Can You Trade Forex for A Living?

It is possible to make a regular income out of forex trading. To do so, however, means putting a substantial amount of capital on the market, and trading it regularly.

Forex trading has one great advantage: Many brokers do not charge commission.

The cost of a trade is taken out in the spread, and, once a trade becomes profitable, the payment to the broker is already made. Apart from a small annual fee, it is thus possible to limit actual costs of trading. 

The Best Forex Brokers + Trading Platforms

Rating Bonus Description Minimum Deposit Regulation Visit
5
No deposit
£20
+ Up to £6000 on deposits
  • No commissions and low spreads
  • Advanced trading tools
  • Minimal account fees

€100

FCA,

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Plus500 Review
5
No Deposit
£25
+Deposit Bonus
  • Free forex signals + market research
  • Online education and webinars
  • Fee free withdrawals and deposits

$5

CySEC

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XM Review
5
  • The leading Social Trading platform with 4.5m traders
  • Follow other traders or be a leader
  • Personal service and VIP perks

$200

FCA,

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eToro Review
Risk Warning: Your capital is at risk
4.5
  • Stylish & Powerful Platform
  • Trade Bitcoin + 12 Other Top Cryptocurrencies
  • Plus Forex, Options, Stocks & ETF Trading

$10

IQ

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IQOption Review
Risk Warning: Your capital is at risk
4.5
Sign Up Bonus
$25
+50% Deposit Bonus (ex-EU only)
  • Free Guaranteed Stop Loss
  • Segregated funds at top tier banks
  • Fixed spreads & negative balance protection

$100

ASIC

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Easy Markets Review
4.5
Deposit Bonus
10%
+ Cash rebates on trades
  • World class trading platform
  • Expert market analysis
  • FCA Regulated and traded on the LSE

0

FSA

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LCG (London Capital Group) Review
4.5
Up to
50%
Deposit Bonus
  • Trusted, regulated broker with 10 yrs experience
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  • Segregated accounts with leading banks

$100

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AVATrade Review
4
  • Choice of two professional trading platforms – TraderPro and MT4
  • Free trading course for deposits over £1,000
  • Choice of Forex, CFDs, Spread Betting and Cryptocurrencies

€100

FCA

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ETX Capital Review
4
No deposit
$123
+100% on every deposit
  • Split second execution
  • No requotes
  • Range of accounts

$5

IFSC

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FBS Markets. Review
3.5
No Deposit Up To
$100
+55% Deposit Bonus
  • 'Asia's top broker'
  • Wide choice of leverage options

$1

RAFMM

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InstaForex Review
3.5
Up to
50%
Deposit Bonus
  • Instant fund withdrawals - no commissions
  • Tight spreads from 0.1 points
  • Unlimited leverage

-

FDR (

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EXNESS (NZ) Ltd. Review
3.5
Super Charged
100%
Deposit Bonus
  • 8 Trading Platforms
  • Spreads from 0.1 Pips
  • $0 fees on deposits

$5

FSC

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HF Markets Ltd. (HotForex) Review
3
Up to
100%
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  • Trusted by 100,000s of traders
  • Fully licensed in the EU by CySec
  • Tight spreads and fast withdrawals

$100

FSC

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FXPrimus Review
3
  • Tight spreads without commissions
  • Advanced charting tools

$100

CySec

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Markets.com Review

However, forex is not a get-rich-quick investment. It is, on the contrary, a demanding and time-intensive form of trading. The forex market is unforgiving: As seasoned forex traders often say: ‘Always remember, the market will hurt you if it you give it the opportunity.

To make a living at trading forex, you must learn to understand how the market works, gain serious experience at trading, and learn an in-depth proven strategy. If you are willing to spend the time to do this, and you are prepared to spend at least five to seven hours a day trading, then it is possible to make a living at the game.

Becoming a consistently profitable trader requires serious discipline, but it can be done and there are a happy few who achieve this.

Most forex traders anticipate earning 10-15 percent per month on their capital. In order to do this, however, you must make a fairly substantial initial investment. It is possible to begin trading with as little as $500, but you cannot really follow the movements of the market with so little invested. 

Normally, one should start with a minimum of US$10,000, or the equivalent. It is possible to begin with as little as US$5,000, or the equivalent, but it is a painful start.

Having a reasonable amount to work with allows you to avoid having to risk too much on any one trade. But you need to have enough money at your disposal to take a large enough position on a trade to make a reasonable amount of money.

Don’t quit your day job right away! Focus on building a consistently profitable track record and self-confidence and the money will follow. Forex trading is about consistency and security.

Good trading will lead to expanded trading. Good trading takes place one trade at a time. Trade the short-term – 15-minutes, an hour, the daily charts. Look for well-defined positions; take the advantage; clear out fast. The full-time trader is, above all, a trader who manages risk.

 
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Risk Warning

Your capital is at risk. Trading in Forex and Contracts for Difference (CFDs) is highly speculative and involves a significant risk of loss.  The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. This website is provided for informational purposes only and in no way constitutes financial advice. A featured listing does not constitute a recommendation or endorsement.

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