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Today, many people view Forex trading as a great opportunity to make money without having to invest too much at first. While it’s possible to start making notable profits right from the start. You still need to learn how to trade to increase your profits in the long term, and that may take a lot of time and effort, so you should know how much you are actually going to make as a full-time trader. Traders Union analysts going to present to you what they have learned about traders’ earnings as of 2023.
What defines your profits
There are many different things that define how much you’re going to make. Your deposit is one of the most important of these things: the more you’re ready to invest, the more you’re going to make. If you lack the capital to trade at the level you desire, you can apply to a funded trading program. Forex brokers often allow you to use leverage for trading, and that’s also an important feature: with leverage, you can open positions larger than your deposit. While that may be quite risky, it’s also a great way to make significant profits in no time, so the majority of experienced traders use leverage to increase the overall financial gain.
The currencies you trade also define how risky and profitable your trades will be. Most traders use the most popular pairs like EUR/USD or GBP/USD. These pairs are stable and easily understandable, but more volatile pairs like CAD/JPY can bring you much more money if you know how to trade them. The trading conditions of your broker are important as well, so you should be very careful when choosing a platform: pay close attention to its fees, withdrawal conditions, bonuses, and so on.
How much you can potentially earn
But how much money can you make trading Forex? There’s no simple answer to this question, but the experts have analyzed the market and estimated what real professionals make in 2023. It seems that an average Forex trader makes from $94,000 to $106,000 annually. However, you should understand that these figures are valid only for really experienced traders who’ve mastered their trading skills, and a novice trader is going to earn much less at first.
How much you can earn at first
According to Traders Union surveys, a beginner trader can expect to earn about $300 per month. This figure is not actually impressive, but you can quickly improve your skills and increase your earnings by signing up for a Forex learning course and learning how to manage your risks.