What Do Forex Traders Do 5 Minutes A Week To Accumulate Wealth Faster And Secure Their Financial Futures?

What Do Forex Traders Do

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NOTE: This page is part of the Start Investing Guide. To go through the Guide in order, go here: Start Investing Guide

So, you want to know what Forex traders do.

In a nutshell, Forex traders are people who use the currency exchange market to trade currencies for profit. There are professional Forex traders who trade for banks or firms with other people’s money. And there are also retail traders who trade their own money from home for personal gain.

I will be focusing on the at home Forex trader, because that is what I am and teach other people to be.

On this page I want to explore what Forex traders do, share my experience as an at home Forex trader and show how you can become a Forex trader with huge profit potential.

Forex trading is the cornerstone of my investing activities. I can greatly outperform other investment methods… so I can build the wealth I need in the time I have. (This is very important because I got a late start as an investor).

So, if you are considering becoming an at home Forex trader, this is a great place to start.

This page is detailed, so I suggest reading the page all the way through once, and then use the Table Of Contents to revisit specific sections later.

 


Who Are Retail Forex Traders…

And What Do They Do

Professional or “institutional” Forex traders buy and sell currencies with the goal of making profits for an account they manage for other people or institutions.

On the other hand, at home or “retail” Forex traders buy and sell currencies with the goal of making profits for their own account consisting of their own money.

Due to the Internet and online brokers, it is possible for individual people to participate in the Forex market directly. Retail Forex traders open a broker account, fund it with their own money and make buying and selling decisions with the goal of making profits.

Done right, putting your money to work to make more money by Forex trading can be extremely profitable (as you’ll see later on).

Profiting from the Forex market can be done from the comfort of your own home, in as little as 1 minute a day and with very little startup capital. This makes becoming an at home Forex trader a very attractive option for people who want to accumulate wealth faster than other investment opportunities.

So, you don’t need to be hired by a bank or a large financial institution to become a Forex trader. As a matter of fact, it is very easy to get started at home.

There is a low barrier for entry as a Forex trader. Getting started is not really a problem. However, just because you can get started easily does not mean you are going to be profitable.

Therefore, your focus should be on becoming a PROFITABLE retail Forex trader over the long term.

 


How Forex Traders Make Money

Ok, but how do at home Forex traders make money?

The currency market is made up of currency PAIRS. As the value of currencies increases or decreases in relationship to one another… Forex traders try to predict the direction the currency pair will move in and buy and sell accordingly.

For example, if you are trading the GBPJPY currency pair, you are trading the Great British Pound against the Japanese Yen.

      • When the value of the GBP increases in comparison to the JPY… price goes up
      • When the value of the GBP decreases in comparison to the JPY… price goes down

The Forex trader’s role is to decide when to buy or sell the currency pair with the goal of making money.

      • If you buy at one price and the price goes up… you make money
      • If you buy at one price at the price goes down… you lose money

On the other hand…

      • If you sell at one price and the price goes down… you make money
      • If you sell at one price and the price goes up… you lose money

Forex traders are profitable when they make more money on winning trades than they lose on losing trades. That is the key to being a profitable Forex trader.

The first thing you need to understand is there will be losing trades. You simply won’t win every trade. But you don’t need to win all the time to be extremely profitable.

To give you a taste of the kinds of profits I’m talking about, check out this chart showing what one of my accounts can do:

 

Forex Trading Blast Off 2.0 (10R account)

 

I think you’ll agree, that is some tremendous profit potential.

 


How Forex Traders Approach

Making Trading Decisions

There is more than one way to approach making trading decisions in the Forex market. I want to focus on 3 approaches that define your overall Forex trading approach:

      • Fundamental Forex Trader
      • Technical Forex Trader
      • Combination Of Fundamental & Technical Forex Trader

Let’s go over each…

 

What do Fundamental Forex Traders Do?

Fundamental Forex traders assess the economic well-being of a nation, and therefore its currency. They monitor a lot of different economic indicators to try to determine the strength or weakness of a currency compared to the other currency in the pair.

This means keeping a close eye on the news looking for events that might create a change in the value of the currency.

Based on their assessment alone, they decided to buy or sell.

 

What do Technical Forex Traders Do?

Technical Forex traders focus strictly on what they see on the charts. This can be in the form of looking for price patterns, or using indicators in their technical analysis.

Technical traders are not concerned about “why” moves happen on the chart, only that they happen.

Strictly based on what the chart is telling them, they decide to buy or sell.

 

What Do Fundamental/Technical Forex Traders Do?

Basically, these traders combine the two. They pay attention to what is going on in the news and assess how that is going to impact price. Then they look for technical indicators to confirm their conclusions.

When the fundamental and technical analysis are in agreement, they decide to buy or sell.

Here is something important to understand…

No matter which trading approach you choose… there will be losing trades.

