Every independent trader wants to make money from forex trading, that much is for certain. However, it is surprisingly difficult to get an honest answer from industry professionals on exactly how you can go about making a living from forex trading.
In my recent live training session I cut away the fantasy and give you the reality of how you can make this happen.
Having unrealistic goals that are really just a fantasy is a massive issue in the forex industry.
You will never be able to achieve any of the goals and find yourself feeling defeated and stop trading. But if you have realistic goals and expectations you can actually achieve, confidence and success can create momentum in your trading which will push you forward toward profitability!
So let’s do away with the fantasy, the bull, and the lies. Let’s see what the real requirements of trading forex for a living are so that you can put yourself on a path to success.
- Want to know how to trade for a living?
- What are the actual risks you will face?
- What do you need to do to prepare?
- How can you generate multiple streams of income?
Read on to get the answers to all of these questions and more!
Fantasy Vs. Reality
It can be really difficult to separate fantasy from reality when it comes to forex trading. A lot of influencers will show you Lamborghini’s and a chart saying how they have made millions in a month and how you can do just the same.
The reality, however, is not this. Maybe this person is an outlier and found huge success with their trading.
But the majority of traders will start with lower capital and have a much different journey.
You can’t skip to the end where you are making hundreds of thousands of dollars unless you have the capital to do so. The more money you have in trading, the more you make.
I am going to go through some of the most common fantasies of forex trading and show you the reality so that you can make tangible progress. You can check this section of the live session right here too!
1. I want to make $5,000 every month.
This is one I see frequently with new members of my course. It makes sense too – earning profit every month is an understandable desire. Regular jobs you get paid every month, why should forex trading be different? Well, the reality is different. You are going to see some months of losses because you can’t win every trade. Statistically, you will have a losing streak and that will impact your profit. So don’t be surprised if you can’t achieve profits every month because it’s completely normal!
2. I want consistent profit.
Related to our first fantasy, consistency in your profits is another common goal that new traders have. There are different tiers to this which make this a mix of reality and fantasy. If you want consistent weekly profits, that is a fantasy, plain and simple. Consistent monthly profits are unlikely, especially if you are new to trading. However, consistent yearly profit is a much more realistic goal to achieve. This is where having a long-term mindset for forex trading is going to be a huge advantage for you!
3. I want to grow $1,000 to $100,000 fast.
Many traders start out with a small amount of capital and want to grow their account quickly. This can be a slippery slope though. If you are working on growing your account and want to do it fast, there is immediate pressure to succeed. This can lead to big problems like Fear of Missing Out (FOMO), greed, chasing trades which inevitably prevent your account from growing. Furthermore, what you put in is what you get out. If you are trading for 3 hours a week, it’s just not realistic to expect huge profits. The more time you dedicate to your trading, the quicker your progress and learning will be.
4. I want an automated trading bot to make me money whilst I sleep.
Look, there are some great trading EA’s out there that can help you with your trading. But trading cannot be fully automated yet and to have the expectation that a bot will make you a lot of money is a fantasy. Banks and hedge funds have some bots but they have millions of dollars behind them. You won’t have access to anything that well-developed. It is simply on a whole other level.
5. I want to rely on forex for my income.
This is the most common goal that traders have and the one that is sold the most to new traders. While you can find financial independence through your trading, there is a mix of reality and fantasy in this goal. What happens if you become sick or injured and can’t trade? You can’t rely on your forex trading in that scenario. Do you have an emergency fund setup, or insurance? The reality with this is that being a forex trader means being self-employed. As someone who has been self-employed for over 15 years, the most important lesson I have learned is that you need multiple streams of income to protect yourself and to increase your wealth. So while you can generate a living with forex trading, relying solely on it is not realistic nor is it smart to do.
The Three Paths in Forex
In forex trading there are three broad paths you can choose from when it comes to what you want your trading career to be:
- Make stupid money.
- Make a good living.
- Grow your wealth.
These options are all open to you but they impact your life in very different ways (click here for this section in the live session).
If you want to make stupid money from trading then you are going to need to put a crazy amount of time and effort into it. You can work for prop firms or managed funds – either way, if you want to make stupid money you will have to put in the effort.
What you put in is what you get out. This would be a high-stress lifestyle where you would dedicate a huge chunk of time toward your work.
That works for a lot of people though because the reward is a big salary.
Option number two is the route I have taken where you make a good living, can pay your bills, and be your own boss. You make a living out of forex but not to the financial heights of working for a managed fund.
