What will it take to make $500 per day currency trading?

QUESTION:
I only have $10,000 to start with. How should I plan my trades so that I can make $500 per day currency trading?

ANSWER:
That’s a great question. Many beginning traders who attempt to make big money currency trading fall into the trap of ‘unrealistic expectations’ and I will take this opportunity to show you what I mean.

The currency trading market has received a lot of attention over the years due to all the wonderful benefits it has to offer, including accessibility and trading volume in particular. You have no doubt read about (or heard of) people who are making five, even six figures every month in this market.

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Is currency trading in the forex market really worth the risk?

It is common knowledge that most investors fail at finding success in forex currency trading. In fact, it is not uncommon to hear that 90% of traders loose money in this market.

Despite all of this, the currency market is not a trading opportunity you want to turn your back on.

Ironic as it may sound, the market that has left a sour taste in the palettes of many traders still holds great promise. After all, for every defeated investor who populates the failing group, there is a small group of investors who fit squarely into the successful group. It stands to reason: if 10% of forex traders are succeeding beyond the wildest dreams of most investors, there must be a secret to their success. And indeed, there is.

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Secrets to Successful Foreign Exchange Currency Trading

Imagine a lifestyle like this…

You wake up early everyday (around 7:30/8:00 am) and enjoy a beautiful breakfast on your patio that overlooks the ocean. You take in the warm, breezy air and soak up every ounce of your relaxing lifestyle. Around 8:30, you head on over to your computer where you’ve installed your foreign currency charting software and you take a look at the forex market for the day’s potential trades. After about 20 minutes of sizing up the market, you see three potential trading opportunities. Two are not quite ready to go as yet and one is presenting itself such that you can plan out and execute a trade right away, but your entry would most likely occur later on in the day. Since you live on the east coast and are dealing with Eastern Standard Time, you can trade at 8:30 am every day and participate in the US session. By 10:00am, you have entered all three trades and now it’s just a matter of waiting to see how they play out. By this point in your trading career, you are confident in creating, executing and sticking with a trading plan so you have no need to sit in front of your computer, waiting for your trades to complete.

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FAB Turbo looks like an intersting forex currency trading robot

Plenty has been said about FAB Turbo.

As you know, I am somewhat of a conversative currency trader myself so I’m a little weary of such things like robots and so forth. That said, I still promote FAB turbo here for the following reasons:

• It will place trades 24 hours per day (without any intervention needed from me)
• It runs off their Virtual Private Serve (meaning, you can turn off my computer and it will still work)
• It claims to have had a 95.9% winning/success rate over the last 9 years along with drawdowns of only 0.35%
• It seems of offer tight risk prevention settings
• A trading systems eliminates ‘the person’ and therefore emotions!
• Beginning as well as experienced traders can all jump in

Curious yourself? Try this system on a demo and/or micro account and see what it can do for you.

See live forex trades or request a copy.

How much money should I start trading currencies with?

You can start trading currencies with very little money. Depending on your objectives (and, how much money you want to make), this can be good or bad.

In the case of starting small (with only $300)…

It is true that you can open a Forex Trading Account with a broker with as little as $300. But, as a general rule, you should plan to loose no more than 1 – 2% of your account balance in any given trade. 2% of a $300 account is $6. When you equate your looses to figures (rather than percentages), you can then easily see what sort of account you will be able to safely trade with (and thus, how much money your likely to make).

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