For this reason, I am a strictly technical trader. In my opinion, it is easier to learn and trade, less time consuming and can be extremely profitable.

 


4 Types Of Forex Traders

Based On Trade Duration

Once you figure out what trading approach you want to follow, you need to figure out what kind of Forex trader you want to be. (And I’m not talking about being a rich Forex trader… because we all want to be that kind).

Another way Forex traders are classified is by how long they plan to stay in the market. There are 4 types of Forex traders:

Scalpers: Scalpers look to capitalize on a very small move in the market… and therefore are only in the market for a few seconds or minutes.

Day Traders: Day traders don’t plan on holding their position overnight… and therefore look to make all their profits during the trading day.

Swing Traders: Swing traders look to profit on price “swings” in the market. In order to capture larger profits, they can be in the market several days or even weeks at a time. (This is the kind of trader I am).

Position Traders: Position traders tend to focus on fundamental analysis and can be in the market for weeks, months or even years.

One of my main tenets for trading is my earnings must exceed my efforts.

If I am doing battle with the markets day in and day out for long hours (like happens to scalpers and day traders)… the compensation has to be high and consistent.

On the other hand, if I only make trading decisions once a month, I’m going to be extremely bored.

The sweet spot for me is trading once a day off the Daily charts. It is very easy, only takes about 1 minute a day and the profits are extraordinary… even more so when you take into account the minimal time and effort put into trading.

 


What Do Forex Traders Do To Make Money

We have already established I am a technical swing trader. So, instead of talking about what other types of Forex traders do to make money, I am going to focus specifically on what I do to make money.

As a technical trader I am trading a rule based strategy based on what I see on my charts. My strategy is very simple to learn and trade. Therefore, at trading time (@ 4:30 New York time), I check my charts.

If there is something to do based on the Forex strategy rules, I do it.

Here are some examples a trading activities I might have to perform:

Placing trades according to the rules with the correct stop loss level, take profit level and risk amount. I don’t like doing mathematical calculations at trading time, so I have Scripts I use to make this whole process drag and drop simple.

Move my stop loss. Sometimes, again according to the rules, I might need to move my stop loss to breakeven to remove risk from the trade. Other times I might need to move the stop loss to lock in profits. This again is drag and drop simple.

That’s it.

      • I check my charts at trading time
      • If I need to place a trade, I place it with a drag and drop script
      • When I need to move the stop loss, I drag it to where I want it to be
      • I close my charts and get back to my day

This entire process takes less than 1 minute. Pretty simple, right?

My intention is to trade my simple trading strategy as perfectly as possible and rely on the strategically designed strategy to make more on winning trades than I lose on losing trades.

This is how I make money.

 


Is Forex Trading Profitable?

You might be thinking that what I do to make money as a Forex trader is way too simple to be profitable. I mean trading a simple strategy for 1 minute a day couldn’t possibly make any meaningful money, right?

In order to understand what profitable means, we need some information.

Most investors use the returns of the S&P 500 as the benchmark for determining success. So, I’ll compare my returns to the S&P 500 returns over the last 5 years for 3 of my accounts.

These charts are based on a one time investment of $2,000:

 

Forex Trading Blast Off 2.0 (3R account)

Forex Trading Blast Off 2.0 (5R account)

 

Forex Trading Blast Off 2.0 (10R account)

 

Not only is this way of trading profitable… but it greatly outperforms other investment opportunities like the S&P 500.

But what about some of the stock market giants? Can I beat those returns as well?

 

Forex Trading Blast Off 2.0 Comparison To Stocks

The way I trade Forex has the potential to beat the S&P 500, Apple, Google, Netflix and Amazon COMBINED.

Just think about it…

With 5 TIMES less investment ($2,000 investment), I can beat these stock market powerhouses COMBINED ($10,000 investment). I beat them ALL combined, with 5 TIMES less investment.

So, is being a Forex trader profitable?

It sure can be the way I do it.

My Forex trading strategy is strategically designed to be profitable over the long term. All I need to do is keep trading over the long term according to the rules.

And as you can see, I don’t even need to win all the time to be extraordinarily profitable.

 

Forex Trading Blast Off 2.0

Forex Blast Off 2.0

Build The Wealth You Need In The Time You Have With Strategically Designed Forex Trading

Accumulate Wealth Faster, Create Multiple Income Streams & Secure Your Financial Future In 1 Minute A Day

Learn More

 

I think you can start to see why Forex trading is at the center of my wealth plan.

 


Can You Make A Living As A Forex Trader?

With the extraordinary profits possible through simple Forex trading, you might be wondering if you can make a living as a Forex trader.

Here are my thoughts…

I don’t look at Forex trading as a way to “make money”. Instead, I focus on the wealth accumulation aspect of trading. And this distinction is important for long term success.

You see, if I focus on making predictable money month in and month out, it won’t take long for me to fail.

