How Much Do Currency Traders Make?
Is That Even The Right Question To Ask...Now?
Currency traders are a bit of a rare breed. What they make can vary widely depending on what type of trader they are and how much experience they have.
In general, how much money you make will depend on what currencies you trade, what leverage you use, and how much capital you have.
Why This Is the Right & Wrong Question to Ask at the Same Time
Of course, the reason you’re here in the first place because you’re looking to make money. No one falls you for that, and that’s perfectly good reason to embark on foreign exchange trading. The problem with the question in my view is that it’s a long-term goal to make money consistently in the FX market is short-term goals have to come before the long-term goals for the long-term goals to be achieved.
Just like a concert violinist who want to perform on stage for paying customers for the joy of it, they will need to have years of short-term goals of building the skills necessary to get there. The Forex traders are no different.
There is no shortage of people telling you how to trade or waste to trade, but you will need to find the skills and hone the skills for the strategy you will trade.
Therefore, the better question to ask in my opinion is:
What skills are required to make money in FX trading?
This site works to answer those questions and more as you started in your FX trading. Just like the violinist needs to know what skills need to be learned before they can perform on stage, the FX trader will have skills they will need a master before they can think about how much they can withdraw a monthly basis consistently.
Here Is How Your Earnings Are Affected
First: How much money you have
Forex is fairly risky, whether you are trading high or low risk, the amount of trading you can do will always depend on how much money you have to trade.
Second: How much leverage you use
In forex trading, brokers offer leverage, which means you can put on trades for more than you have. Might be a good thing, or might be a bad thing, but either way, it affects your trading. If you like to take heavy risks, you can see heavy account fluctuations in the positive or negative.
Third: What kind of currencies you trade
Some currencies are slow movers. They are good for beginners, or large traders. Obviously, if you are trading fast moving currencies, it can make a big difference in what you make.
What you make is up to you, but the foreign exchange market is risky, and it is not for everyone. It takes a trader that can take an honest look at themselves and learn from their mistakes.