If you want to make big money, trading with your own capital is not going to get you that big pay day unless you already have a lot of capital.
The last option is a more relaxed approach to trading that still earns you money. You would approach trading as if it were an index fund or an investment.
Building up your wealth with steady progression and no need to make it big. This is a low stress approach that you will typically see older traders take on or traders that have another job.
You would invest your money into your trading account and trade it on the side, growing your wealth.
Each of these paths are viable choices when you look to start trading. Each path will suit different people’s needs and part of your forex journey is figuring out what trading career you want!
Preparing to Trade for a Living
So we know some of the fantasies and paths you can choose with forex – what do you actually need to do in order to start trading forex for a living though?
You are self-employed if you are trading forex for a living (unless you go for a prop firm, managed fund etc.) so you need to protect yourself.
Your first step is to create an emergency fund.
This is an amount of money that you can fall back on in case you get injured, ill, or times generally become hard.
Without an emergency fund you have no floor beneath you to land on in case of an emergency.
Your second step which supplements the first is to get income insurance. You can receive money if you become injured or ill which is another safety net for you to fall into.
These are boring but necessary if you want to seriously trade forex for a living.
Now when it comes to your trading capital you need to be smart. Do not put all the trading capital you have into your trading account.
Do you trust your broker more than you trust yourself?
No – of course not!
If you are trading with $100,000 it is simply not necessary to put that entire pot of money into your trading account.
Brokers have gone under in the past and lost a lot of other people’s money. Be smart, be safe, protect your capital.
The most important part of making forex a living is finding a source for multiple streams of income.
I am the most qualified to discuss this route of trading out of all the other paths because it is what I have done.
I learnt trading from a young age and turned it into my career. However, what I learnt early on is that you cannot rely on one single source of income.
You need to diversify your income.
This is related to getting injured or ill, but more importantly it is how you can create more wealth.
I created a business out of the skills I learnt through trading. I diversified my income and because of that I now generate more wealth.
You could create a business, apply for a new job, find different investment opportunities. Really, anything that generates you an income that isn’t reliant on your trading counts.
The thing with forex trading is that the more capital you have to trade with, the more money you make. So the key to making a living out of forex is building your capital up.
If you are solely relying on your trading to do this, it could take you a while. Having that extra income from a different source will help accelerate your forex earnings.
Obviously your trading skills need to be good enough for you to make profits, but once you are confident in your trading you can focus on building up your capital.
Once you have built up your forex account, you can earn a very healthy amount each year without putting your capital in as much risk!
Forex markets operate all day, seven days a week. The markets are constantly changing, with millions of variables affecting trading opportunities. Sometimes, it can get tricky and stressful for humans to handle the trades themselves. In such a case, many people opt for a Forex EA.
A Forex Expert Advisor (EA) assists you in the trading process, sometimes by conducting the trades when you are occupied or asleep. A forex EA eliminates the emotional factor. This means that emotions such as greed or fear do not come in the way of making good, intelligent decisions. A forex EA also takes away the stress that forex trading brings and can consider all variables at once, something humans cannot do.
A forex EA trades and makes decisions faster than humans, allowing you to immediately take advantage of trading opportunities. With forex expert advisors, you can make better-informed trading decisions, increasing your chances of making profits. However, it is also essential to choose the right Forex EA, one that guarantees safety and profitability.
What Is an Expert Advisor?
An expert advisor is a specially designed software that can carry out trading functions. This software notifies forex traders of opportunities and advises them on the trades they should make. An expert advisor can also manage trades in the place of the forex trader.
Programmed using Meta Quotes Language (MQL), an expert advisor works on the Meta Trader platform. The Meta Trader platform is an online platform for forex traders. The expert advisor comprises a mathematical model that uses trade signals to determine the best entry points into trades.
Some forex EAs gather data on forex markets and then send trading signals to the trader. Others analyze this data and use it to decide the best time to enter a market. What your expert advisor does depends on the way you have programmed it.
You can even program your EA using specific instructions. The expert advisor will then make trades according to those instructions while you are occupied.
How Can I Use Forex EA?
After installing an EA, you need to set its parameters according to the trading strategies you want it to use and the functions you want it to have. Using the parameters, the Forex EA analyzes different trading opportunities and decides whether or not to invest in them.
The Forex EA does this through a set of questions incorporated into its mathematical model. Using these questions, it makes a decision about the trade.
You can either build your own EA or download one built by someone else. Using the signals of the EA, you can make decisions or choose to act quickly.
When using an EA, you should always try the demo version first. This way, you can check whether the software is suitable for your forex trading. You should also do your research beforehand and set up adequate parameters.
