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

The introduction of IvyBot – commercially available automated forex trading system programs is one of the reasons why forex or foreign exchange trading has become more and more popular over the last few years. The idea of making money on autopilot appeals to just about everybody.

Add to this the fact that brokers are now allowing new traders to start with just a few hundred dollars in an account, and just about everyone has the necessary home computer and broadband connection these days, and it is easy to see why forex trading is attracting a growing number of home traders.

For someone new to the world of forex trading, there are two main issues that you must address if you want to make money with forex autopilot software. First, you must understand that the robot does not come with any guarantee that you will make money. The only guarantee the retailers will ever give you would be a refund on the price you paid for the software. Currency trading is a risky business and even with a robot, you could still lose money, either because the market is going through a patch where its system does not work or because you committed more of your funds than you should to one trade.

The second issue is that they can take a while to set up. Sure they work on autopilot once you have them connected, but they do not come and install themselves on your computer. You have to download them, install the platform that they run on, install the program itself and link everything up. Of course you get the instructions which are usually clear, and you can also contact support if you need to. But setting up the robots can take a little time and some people do not have the patience to see it through.

So you need to be prepared to spend a little time on getting them set up correctly. You also need to think about money management and take this seriously. The system will not work if you are constantly tweaking your settings. The best thing is to use a demo account (which usually comes free of charge) until you are familiar with everything and making consistent profits.

Forex robots certainly have some advantages over the human trader. They can monitor the currency markets 24 hours a day, and since the currency markets are active 24 hours a day this is a big bonus. Also, they are perfectly disciplined. They will never close a trade early because they got scared, or hang on to a trade when they should have exited because they were hoping for a few more dollars.

So provided you take account of the above points and have the patience to set up your robot correctly and test it, you could find that running an automated forex trading system on your home computer brings enormous benefits.

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

IvyBot Robot