In order to make a living as an at home Forex trader, you would need your profits to be consistent. Every month would have to see profits ABOVE a certain amount.

Not only is this not going to happen… but by taking money out over your account monthly, you limit the power of compound interest.

On the other hand, by focusing on accumulating wealth faster with Forex trading, you can systematically grow your accounts over time. The larger the account becomes, the more risk you can use per trade and the more potential profits are yours for the taking.

That is when compound interest kicks in… supercharging your wealth creation.

It is very important for your success to take the long term view of wealth accumulation. You want your accounts to grow systematically like an investment… and not just be short term gains you remove from the market.

Consistently taking money out of the market dramatically limits your growth potential.

 


Are Forex Traders Entrepreneurs?

Here is a simple definition of entrepreneur:

An entrepreneur is a person who sets up a business or businesses with limited resources, takes financial risks and plans for profits.

I definitely look at being a Forex trader the same way I do being an entrepreneur. As a result, I think of myself as an entrepreneur and conduct myself accordingly.

You see, I treat each trading account as a separate business. Each business (account) has the goal of beating other investment opportunities over the long run.

Treating my Forex trading like an entrepreneur has 2 big benefits:

  1. Each business stays within my risk tolerance level
  2. There is unlimited wealth building potential by trading more accounts

When you are trading and growing your accounts, there will come a time when the risk on the trade starts to feel like a lot. This is a dangerous time because it tempts you to change the way you trade due to the emotions of fear and greed.

By deciding from the beginning to trade MULTIPLE accounts, I can keep the trading in my comfort zone. Furthermore, by compartmentalizing my feelings, I can continue to add businesses (accounts) to achieve higher profit levels.

Thinking like an entrepreneur and applying this mindset to being a Forex trader, I can grow my Forex trading businesses to any profit level I want. Basically, I can systematically increase my profit potential by adding accounts.

As you’ve seen above, I trade 3 different accounts. The only difference is the profit targets for each account. I can also increase my profit potential even more by trading other markets… like gold.

 

Gold Trading Blast Off

Gold Trading Blast Off

More Wealth, More Income Streams & More Financial Security

 

Spend 1 Minute A Day To Diversify Your Trading And Add More Profit Potential

 

Learn More

 

As you can see, thinking like a Forex entrepreneur can lead to unlimited growth potential.

 


How Can I Learn To Be A

Forex Trader Like You?

In the past, I provided Forex signals for my subscribers. But when my mother-in-law got cancer, it made me realize this was not the best setup. What would occur if something happened to me?

That’s right… end of all future potential profits.

I also didn’t want my wife and family to miss out on the huge wealth accumulation opportunity Forex trading provides.

So, I formalized my overall approach to trading into a very simple trading strategy I could teach my wife and god-children. Since they showed no interest in becoming Forex traders, I knew it would have to be simple and easy to trade.

As you can tell from the results above… I accomplished my mission.

Now my wife and god-children know how to trade exactly the same way I do in just 1 minute a day. If anything ever does happen to me, they can continue trading.

The good news is, I can teach you the same trading approach and strategy I taught them.

 

Forex Trading Blast Off 2.0

Forex Blast Off 2.0

Build The Wealth You Need In The Time You Have With Strategically Designed Forex Trading

Accumulate Wealth Faster, Create Multiple Income Streams & Secure Your Financial Future In 1 Minute A Day

Learn More

 

The Forex trading strategy is so easy, you can learn it in a few hours. Then just spend 1 minute a day trading… and keep trading over the long term.

 

In Conclusion

So, that’s what Forex traders do. At least, that is what I do as an at home swing trader who trades off the Daily chart in 1 minute a day.

It is important to note that you don’t need to become a financial expert, keep up with world events 24 hours a day or spend long hours staring at trading charts to profit as a Forex trader. You don’t need to be hired by a bank or big financial institution either.

You can actually beat other investment opportunities as an at home Forex trader from the comfort of your own home in just 1 minute a day.

Being a Forex trader allows me to accumulate wealth faster, build multiple income streams and is the cornerstone of my plan to achieve financial security.

Think about it.

We’ve gone over a lot here. I suggest going back over this page again. Use the Table Of Contents for easy access to the sections you want to revisit.

Next lesson…

 

Next Lesson

How To Trade Spot Gold From The Comfort Of Your Own Home In 1 Minute A Day For Accelerated Wealth Accumulation, More Income Streams & A Secure Financial Future

 

Learn More

 

To Your Wealth,
Edward Lomax

If investing is not part of your plan to secure your financial future… it should be.

 

Take Immediate, Relentless Action

“Create a definite plan for carrying out your desire and begin at once, whether you are ready or not, to put this plan into action.”

–Napoleon Hill

Focus Only On What Works

“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.”



–Zig Ziglar

Succeed Where Others Fail

“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.”

-Jim Rohn

 

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