How Do Forex Expert Advisors Work?
Forex expert advisors make the trading process automatic, helping you make a profit through trades. They use technical indicators and trade parameters to identify profitable trading opportunities. They use the data they have gathered to pinpoint the lowest cost to enter the market and the highest cost to sell.
After you attach an EA to a chart on your MT4 platform, the forex expert advisor will analyze market conditions and use them to advise you on trades to make. It uses different factors and situations to draw conclusions about the direction a market will go.
When making trade decisions, an EA follows a set of rules or conditions. With these conditions in place, the EA manages trades on behalf of traders by entering and exiting markets as needed.
The functions of an EA range from advisory functions to making decisions for you. What a certain EA does depends on the type of expert advisor it is and how you have programmed it.
Free foreign expert advisors are an appealing option for forex traders. This is because they free them from the stress and the time spent making trades. A forex EA allows them to sit back and let a forex robot do the work. Despite that, a forex EA does not come without disadvantages. You will require a constant internet connection for a foreign expert advisor to work properly. Additionally, many forex EAs can turn out to be scams, doing more harm than good.
- A Forex EA Takes Emotions Out Of Forex Trading: At times, fear of a loss can stop you from making a decision that has good prospects. A forex EA will not take this fear into account and will just make a trade according to your instructions. A forex EA will also be free of biases and greed. This will prevent delays from happening and will enable smarter decision-making.
- A Forex EA Is Faster: A forex EA can do the needful to find trades with good prospects in seconds. This includes surveying markets, analyzing factors, and deriving the probability of a profitable trade. This speed allows the EA to grab as many trading opportunities as possible and work more efficiently than others.
- A Forex EA Can Trade 24/7: A forex EA can stay active on the market and be on the lookout for opportunities all day. On the other hand, humans need to sleep, work, and go about their daily lives. Humans often need to take breaks, which can lead them to miss an opportunity. This will never happen with forex EAs.
- A Forex EA Makes Back testing Easier: A forex EA speeds up the process of testing various strategies while making decisions. An expert advisor can do this in seconds, while if a human does it, it will be difficult and time-consuming. Since EAs can store a lot of data, they can use it to test out multiple strategies and then choose the best one for the trades.
- A Forex EA Removes the Need for Expertise: With a forex EA, people who are just starting with forex trading will be able to trade easily. They will not require any expertise since the expert advisor will advise them and act on their behalf.
- A Forex EA Does Not Recognize Fundamental Data: A forex EA makes decisions using statistics, charts, and historical data. However, they ignore external factors such as industry trends or political factors. These factors can play a part in determining the profitability of a trade. In the absence of this knowledge, the results of trading can be less than favorable.
- A Forex EA Is Subject to Technical Problems: Since you run a forex EA from a computer at home, technical issues can arise. These include connectivity issues, hardware failures, and power outages. A technical issue can interrupt the trade execution, leading the EA to miss opportunities or make wrong decisions.
- A Forex EA Has to Stick to One Instrument: A forex EA cannot carry out trading strategies that involve multiple instruments. This reduces diversification and increases risk. It can also reduce the number of trading opportunities available.
- A Forex EA Cannot Execute Certain Strategies: A forex EA cannot handle strategies such as wave analysis. This type of strategy is better suited to live traders with access to real-time news.
Main Types of Forex EAs
There are several types of expert advisors depending on your trading objectives, your requirements for the expert advisors, and the type of trades you wish to use a forex EA for.
Expert Advisor Scalper: An expert advisor scalper opens multiple positions at one time. This type of forex expert advisor keeps these positions open until they make small profits. The EA closes these positions as soon as they generate a profit. Through an expert advisor scalper, you make multiple trades in a day and earn small profits in many of these trades. Expert advisor scalpers can get your account banned since brokers frown upon them.
News Expert Advisor: A news expert advisor bases its decisions around price or trend changes following big news releases. It takes advantage of these changes to make profitable trading decisions. The news releases in question are financial news releases surrounding interest rates and payroll decisions. These releases can have a major impact on prices, which is exactly what a news expert advisor predicts and uses to its advantage.
Hedge Expert Advisor: A hedge expert advisor works by opening two opposing positions. It aims for one position to get a profit while the other reduces a loss. The profitable position is often left open while the other is ultimately closed. A hedge expert advisor observes the profitability of both these positions.
Breakout Expert Advisor: When price surpasses preset resistance and support levels, a breakout expert advisor opens up a trade. The position it opens is often connected to the price increase, which a breakout expert advisor uses to make a profit.
