How to Trade Forex for a Living: Best Tips on Trading FX Full Time


I will come to this video date which is

about trading Forex full time trading

Forex for a living now in terms of this

video get started off the short intro

clip from the BBC TV series the office

which I thought was absolutely fantastic

when it came out very funny and had a

kind of serious message it was all about

people in kind of humdrum jobs

nine-to-five wanting to escape and you

have a lot of people who want to get out

of the nine-to-five achieve financial

independence and they see the forex

markets is a great route to achieve the

aim now in terms of trading for extra

living over the years I've seen a huge

amount of traders try and fail miserably

but I've seen a lot of traders who

actually have achieved the aim now what

I want to do is go through what it

really takes in terms of how much money

you need and also the attitude you need

now in terms of this video it's all

about kind of the reality of trading

Forex for a living there's plenty of

videos out there on the subject most of

them in my view a little bit how do I

put it not telling the truth so give the

reality here but in terms of even if you

can't achieve trading Forex

for a living I just want to go through

some tips that will help you increase

your trading balance quickly with low

risk so you can achieve a great second

income so what we'll do is we'll go to a

story board and just go through all

these points in more detail right so

look at trading Forex for a living in

terms of the advice I'm going to give

here it comes from my yeah 30 odd years

of trading and the people that met along

the way who've achieved becoming

full-time forex traders and also lessons

from the ones that haven't achieved the

aim now in terms of a I put an example

fifty thousand dollar account it can be

any amount okay I'm just using this an

example that ballpark

profit potential 50 to 100 percent

now what you need to do is work out how

much money you need in your trading

account against your profit potential to

cover your overhead okay so let's say

you do have a fifty thousand the county

could be any amount you wish but if

you've used the same kind of criteria to

work out if it's enough um let's say

your profit potential you're pretty

confident in your trading strategy it

could make let's say fifty percent per

annum about 50 to 100 percent per annum

as a kind of ballpark figure in terms of

just to explain I've seen traders do

that consistently over the years okay I

think some traders do more than that

okay it's individual how much profit you

can make with your strategy I'll come

back to this point in a moment but you

have you to make 50 100 percent you're

doing really well okay up they were the

best now let's say about 50,000 I make

50% pretty confident that that's 25,000

a year is that enough

well if your student living at home it

could be if you're married life kids

mortgage etc is probably not enough you

got to start with enough money okay

si need to basically do that kind of

calculation profit potential overhead

against your trading account now you

might be saying well what is my profit

potential this leads me on to my next

point yeah a lot of people write to us

and say yeah I want to trade full-time

for a living how much money do I need

how much money can I make

well it's individual listening if you

haven't traded you don't know you know

you can't trade for a living

straightaway you need experience meet

the experience to know your strategies

edge have confidence in it know how much

money you can make within your arm risk

reward parameter as it comes from

experience so you're probably gonna need

a year or two at least before you can

make the step up to trading for a living



in terms of yep let's say been training

part-time and we had to psyche

ministration you're pretty confident you

make fifty percent yeah the pressure

increases when you come to full time

trading yeah when you train part-time

you got other income etc the pressure is

still there isn't it you know just like

a logically forex is a tough game comes

even tougher when you step up to trading

for a living because your only income

and the fatal error I've seen over the

years of people coming in to trade Forex

full time they've been successful part

time is they want to try too hard yeah

what they really want to do and they

decide they should work at it it's

totally the wrong thing to do you should

do the same when you trade full-time as

you do part-time forex trading isn't not

about making a lot of effort it's about

making money

and yeah if you come into the forex

markets and then you start to try too

hard you can be hopping in there the

markets taking low odds trades etc

discipline will break down you've got to

restrain yourself from doing that okay

and another thing that comes into play

when traders come into the markets trade

full-time is they want a regular monthly

income okay

so yeah a few thousand a month to cover

their overhead and whatever it might be

you can't make a regular month-to-month

income this is not a nine-to-five

profession okay what you're gonna keep

in mind is that profits and losses in

any forex trading strategy gonna be

