Can You Really Trade For A Living?

by : Kelly Price

To succeed and become a currency trader, you don't need to work hard, you need to work smart and have the right mindset. Now, let me tell you a story that will inspire you.

To prove that anyone could learn to trade with the right education and mindset, trading legend Richard Dennis, taught a group of people with no experience to trade in just 14 days. He then gave them trading accounts and they made 100 million dollars in 4 years. So anyone can learn, yet 95% of traders lose their money. This isn't because they can't learn; it's because they don't understand what is needed to succeed. Let's look at our 3 simple steps to becoming a currency trader.

1- Understand Mind is as important as Method
Most traders don't get the right mindset from the start and think someone else can lead them to success but this isn't true. You have to accept responsibility and do it on your own. This means working smart, learning the right information and developing confidence in what you do. You need to know, why you will succeed and have confidence which will give you the discipline, to follow a trading system, even when it losses. This is EXACTLY What Richard Dennis did in his experiment; he taught the pupils why the system worked and didn't just ask them to follow it. He knew they would have to trade through losing periods and they could only do that if they were disciplined.

2- Get a Simple System
Forget about being complicated the simpler a system is the better it's likely to work, as it's more robust, than a complicated one with fewer elements to break. The system Dennis taught, was a simple long term breakout system and this is an excellent choice. We have written on breakout systems frequently, so look up our other articles. All you need is a simple system and the mindset to apply it, with strict money management.


3- Get the Skills to Succeed
The skills you need to succeed in forex trading are very different to the ones you need in many occupations and you need to be aware of them.

- You need to lose cheerfully and stay on course
- You need to isolate yourself from the majority opinion as the majority losses
- You need to make and live by your own rules to survive
- You need to be patient and disciplined at all times and keep your emotions in check.

Forex trading is all about having the right mindset, learning a system is easy applying it is the hard part. You can become a currency trader from home and trade for a living but you must put the effort in to learn from the ground up and then have the mindset to apply your plan. If you can do the above, you could soon be earning a great second income, or even a life changing one in the worlds most exciting and lucrative business.