Have you seen ads on the internet about making $1,000’s in 5 minutes in the Forex market? You might have disregarded them as a scam and you were right to do so. If John Smith sees a guru online, opens a trading account and thinks he can make thousands a day by tomorrow with someone’s signals he’s wrong. However making $1,000 in 5 minutes is not only possible but achievable with enough work and the right knowledge. Using leveraged accounts and being able to day trade in the Forex market has given me the ability to make income with no ceiling and is scalable! So how can you do it? How long does it take? What knowledge and skills are necessary? These questions will be answered next!

What knowledge & skills are necessary?

To start your trading journey learn the lingo used by traders, this is essential to being able to read articles and learn from teachers. Focus on risk management! This is key to success, most traders jump in and want to start making big bucks so will risk ridiculous percentages of their capital on individual trades. If you are swing trading, stick to around 2% risk and focus on trades with a 3:1 risk reward ratio. This will ensure that even while you are wrong more than 50% of the time you will still be profitable. Learn from others, find courses to take, buy books, and spend money on 1v1 training. Investing in yourself is the best investment, increasing your knowledge is even more important than practicing trading. If you don’t know how the institutions think and how to anticipate price movement, all the practice in the world could do very little towards making you profitable. Last but not least, become disciplined.Trade technically (not emotionally), put work in everyday (be consistent), and don’t trade just to trade (wait for the right price setup). If you do these things it’s only a matter of time before you become a profitable trader.

How long does it take? Getting Started with Trading

Becoming a great trader isn’t something that can be quantified. Every person is different and no journey is the same. I always recommend people starting to trade on the side while still working their day job. There are strategies like swing trading which can be implemented which don’t require sitting in front of your computer all day. If you do research in the evenings and weekends, then set buy limits, stop losses, and take profits, trades can even be executed throughout the week without you looking at your app.

Before you actually start trading, find a good course or two, spend 40 hours listening and learning. Then set up a trading account with $100 in it. Demo accounts with fake money can be great, but I’ve found that unless we put a little skin in the game people don’t treat it as seriously. After a couple months of practice and tweaking your strategy you should be ready for the next step, a real test of your strategy!

When you think you’ve got it down and you have enough knowledge and skill to make a living trading it’s time to set up a demo account. It will take at least $10,000 ($20,000 recommended) in your trading account in my opinion for a trader to quit their job and trade full time. So when you set up your demo account start it with this amount (Or whatever amount equals the capital you will be able to trade with).

Spend 60 days trading this demo account as if your life depended on it! If your strategy holds up and you make money then you are ready to go live and become a trader! If not, hit the drawing boards and come up with another strategy. If you really want this to be your career and you work hard, in as little as 6 months to a year you can change your financial career and then your life!