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Trader Money Diaries: Fahad

Posted by BluFX

 

Money Diaries Fahad

How much do traders really earn? Average trader salaries can be shrouded in mystery, so we've decided to dispel some myths. This week we're talking to BluFX trader Fahad* about his income trading with us.


Welcome to Money Diaries, our new blog series in which we talk to different traders about the money they make, how they manage their finances, their savings goals - and their money advice to other traders. 

*Name has been changed

Read: How I Got Started Trading for a Bank ⟶


Money Diaries: Fahad's Trading Income

What is your income from trading? 

My income from trading is not really huge and is not really a concern to me at the moment, because my account size is very small and I'm making between 1to 5% monthly. The most important thing to me now is to get the trading process right, from planning and risk management to my psychology.

What's the average trader salary? Find out here>>

What did you earn when you first began trading, and is that different now? 

I lost everything when I first began trading but now it's much better as I'm making profit and never lose any funds.

Got no capital to start trading with? No problem - here's how to start trading with no money>>

Do you earn commission?

Yes, I do earn commission from my personal broker.

Got some savings goals in mind for your trading account? Here's how to save money for your forex goal>>

Do you work full-time or part-time?

I work full time.

Still trading forex as a side project? Here's how to trade with a full-time job>>

What are your savings goals?

My savings goal is to save at least 60% of my income.

What does a trader's day to day life really look like? Read up on Cynthia's day as a trader for a bank here>>

How do you manage your finances as a trader?

The first thing I think about is my subscription fees for about 3 months. Once that is taken care of, I'm not under any pressure and I'll have time to take quality setups to make profit.

Here's how to build up a major income stream from forex trading>>

How do you decide how much to risk per trade?

I have a 0.5 to 1% risk rule per trade depending on the trade setup.

Want to know what traders make working for a big bank? Read our Money Diaries with Jessica here>>

How do you decide how much to risk per trade?

My risk management plays a very vital role in my financial management. I tend to allocate fewer funds when the probability of my setups is low and vice versa when am ok with the probability - it's more of a gut feeling.

How do you start trading for a bank? Read Cynthia's journey here>>

What do you think is the biggest misconception about money and trading?

The biggest misconception about trading is the get rich quick syndrome and the social media hype by some traders about their lifestyle. A big myth is the idea that the more money you have in your account, the more profit you'll make, which is absurd if you don’t get the process right.

Here's how to handle money management in forex>>     

What are three pieces of advice you would give to a new trader about money expectations and money management?

  1. Don’t expect to make any money but rather focus on the process
  2. Don’t risk what you cannot afford to lose
  3. Always be within your risk parameters

Read: How to Find Forex Strategies to Suit Your Day Job ⟶

Tags: Money

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