It is possible to occupy Forex like a full time profession. In fact, it is the only home-based business anyone can setup at home with less than 1500 USD. You will need USD 500 to set yourself up with a laptop and internet connection and 1000 USD to deposit in your forex personal ECN account. In 20 days you'll be generating than USD 200 each day with this particular strategy, but it takes time and patience.
Good charting software that comes with the most popular MT4 trading platform that nearly every broker offers free along with a trading account is the only tool you need. Added to this is the knowledge of trading strategies and risk management and one is set to setup an ideal home based business without any overheads at all.
It is possible to make as much, or as little (whichever way your perception), as 200 USD each day trading forex having a 1000 USD account.
I'll allow you to in on the little secret forex currency trading strategy of mine:
Trade a 0.Five percent of your deposit in PIP value. This means that one pip ought to be equal to 0.Five percent of the deposit. So if your deposit is USD 1000, your exposure per pip should be USD 5.
This will give you 160 pips to play around with. The likelihood of the marketplace moving 100 pips within the wrong direction are scarce if you have track of the screen as the trade is open.
A good strategy will give you ample warning that the market is likely to move further and you may opt out. It is best to keep a stop loss of 120 pips, trust me you won't ever require it if you follow this tactic.
Observe a monthly chart. Mark the highest point and the lowest point the pair reached over a period of A few months. Observe the most typical price the currency pair kept returning to and draw a line through that point. That's your access point. Go long with 0.2 lots at that time and go short in the same point with 0.2 lots. Your per-pip value will be USD 2 in each trade.
With 160 pips to play around with you do not have to worry about the margin call. The market will move in both direction and go back to the same entry point at some point or the other. You must setup alerts around the MT4 for 10 pips above and 12 pips underneath the entry price. Once the alert sounds, exit the trade.
If the market moves away either in direction you still make a profitable trade. It will likely be a matter of time prior to the market returns to the entry point.
With a 0.2 lot trade and take profit point at 10 pips, you stand to gain 20 USD per trade. You will get a minimum of 4 opportunities to exchange each day. That can make you USD 80 each day. With a consistent trading strategy you will make 1600 USD in 20 days. Utilize it to improve your per-pip value.
This is one strategy that has helped me over the last 2 years. Why, should it not meet your needs? The only thing that could be a problem here is that you'll require patience and also have to be in front of your terminal every single day. It will also pay if you increase your deposit and reduce your trade percentage. The low the greater because then you'll have more pips to play around with when the market moves against the trade. Remember, the market will go back to the access point, you just have to wait it without fearing a margin call.