21 Question What Every Forex Trader Still Wants To Know

by Jun 17, 2021Forex Truth

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All Forex traders have the questions about making money on the Forex market. Is it to solve some of the problems or just to make money to make their life easier and happier.

Deep down in each trader there is a desire to answer some of or all of these questions:

  1. How Long Before Going From Demo to Live
  2. How to be Profitable Part-Time Trader With 9 to 5 Job
  3. Beginner Trading Mistake – Stop Doing in Order to Succeed in Forex
  4. What is the Best Starting Capital in Forex Trading
  5. Can I Get Rich in Forex With $100 Dollars
  6. Do I Need 1,000 Pips to Get Rich
  7. The Best Way to Stay Consistent
  8. Why do Forex Traders Fail? The Root Cause?
  9. How to Succeed in Forex Trading When so Many Fail
  10. What Really Turned My Trading Around
  11. Is Forex a Scam
  12. Is Forex Gambling
  13. Does Anyone Really Make Money on Forex
  14. Is it Possible to Earn a Lot of Money on Forex
  15. Realistic Monthly Returns for a Forex Trader
  16. How Much Does the Average Forex Trader Make
  17. How Much Money do You Need to Begin Trading for a Living
  18. What do I Need to do to Build Wealth in Forex Trading
  19. If You Don’t Have a Mentor You are Wasting Your Time
  20. What Annoys You Most in Forex
  21. Holy Grail System

Get the Answers

You should read this post to get the answers on the above questions. I will try to give you the best answer on the questions so you leave this blog satisfied.

Through this post I will lay down foundation on each question listed above and then you can open the post that explains the question in more details.

Each post on the open question will be written to give you Forex truth and the best real experience I have experienced myself and which I have collected from other traders.

You should make a note from each post when you find yourself described. That way you can fill out your personal map and to filter the main questions or problems you have right now.

If you want to solve some of the problems as a Forex trader you could find it hard to accomplish. But if you want to be successful you need to give your best to overcome those problems.

Fail and do not Give up

Maybe you will fail at the start but dot not give up because there were many others who have gone through the same road where you are right now. You should strive to become better.

Eventually, through time, you will see what your flaws are, what you can improve and what you have improved by reading these posts and use that in your favor.

I can say from my personal experience that I have become better in some areas, like seeing my personal flaws in planning, researching, controlling my self.

I think this will help you also to find the best path to become successful Forex trader.

Read more: Learn Forex Trading – Be Better Trader

1. How Long Before Going From Demo to Live

Demo trading have its purpose and you should do your best to practice on demo account before going to live account. The purpose is to teach you basics about Forex trading.

The basics about Forex trading consists of learning what is Forex, what do you do on Forex and how to use the tools you need for trading.

After the basics you must learn next level where you need to know what tools you have to trade and how to combine them. By combining the tools you are setting the road for a trading strategy.

The Goal

The final goal of demo trading is to get the trading strategy that is profitable. To get the profitable strategy you need to understand the basics, how to the market works and how to test that strategy.

Any strategy you create on the demo account must be verified on all possible aspects which you will encounter on live account. Most things you can test on the demo account and that is why it is so important to stay longer on the demo before going live.

After the trading strategy is finished on the demo as an output you should have strategy written on a paper with certain steps. Those steps should be written so you do not skip anything from the idea which order to open and all the way when you will close that order.

There should not be anything open in the air without writing down on the paper because you will not remember.

The Time Needed

I have written several steps that must be done before you go from demo to live. Each that step require certain time and each trader is individual.

Meaning, you maybe need more time than some other trader. Or you need less time than some other trader.

But any trader that is serious about trading should take at least 3-6 months before thinking going live. This time will depend on the free time you have to devote to learning how to trade.

If you are slow pace learner you might need a year or more. Take your time and learn all what is needed.

Now take a look in more depth analysis how much time you need to move from demo to live account.

Follow the link where I will explain all the above steps in more depth so you are prepared. I will show you what trading strategy you should have when you are building your own trading strategy.

Read more: How Long to Demo Trade Before Going to Live Account

2. How to be Profitable Part-Time Trader With 9 to 5 Job

This is one of the main reasons why trader start to trade on the Forex market. Well, among all other reasons where trader wants to be rich by trading, this reason is among top three.

