How to become full time forex trader (simple)

How To Become A Full Time Forex Trader (SIMPLE GUIDE) Thu, Jul 13, 2023 3:31 PM 06:06 Hey guys, my name is Dean and welcome to my channel. So today I'm gonna be talking about how to become a full time Forex trader in five minutes.So all it takes is for you to sit down and watch this video and in five minutes, I'm going to teach you how to become a full time Forex trader. So before this video starts, I just want to mention this video is sponsored by Eagle Effects. Eagle Effects is a Forex broker that allows you to have a leverage of 1 to 500 a minimum deposit of $10. They also allow you to trade 55 currencies, 11 indices and 32 crypto currencies.As you can see, they've been featured on a few articles and if we go down, you can see they offer 24 7 support 24 7 trading and also same day withdrawals, they allow you to deposit via Bitcoin Visa and mastercard and also wire transfer.

And they also allow you to withdraw via Bitcoin coin base paypal or Prepaid mastercard. They also don't charge for their deposits or withdrawals. You can also open a demo account. So yeah, check them out, try out see if it's for you.And yeah, I'm gonna leave the links in the description. So how does one go from not knowing anything about trading to making consistent amount of returns? Well, number one tip that I have is to develop a trading strategy that has an edge. OK. So what that means is that you go on the charts and you have a system, a trade system that tells you when to enter, when to exit, when not to trade, when that set up appears. For example, I have a strategy called the 20% strategy.And it's only taught to my VIP members as I don't want to discuss it out there to the public, but it's a strategy that I made, I made it and it's mine and I've not seen it anywhere. And that's what I recommend.

I recommend meant developing a trading strategy that has an edge. So don't be trading, just the support and resistance, right? Don't be trading like everyone else, maybe combine that support and resistance method with something else. So you have an edge.If you want to learn how to make your own trading strategy, then what I recommend is you back test and go, go back in time to learn different patterns to identify different setups. And by back testing, it allows you to identify different patterns for you to create something that has an edge. So yeah, your trading career depends on your ability to have a strategy that has an edge. Number two is to master risk management.If you're trying to be this forex trader that travels, that has other businesses, successful businesses and makes a ton of money from trading and other businesses or maybe just trading, then you have to master risk management.

You don't want to be that person that risks 50% of an account per trade. Don't be this person. What I recommend is risking one to 2% per trade that gives you peace of mind that gives you safety.Like when you're risking 1 to 2% you can do anything you want and not be bothered by a loss. Ok? So yeah, don't be risking 50% 30% 40% or anything more than I would say 5% depending on your strategy, but usually 1 to 2% is ok. And that's one of the secrets to becoming a full time forex trader. And yeah, moving on to number three and number three have a realistic starting capital. So many traders want to flip and account from $10 into 1000. Ok? I mean you can go for that.But if you're trying to become a full time forex trader, you want to have a realistic starting capital. What can you start with that? You can afford to lose? Now, things have changed. There's so many options to getting funded um which I will make a video about, but I would recommend if you don't have that much money, then follow.Rule number one and rule number two, open a demo account, develop your strategy, develop your risk management and then look for ways to get funded. But to have this mindset of open an account from $10 to $1000 is just shooting yourself in the foot. You want to be realistic, you want to be smart about it. You don't want to be, you know, dreaming about flipping accounts and rule number four, repeat, repeat, repeat, have a strategy, good risk management and a starting capital that's realistic. And then what you do is just repeat.

Number one, number two trade, the same set ups have the same risk and keep doing it over and over and over again. If you do these two things, number one and number two over and over again, I promise the consistency is going to be there.So yeah, that's it for this video. Someone asked me to make this video on Instagram. So yeah, I just thought, you know, why not just explain how to become a full time forex trader. So I hope this video helped and if it helped smash the like button, subscribe and I'll see you on my next video. Peace.