Trading For A Monthly Income -Is This Even Possible?
I come from a different school of thinking when it comes to Forex trading. I am often told that my personality and authenticity does not really fit the Forex trading society (whatever that means). Anyone can apply for the USD debit cards, but not everyone can actually get a chance to use the cards. Ooh! the cards are used for withdrawals, but unfortunately not everyone who trades actually gets to withdraw the money. For many traders these cards will only decorate their wallets and they will never get a chance to use them. This can be changed though, you can change it. You first need to decide if you want to trade for fun (not sure if anyone does) or if you want to trade to actually earn some extra income consistently. If you happen to have one of these cards, just refuse to have a debit card that does not serve its purpose. OK before I loose track, let me get straight to the important message.
Some few questions that you have to ask yourself before you can talk about trading for a monthly income
- How much do you want to earn per week from your trading?
- How much money are you willing to invest?
- How much work are you willing to put in to make sure that you achieve your goal?
- Do you have a plan and are you willing to follow it?
Your earning potential is in line with your start up capital (fact). This post is not about earning an income from recruiting others to join Forex trading (which is the latest trend), from promoting brokers or from fees charged for teaching. This post is all about earning an income from your actual trading account. Let us be realistic now, trading is not easy. I know everyone is painting such a beautiful picture about it but that is not the case. It requires commitment and self-control.
Trading for a monthly income is not something that happens after a week of learning how to trade. You first have to learn how to trade. Then start practicing on your demo account until you feel that you are ready to invest. No matter how long you can practice on your demo account, your first day on a live account will still feel like the first time you saw a trading platform, it will still feel as if you have never placed a trade before in your entire life. Now imagine if you are expecting to withdraw some money in your first month, what do you think will happen? Of course you will just add pressure to yourself and your trading performance will definitely be affected. I see this happening month after month with my mentees.
When I write blog posts, I always make sure that I write about things that I have personally experienced and not just researched information. Looking back at the time when I first started with my trading, imagine if I did not have any support structure or income. Learning how to trade may not be a struggle. The real struggle begins when you start trading your real money. The challenge is to make money consistently that you can keep and eventually be able to take it home. You need experience for that and experience cannot be purchased. Each one for their own experience.
An experienced trader does not get as nervous as someone who just got started. A newbie is likely to panic more and close trades prematurely. A new live trader is likely to get excited and get carried away by what everyone is trading around them. A new live trader is also likely to feel over-confident which sometimes works against him/her. Making a mistake is something that a newbie is likely to do, for instance a mistake of placing a 0.50 Lot size or 5.00 Lot size instead of 0.05 (I have been through this). So you see, you have to leave a room for all these and it takes time to master. Once you become a master, there is no turning back you can now talk about making an income. For now , work on yourself because it won’t just happen. For me, it happened after 3 years of trading and there is absolutely no turning back now. Fight for experience and start earning an income from trading so that even if all these platforms that offer bonuses or high commissions go under (because that is going to happen sooner or later) and you cannot earn money from recruiting anymore, you may still survive. The companies that offer different benefits may come and go, but your knowledge of the markets and your experience will stay with you forever. Thank you for stopping by and and taking your valuable time to read this post.