is known that such legends as Larry Williams, Peter Lynch or Steve Cohen sometimes make up to $1 million per transaction, and this is not the limit.

  • How comparable are risk and profit at Forex?

    It is impossible to eliminate the risk at the foreign exchange market completely, but it is the risk that determines access to high profits. However, this risk can be skillfully diversified without reducing the earning potential.

Can I get rich trading Forex?

The nature of Forex earnings is that the income level is not fixed and earnings depend on many factors. However, don’t be discouraged by that statement because you can certainly make good money in the Forex market. Moreover, you can make really good money like the Chinese trader Chen Linkuy, who started with a deposit of $100 and, in just a few weeks, had profited $100,000.

Linkuy obviously used tremendous leverage and clearly violated the rules of money management using extremely high-risk strategies. However, this is not an isolated case, but just one of the few that has been made public. On the Internet, you can find many similar stories about how people earned $1,000, $10,000, and other significant amounts at Forex, starting from scratch. However, Linkuy’s level of income is rarely written about, for the obvious reason that high earners at any activity tend to avoid publicity, and publicity often leads to tax audits.

How Much Can You Make Trading in Forex - Is it possible to make money trading in Forex?

Below you will find all the information.

George Soros

Deposit amount, leverage, currency instruments used, trading platform functionality, competent trading strategy, and successful risk diversification are some of the basic parameters that determine a trader’s earnings success. However, Forex is a global exchange market and is therefore subject to global trends. Therefore a successful trader needs to know what is happening around him locally and around the globe. George Soros is a good example of someone who keeps abreast of world economic and financial conditions. In 2012, his Forex traders began to work with only one currency pair, the American dollar/Japanese yen because of the re-election of the Japanese Prime Minister Shinzo Abe to a second term.

Abe immediately determined a strategy to depreciate the national currency, and according to his devaluation program, in two months the yen collapsed by 25% as against other world currencies. European players were outraged and demanded total financial war against Asia. Soros’ trades followed the trend — betting only on this currency pair, and taking into account the laws that were adopted on the initiative of Shinzo Abe. As a result, Soros earned more than $1 billion only for this currency pair.

Once again, this is not an isolated case. As the volatility of trading instruments at the Forex market is extremely high, and it depends not only on traditional economic factors but also on keeping up on the news and market trends. People who do this well are becoming known as the so-called "mood of traders".

How Much Does the Average Forex Trader Make?

Given the nature of forex trading, it's hardly possible to state a fixed sum of money that you can expect to make from the endeavor. There are plenty of factors involved, meaning what works for one trader might not necessarily be the same case with another.

What Is the Average Forex Trader’s Salary?

Different sites give varying estimates of the average forex trader’s salary. According to Indeed, for example, the average professional trader earns $94,075 per year. Payscale put the figure at $96,875 per year. Another site, Glassdoor, quotes a base pay of $106,747 per year.

From these figures, it's clear that professional forex traders can earn a good amount of money from the endeavor. However, it's important to note that these figures are for traders who understand how the markets work and have developed effective trading strategies. Forex trading is not quick and easy money. It requires dedication, knowledge, and practice.

How Much Do Funded Traders Make in Prop Companies?

Many top Forex accounts come with a funded program that gives traders access to a significant amount of capital to trade with. In this program, the trader establishes a partnership with a prop firm. The firm then provides the trader with access to its funds for trading. In return, the trader agrees to share a portion of their profits with the firm. Some firms allow the trader to keep as much as 90 percent of the profits they make using the firm’s money.

The amount of money a funded trader can earn depends on many factors, such as trading strategy, risk management abilities, experience level, and more. That said, successful traders in funded programs can expect a return of between 5 and 15 percent. Traders using more aggressive strategies may even earn a monthly return of 20 percent.

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How Much Do Retail Forex Traders Usually Make?

Retail forex traders are traders who operate on their own capital. As such, they don't have the benefit of access to large amounts of capital like funded traders do. This means that retail traders typically make much less than funded traders and those employed in prop firms.

The amount of money a retail trader can expect to make depends on many factors, including one's trading strategy, risk management abilities, trading frequency, and more. That said, retail traders make between $500 and $5000 on average per month.

How Much Do Beginner Forex Traders Make?

