Can I make 6 figures trading forex?
Absolutely, you can definitely hit and even exceed the $100,000 mark with this incredible market. Making 6 figures is definitely possible if you trade with your brain (objectivity) instead of your heart (subjectivity)!
Lets break this down and see how we could theoretically achieve a 6 figure income out of the forex:
- $100,000 = $8,300/mo (approx)
- $999,999 = $83,300/mo (approx)
So, in order to make six figures, you need to make $8,300 per month on the low end of this scale and $83,300 per month on the higher end of this scale. This is very possible with the forex market, but a lot depends on:
1. How much capital you have, and
2. Your level of skill & experience
If you’re well capitalized, you should be able to make your daily trades without assuming too much risk so that you can reach your goals.
I’ve written extensively about managing risk, being well capitalized, etc in other posts on this website. Here are two that should help you determine how much money you’ll need to trade with, based on your risk profile and how much you want to make (that is, between the range of $8,300 and $83,300 per month).
How much money should I start trading currencies with?
FX Trading In Action – An example of making money in forex trading
Read through these articles to learn and understand more about how to plan your trades and determine how much capital you’ll need to trade safely.
Best of luck!
2 Comments
Champ on July 16th, 2011
It’s much easier to understand when you put it that way!
Samma on January 11th, 2011
found your site on del.icio.us today and really liked it.. i bookmarked it and will be back to check it out some more later