randomly distribute it and that doesn't

matter if your swing trader long-term

trend follow whatever strategy you use

you can have good periods you have bad

periods and you do not know how they're

gonna fall okay now we're gonna return

to this point it's very important just

in just a moment just won't go through

drawdown to profit and some advice from

Paul Tudor Jones from the true grape

traders then he said yo he likes to aim

for an annualized gain of 3 times the

amount of his maximum drawdown so let's

say it's 90% the annual profit target

the drawdown is likely at some point to

be 30% from pig okay and you'll find

that three to one is pretty common

amongst really yet great traders you are

going to get a big drawdown at some

point and how long is that drawdown

gonna last

well from my experience and yeah if you

read up on I mean a great traders say

the same you are can encounter drawdown

periods a three months at some point

okay or periods of three months where

you're not really making much you know

just minuscule profits so losses or

minuscule profits now you've got a ride

out three months okay now it's better

than three months you don't know when

it's going to come it's better it comes

off you've been yet trading for a living

for a while isn't it you have a profit

cushion okay because you're building up

your equity but what happens if it comes

as soon as you start trading I think if

you're not prepared for it to happen

when you start trading it's probably

gonna happen so you want to be prepared

so in addition to the money in your

trading account you need to reserve of

at least three months okay

in terms of pannier overhead without any

income from your Forex account and I've

actually say make it six months okay

because thank you see the cushion it

will help you remain disciplined focused

and patience yeah what you do not want

to do when you're trading full-time is

feel compelled to do things and try and

make money when you know the

opportunities are not really there okay

you want to be able to stick to the

strategy that worked part-time and

really focus on maintaining discipline

focus but whatever I just said focus

tonight but you know what I mean so I

would say yeah be prepared for the worst

it may not happen okay but being

prepared now in terms of yeah when

you're trading for a living it's that

constant mental battle yeah so when you


I put traders for example

we trade for a living okay they want to

be in contact with me for one reason

only okay

they don't me to tell them about their

strategy or whatever they just want me

to supervise them so they don't do

anything stupid

so if they do I completed after them

look you're trading rather kind of

aggressively when you don't need to

you're taking too many trades or

whatever it might be okay but yeah I've

been trading full-time it's a different

kind of pressures of trading part-time

now in terms of the next point some

they're related to building up to trade

full-time okay but also related to

training FX reliving as well or some of

the points are now terms of point a it's

a psychological benefits of regular

pains now I now traitor

he's got 15,000 he wants 30,000 to trade

for a living so he wants to get to that

level maybe a young fella okay

he's decided to pay into his account

monthly 1200 from his salary to get his

account up as well as his trading

profits it's great idea because yeah it

makes it easier to ride out the periods

of draw downs you've put in regular

money in you know got a strategy with

age it's gonna prevail longer term

you're confident that it will and also

you're psychologically getting closer to

your goal of being a full-time trainer

and yeah he's doing this needs finding

it's working really well I can see that

in the performance decent performance so

hoping that you know he achieves his aim

I think the idea of regular paying this

is great idea if you're really serious

about forex trading you really want to

do it then why not don't commit yourself

totally I mean you know he's given up a

lot to put that money in per month I

thought I think's great idea anyway

right moving on going for the home run

with a krishna profits this relates to

trading Forex for a living as well as

trading Forex part time let's say that

yeah you're aiming for could be any

amount like I said 50% per annum

suddenly you're up 70% and you've had a

really good run then what you say is a

fantastic opportunity in the market now

I must stress it has to be a really

fantastic opportunity one you got deep

in a conviction about you know you just

feel that this is the trait but why not

take the extra amount you've made so

let's say you've made a 70% okay it's

20% above what you were hoping to make

risk it on a high conviction trait but

worst you can end up back where you were


best you can actually really push your

account equity forward I've seen people

do these big hits ya very much comes

from the George Soros Stanley

Druckenmiller kind of philosophy of

trading if you've got a good amount of

money you see a great trade go for the

jugular okay I've seen people risk oh

yeah ten percent that they made extra

make yeah thirty or forty percent more

even bigger gains than that yeah a

hundred percent plus on around thirty

