Can I make money trading Forex?

2025.12.10 2019.12.18 Can I make money trading Forex?

Artem Parshinhttps://www.litefinance.org/blog/authors/artem-parshin/

This is likely to be the most intriguing and popular question any beginner trader asks. Can I make money on the Forex market? 

To save your time and not keep you intrigued, I will say right away, you can! And you obviously should! But what should you do to make real money in Forex? This is what this article deals with. The first part of the article deals with the real examples of successful forex traders to find out the keys to their success. Next, I will explain what you should do to become a successful trader and make real money foreign exchange market. And, finally, I will reveal what you shouldn’t do to avoid the common mistakes all beginner traders make. 

Can I really make money with Forex? 

As I have already written, you can earn money on the Forex market. But we have a number of outstanding examples of really successful people, such as George Soros, Warren Buffett and his teacher Benjamin Graham, and many more quite famous names. All these people began their careers on the stock exchange having an initial capital that is no more than we do. 

Many of you will say that these people are geniuses and not everyone is able to follow the path that they have gone along. But this is not so.

In terms of mental abilities, they are not much different from others. There is only one very important difference - determination. Anyone can say that they are people of character and determination, but this will not be the truth. Yes, we may think that we are determined, but in fact, we are all willing to give up almost any business when we begin to face somehow strong difficulties. And there are only a few of us who, no matter what obstacles they face, will go further and make their way. Such people will become those Buffetts and Soroses. But what about the rest? They are not given the determination by nature? They are. 

But we are also lazy by nature. But for laziness, all of us will always achieve what we want. But in our usual life, we are too lazy to do anything to achieve what we want, we are reluctant to read books, study. But, in fact, money is everywhere in the modern world, we are just too lazy to stretch our hands out and take up the money. 

Those who managed to overcome themselves have become successful and made their fortunes on those who are lazy. And what is even more important is that they share their knowledge, they openly speak about the key points of their success. How many times in his rare interviews, Warren Buffett focused on the fact that he could have earned much more if at certain times he was not too lazy to spend time and study the financial report of a potentially profitable company. But whoever paid attention to this fact except him? None. It is because everyone tried to hear only how much Buffett earned.

If you have read that far in the article, you are already overcoming your laziness and you are about to stretch your hand out and take up your money. In addition to super successful people you read above, there are just ordinary successful people who haven’t yet achieved that much, but, based on their determination, they are going to achieve their ambitious goals in the future. And, what is most important, the achievements of such people can motivate you to set you first and quite attainable goals. I mean ordinary traders who have taken the first and the most important step, they have become sure that it is possible to make profits from Forex trading. Yes, it is clear that it is not enough just to be sure, but still, it is more than nothing. 

Any forex broker provides its clients with an opportunity to become successful, and to fulfill this task, they are constantly upgrading the content, designing different apps that facilitate trading. Well, let us study the LiteFinance trading platform. 

First, let’s see the Copy section to find out what traders are operating on this platform and study in detail the secret of success of one of these traders, a common trader, just like you are. The page of this platform is above; it presents the personal record cards of the individual traders, common traders, just like you are, with a single difference, they have already achieved their local success! 

Let us see the trader’s personal record card in more detail: 

1. The funds managed by the trader are specified at the bottom of the card. Each has his/her own capabilities, and each begins with what he/she has. But they all have one goal, to increase their initial deposit. 

2. And the fact that they quite well succeed is indicated by their profitability for the entire time they work in this system. For example, the profitability of the first trader in this list is 5209% of the initial capital. This an incredible figure, but still, it is real. And the trader achieved it by his/her own work, demonstrating that profitable trading is real. If you look at other cards, you will see that he is not the only one who earns trading Forex. 

3. Everyone has their own ways of making a profit. For example, this trader employs a rather high-risk trading strategy, as it is clear from his risk indicator in the upper right corner of his card. It is 8. On a scale of 1 to 10, this is quite a lot, i.e. the risk is rather high. But despite this, this person is successful and ready to accept this risk

4. His/her followers (traders who are copying this trader’s trading behavior) also agree with this trading approach, there are currently 37 traders copying. These are the people who have started doing, they have started taking actions to become successful. They are copying this trader’s successful trades to their accounts to make profits as well. 

Now, let’s see the trader’s personal record card in more detail. Let’s look at the personal card of another trader that has a little less profitability, but the trading risk is much lower, which is, in my opinion, more important.

But first things come first: 

5. To see the page with the information about the trader, you need to clock on his/her card. You will see the page with more detailed information. For example, here is the time the trader has been operating in the system. This trader has been working in the system for 668 days, almost two years.