At the beginning of their forex trading career, most traders lose money. That's usually due to spontaneous decisions, excessive leverage, and a lack of knowledge on controlling risks. So, how much can a beginner forex trader make on average? Surveys put the figure at $10 per day. However, there are things you can do to reach returns of 5 to 30 percent. Be sure to:

Practice on demo

Master trading strategies

Control risks and avoid abusing leverage

With these tips, beginner traders may eventually become more skilled and increase their earning potential.

The Key Elements That Impact Forex Earnings

Generally, the amount of money one can make trading forex depends on multiple factors. Let's take a closer look at some of those factors:

1. The Amount of Deposit

The amount of capital invested in the Forex market can have a significant impact on an investor's profits or losses. The more money an investor has, the more trading opportunities they can take advantage of. This increases the chances of making a profit, but it also means there are greater risks involved.

2. Leverage

Leverage refers to the capital provided by a broker to enable traders to open larger positions than their initial deposit would have allowed. Leverage can be helpful as it allows traders access to larger sums of money.

As such, forex traders who opt for higher leverage can potentially make more forex trading profit per day, but there is also a greater risk of losses.

3. The Currency Instruments Used

Forex traders typically trade currency pairs, such as EUR/USD or GBP/USD. Different pairs can vary in terms of their trading volumes and volatility. As a result, some currencies may be more profitable to trade than others. A trader who opts for higher-volatility pairs is likely to make more money than one trading in low-volatility pairs.

4. Trading Platform Functionality

The trading platform is a trader's doorway to the forex market. As such, it needs to be well-designed and reliable. Traders who opt for platforms with robust features are likely to find more success in their trades, as they have access to more tools and resources that can help them make better decisions.

5. Trading Strategy

A trading strategy is a pre-determined set of rules that govern how a trader enters and exits trades. Having the right trading strategy can mean the difference between success and failure in Forex trading.

Those are the average incomes of traders who adhere to conservative strategies, diversify risks to the maximum, do not make large bets, use moderate leverage, and use approximately 100% of their deposit annually. It is hard to say how much individual earnings will be per month. For example, Larry Williams somehow made 1100%, but you can lose everything if you regularly make mistakes with predictions.

One of the paradoxes of Forex trading is that when traders first start out with a small account, they often take on excessive risk in order to chase big percentage gains. A new trader with $1,000 might risk 50% or more of their capital on a single trade, hoping to double their money quickly. This is extremely risky and often backfires, wiping out the trader's account.

As traders accumulate more capital however, they tend to take on less risk per trade and preserving the principal often becomes a higher priority. A trader with $100,000 is unlikely to risk more than 2-3% of their capital on a single trade. However, the flip side is that with less risk per trade also comes smaller potential percentage gains.

The sweet spot is finding an appropriate level of risk for your account size that allows you to stay in the game long-term while steadily compounding gains. Most experienced traders recommend no more than 1-3% risk per trade, which can still generate very attractive income potential over time through disciplined execution.

Favorable factors for earning at Forex:

follow and understand market trends (recall Soros and the “black Wednesday”);
rollback periods after sharp and highly volatile movements;
increases in the general price level (inflation);
occurrence/increase of public debt;
increase/decrease in interest rates by the Central Bank;
local and global economic crises.
No matter how financially obsessed it may seem, any problems with the national currency present potential opportunities for a Forex trader to earn money. The crises of economic ecosystems of all levels are also an occasion to react by making an up-to-date prediction and buying or selling a particular currency. Therefore, it is very important to constantly monitor the world news and price movement charts for target trading instruments.

How Much Money Do You Need to Start Earning in Forex?

How Much Money Do You Need to Start Earning in Forex?

The profit at the Foreign Exchange Market is usually calculated as a percentage, and not in specific dollar amounts. Moreover, the percentage of a profit for each category of traders has its own subjective indicators of assessment. Thus, novices consider 1% per day to be a very small profit, while traders of the leading world banks who control huge deposits consider the same 1% to be a huge profit.

Earnings are also directly affected by the leverage and the number of lots that a trader holds per day. The risk increases as the leverage is increased because the leverage and the profit grow (or deflate) proportionally. We will return to this aspect when we consider the main mistakes of novice traders. However, the player who takes his first steps at Forex is always most concerned about the question: How much do I need to invest to acquire reasonable earnings?

To help you find your way around this issue, we have calculated the options and compiled a comparison table that shows the possible earnings at Forex, taking into account the use of a moderately aggressive strategy.

