Trading forex for a living is no easy task. Full-tme traders have to deal with losses and with that possibility it makes for trading as your main job a difficult task.
If becoming a fx trader full-time is something you want to do you have to be emotionally prepared for losses. Everyone loses however the ones who make a living forex trading do so by making consistent profits more than they lose and keep their emotions in check.
Taking a loss is very discouraging, especially a big loss. This is why most full time traders will put stop losses on most, if not all of the trades they execute. What a stop loss will do is stop a trade from being to much of a loser. The stop loss can be placed at the same time you enter a buy or sell trade for a particular currency pair. Check out the image below.
The image above relates to a stop loss that can be placed for the EUR/USD currency pair. I have indicated I would like to purchase the Euro at 1.17788 against the USD and place a stop loss of that trade if the price falls to 1.17765. This means if the price falls 2.3 pips your position would be sold automatically for a loss of 2.3 pips. This gives the trader a way to stay within their budget and only lose trades they can afford to lose. Obviously a very important strategy for the full-time trader who needs to budget accordingly and not lose big on losing trades.
Obviously placing a stop loss on your trades is not going to make you a fx trader who works from home. You need a winning fx trading strategy.
Learning how to trade properly and coming up with a winning trade strategy takes time. You need to educate yourself properly first and foremost on the key terms and then learn about fx trade strategies. The first strategy you should learn is knowing the support and resistence zones on the charts. Each currency pair will have them and will be great indicators for when you should enter or leave a trade.
Trading forex for a living becomes easier once you learn how to eliminate mistakes and develop a winning and profitable strategy. The beauty of forex trading is being able to learn and trade for free. You do not have to put any real money into the market in order to trade the real markets. People often use paper trading or demo accounts to come up with a consistent winning strategy. Once they develop a winning strategy for free they then enter the markets with real money, budget their trades, and become successful work from home traders.