6. Over these 2 years, the trader managed to make a profit of 493%. This is about 250% per annum. Isn’t this an indicator of suc

7. Next, there is the amount of personal assets managed by the trader. The current amount is $25,000 and this is quite a big sum. And more importantly, this is not the money that a person took out of his wallet and deposited to his/her account, the money was made on trading foreign currencies. If we recalculate the profit concerning the percentage, we will see that this trader started with about 4,000 USD. This suggests that almost everyone can take a similar path. The main thing is to have a goal and go to it.

8. As I said above, the risk associated with this trader is much lower than for most others, that is why his/her example is even more worthy of respect and imitation. In short, the risk itself is the amount that we are willing to risk in order to achieve success. Risk is always present in our lives, we just do not attach any importance to this. 

And when it comes to money, for some reason we immediately start to think that the risk is not justified. Ask anyone, they will answer that they want to earn 100% per year trading in financial markets, but at the same time they are not ready to risk a cent and “risking is stupid”. And when you are driving at a speed of 150 kph, on a road, which has a limit of 60 kph, don’t you risk? It's just that the question of money is always much more acute for us.

9. You can see the number of traders copying the trader and the amount of money they are using to copy on the trader’s page. This is displayed because the copying traders share a part of the profits they made with the help of the trader they copy. It is a kind of reward. The more money is on the accounts of copying traders, the greater is the reward. 

10. Below, you see the trader’s performance by month. You see that there are not very successful months, the periods when the trader suffers temporary losses. This is absolutely natural because our life consists of ups and downs. The same is with trading, there will always be ups and downs. 

The trader is successful only when he/she is able to cope with failures and make sure that temporary failures do not affect the successful final result. If we talk about periods of success, then taking the last months as an example, you can see how much the trader earns approximately per month. Now, this about $2000-$3000. I think this is just a dream for the majority. And all I want to say, it is real and everyone can achieve the same. Only... Well, you see what I mean…

11.You can also see the trading history of this trader. 

12. Finally, you can see how exactly this trader achieves his/her success. We see the most recent ones. There are also losing trades, but what is 28 USD compared to a trade with 173 USD of profit. And what was before that? 485, 517, 164 ... And after all, everyone could enter these trades! It’s just that something is constantly hindering us, but this trader is not hindered by this something. That is why he is successful, and others ...

I think there have been enough examples. Those who have read up to this paragraph are ready to change something in their lives, and we will start right now.

How can I start to make money in forex? 

Can one make real money in Forex trading? So, let’s not beat about the bush and get started. 

1. Learn, learn more, learn forever 

Lack of education is the main reason why we will not be appointed CEO of JP Morgan Stanley right tomorrow. 

To get the desired position, we study at school, study at the university, go to a refresher course and so on. If we successfully get through all this, we will have a chance to take the desired post.

Are there many people in senior and highly paid positions who have no education? They are not there at all. Therefore, to achieve something, we must learn. 

The same is with forex trading. If you want to become a trader, first, you need to learn how to do it. Starts with basics. If you want to trade currency pairs and make profits from changes in the exchange rates, you can read a lot of free reliable resources on the Internet. For example, the euro is the base currency in the eur usd pair. Besides the currency pair’s structure and general concepts of how the foreign exchange market operates, study the basics of fundamental and technical analysis and improve your knowledge all the time.  A successful trader, in addition to what he/she once learned, is also constantly improving trading skills and studying new methods and ways to increase the income. So, if you want to get the opportunity to make money in Forex, start with studying the educational materials that your broker will kindly provide you with. Trade on a demo account before you start real trading. And do not save money on your education.

2. Try, try and try

Have you lost your first deposit? Have you started to think that trading is not your business? You are wrong. Anyone with an average IQ has enough talents to trade in forex. Not everyone will have enough determination though. I have already written here that the first difficulties discourage us, and we are reluctant to go on. Here the situation is similar, first losses are the first difficulties. We should focus on and overcome the troubles. 

It is necessary to understand the causes of the problems and start again after it has been eliminated. And this is the only way to succeed in trading. Do you think that advanced traders that we saw above have never had losses? They have indeed. And they do have losses now. But they can overcome losses and make sure that the loss doesn’t affect the final result. Remember, it doesn’t matter how the team played, the final score only matters. 

3. Upgrade your trading strategy

As you read and learn more and more new trading methods, your own methods will lose relevance. Do not remain passive. If you have found a good trading approach, learned a new pattern, read about a new indicator of technical analysis, don’t be afraid to try. Modify your current trading strategy, test the new pattern. It can be something that you have been looking for! So, never stop there, always go further. The market is constantly changing, so, you should be changing along. 

4. Share your experience and learn the experience of other traders 

The longer you trade, the more practical experience you gain. You can read a great number of trading books, but your knowledge will yield you no result if you have never traded on a real account. The trader community is huge, and there are always will be people, whose experience is greater or less than yours. 

