Trading the forex markets is no new concept. It’s been around for quite some time and has been popularized even more so over the past few years on social media platforms across the web. Due to it having been around for so long, we’re commonly asked whether or not it’s still a skill set and career path worth pursuing especially now that we’re into 2024. In this article we’ll get into it!
Who Is trading forex For?
First off let’s get clear on who trading is and isn’t for as there are qualifications that would make it an opportunity worth pursuing versus not pursuing. Trading is by no means a get-rich-quick path as it’s made out to be by a lot of guru’s online. Trading requires long term commitment, patience and discipline to become great at. So the first thing you need to ask yourself is whether or not you’re willing to stick with it long enough to realize results.
Aside from what’s required of someone to achieve results, trading is of course ideal for someone who enjoys working at a desk, in their own space, not being constantly distracted by others in their immediate environment. It’s a solo career where you’re left to your own knowledge and experience to make decisions in the moment. If you’re someone who enjoys working on their own, from home, trading is a great fit.
Trading typically draws in those who are tired of working a 9-5 job and who are seeking more control and freedom over their work schedule as well as removing the cap on their income earning potential. It takes time to make really good money as a trader, but that does not dismiss the reality that when you do become consistently profitable, there’s nothing stopping you from making 6, 7, even 8+ figures per year in income via trading the markets.
Becoming a consistently profitable and successful trader simply requires you to decide that you’re going to do this, and seeing it through until you do. It’s a matter of showing up and doing what’s required to move the needle and progress daily, and doing that until your income goals are achieved.
Despite Its Saturation, Is Trading Forex Still Worth It?
Believe it or not, saturation makes trading even easier. The more people there are trading the markets, the more liquid and active the markets are. This allows those who are skilled in a trading strategy to be in and out of the markets faster with a profit.
As the years have gone on and more and more traders have entered the market, companies have taken notice and made the lives of forex traders easier through new business models. One in particular that has recently drastically changed the landscape of trading is the popularity of proprietary funding firms that offer profitable traders capital funding to grow their account sizes and income faster than prior generations of traders ever could.
Even just 5 years back, it was difficult for traders to get access to funding. The most common path to riches as a trader was to trade one’s own individual capital and to compound it into an account size large enough that percentages generated each month would actually turn a large enough profit to make it worthwhile. Second to trading one’s own personal capital was to seek out high net worth individuals who had liquid capital on hand and who were seeking ways to generate a return on that capital month over month, year over year at a rate that would outpace traditional vehicles like the S&P 500 or real estate. Doing a profit split with talented traders was a way for these high net worth individuals to make a great return year over year while the trader would take home a great profit split as well.
Nowadays it’s common practice for traders to develop their skill set in the markets and then simply apply to one of these new prop firm funding companies and upon passing and surpassing verification, going on to receive anywhere from $10,000 to 7+ figures in capital that they can trade on a very healthy profit split. This path allows up and coming traders to get access to funding like never before, faster and without the risk. It’s not uncommon to now see traders go from being brand new to the markets, to trading 7+ figures and receiving 5 and 6 figure monthly payouts within as short as a 12 month timeframe.
So long story short, there’s never been a better time to get involved in trading the forex markets. All you need is mentorship and a funded account in combination with disciplined practice over time.
Seeking out a quality trading mentor
Moving from being a brand new trader to an experienced trader who is able to secure funding and scale funding is as simple as learning from an expert and applying their teachings until you see results. Most traders make life more difficult for themselves than it needs to be by hopping from one strategy to another for months or years before becoming frustrated with themselves and eventually giving up. There’s a way to do this right and that’s to find one program that has a proven track record of transforming students into consistently profitable traders and helping them acquire funding and then once you’ve found them, sticking to their process until it’s replicated in your own results. At Phantom Trading, we’ve helped over 10,000 traders significantly level up their trading skill set all within the last 2.5 years since origination. Many of those traders have gone on to acquire 5, 6, and even 7 figures in trading capital. We’ve received countless direct messages with screen shots of payouts these members have received that surpassed in one month what they previously made in an entire year at their 9-5 jobs.
Whether you decide to join us at Phantom Trading, or you find another mentor who you resonate with, our word of advice is to stick with it and see it through until you get results with it. You’ll be tempted to jump ship and go elsewhere when you face adversity, but know that regardless of the path you take, trading is not easy and it will require your commitment and persistence to push through the phases where you doubt yourself.
All in all, there has never been a better time to get involved in trading the forex markets. You just have to commit, get started and stick with the roadmap that your chosen mentor has laid out internally.
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FX Trader & Analyst
Writer & Editor
Rob is a funded trader from Toronto, Canada, and has been trading currencies, commodities, stocks, and cryptocurrencies for over 7 years. Outside of trading he enjoys making music, boxing, and riding his motorcycle.