So what is a professional currency trader and how do you get to be one if you are just trading currency part time right now? This is the big question for most forex traders because just about everyone who is involved in the forex market has the dream of being able to support themselves and their families from their trading some day.

A professional currency trader could also be described as a full time forex trader but the words ‘full time’ give the impression of working 9 to 5 which is not really what it is all about. The point is to become financially free and enjoy what you do at the same time. If you continue trading consistently and successfully, you could go on to become rich.

There are two things that you need if you want to turn professional with currency trading.

1. A Simple But Profitable System

Successful traders don’t hop from one strategy to another. They develop a successful forex trading system, often by tweaking an existing system that they got from somebody else, and then they stick with it.

Usually this is a surprisingly simple system. It’s not something complex that requires insider knowledge of the financial markets or a genius mind for math. It’s the kind of system that you are probably applying right now.

The difference is that they know from experience that their system is profitable so they can apply it all of the time in a disciplined way. They trade when the signals are right and not when they are not. There may be a month when they make no money. That’s OK. They don’t panic. They know it will even out in the long term.

2. Money

It takes money to make money. The old cliche is just as true in forex trading as in any other type of investment. If you have a mini trading account with $1000 in it, you are not going to be able to turn professional tomorrow. It just is not possible to make enough money to live on from $1000 capital because that would mean turning a 300% to 500% profit a month. Get real.

What you can do, of course, is slowly build up your capital. If you can make 10% or even a conservative 5% growth per month, then you can get there in a few years. 10% growth per month, consistently for 4 years, gets you up close to the $100,000 mark where real money is made. Until that time of course you cannot withdraw any of your funds so you must have another source of income.

If your system gives you 5% growth it will take you twice as long but you are probably less likely to crash and burn in the process. However, if you start with $10,000 you can do it in half the time.

Remember to keep a low risk per trade: don’t take big risks to try to make more money. The really big traders keep their risk down to around 1% of funds or even less. When you have hundreds of thousands of dollars in your account, you want to make darn sure you don’t lose it all.

And that, in fact, is probably the biggest secret to becoming a professional currency trader: protect your capital.

There are many Forex trading systems on the market. The most frequently used is

IvyBot

Currency day trading strategies are becoming more and more popular among both beginners and established forex traders. These strategies, similar to scalping, can be a way of making quick profits on the forex market.

In case you do not already know, there are trillions of dollars worth of currencies exchanged on the forex markets around the world every day. Traders make money by buying a currency whose value they think will rise, or selling one whose value they think will fall, always by exchanging one currency for another. After all there is no way to buy currency other than with a different currency!

The majority of traders probably take a long term position where they identify an emerging trend in price movements, open an order and then wait several days, weeks or even occasionally months before they consider that the trend is about to turn and they can close out at a profit.

Day trading, as you might guess, is very different. It involves opening and closing a trade within one day, and in fact most day traders or scalpers will close a trade in less than an hour, often just a few minutes. They go for ‘little and often’, frequent trades for a small profit each time.

Forex trading is always risky and this strategy is perhaps more risky than most. However, it has advantages for some traders. Some people like to see results fast and do not have the patience to wait out a long term trend. Others can only trade at certain times because of other commitments, and do not like to leave a trade open for the long hours that they cannot be online. Some just enjoy the rush of the successful scalper, sneaking in and out with his profits while others are still hesitating over their charts.

There are certain factors that you need to have in place in order to be successful with currency day trading.

1. As always, you will need a profitable system. Use a demo account to check that it works for you in practice before you try it out for real.

2. You need the right currency trading broker. Some brokers do not like scalpers and will close you down, especially if you make a lot of money. Check the forums and ask for recommendations from other successful day traders.

3. You need to be familiar with your charting tools and able to use them quickly. Having an analytical mind will help. Again if you are new to forex trading or changing to a new platform, you will need to work in demo mode for a while to master this.

4. You must be free of distractions during your trading time. You may only be online for a few hours each day but it must be uninterrupted time. Lock your door if necessary, close your email and switch off the cellphone.

5. You will need a cool head and a very clear trading plan. The day trader who hesitates or panics is lost.

Currency trading is a risky business and the short time scale of day trading makes it more risky than many other methods. Self discipline and complete confidence in your system are vital if you want to be successful in currency day trading.

There are also Automated Currency Day Trading software on the market. The most frequently used is

Fap Turbo – Automated Currency Trading Software