Deposit ($)
Trading Instruments
Leverage
Volume (lots per day)
Possible income
(per day in $)
$10
eur/usd
1:100
1
3–15 eur/usd
$500
eur/usd
1:100
50
150–750 eur/usd
$10 000
eur/usd
1:100
1000
3000–15000 eur/usd
Deposit ($)
10
Trading Instruments
eur/usd
Leverage
1:100
Volume (lots per day)
1
Possible income
3–15 eur/usd
Deposit ($)
500
Trading Instruments
eur/usd
Leverage
1:100
Volume (lots per day)
50
Possible income
150–750 eur/usd
Deposit ($)
10 000
Trading Instruments
eur/usd
Leverage
1:100
Volume (lots per day)
1000
Possible income
3000–15000 eur/usd

Please note that the ideal conditions coupled with an extremely risky strategy, are considered here. That is, a trader places into play a very large amount of money, uses the maximum leverage, and his predictions are fulfilled in the vast majority of cases, as it was with Chen Linkuy. However, this rarely happens in real life, and the above table should be considered more as a theoretical guideline on how much you can earn at Forex in 2024.

Conclusions!

The two main factors affecting a trader’s earnings are the size of the deposit and the amount of leverage. The success of the predictions and the correct assessment of the general economic situation in the world are also of conceptual importance. These components are directly related because it is by analyzing the state of the world market that gives the trader the knowledge and insight to make reliable market predictions. However, in any case, the actual earning is governed in large part by the size of the deposit. That is, the more you invest, the more you can get.

Time Commitment Required

One of the most common questions from new traders is around how much time is required to trade Forex successfully. While Forex markets are open 24/5, the amount of daily involvement does vary depending on your individual strategy and lifestyle. Here are some typical time commitments to expect:

  • For short-term scalping strategies that involve numerous intraday trades, you may need to dedicate 2-4 hours per day minimum. This includes carefully watching markets, placing trades, adjusting positions, and exiting trades timely. Such active trading is only suitable if you have a flexible schedule

  • Mid-term swing traders focused on 1-4 day holds can often get away with 1-2 hours of active screening, analysis and trading daily. However, you would benefit from spending another 1-2 hours per day on research, testing new setups and honing your edge

  • Position traders adopting longer 1-week+ hold times may only need to place trades 2-3 times a week and manage existing pairs once daily. But expect at least a few hours reviewing macro news, fundamental analysis, and learning from market recap posts

Regardless of your approach, block out 1-2 hours weekly for reviewing your performance, looking for areas of improvement, testing rule tweaks, and keeping up with new strategies. And it goes without saying that additional learning never stops, so ongoing education is key.

In summary, while exact schedules vary, budget at least 3-5 hours every day if you want to trade Forex seriously as your main income source. For supplemental earnings, 1-2 hours daily minimally is recommended. Consistent time investment and learning are important foundations for success.

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How to Earn Money in Forex Trading?

You have now seen stories of wild earnings. Now is the time to stabilize your earnings each month to avoid the see-saw effect of “bust to boom”, which is never desirable for long-term money management or for sustainable passive income.

Earlier, we noted that it is impossible to receive a fixed income at the Forex market. However, “fixed” is not synonymous with the word “stable”. It is very possible to receive a regular permanent profit, and that is the goal of every novice trader. It is income stability, among other things, that distinguishes a professional from a novice. As for the factors determining the stability of Forex earnings, here are some things to be mindful of:

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Choosing a broker

Experts are sure that selecting the right broker is almost half the success. The trading instruments that the manager/broker uses, the amount of leverage, the types of accounts, the opportunities for risk diversification, etc., all depend on a broker’s expertise in the Forex markets.

Deposit management

It is not recommended for novices to use large leverage or expose their entire deposit. A deep calculation of risks is needed so that in case of a failure you always have enough funds in your account to continue active trading.

Minimization and diversification of risks

Working with several trading instruments, opening several lots at the same time, obtaining relevant market analytics, using PAMM portfolios, and not a single PAMM account when investing. The Forex market provides a lot of opportunities to reduce risks, and you need to use all (or most) of them for stable earnings.

Predicting

Constantly correct predictions are the basis of stable Forex earnings. Predictions are made based on the market analysis, charts, and tables for specific trading instruments (these tools are often provided by brokers themselves). Also, you can focus on the top signal providers.

