Potential Benefits of Day Trading:
You can be your own boss — If you dislike working for someone else and want to be your own boss, Forex day trading is an option for you.
Financial independence — Day trading can be a good way to earn additional income for dedicated, savvy traders. With good knowledge of the Forex market and its strategies, taking the right moves at the right time with informed decisions, you might become very wealthy.
A flexible schedule — It’s not everyone’s favourite thing to commute to work. Trading can be done virtually anywhere, which can be a tremendous advantage for a modern-day lifestyle.
The thrill of the chase — Sadly, most people do not enjoy their jobs. As you improve at Forex day trading, your life will become more exciting and can be a worthwhile adventure.
Useful skill — Since Forex day trading is a part of your daily routine, it will give you a boost to be more focused, psychologically stable, and capable of making better decisions.
Risks involved in Forex Day Trading:
Possibility of losing money — As you know, Forex day trading is a risky adventure and when someone gambles with it, they have a higher chance of going into bankruptcy. Being well educated and staying up to date with economic developments is thus important in order to succeed.
Hefty time investment — Many beginners and part-time traders believe that Forex day trading is an easy way to make money and spend less time studying. The truth is, if you are serious about day trading, you will have to spend a lot of time studying. You will probably have to sacrifice other things in your life to do so.
It’s HARD — If you choose forex day trading as your trading style, you have to be prepared since It’s going to be a long road with many lessons learned and failures. To succeed, you have to be passionate about it.
It can be an emotional rollercoaster — You’ll experience many highs and lows as you strive to achieve success in Forex day trading. You have to get in the habit of managing your emotions well in order to avoid making bad decisions.
Inconsistent salary — You will experience vast fluctuations in your earnings. One day you may earn $3,000 and the next day you may get $2,000. Your earnings won’t be steady. On top of that, you won’t get paid if you take the day off work.
Forex traders who make a living from trading have developed over time and increased their accounts to a level that will sustain their income. If you want to make Forex day trading a full-time career, start with a reasonable capital amount, keep up with market updates, plan a schedule that won’t overwhelm you, and take responsibility for your decisions.
How much capital is required to start Forex day trading？
Forex trading is the most accessible financial market for many individuals who day trade since the initial investment is relatively modest. There is no ideal capital to get started with Forex day trading since it is very individualistic and differs from one type of trader to another.
If you want to start your Forex day trading right away, you can begin with a $100 trading capital, which will allow you to earn a reasonable amount of income for the time you spend trading. Thanks to the leverage, traders can efficiently start Forex day trading on a small capital.
By using a leverage of 1:100 for instance, every $1 you invest is worth $100, and with your $1000 margin, you can open $100,000 lots. For example, if the EUR/USD rate moves up 100 pips from 1.1100 to 1.1200 and you had invested $1000, you would have made $10 on that trade. But, with leverage, your $10 profit will be magnified to $1000 instead.
Here’s a step-by-step guide on How to Trade Forex with $100 in your account.
Keeping your starting capital in line with your goals should be your first step. Aside from your trading style, your broker’s minimum deposit requirement, your level of experience, and your level of risk exposure are other factors to consider. Nonetheless, you should never risk more than what you can afford to lose.
Aximtrade enables traders with providing a set of forex accounts. The first step for trading is to open forex account which can start with as low as $1 deposit. Therefore, it is considered a good start with low risk to start your trading journey.
How to start Forex Day trading？
Getting Forex day trading is like entering a battle — you have to be prepared and ready if you want to win. As Sun Tzu said, “Every battle is won or lost before it is ever fought.” If you feel ready and are keen to start your Forex day trading journey, follow the quickfire steps outlined below.
Here are the simple steps to open forex trading account with a reliable Forex broker. It is up to you whether to start with a real trading account or practice risk-free with virtual funds on our demo account.
What your trading account, capital, and strategy are, it is important to study the forex market and become familiar with fundamental analysis basics.
Improve your understanding of technical analysis by studying the price chart and technical indicators.
Follow a strict risk management plan to safeguard your capital.
AximTrade provides a variety of trading options tailored to each individual in the Forex market. Traders using AximTrade have the freedom to choose between multiple account types based on their trading strategy, experience, and capital designed for investment. The account types include a Standard account, CENT account, ECN account, Infinite Leverage account, and a Demo account.
Forex traders can take advantage of one of the best leverage levels in the Forex market when they open a Forex account with AximTrade. The leverage levels range from 1:1000, 1:2000, 1:3000, and up to Infinite leverage. Investors can also enjoy a competitive forex bonus on all account types with a minimum deposit starting from $1.
Original Article: Forex Day Trading For A Living: An Ultimate Guide
Disclaimer: This post is from Aximdaily and it is considered a marketing publication and does not constitute investment advice or research. Its content represents the general views of our editors and does not consider individual readers personal circumstances, investment experience, or current financial situation.
