If you were to succeed at making $250 per day trading the forex market, that would equate to an income of $5,000 per month (as there is 20 trading days in each calendar month, give or take). Would an income like this help make a difference in your life?
If so, read on!
Before I get into the strategy, I want to address the topic of risk... Aside from having a great education to back you up (which, in and of itself, can help to mitigate a lot of your risk by virtue of having skills), another risk-reducing factor is having enough capital to trade with... By being well-funded, you stand a better chance of succeeding in this market. The system below suggests trading 1 standard lot, which means that you could be exposing yourself to a lot of risk without sufficient capital in your account. Ideally, you should have $10,000 - $15,000 to trade with to make this work.
So, with that said, just how do you make $250 per day in this incredible market?
THE $250 PER DAY FX TRADING SYSTEM:
- Trade 1 standard lot (for roughly $10 a pip, depending on the currency pair you're planning to trade)
- Find a way to consistently capture 5 pips on a trade (to generate $50/trade after your spread)
- Trade your strategy 3 - 5 times per day
- Use smaller time frames, like 1 minute or 5 minute charts. The idea here is to be in and out of trades in as little as a couple of minutes or no longer than an hour
- DO NOT trade on days when there are fundamental announcements
Depending on your trading style, you will see patterns in your charts to help you identify these trading opportunities. This is a scalping technique that is not necessarily for the faint of heart, fair warning. The market moves fast within these time frames and you have to be able to work quickly. With enough capital in your account (so as to minimize risk exposure), you will realize $150 - $250 in profits per day.
Now, this article says $250 per day but there are simply going to be days when you will not be able to see those five opportunities in your charts, in a given day. Or, you might see five opportunities to get into a trade but you may only able to scalp maybe 2-3 pips. As you get better with this strategy, you will be able to hit those $250 days more often, as you'll be able to recognize more opportunities on your charts in various currency pairs and therefore, you will be in a position to conduct simultaneous trades (provided you have enough capital in your account to sustain multiple trades without exposing yourself to too much risk).
That's all there really is to it. There are no fancy fx trading secrets that I have to share. There is really only one way to succeed in forex trading and that is to make your trading robotic.
The Secret to Successful FX Trading
With FX Trading, the key to success lies in understanding the basics of how the market works, finding one strategy that works FOR YOU and then proceeding to trade it, day in and day out. If you do this, something very interesting will happen: you will make a lot of money and at the same time, get immensely board! Yes, you read that correctly! Making money in the forex market, believe it or not, is boring! Sure, there are so many different ways that one can profit in this market (some more glamourous than others), but if you try to do too many things, you'll get hurt. Alternatively, if you master one technique and shine at it (which can be thought of as boring), you can - and will - make some good money!