Differently put, some traders can teach you something, and some traders can be taught by you. Share your experience with traders of your level, we can study and practice together, and to can be quite efficient for your own trading performance. Besides, you can widen your network of contacts. 

These are basically the major points you should start with if you have decided to change your life and move towards success. 

Common mistakes beginner traders make: things you mustn’t do if you want to make money 

Well, we have defined what you should do to succeed in trading. But, like in any other business, there are many pitfalls in forex trading. So, I’d like to warn you about typical mistakes beginner traders make, so that you avoid them.

1.The desire to make big money right away 

We all want to become successful as soon as possible. And very often this desire plays a cruel joke with us. In pursuit of big profits, we begin to violate the rules of our trading system, break our trading plan, which leads to losing money. If you want to succeed, convince yourself that you need to gradually come to success, it is a step-by-step way. There are times when success comes quickly and unexpectedly. But as practice shows, people are not ready for this and are not able to develop this success).

2.  Wrong understanding of financial leverage 

Financial leverage is a unique tool that brokers provide to their clients. If can correctly utilize this tool it will be of great help to you. If you use it in the wrong way, it will become the cause of your losses. Before you start employing financial leverage in your trading, make sure that you do understand how it works, you know the principle of using it and how it will affect your trading performance. Simply put, do not employ high leverage. Leverage of 1:100 will be appropriate for sustainable earning. For example, the trader, whose work we have studied in detail above, doesn’t utilize the leverage higher than 1:30. 

3. Lack of money-management 

In general, it is quite a big topic. To put it briefly, money-management is a complex of measures that you take to better manage your funds. The basic points of any money-management are correct managing your funds, calculation of risk parameters, managing financial leverage, recording statistics of trades executed, operating with only a part of your capital and many other points. 

Money-management is basically mathematics at the level of your wallet. You always know how much money is in your wallet, how much the thing you are going to buy cost, and how much money will be left after you buy that thing. The same is with your forex account. You should always know how much you will gain in case of success and how much you will lose in case of a failure. The result yielded by your trade shouldn’t surprise you, even if it is a long-term position.

4.  Trading for too much time 

This is about the time you spend on trading. If your time is allocated correctly and effectively, you are always cheerful and in a good mood, and therefore nothing, in terms of psychology, prevents you from thinking correctly and making wise trading decisions. If you are trading day and night, your brain gets tired and can’t adequately respond to the current events. This results in irritation, exhaustion, inability to rationally think and take decisions, which negatively affect your trading performance. Define the period convenient to work and do not work too much. 

How can I make extra cash in Forex? 

In addition to trading on your own account, financial markets give you plenty of opportunities to make extra money on trading. If you are not too tired, let’s go on! 

1. Copy Trading platforms  

When we were studying the example of the successful trader, I wrote that this trader made his trading behavior public. This is done to receive extra income from people who copy his trades. Do you remember the reward? Well, the copy trading platform allows inexperienced traders to make money. Just select the trader, whose trading performance you like and copy his/her trades. In return, you will share a fixed part of your profit with this trader. I think this is a mere trifle compared with the fact that they will do all the work for you and earn money for you. On the Copy Trading platform, you can earn trading yourself as well. Start trading, share your performance and, in addition to your own profit you make from trading on your account, you will receive a commission from investors copying you. If you want to make money as an investor, just copy successful trades and make a profit without any effort. So, it is your choice.

2. Forex Affiliate Programs 

Forex brokers are always interested in developing their business and attracting new clients. They make a profit by receiving commissions for the transactions their clients make. That is why, Forex brokers often resort to the help of existing clients, offering them the opportunity to earn money by attracting new clients. Differently put, if you trade with a forex broker, and your friend also wants to start trading Forex, you can conclude a partnership agreement with your broker, according to which, your broker will pay a part of the commission that will be paid by the new client you have attracted. Or your broker can pay you a fixed reward for each client you attract. I think it is a pretty nice deal. 

3. Trader’s Contests 

Leading brokers often hold different contests with good prizes among their clients. For example, there are popular trader contests when participants are given a period, for example, a month, during which they must trade on their accounts and show the result. The top three who performed the greatest profitability receive prizes from the broker. At a recent contest, a trader from Malaysia made a 314% profit over a month, starting to trade with 100 USD. And the broker, as the first prize, gave the trader a check for 5000 USD. There could be anyone in his place, for example, you.

Conclusion 

I believe I have presented enough evidence that one can and should make real money in Forex. It doesn’t matter in which way you will do it, there are plenty of opportunities. The main thing is not to be passive and to start doing anything. That is all for today. I wish you success in your trading career! 

P.S. Did you like my article? Share it in social networks: it will be the best "thank you" :)

Useful links:

• I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
• Use my promo code BLOG to get a 50% deposit bonus on the LiteFinance platform. Simply enter this code in the appropriate field when funding your trading account.
• Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
• Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance