This is not a straightforward answer as making money in forex will depend on the trader’s experience, trading capital, and risk management.
There are really no limits on how much you can make trading forex, however, most people forget that you can also lose everything in your trading account.
Forex traders and intending forex traders always ask this question; “how much can I make trading forex? Instead of asking this question, you should focus on how much you are willing to risk per trade.
Good risk management will be that you risk between 1-3% per trade so that your account can grow by maximizing profit and cutting losses.
HOW TO TRADE FOREX
To start trading forex, you can download the MT4/MT5 demo version on Xm.com, with the demo version you can learn how to choose a currency pair, Analyze the market and place a trade.
To learn how to trade forex, the top on the list is to learn how to analyze the market and try out everything on demo before going live.
HOW MUCH DO PROFESSIONAL FOREX TRADERS MAKE?
Professional forex traders make up about 1% of traders in the market. Yes they have huge capital but this is not what makes them professionals, they are professionals because they have mastered their emotions when trading also they understand the basic principles of the forex market compared to regular traders.
Professional traders can grow their accounts by 5-15% monthly and this is because they look at the market from a larger time frame.
HOW MUCH CAN I MAKE TRADING FOREX?
To give a straight answer to your question on “how much can I make trading forex” this is it;
A $1000 account can give you $50-$150 per month in profit in conservative trading.
A $500 account can give you $25-$75 per month in profit in conservative trading.
HOW MUCH DOES AN AVERAGE FOREX TRADER MAKE?
It is not really how much they make but how much increase can they get in a month.
An average forex trader can grow their account from 5-15% monthly by applying proper risk management. For an average forex trader to make such an increase, he must first be experienced with the structure of the forex market so that he can make proper decisions with his entries.
RELATED: HOW TO KNOW WHEN A TRADE IS ENDING?
HOW TO MAKE MONEY IN FOREX FAST
Forex is not a get-rich-quick scheme, if you this way about how to make money in forex fast, you will end up losing money fast.
Making money in forex requires time and patience, anyone telling you that you can make money in forex fast just wants what he can get from you.
Yes, you can make money in forex, but not fast, you can grow and become good at it. So take your time to learn the act of trading the forex market.
HOW TO MAKE MONEY IN FOREX WITHOUT ACTUALLY TRADING
If you think that being an active forex trader is not for you, there are alternatives to how to make money in forex without actually trading.
1 Copy trading
2 Become a broker
3 Affiliate Programs
Copy trading is the automatic copying of successful traders. They require no action on your part after setup; copy trading is also called mirror trading.
It is important to note that copy trading requires a bit of research to know the traders to follow, you will have to look at their monthly performance and risk management to make the decision to copy them.
Note that copy trading will require some fee for the services offered to you. The two biggest platforms for copy trading are Zulutrade and Etoro.
BECOME A BROKER
You provide the platform where buyers and sellers meet to trade foreign currencies and you can make money off the spread and other forms in which you can charge for the services you provide.
In other words, the forex broker is the middleman between the buyer/sellers and the market.
Note that becoming a broker requires Huge capital and a long registration process.
This is my favorite on how to make money in forex without actually trading because it requires very little capital.
You can join the affiliate programs of brokers that offer a share of profit to you when people register a live trading account; through you and actively trade on the account.
One way you can make this happen is to create a website that is focused on trading the forex market; there you can share your link when you provide answers to people’s questions regarding forex trading.
HOW DO FOREX TRADERS MAKE MONEY?
Forex traders make money when they place a buy trade at a low market price and sell at a high market price. When the market moves in the direction of the placed trade, they make a profit.
The profit made is the difference between the buy price and the selling price. Brokers make their money from the spread.
RELATED: MT4 OR MT5 FOR BEGINNER
HOW MUCH DO FOREX TRADERS MAKE IN A DAY?
This totally depends on the type of trader and the trading capital, trading every day is for scalpers, it is much better to see it from a monthly perspective; nonetheless, people still make money daily. Traders who trade every day can still make from 1-3% of their accounts.
Note that trading every day is not a recommended way to grow your Forex account.
HOW MUCH CAN YOU MAKE WITH $1000 IN FOREX?
$1000 is a very good trading capital for an experienced retail trader. No trader is the same in the way they trade or analyze the market, that being said, with $1000 for forex trading, traders will get different results as to the profit they can make in a month.
Some traders are aggressive, some are Conservative. Yes, it is true that $1000 can become two or three thousand dollars but the risk will be crazily high and it can also be the way around, losing all your capital. It’s best to go slow and steady.
HOW MUCH MONEY IS TRADED IN FOREX DAILY?
According to the Triennial Central Bank survey, the forex market still remains the largest financial market in the world with approximately 6.6 trillion dollars of daily transactions.
So if you want to know how much money is in the forex market, look at the daily traded volume.
So in a month $1000 can grow to between 5-15%, this is good growth for a conservative trader.