So you were dealing with confusing trade indicators and trying to understand the different news items and what they all mean. Suddenly you are hit with a brain wave: “If I take 10 pips out of the market every day and keep achieving a 100% win rate, then it’s easy to make money with Forex!” It all sounds very simple and simple in theory, but is such a system really viable? Unfortunately, it’s not that simple, but at the end of this article you know how to make real money in Forex.
The problem with such a simple trading system
It is a common myth in Forex that you need a high profit rate to achieve a permanent Forex trading income. Forex robot marketers are very good at playing the fantasy of a high winning percentage system, and often advertise 90% or even 95% profit percentages in their advertising material.
The truth is that you don’t need a high rate of profit in the long run to make money in Forex. In fact, the more profitable Forex trading systems usually have a profit rate of just 40-60%.
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Another feature of profitable Forex trading systems is that they often have much larger profits than losses. That is how they make up for a lower percentage of profit.
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It really makes no sense to trade for small profits because you need as much profit as possible to pay for the inevitable losses that you will encounter. If you limit your profit to 10 pips a day, you will sooner or later encounter a loss of 50 pip or even 100 pip and you will wipe out profit for weeks.
How to earn real money in Forex
It is clear that there is no loss-free Forex robot, so forget 100% profit and 10 pips a day. That is a formula for failure and disappointment in your trade.
If you do not do well in your trade and you lack a proven, profitable Forex trading system to earn a consistent Forex trading income for you, then you can make the best use of someone else’s experience in the markets. That means identifying a profitable system through research and due diligence. It takes time to find one, but it is definitely worth it.
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The key to making money in Forex is to have a proven, profitable Forex trading system and apply a solid money management strategy to create a lasting Forex trading income.
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So don’t waste your time chasing after impossibly high profit rates or small profits, because your time is spent much better on trading with a proven, profitable system.