Three ways to make money as a forex trader - forex trading after news

Three ways to make money as a forex trader ~ forex trading after news

Successful forex trading that turns the making of money online into your sole income generator can widen the opportunities through which forex traders can make money online. Any person with a track record of trading forex successfully can make extra money from a number of avenues whether online or elsewhere. Below is a look at how you can make extra income through the trading of forex online.

1.      You could get hired if you have a proven track record as a forex trader

Anybody with a nice track record as a trader of the forex market has the opportunity of getting hired to trade forex for major institutions such as banks or other financial institutions or even to trade forex on other people’s forex accounts. This possibility works best for those who can make profits through forex with a small capital start up. It certainly shows that they can make more when given a great forex capital investment. To succeed in the trading of forex with a small portfolio means that such a person must have traded using a demo account for a while and has mastered his trading edge and the forex market conditions that determine price movements. The main reason why most forex traders run micro forex accounts is because they are cash strapped. If any trader can move his micro forex trading account to a forex mini account, then such a trader must be considered a success story in the forex market. This is because it is widely accepted that it is so difficult to operate a  forex account with a small portfolio and the odds are normally stark up against those traders operating micro forex accounts in their quest for success.

As a trader operating a micro forex account, you should be disciplined enough before you can successfully see a breakthrough and have major gains in your forex trading account. The discipline may actually lead you into more success because people may even want you to trade for them in which case you will make more money as a forex trader. Whereas you should aim at increasing the size of your own forex account through personal online forex trading so as to make you risk averse, you should also remain disciplined in your trading of the forex market because it is through discipline that your skill can be tracked and you will be able to attract suitors in the process. Armateur traders unable to find success in the markets may contact you to trade for them and you might be able to cash in on commissions from every winning trade.

2.      Forex traders can provide paid up forex tutorials as a way of making extra money

If you believe you are skilled enough as a successful forex trader, your aim should be to teach others how to trade the forex market and double up your portfolio. This you can do after payment of an agreed fee. Conducting forex tutorials  is however not an easy thing to do. Matters are complicated when the student lacks the passion to learn the concepts of  forex trading but would at the same time want to find quick success trading forex online. The bare truth about  forex trading is that it can be learnt for free through the use of the freely available information online. But some newbies are either too lazy to search through the web, or they do not trust the materials they read. Because they can trust you, you should cash in on that and act as a tutor or guide in their attempt to understand more about forex trading. After all, you did a lot of reading yourself before you could make money as a successful trader of the forex market.

3.      You can make money online by trading forex for your own account benefit

The third way through which successful forex traders can make money is by simply trading for their own benefit. Simply maintain a sizable forex account and execute your trades. This is the avenue that most forex traders are using to make money. As a successful forex trader with a large portfolio, the trading of forex is enough to sustain a livelihood.

Now we all know that successful forex trading does not imply having winner trades in a row or never losing in the forex market. Successful forex traders also understand that we might actually have more loser trades but still be profitable and make money in our trading of the forex market. We also know that successful forex trading is not a matter of luck and that hard work is needed before profits can come your way. If you have been successful at making money through forex, why not consider one of the above ways through which you can earn extra income either directly or indirectly in the forex trading business. Who knows, you could simply manage to kill three birds with one stone.

You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 
Call us today on 0725 050 419 for the best forex trading orientation.

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Can I become a full time forex trader - forex news trading auto click

Can I become a full time forex trader ~ forex news trading auto click

The allure of becoming a successful full time onlineforex trader is irresistible for most Kenyans hoping to make money online. The picture of a successful full time online forex trader is so clear and rosy in the mind of every Kenyan beginning to trade forex. The Kenyan beginning online forex trading is fired up by the fact that the online forex business is a 24/7 affair. The belief of becoming a successful full time online forex trader among Kenyans is further entrenched by the fact that online forex trading is a self employment affair with no boss to be accountable to. There is no risk of being fired late one evening. Kenyan online forex traders are also attracted to full time forex trading because online forex trading can easily be done from the comfort of a home- there is no requirement for an office set up as long as the Kenyan forex trader can access internet services. Sounds sweet not so?