Psychological readiness

A trader must clearly understand that any of his lots can not only win but also lose. He must be prepared for the fact that several lots in a row can lose. Risk preparedness and psychological stability protect against rash decisions.
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Of course, you need to take into account the specifics of the trading instrument with which you work. For example, let’s step away from the classic currency pairs and take the oil trade. Here, the traditional currency markers do not matter because oil traders are guided by three sources: EIA (report of the US Energy Information Administration), API (oil reserves data from the American Petroleum Institute), and Baker Huges (report on the number of operating drilling sites). Their information is updated throughout the day but is useless for trading in other Forex instruments, such as US$/Eur. However, it is impossible to make money at oil trading successfully without these three sources.

Stories of Successful Forex Earnings

Stories of Successful Forex Earnings

The potential earnings at the Forex market in 2024 are unlimited, and the basic mechanisms for implementing trading strategies are similar to those that traders used a half-century ago. To demonstrate, let's take a trip into the past to see some examples of extremely large profits and highlight key episodes in the history of the world currency market.

Bruce Kovner

Bruce Kovner - Over 87% per annum for 30 years

Unlike Krieger and Soros, Kovner did not make a one-time multi-million dollar or multi-billion dollar transaction. However, he is the only trader in Forex history whose annual profit has not dropped below 87% for more than three decades.

Whereas, he began with the supplies of soy, investing $3,000 in borrowed funds in them. A year later, when he had already earned $45,000 in profits, Kovner switched to short contracts on Forex. His first bets related to the spread in the copper futures, and then, taking all the known methods of risk diversification as the basis of his strategy, Kovner switched to trading classic currency pairs.

At the moment, Bruce is a billionaire and is in the TOP 100 on the Forbes list, being one of the leading traders in the world. Yes, he is already 75 years old, but he still trades. What is interesting, unlike Krieger and Soros, Kovner does not have a formal education in economics or finance. Kovner studied political science, which does not relevant to his success in trading.

George Soros

George Soros is the man who brought down the Central Bank of England

In 1992, England was a part of the ERM (this is a single exchange rate mechanism that works as a part of the European monetary system). According to this mechanism, if the pound depreciated relative to the German mark below a certain value, the state was obliged to join the process of stabilizing the national currency.

Soros successfully predicted that general economic factors (including the high level of interest rates in the country and the unfavorable rate when the UK joined the ERM) would make the Central Bank of the United Kingdom vulnerable. Therefore, over several weeks, Soros’ Quantum Fund built a large position in the sale of the pound sterling. During this time, the English bank realized that due to the mismatch in the level of interest rates, it had to buy back pounds, according to its principle tradition.

However, when on Wednesday, September 16, 1992, the Central Bank of England began actively buying up billions of pounds, it turned out that their price was not changing very much due to the speculation of Soros and the activity of thousands of other traders who followed him. As a result, the UK withdrew from ERM, the pound fell by 15% relative to the German mark and by 25% relative to the US dollar. George Soros earned several billion dollars on that so-called “black Wednesday” (the exact amount has never been announced).

Andy Krieger

Andy Krieger - New Zealand's Nightmare

On October 19, 1987, the Dow Jones Index sank by 22.6%, and everyone began to invest in a wide variety of assets in search of a more stable option. At the time, Andy Krieger worked as a trader at the Bankers Trust and realized that under those conditions “everyone [was willing to invest] in [any]thing”. He reasoned that it would be wise to determine one or two revalued national currencies and trade them against the US dollar.

Krieger selected the New Zealand dollar and invested $30 million. Using the leverage of 1:400, he opened a short position for an amount exceeding the money supply of New Zealand at that time. Since the Central Bank of the country, of course, was not ready for this, the New Zealand dollar exchange rate immediately fell by 5%. Andy Krieger earned $300 million on that transaction, and would have snatched even more if the head of the Central Bank of New Zealand hadn’t called the Bankers Trust office with threats and demanded a “stop to the financial attack”.

Forex Funded Account Vs. Individual Trading

Investors in Forex trading can choose between two major options: a funded account or individual trading. Funded accounts are partnerships between traders and prop firms or hedge funds, where the trader is provided with access to a significant amount of capital to trade with in exchange for sharing profits with the firm. Individual trading involves trading one’s own money.

Pros and Cons of Forex-Funded Trading Accounts

A forex-funded account comes with many benefits that make it appealing. For instance, it allows traders access to larger capital pools compared to individual trading. Thus, traders with funded accounts can make more money faster than those without. Additionally, many firms have risk management systems that limit the amount of capital a trader can lose in one trade or period. This reduces the risk of major losses for the trader.

