Before we begin, let me say that trading Forex carries a high level of risk and may not be suitable for all investors, please try and understand your risk appetite before jumping into the Forex Market. In this article, I am going to share with you some tips on how to start forex trading and make sustainable income in 2023.
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As an Investor and a trader with over 11 years experience in the Forex and stock market, I have experienced both side of the coins and I must confess, the reason most people run away from Forex is because they did not have the right orientation before deciding to risk their money away in the market.
If you think of forex as a get rich quick scheme, please this article is not for you, but if you want to make sustainable income from the Forex Market in the long term, then stick around, let’s dig in and look at how to start forex trading and make sustainable income in 2023.
How to Start Forex Trading and Make Sustainable Income in 2023.
3 things that are very valuable in your journey as a Forex Trader
Here are the 3 basic things you need to be successful in the Forex Market:
- Good broker
If you want to be a successful forex trader, please don’t start with Forex Signal, account management or expert advisor; get the knowledge first. If you can learn price action; understand candlestick pattern; can interpret market structure; can perfectly spot supply and demand zones; then you will be able to predict price movement. There are many free platforms you can explore online, if you are a complete beginner, I suggest baby Pips. Once you get the basic knowledge, you can advance to the next stage by exploring some specific topics on YouTube; topics like:
- Demand and Supply in Forex
- Price action trading
- Understanding Forex Market Structure
- Candlestick pattern, etc.,
Adding stuffs like Expert advisor can just be a little part of your trading plan; that you can set it up and risk at least 10% of your capital when you don’t feel like trading; but Expert advisor should not replace your brain, personally I don’t use expert advisor and I don’t plan to use it, but I have many friend who are currently gambling with it.
A Good Broker
Your success in the market apart from your knowledge depends on your choice of broker. I am currently using Deriv; because they are obviously one of the best forex broker in the World. Their leverage is the best in the market and they have pairs that you can trade 24hour a day, 7 days a week giving you the leverage and the opportunity to factor in your trading plans in the evening when you are back from the office or during weekends when you are resting from work.
They are other great brokers out there, but be sure to look at the leverage, available pairs, track records, deposit and withdrawal options (very important) and their review before opening your account with them.
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Don’t let anyone deceive you, equity matters in Forex trading. If you have a good equity, a good trading plan and a good risk management strategy you will enjoy the forex market. Funding and trading with $10 with the hope of making millions in a month is just like throwing in your money into a big river. Don’t get me wrong, you can start forex with $10 and grow to over $1000 in a month, but It needs disciple and consistency.
What I always advise my mentee, especially if they are using a broker like Deriv, is to fund their account with $10 -$20 dollars or monthly when they have spare cash, and start trading once they have acquire the knowledge, develop their trading plan and have a good equity.
Early this year, one of my mentee started trading Boom and Crash after growing her capital to $400; with a fixed lot size of 0.25, she is making $50 daily, her monthly target is $1500. You can start now to make plans for your trading journey.
Tips that will help you in the Forex Market
The Following tips are based on my experience of over 11 years in the Forex market, so if you are looking for how to start forex trading and make sustainable income in 2022, please consider the following:
- Develop a trading plan and strategy: You can’t survive long in the market, if all you do it wake up, scroll through chart, and place trades without any plans and direction. If you fall into this category, please think about developing a trading plan for yourself. Your trading plan should answer questions like your trading pairs (for the love of God, pick just two or three pairs, don’t trade everything), lot size, equity, daily profit/drawdown limit, when to trade, risk management strategy, etc.,
- Use your demo account to experiment new strategies: Avoid the mistakes of testing new strategies on your real account, that experimentation was purely meant for your demo account. Test and experiment all your strategies there then adjust what needs to be adjusted before proceeding to your real account.
- Run away from Forex Youtube billionaire who claimed to have 99% working strategy; trust me, they do not, they are just looking for people to scam.
- Follow the money by trading only opportunities that are in line with your trading and be sure to manage your risk effectively. Personally, I don’t place trade without Stop Loss and Take profit, this is so because they can be a market structure violation or a news item that can change the direction of the trend drastically.
Read also: How to Trade Synthetic Indices using the Smart Money Forex Concept
2 thoughts on “How to Start Forex Trading and Make Sustainable Income in 2023”
Hello Warren, I’m Kofi Molley.
i will be extremely grateful to be your mentee in trading forex.
I began trading VIX 75 earlier this year after a friend introduced me. I lost all my savings i invested, i believe not having the necessary knowledge and requirements contributed to my loss.
i still have interest in trading and hopeful you can be of help.
You gambled my friend.
Start again with a new mindset.
Instead looking for profits, look for daily % increase or weekly targets like 3-10% daily it’s ok.
You can start with 10 bucks!