And it is not so easy to give a straight answer because in Forex trading there are a lot of things that the trader must have to succeed as a trader. It is not only a money he can invest and earn a lot by trading.

I will point out few of them and you can find the rest of them on the link below.

Points to Have

  1. Money
    1. You need to invest money to earn money. Similar as having a business where you as owner must to invest to get the money. Invest in tools, people, parts, space and the rest that is needed to run the business
  2. Time
    1. To trade on the Forex market you need time devoted to market analysis. You cannot just come to the trading platform and open the charts and open an order
  3. Trading strategy
    1. Trading strategy will give you the steps when and how to open order. Without trading strategy you cannot succeed as a trader on the Forex market
  4. Patience
    1. You have to be patient or you will not succeed. You will lose all of your money you invest on the trading account because of greed. Greed will force you to earn a lot in a short time. To avoid that be patient and wait for correct signal

As you can see there are some points you need to have to be profitable with daily job. It is not problem to make that happen.

Be Persistent

To make that happen you need to be persistent. The willpower that force you to learn new things, to earn more money aside, to make money that will free you later on from your daily job, is the thing you need to have.

Without the willpower you will not make it.

After some time you will focus less and less on the trading because you are busy with you daily job and routine. Eventually you will close the chapter – Trading on the Forex.

There is a path to success and how to find the willpower, or at least a help how to succeed on Forex as a Forex trader with daily job.

Follow this link and I will show you what is there that can help you to be profitable with daily 09-17 job.

Read more: How to be Profitable Part-Time Trader With 9 to 5 Job

3. Beginner Trading Mistake – Stop Doing in Order to Succeed in Forex

Beginners in Forex have several things that they do and I will tell you what is that so you can succeed. It is not easy because there are some restrictions and maybe something will not suit you.

As a beginner you do not have any knowledge. That is why you are called a beginner. You need to increase that knowledge so you understand what you read, practice on trading platform and what you see that other traders do.

The knowledge is the key and it was always in all sphere of our lives. You should never start trading without proper knowledge.

What is a proper knowledge you should have?

Before starting trading you need to have guidelines how to trade. That is called trading strategy which should tell you how to trade. Also, it should tell you how to manage the money you have invested so you do not lose all at once.

Trading Account

To invest money you need to have a trading account. To have a trading account you need to have a broker.

Finding a broker is not so easy task because you can find a lot brokers which are scam and that will take you money. As a newbie you will not watch to much which broker is which and will it take you your money.

When opening account with broker you need to know which account to use, which leverage to select. Newbies makes mistake when using the highest leverage broker can give them. That is the thing you should avoid also because you want to earn money not to lose it.

And finally, newbies should have realistic expectations from trading on the Forex market. They should have a realistic goal that will give them return on their investment. Newbies usually wants a lot of money right away when they enter trading.

Take a look into eight beginner trading mistakes you should avoid doing in order to succeed in Forex trading.

Read more: Beginner Trading Mistake – Stop Doing in Order to Succeed in Forex

4. What is the Best Starting Capital in Forex Trading

For any beginner I would say that the best starting capital in Forex trading is around $100 if you want to test trading strategy.

It is small amount which you can lose without making a problem to your daily life expenses.

Please take last sentence with reserve because some traders on the Forex have low monthly salaries where $100 is decent amount.

Many traders enter into Forex because they want to increase the money they have. They want to have better life and Forex trading is one way to make that happen.

Small investment at the beginning is the best because you will learn how to trade with real money. Real money will give you experience which you cannot get on demo account.

That experience will show you what kind of person you are. It will tell you can you be profitable on live account or you struggle to get even. Many new emotional characteristics will reveal what affects you in your trading.

If you want to invest more at the beginning be prepared that you will lose all of it. If you are lucky you will not lose all at once or maybe you will even earn something.

There are few scenarios that gives more insight which initial starting capital you should have. I have made examples with numbers to show you what benefit you have with larger starting capital.

Read more: How Much Money do You Need to Start Forex Trading

5. Can I Get Rich in Forex With $100 Dollars

Short answer is yes. You can get rich with only $100.

Maybe that looks tempting, funny, unrealistic, but it is real. There are examples where traders with low investment have earned a lot. I have seen some traders that with $50-$100 go to $1,000 in a week. But they also lose that in one day.