On the flip side, trading with a funded account comes with certain disadvantages as well. For example, the profits shared with the firm mean that traders will end up keeping a smaller portion of their earnings. Additionally, there may be restrictions on trading strategies, as forex firms don't want to take too much risk.

Pros and Cons of Individual Trading

A big advantage of individual trading is that it allows traders to keep a larger portion of their profits as compared to funded accounts. Additionally, individual trading comes with fewer restrictions on strategies and more freedom for the trader in terms of risk management decisions.

However, individual trading also entails some drawbacks. It's typically characterized by a much smaller available capital pool compared to funded accounts, which means traders make less profit, and at a slower pace. Furthermore, the lack of risk management systems can result in major losses for the trader.

Capital Requirements for Forex Trading

Trading accounts generally have a variety of Forex lot sizes. The most common are mini lots, micro lots, and standard lots. Each type of lot will usually have a given leverage. The amount of capital you need to start trading depends on the type of lot size chosen and the leverage allowed.

Here’s a table on the lots and leverages you can expect:

Leverage 1:1 Leverage 1:10 1:100
Standard lot 100.000 10.000 1.000
Mini lot 10.000 1.000 100
Micro lot 1.000 100 10

What is a Forex Broker’s Minimum Deposit

Forex accounts are usually provided by brokers and require a minimum deposit. This is the amount of money that traders need to open an account with a broker. The minimum deposit requirements can vary depending on the broker, but most are in the range of $10 to $100. With the minimum deposit, you can start trading using mini lot leverage. Brokers with cent accounts allow as little as $1 to start trading. Here’s a table on minimum deposits that some of the top trading accounts require:

Brokers RoboForex IC Markets FxPro XM Exness MultiBank
Minimum deposit $10 $200 $100 $5 $1 $50

What Is the Recommended Forex Minimum Deposit?

The recommended minimum deposit varies depending on the type of trader you are. For example, beginner traders should typically aim for a lower deposit to get started and gain experience. $100 is a decent amount for traders interested in trading mini lots. A higher amount, such as $200 or $250, is even better for newbies as it keeps leverage low at the initial stage while traders are still learning the ropes.

How to Calculate Your Potential Forex Income Correctly

Calculating your potential Forex income correctly is an important part of trading. To calculate your potential income, you need to know the size of your trade, the direction of the trade (long or short), and the difference between the entry price and exit price. The formula for calculating your potential income is:

(Exit Price - Entry Price) x Lot Size x Contract Size +/- Swap = Profit/Loss

For example, if you open a long position with a lot size of 1,000 units and a contract size of 100,000 units at an entry price of 1.3000 and close it at an exit price of 1.3100, then your profit would be calculated as follows:

(1.3100 - 1.3000) x 1000 x 100,000 + 0 = $1,000

Do I Pay Taxes From My Forex Income?

Yes. Forex trading is considered a form of investment, which means that all profits generated from it must be declared as income to the taxation authorities in your country. It is important to note that each country has different tax rules and regulations when it comes to forex trading.

In the UK, the HMRC evaluates your tax obligations as a forex trader and taxes you under one of four regimes: income tax, capital gains tax, corporation tax, or stamp duty reserve tax. In the US, forex traders are subject to taxation under both federal and state laws. Consult a tax expert to learn more about the taxes applicable in your jurisdiction.

Mistakes and Fallacies of Traders that Prevent Them from Earning

Earnings at Forex largely depend on how well a trader understands what he is doing. As in the vast majority of cases, the loss of a lot and/or errors in a trading strategy are because a trader did not take into account some key aspects, did not understand available information, or did not correctly interpret market conditions. We have collected some basic mistakes and fallacies of novice traders, with a brief comment on each.

Mistakes and Fallacies of Traders

Start bidding with a large amount of money.

No. Do not. This is one of the most common mistakes. At Forex, a trader shouldn't work with a deposit of more than $100 in the first weeks or even months. Due to inexperience, people often lose their entire deposit and quickly leave the Forex market, although they may have had the potential for success in the Forex market.

Trading on intuition.

This is the second most common error. Sometimes novice traders consider themselves literally “the most intelligent and cunning”, believing that predictions can be made on intuition. While successful traders need intuition, still the basis for success is constantly studying market mechanisms and in-depth self-training.

