I love the forex market in general, but the forex market is extremely volatile and the volatility can be frightening in the long run if it keeps up. You may try to trade on the forex market (usually, you can trade from a different bank but a lot of people prefer to use the one you are trading with as well) but in order to make it work, you might have to go back to your original bank that you started your trade with.
What if I don’t trade on the markets?
That’s fine! For all that I say in this guide I will not advise you do nothing and simply ignore everything I say. There is no point making money if you don’t even make a living. What I cannot tell you is that you must find an outlet in which you can profit from the trades you make. One way you could make money is by using them as a trading strategy for when you feel like you are doing a bad job or simply have an unhealthy obsession with the forex market.
For a start, I would only advise you buy and hold in my opinion, as it will reduce the amount of stress you are carrying. You are not guaranteed full time money management with that, so in my opinion it is better to do the work so that you can be comfortable.
What do I mean by ‘making money’ on forex?
That depends what you are doing. Some people make money by investing their profits into investments like stocks or real estate. The stocks and real estate investments help you to build up wealth if you are wealthy, but if your income is low it could make to your disadvantage and could be a reason to get out of the forex market altogether.
For example, if you earn 2,000 per day from forex trading and use the market as a retirement fund, you can make a nice passive income. But if your income is 3,000 per day you can become a millionaire without getting a single penny out of the market. If you are trading for 2,000 per day, then a 3,000 per day portfolio is worth about $6,400 per month so if you can manage it then you are in for a decent passive income.
If you trade for 12,000 per day, then you would need to hold up 30% of your portfolio to have 2,000 per day. So if you were trading for 12,000 per day, you would need to have 2.5 million dollars in