To become rich with that small amount of money you need to have the right skill and knowledge how to do it. Some traders are very good in trading and they have correct signals where they earn lots of money.

Even though $100 is small amount of money you must start with small lot size and increase it as you increase the balance. To multiply small amount you must spent time to get to a larger balance.

With larger balance you can open larger lot size where each pip move will bring you more money. When the balance increase even more the goal to reach large amount of money becomes very realistic.

It is easier to increase $10,000 to $20,000 than $100 to $200. And I mean only in terms of time. In terms of trading it is difficult in any case because you need to know how to trade profitably.

You can find more information on the link below about the things that are needed to increase $100 to make you rich by trading Forex.

Read more: Can I Get Rich by Forex Trading With $100 Dollars

6. Do I Need 1,000 Pips to Get Rich

You can get rich with less than 1,000 pips and there is a math behind that. To make yourself rich you need to find a proper trading plan and risk management plan.

The plan will say to you what you need to do and when in order to double your account each year. By doubling your account each year you can imagine what you can earn by trading on the Forex market.

1,000 pips are not so huge amount of pips if you know how much the pip is worth. If the pips is worth $0.10 they you can calculate how much you will earn. The pip value is defined by the trading strategy and the risk management plan.

1,000 pips x $0.10 = $100

$100 would not make you rich if you hunt for $1,000 000 dollars. But if you change the value of a pip to $10.00 then you would get something different.

1,000 pips x $10.00 = $10,000

$10,000 is quite decent amount of money but you can even earn more with those 1,000 pips. With compounding effect each year you would earn a lot.

Take a look what would look like if you earn 6-7% per each month and using the compounding effect.

Read more: Do I Need 1000 Pips to Get Rich

7. The Best Way to Stay Consistent

Not so easy to stay consistent Forex trader in the market where the money can be taken in a second but also lost in a second. The market where trading signals lure you to trade on every website you visit.

Consistent Forex trader fights against bad trading signals, against scam people who wants to take the money from his pocket. He follows same trading routine each day and night and search how to be even better.

Consistent Forex trader is the trader that consistently take the money from the market. If you are consistent Forex trader then each month is profitable and your trading account balance rises steadily.

You can plan that each month you will have some amount of money on your trading account because your trades are more profitable than not. The risk management plan you have defines risk to reward ratio.

You follow your trading strategy that protects you from over-trading. The trading strategy demands from you to:

  • follow your trading plan
  • make an analysis of each possible trade
  • define when to enter and when to exit from the trade
  • protect yourself from over-trading
  • record your trades

It is not only necessary to open a trade. There is more to it and I have prepared all the steps you should take to become one consistent Forex trader.

Now read more about all necessary things you should do to become consistent and to take the money from the market.

Read more: How to Stay Consistent Forex Trader

8. Why do Forex Traders Fail? The Root Cause?

Many traders fail to be profitable and the most of the time they lose the money. There are certain things that all traders repeat all the time.

Those steps that they repeat makes them bad traders. There is a list of the possible problems and at least one of the problems from the list is causing you not being profitable.

If you start solving one problem after another you will eventually start trading with the profit.

It is not easy because it takes time and commitment. You need to improve trading skills and stop doing the wrong things.

Read the list I have made for you to see what you need to stop doing if you are doing something from the list. It will help you improve your trading skills.

Each problem will describe the situation in real trading I have also experienced which means you could find yourself in it.

Read more: Why Forex Traders Fail? The Root Cause?

9. How to Succeed in Forex Trading When so Many Fail

To be successful trader you must to adopt to new surrounding and by that I mean you need to change yourself. You need to be patient, skilled, talented, strong enough to control emotions and greed.

To be successful Forex Trader you need to define what that means. In Forex you can be successful in more than one area.

You can be successful Forex trader if you reach certain percentage of profit by each month. Maybe certain amount of pips per day or a week will make you successful Forex trader.

Successful Forex trader is:

  • Trader that have a trading plan.
    • Trading plan guide the trader in the right direction when there are fluctuations on the market which could make harm to a trader
  • Trader with risk management plan.
    • The trader knows how much he will lose on the trade if the trade is losing one.
    • He knows how much will earn if trade is profitable.
    • He have stop loss and take profit level and he does need to watch the trade all the time.
  • Trader with patience, discipline, knowledge, controlled emotions, skilled
  • Trader that does not hunt for quick money but with financial goals on the monthly and yearly basis

Check what else you need to have to be successful Forex trader.