that sort of gain on the extra capital

so you can we push yourself forward what

I would say is do not do that just

because you made extra money you must be

a high conviction trade if that makes

kind of sense right moving on to the

next point

it's the biggest advantage of forex

trading but hardly any Forex trader

thinks about its compound price it's a

fantastic advantage I know up stress

this in other videos but money makes

money the great thing about forex

trading if you're doing it as a serious

business as your account grows your

overhead does not increase neither does

your work ethic you still do the same

things but with more money and also I

think it focuses you on the longer term

because you think about it I've just

done the example here 10k if you were to

make a hundred percent per annum on that

amount after ten years you have 1.5


that's a big amount of money and yet

there is the old saying don't get rich

quickly get rich slowly

well it's wise advice you never want to

go too quick but if you keep compound

growth in mind yeah what a wonderful

advantage yeah other businesses when

yeah we're starting to make more money

you have to take on stock staff for the

rest of it bigger premises forex trading

no you just do the same things as he did

when he had a smaller amount of money so

money makes money over time okay

you've got to maintain motivation focus

and discipline I think forex trading

it's a lonely profession isn't it yeah

you are on your own it's only you and

we've got a same motivated and yeah

really focused and disciplined at all

times we know the psychological traps

are there yeah where traders just one

lapse of discipline and then suddenly

yeah its ends in disaster no one who

watches me regularly would be surprised

to learn that I think the best way to do

it is to constantly motivate yourself

with books okay read up on great traders

you know how they did it read up on

psychology you know self-improvement

book self-help books whatever always

trying you know focus on yes you can do

it but I think everyone needs that

motivation and to maintain that focus

and discipline yep anyone who says to me

that maintaining focus and discipline as

easy as never traded Forex

yes constant battle yeah there's always

that psychological battle again isn't

there so that's what I would recommend

my experience people ask me very often

do I trade Forex for a living um I don't

trade Forex by itself purely for a

living okay obviously I do trade but I

teach which everyone I'm sure knows and

I run two other totally unrelated


which just completely different to Forex

yeah I suppose for me yeah I like to

trade it it's income you've got other

income streams yeah for me yeah I do

like doing other things what's written

can be quite lonely if you just do it

yeah there's a sole income of course you

can use that income to do other things

that kind of makes sense people often

ask me my profit potential yeah how much

do I make my aim is to make 30 percent

per annum and I'd get happy with that

that's my performance in relation to

yeah my risk profile and everything to

do with me now I know

traders evening off taught we do better

than me okay we're all different I kind

of quite conservative may be a sign of

age but yeah I do love it I do like you

know what forex trading can help you do

outside of forex I mean I love teaching

because I love reading and talking about

psychologies I'm sure everyone knows and

I like just trying other businesses even

if they kind of fail okay I've had some

failures and some that being successful

but for me life all about experience are

all different on me but I think in terms

of trading Forex for a living

yes it's possible and if you're really

serious about doing it you'll know your

chances probably already okay I think

yeah can't think of anything else to add

I think I've covered all the points I

need to what I'm gonna do very quickly

now is I'm gonna finish up with a clip

the very first clip I saw from the first

episode of the office with David Brent

making someone's dreams come true okay

now a lot of people in forex say they're

gonna make your dreams come true easily

trade for a living so simple easy it's

not simple les it's simple it's not easy

it's teetle yeah you'll know deep down

if it's for you

so I'm just gonna finish up this very

quick quick little David Brent and it's

lovely office

just find the ricky gervais amusing I

really like the underlying kind of

message from the TV show as well about

people in dead-end jobs trying to escape

I think we can all do that if we want us

enough of me talking thank you very much

watching me yes but we who she'll take

care and have a good day I don't give

she jobs if a good man comes to me and

says thank you David for the opportunity

and continued support in the

work-related arena but I've done that I

want to better myself I want to move on

then I can make that dream come true to


for you the point is you talk the talk

you're not walk the walk vis a vie you

have not yet passed your forklift

drivers test the man who gives the jobs

in the warehouse is a personal friend of

mine alright I know the man for the job


so what becomes of you my love

when may up - tripped you out