Adaptive Expert Advisor: Adaptive expert advisors do not have a set way of acting. They just act according to how the market acts. This means that, with adaptive expert advisors, you just need to set parameters, and the advisor will make the decisions.
4 Rules of Forex EA
When launching a forex expert advisor, there are some rules you should follow to reduce risks and increase profitability.
- Pay Close Attention to Backtesting Results: You should use the same data you used during backtesting when actually conducting trades. Good backtesting results do not indicate that your entire system works well. It just means that the data you used for the backtesting was of good quality. Not using that data can lead to unfavorable outcomes.
- Check Your Metatrader Connection: As mentioned before, your expert advisor will not work if your connection gets interrupted or if technical issues arise. Therefore, you should keep checking your MetaTrader connection. To improve the execution of your EA, you should reduce the number of windows open in your MT4 workspace.
- Research Market Conditions: One possible cause of your EA failure is its inability to keep track of and adapt according to market conditions. This makes it essential for you to have full knowledge of these conditions. If you want to make a decision based on market trends, you can even run an EA that is meant for trending markets.
- Take Care to Avoid Scams: Since your EA manages your forex trading, a scam can create immense financial problems. You should make sure to avoid scams when downloading an EA. Doing your research will bring your attention to various tried and tested options that other traders believe in. This can help you to make an informed decision. Look for genuine customer reviews and make a decision accordingly.
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FREQUENTLY ASKED QUESTIONS
The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies. The foreign exchange market is the largest and most liquid financial market in the world. Traders include large banks, central banks, currency speculators, corporations, governments, and other financial institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Daily turnover was reported to be over US $3.98 trillion in April 2010 by the Bank for International Settlements.
Expert Advisors (EA) / Forex Robot are used to render the trading process automatic allowing to exempt the trader from continuous watching the market. Many professional traders have a big amount of trading systems allowing them to work in different markets and under different conditions. EA is robotic script written in MQ4 language. It can work in the Metatrader 4 trading platform.
Yes it is easy to use. Forex Robot is based on a new generation technology that allows you with a few clicks to install, run and start earning money. No need to be professional. Everyone can do it. It is completely hands free and the whole process is 100% automated.
Yes it is too easy. Just a few steps and you will be ready to use Forex Robot. You will also get a guide when you purchase any Forex Robot, it will help you to install EA. If you still need any help please contact with us.
Yes Forex Robot can work 24 hours per day from the market opening on Monday to the market closing on Friday. You don’t need to monitor you trades. Our Forex Robot will do it for you. It will monitor the trades, open and close positions automatically.
MT4 is a free trading platform. You can download it from the official web sites of your broker. Here is the list of most popular brokers.
First you need a computer with a minimal hardware configuration and a stable internet connection. Second you need to install Metatrader 4 trading platform. You don’t need to have any additional Forex knowledge.
You can use any broker that offers the Metatrader 4 trading platform. But for Best Result we suggest you to trade with most popular brokers.
You can use Forex Robot with Multiple Accounts. There is no restrictions.
You don’t need to trade yourself. Just turn on Forex Robot and let it trade using your account to bring some profit for you. Of course you can trade manually too. But we recommend that you use only Forex Robot to avoid any loss.
Yes we offer free updates of our robot. Our development team will not stop improving of the Forex Robot and make it competitive on the market under actual market conditions.
We know that the money is the main question. We know well that many people don’t have much money to get started. Our robot is made to be able to trade with a minimum amount of money. The minimum amount depends to your brokerage company too. You can start trading with a small amount as $50.
Every Forex Robot is unique. Please check the guide before trading. If you don’t understand which one is suitable please contact us.
Yes we provide customer support. Our support team is working 24/7 for you. If you have any questions about our robot don’t hesitate to contact us.
Yes you can use. Please Backtest before using it in a real trading. Or use Demo Trade for at least one month with your broker spread and proper balance. Never use in live trading with any pair without demo testing. It is always better to invest time before losing any money.
We recommend to have a stable internet connection and computer hardware, working without interruptions 24 hours a day from the Forex market opening on Monday to the market closing on Friday. Crypto market is open everyday 24×7.
If you can’t keep your PC / Laptop on 24 hours a day so better choice is to get a vps service.
Robot will stop working. You must have to start the robot as soon as possible. Otherwise your running trades will not be closed and it may occur big draw down.
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- Warren Buffett
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Monthly Expected Profit is 20% to 200% with very Less Drawdown.
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