Read more: How to Be Successful Forex Trader When so Many Fail

10. What Really Turned My Trading Around

There were times when I feel like giving up and sometimes I have give up for few months and returned back to trading. I did not know does the trading can give me money or trading is useless where you only lose the money.

There was conclusion that the only thing that has changed was the experience I had acquired through time. I saw the trading with different eyes and I have confirmed what I was reading on the Internet from others.

Here are my findings and what do I think that you need to change if you want to see better results.

Read more: What Really Turned My Trading Around

11. Is Forex a Scam

Forex trading is simple but not easy. It requires certain skills you can get but through time.

When you enter into something with unrealistic expectations you could get unrealistic result. That is the case with many traders on the Forex market.

They are searching for get rich quick solution and they end up with get scammed quick.

The reason why Forex is very often called scam is because people lose all the money. They lose it by trading or scammer really took the money from them.

Where is the money there are scammers. Forex is the largest market where over 5 billions is turned daily.

That information lure many scammers to offer you various services just to trick you and take the money from you.

Be Careful

If you are not careful, like in any area of your life, you can be scammed or tricked. You need to invest your time to investigate before trying anything that involves your money.

Trading on the Forex is not a scam and many traders can prove that. Many traders are living from trading but they are professionals who knows what to do to avoid being scammed.

There are ways how you can prevent being scammed. You need to invest your time to learn and to check before investing anything.

How to spot Forex scam, how to avoid Forex scam?

Read more on the link below. I am sharing FREE PDF with check list you can use to prevent being scammed.

Read more: Is Trading Forex a Scam – Lost All Your Money?

12. Is Forex Gambling

When you enter into Forex looking to be a Forex trader be careful because Forex can become addiction like gambling. It can suck you in and took all the money from your pockets.

Forex trading can give you a lot of money in a short period of time. Similar like casino.

But Forex trading must be considered as a business where you need to invest time and money. By investing in yourself through learning and practicing you will gain experience which is crucial in trading.

If you cannot afford to lose some time and money to learn then it is better not to enter into Forex trading. Maybe it is better to put the money into other investments.

Demo Test

At the beginning you need to start with demo account. Demo account will give you introduction how to use the tools on the trading platform. Through demo trading you will understand the trading concept.

On the demo account you will be able to open account with large balance. That balance is defined by you at the account opening together with the leverage you will use.

The one problem demo account have is that it cannot give you real example of trading with your emotions. You can open large trade where you earn millions with one trade. That way your ego will explode where you will think that you can repeat same results on the live account.

Then you turn to live account with real money and repeat the same steps and lose all what you have. You start gambling with your money looking for fast and huge profit.

How to avoid this problem?

Read more: Is Forex Trading Gambling? Is Trading Pure Luck

13. Does Anyone Really Make Money on Forex

Yes, there is someone who make money by trading Forex. And you would be surprised how many of them and how much money.

What you need to have like they have so you can also make money by trading Forex?

You need to change yourself in a way that you will be patient, disciplined, resistant to emotions. You will need to learn a lot if you do not know how to trade, acquire the right skills for trading.

Basic step to really make money by trading Forex is to know how to and when to open and close the order.

Trading plan is the plan that consist of steps and rules, or checklist, that defines when to enter into trade and when to exit from the trade. The rules are there to help you not to enter into trade with wrong signal.

Imagine having $100,000 as initial balance and if you are hunting for 1% – 5% on each trade that will be $1,000 – $5,000. And that amount is really nice in a period of a day, a week or a month. That period depends on you and your trading strategy.

If they are profitable and they really make money by trading Forex, day trading or swing trading, the questions is how much they make?

Read more: Does Anyone Really Make Money by Trading Forex

14. Is it Possible to Earn a Lot of Money on Forex

Earning a lot of money by trading on Forex is possible and requires certain steps from you to take to get on the right track.

Those steps requires that you define what is a lot of money for you. Is that on monthly basis $1,000 or more. When you define this step you will know what is necessary to do as a next step.

When you learn how to be trader and be positive in your trading you can set your expectation on any level you want.

How to set up expectations and be a trader I have listed in the post under the link below. Expectations should define how much money you want to earn by week or a month. And that is different from trader to trader.