Training course as a guarantee of success.

No matter how many Forex trading courses you take, they will never guarantee you a profit. Earnings can only be guaranteed by many years of experience.

Bonus betting.

In 2024, brokers offer deposit and no-deposit bonuses. However, these bonuses should not be unreasonably risked. It is more reasonable to use them for small training transactions to gain experience and hone your strategy.

Having financial/economic education.

This is also far from a guarantee of success. Forex is a live and dynamic market with the highest volatility of trading instruments. Economic theories are good, but success comes only with practice.

The pursuit of quick profits.

The higher the profit is and the shorter the time allowed for its receipt, the greater the risk. This is especially critical for a novice trader. You need to clearly understand that Forex brings earnings at the start only gradually, and it will increase, but only gradually, and over time.

Endless news tracking.

Yes, this is also a mistake because the brain needs to rest, especially from the same type of activities. If a trader monitors news channels for days on end, it is unlikely that this will help to create an ideal strategy, but rather it will lead to intellectual burnout and psychological breakdown.

Forex Risks

Earnings at Forex are fraught with high risk, and it is impossible to eliminate all risks. This applies not only to Forex but to any investment program. The difference is that if you make a foreign currency deposit to the bank, you can get 2-5% from it in a year, conventionally. However, when trading at Forex, you are betting here and now and you can get from 10% of the profit from it here and now.

Forex Risks

There is only one risk at Forex — losing the bet, and the higher the bet is, the greater the leverage is, and therefore, the greater the probability of a loss. This is due to the high volatility (unpredictability) of quotes for all trading instruments of the foreign exchange market. The following factors increase the risk of loss:

unreliable broker;
rash trading strategy;
risky bets with a lack of experience;
bidding "on intuition", without a theoretical basis;
ignoring risk diversification methods;
ignoring foreign economic factors.
The factors which increase the risk of loss

In a word, when a trader trades without proper preparation, when he uses the services of an unlicensed broker (or licensed broker in an offshore shop), when he thoughtlessly applies large leverage and does not follow the news in the world, then the risk of losing a deposit increases exponentially.

And vice versa, if a trader prepares for trading, correctly analyzes the market, taking into account the maximum number of economic factors, works with a reliable broker who has a level 1–4 license, and constantly improves his knowledge, then the risk of loss is significantly reduced. Also, there is an extensive range of basic methods for risk reduction and diversification, from returning a spread upon registration through Traders Union to PAMM portfolios. As a result, Forex earnings become not only achievable but also potentially significant.

Expert Opinion on Forex Trading

Compared to traditional earning methods, trading at Forex has several advantages. No one requires reporting from a trader (the broker deals with taxes). He draws up a working schedule for himself and is not limited by anything other than the current legislation. Besides, Forex earnings are really good ones, although perhaps not in the first months. On the other hand, it does not require special skills. On the job training is sufficient.

As of 2024, the profession of a Forex trader is one of the highest paid in the world. This is a status profession, and it has led to a list of the most prestigious specialties for more than half a century in the United States. After all, a professional trader is a market expert and analyst. This is an emotionally and psychologically stable person, with a flexible mind and quick decision-making skills. As a rule, experienced traders are charismatic and erudite, and not only in the field of economics and politics.

If we add the highest earning potential among all professions here, then we get a job that is optimal for most people. A different matter is that you really need to practice it, improving your skills every day and constantly trading, even if initially on a cent account. However, if you approach the issue competently, profit and status will come your way.

Anton Kharitonov

Anton Kharitonov,

Financial expert and analyst at Traders Union

Team that worked on the article

Chinmay Soni
Contributor

Chinmay is a certified Investment Analyst and Portfolio Manager by the National Stock Exchange (NSE) Academy. He is currently associated with a $75 million VC fund and assists them in identifying and researching investable sectors and start-ups. He has completed his Bachelors of Business Administration from the Institute of Management, Nirma University and is currently pursuing MBA majoring in Finance from the same. He has 4 years of hands-on investment experience in a variety of asset classes and his professional qualifications include being a CFA Level 2 candidate and NSE Certified Market Professional Level 2.

He finds writing as a way to express his thoughts and share his knowledge with people eager to learn. He himself happens to be an avid reader of personal finance books and on top of his recommendation list are the international bestsellers ‘The Psychology of Money’ and ‘Think and Grow Rich’

He has this one strong belief as his motto: Life is what you make of it.

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.