“Is It worth to Become a Forex Trader?” is the question I am usually asked, plus so many other similar questions:
- Is it worth to spend time on forex trading to become a forex trader?
- Is forex trading a promising business or it is wasting of time and money?
- Can one become wealthy through forex trading?
- Can one become a millionaire trading forex?
These are all good questions. Before you start trading currencies, you should know whether it is worth to spend any time on it or not. You have to know whether it is worth to spend your time on learning forex, or it won’t get you anywhere finally.
Is It Worth to Spend Time on Forex Trading?
The short answer is: Forex is an opportunity that enables you to invest some money to make more money. It is an investment opportunity to increase your wealth. So it is worth to learn how to trade Forex and make money with it. However, there are some conditions that you have to met to become a profitable Forex trader. Without having those conditions you can’t make any money through Forex trading.
Those who ask these questions are from two different groups. Members of the first group already know that forex makes money. What they want to know is that whether “they” will become able to make money through forex trading or not. The short answer to this group is: if others can make money with forex trading, you can do it too. You don’t have to be genius, highly educated or a rocket scientist to make money through forex trading. You just have to be serious and disciplined, both at the beginning that you want to start learning, and also when you have learned and want to keep on trading to make profit consistently.
The second group want to know how much money they can make through forex trading. I mean they know it makes money and they know they will become able to make money with it, but they want to know whether it makes more money compared to other businesses or not. They want to know whether it is worth to spend time on learning forex, or they’d better to spend their valuable time to learn another business that makes more money easier and faster.
To answer this question, let’s see how much money the other jobs makes. Family doctors usually make about $105-140,000 per year after the tax, while they have to study for about 20 years to become a family doctor and have such an income. They have to work at least 8 hours per day, every day. Sometimes they have to work on weekends too.
Average elementary school teachers make $53,000, while lawyers make $130,000, sport coaches make $37,000, janitors make $25,000 and teacher assistants make $25,000 per year.
Now the question is: how much a forex trader can make?
It can be different for different traders, and it depends on several different factors, like trading style, account size and…
Indeed, Forex trading has a big and unlimited potential in making money and increasing your wealth. However, you have to do it the right way, otherwise you can lose a lot of money with it.
Something that you have to consider is that it is very hard to know Forex or stock trading as full time jobs. They are investment opportunities that enable you to increase your wealth. You can make a lot of money with them while you already have a lot of money and you have at least one good source of income, and at the same time, you trade currencies and stocks to increase your wealth. Forex trading is a way to force your money to make more money. It can hardly be used as the only source of income.
Therefore, the answer of this question that “Is It Worth to Become a Forex Trader?” is yes because when you become a profitable Forex trader, you can trade currencies and make profit. However, I don’t recommend it as a full-time job that you spend all of your time and money on it. It is a good investment opportunity but not a good full-time job.
It is worth to become a forex trader, but you have to keep in mind that you can’t make any money through Forex trading when you HAVE TO make money. I mean, if you have no job and income or you have a job, but your income doesn’t suffice, it will be too hard to make any money through Forex trading. The first and most important reason is that you will have a lot of fear to risk your money, and at the same time, you will have a lot of greed to make money. These two emotions, fear and greed, don’t let you think and decide properly. You will make a lot of mistakes and you will lose your money.
On the other hand, when you don’t have enough money, you can’t open a reasonable live account and make a reasonable amount of profit just by taking a small 2-3% risk in each position (trade setup). You will have to open a small account, and then try to grow it by taking big risks. As a result, you will wipe out your account.
To become a profitable Forex trader and investor, first you have to have a good source of income that makes a reasonable amount of money consistently. This income not only covers your life expenses, but leaves a reasonable amount of capital to open a proper live Forex trading account as well.
Then, while you still have your source of income, you learn how to trade Forex, and when you become a profitable Forex trader, you can use a portion of your money to invest in the Forex market to increase your wealth.
This is the best way of making money through Forex trading. It can be wasting of time and money if you follow the other ways.
It is worth to spend time and money to generate a great source of income that makes a lot of money and then use a portion of the money you make to make more money through Forex trading and the other investment opportunities like stock, real estate and… .