Read more: Is it Possible to Earn a Lot of Money on Forex

15. Realistic Monthly Returns for a Forex Trader

Your main goal with Forex trading is to make money. Make as much is possible and as fast is possible.

The ultimate goal is to leave daily job and only to trade on the Forex market.

Information about income they show as a percentage, 1%, 6%, 15%, 120% per month. What you want to see is the $$$ and not percentage. You need clean information in currency in which you receive your salary.

The income you make by trading Forex depends on many things. But I will not go into that direction but I will try to give you some examples how much you can expect from trading.

One important thing to remember is that everything depends on your initial account balance. The success and the results of trading Forex heavily depends on the account balance.

Read more: Realistic Monthly Return for a Forex Trader

16. How Much Does the Average Forex Trader Make

Average Forex Trader make around 1% up to several 100% of trading account balance. When you convert that into money as a deposit currency that is $1 up to several thousands dollars.

The amount of money depends on the account balance. If you have more money deposited for trading you can make more.

The time period in which average Forex trader calculates his earning can be divided into three periods.

Each time period can give different income amount and it can give similar income amount.

Open the next link and read further which three time periods you can have as periods in which you can make money and how much money.

Read more: How Much Does the Average Forex Trader Make

17. How Much Money do You Need to Begin Trading for a Living

It is possible to make Forex trading for a living. How much money you need to begin is a good question.

It is not easy but it is hard. Learning how to trade takes time and patience.

Define your goals for trading for a living. The goal defined will make the road with necessary steps you need to take.

You need to build your knowledge and experience by trading and trading. Learning from your mistakes you have made during trading is one of the best steps to improve trading results.

Not having enough money is why most traders cannot make trading for a living.

Read more: Forex Trading for a Living – How Much Money do You Need

18. What do I Need to do to Build Wealth in Forex Trading

To build wealth in Forex trading there is only one way.

But, to get there, knowing how to be successful takes time, patience, discipline, consistency, emotion control, strategy, risk management.

Will you invest more time and trade steadily for longer period and build wealth or you will invest a lot of money and shorten the way to build wealth?

If you decide to invest your time to build wealth by trading Forex be prepared to invest years.

Or you can maybe find a mentor who will sped up the process and help you to build wealthy by trading Forex.

Read more: What do I Need to do to Build Wealth by Trading Forex

19. If You Don’t Have a Mentor You are Wasting Your Time

Trading Mentor is one great tool you can acquire while learning how to trade on the Forex market.

The decision which trading mentor to select is up to you. But you can easily make the decision which one suits you better at the time you are in the Forex market.

I have made comparison how much days would you need to learn trading Forex on your own and how much time you would need with trading mentor.

The results shows that trading mentor is 7x times faster than learning on your own. Also, there are benefits you get with trading mentor professional experience.

Read more detailed post I have wrote for you so you can see how to find trading mentor, how to select the best one and how much time you would spent on learning with or without trading mentor.

Read more: You Don’t Have a Trading Mentor? You are Wasting Your Time!

20. What Annoys You Most in Forex

I have made the list of most annoying things in Forex that can happen to you.

It is a list with things that you will for sure encounter while trading Forex or you already have experienced them.

Some of them are less annoying and some of them are real pain in the ass.

Here are some of them:

  • Waiting for the Trade to Hit Take Profit and Suddenly Reverse and Hit Your Stop Loss
  • When You Have to go Somewhere Instead of Staying and Trading
  • When You Still Keep Looking at Lower Time Frames
  • Perfectly Thought Out Trades Turn Out to be Losers

On the link below you can see rest of the list with most annoying things in Forex.

Read more: 11 Things in Forex That Annoys You Most

21. Holy Grail System

You are reading all over the Internet about Holy Grail trading strategy but no one tells you any. They all say they are also looking for it but did not find one or they say they have one.

Holy Grail trading strategy is the system where you cannot make bad decision. All trades you open are wining trades.

This means you are buying on the low peak and selling at the high peak of the market. And this is something all traders are seeking but cannot predict 100% when it will happen and where is that spot.

There is no Holy Grail trading strategy because no trading strategy can give you 100% win rate without having losing trade.

Why?

Read more: Holy Grail Trading Strategy in Forex

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“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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