There's no doubt about it, if you are trading Forex it's to either supplement your income or to become a Full time trader to escape your job.
Either is achievable, but in order to pull it off you must be smart about managing your finances.
Here's what I mean...
1. If just starting out, build your account up faster by reinvesting your profits. When you start winning, don't just pull money out, wait. Ride the waive up to a healthy profit. Use money management to grow quicker.
2. Once you have grown your account, withdraw a nice amount, but make sure you still have ample funds available to continue building up more funds for trading. Take your withdrawn money and place it in a safe bank account and make sure you always put away some funds as cushion and then put some aside for spending.
3. Always spend carefully, don't over spend. And save money for backup. People make the mistake all to often of hoping to take $x dollars out a day, or a week. It's just not realistic or smart to think like that. You don't get compound interest when you do that. And more importantly not everyday is a good day to trade.
Consider yourself a business owner.
A smart business owner saves money for the slow months, they have a cushion.
Start working on your cushion, and
you will be on your way to becoming an independent full time trader.
And if you haven't had a chance to get your copy of REV Trader PRO you should do that ASAP.
Everyday you aren't running REV Trader PRO you miss out on the opportunity for profits and gains.Don't be left behind..
Either is achievable, but in order to pull it off you must be smart about managing your finances.
Here's what I mean...
1. If just starting out, build your account up faster by reinvesting your profits. When you start winning, don't just pull money out, wait. Ride the waive up to a healthy profit. Use money management to grow quicker.
2. Once you have grown your account, withdraw a nice amount, but make sure you still have ample funds available to continue building up more funds for trading. Take your withdrawn money and place it in a safe bank account and make sure you always put away some funds as cushion and then put some aside for spending.
3. Always spend carefully, don't over spend. And save money for backup. People make the mistake all to often of hoping to take $x dollars out a day, or a week. It's just not realistic or smart to think like that. You don't get compound interest when you do that. And more importantly not everyday is a good day to trade.
Consider yourself a business owner.
A smart business owner saves money for the slow months, they have a cushion.
Start working on your cushion, and
you will be on your way to becoming an independent full time trader.
And if you haven't had a chance to get your copy of REV Trader PRO you should do that ASAP.
Everyday you aren't running REV Trader PRO you miss out on the opportunity for profits and gains.Don't be left behind..
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