That image of a successful full time online forex trader in Kenya is however distorted and to a larger extent unrealistic. The dangers of turning yourself into a full time forex trader should be assessed by every Kenyan wishing to make money online through the sole business of successfully trading forex. The dangers of becoming a full time forex trader far outweigh the advantages that will be derived by any Kenyan in the process. It is not recommended to quit your daily job simply because you want to be a full time forex trader from Kenya.

Below is a summary of the reasons as to why engaging in full time forex trading is not ideal for any Kenyan hoping to make money by successfully trading forex online. Get your live trading account after reading this.

·         Full time forex traders end up as victims of overtrading

To survive in the online forex market, you must learn to undertrade. Undertrading implies taking only the best forex setups when executing a trade to make money online. Now the best forex set ups don’t show up daily unless you are trading the lower timeframes, in which case you will be a victim of mere trading setups that reveal little about the mood of the market.

Every Kenyan trading the online forex successfully and making money is either trading the daily charts or the 4 hour forex charts. If you are trading the daily charts then you’ll most likely execute your trade between 12am and 1 am Kenyan time. That is late in the night. So why then would any Kenyan want to become a full time forex trader? Full time forex trading is associated with trading the lower timeframes which derail your success in online forex trading in the long run. Trading the lower time frames such as the 1 hour chart or below is generally referred to as scalping- a situation where you enter a forex trade with a few pips hoping to exit in a few minutes. Forex traders engaged in this form of trading generally trade the news.

Full time forex trading will turn every Kenyan aspiring to make money online into a bitter loser because there is a high emotional attachment to forex trades taken off the lower time frames in online forex trading. Every Kenyan’s attempt at making money online through successful forex trading can hit a rock due to overtrading. And one of the major causes of overtrading is the desire to be referred to as a full time online forex trader.

·         The best Kenyan times to trade forex successfully don’t require one to be a full time forex trader

In the article What are the best Kenyan times to trade in the online forex market?, we noted the best times to successfully trade forex in both the 4 hour and daily forex charts. In the 4 hour forex chart it was stressed that 11am, 3pm and 8pm are effectively the best Kenyan times to execute a trade in the online forex market and trade successfully. On the daily forex charts, 1am Kenyan time was stressed as the best time to execute a forex trade at the close of the New York charts. We however stressed on the advantage of entering trades only between 4pm and 8pm Kenyan time when the New York and London sessions overlap.

This emanates from the need for high volatility for the currency pair you are trading in the online forex market. The need for high volatility for a currency pair is essential for every Kenyan that targets successful forex trading and making money online in the process. Becoming a full time online forex trader implies ignoring these essential hours for executing a forex trade and the likely outcome is disappointment with the online forex market.

What will the full time online forex trader in Kenya do then at the period when only the Asian Session is open? Subject his hard earned cash to the dangers of low volatility just to be called a full time trader?

The Asian session overlaps with the London session at 12pm Kenyan time and that could be the only time for you to successfully trade the yen, which is the dominant Asian currency and which is not as volatile as the dollar, euro or pound that could be successfully traded in the London and New York sessions overlap. So why not keep your day job and learn that successful forex trading comes about even by being a part time forex trader. Every Kenyan wants to earn double and there is really no reason why you should not earn from your current job and the forex market at the same time.

Success in the forex market comes by treating the market with contempt. Ignore the market when volatility is low by doing other needful things. Don’t get trapped into the urge of becoming a fulltime forex trader in Kenya simply because the phrase “full time” sounds good.

This should not be interpreted to mean that there are no full time forex traders in Kenya. There are actually Kenyans who do nothing but trade forex and make money online. These however are the exception few that have mastered the art of online forex trading and know exactly what to expect after each month. They can afford to pay their rent by only trading forex no matter the number of their losing trades per month. They are never surprised by their winning trades, neither are they surprised by their losing trades in the forex market.

In conclusion, be sincere to yourself before arriving and settling at the fact that you can actually be a successful full time online forex trader in Kenya. What you should know is that you can actually trade forex successfully by only looking at the forex market once a day and executing the trade if your edge is present. You will infact discover that the lesser the trades you take, the more money you make in online forex trading. I see no need for you to become a full time online forex trader in Kenya.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 
Call us today on 0725 050 419 for the best forex trading orientation.

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