CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.

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Always trade with you, never against you


14 April 2020

Can I Make FX/CFD Trading into a Fulltime Job?

FX/CFD trading can be a rewarding and profitable profession. Like any profession it takes practice, persistence and continuous learning. The first thing to understand about FX/CFD trading is that it is not gambling. It is an occupation that requires a range of skills and a great deal of discipline. While gaining access to a FX/CFD trading platform is a relatively simple process you simply can’t wake up one day and decide to be a full time trader and expect to succeed. You need to learn and practice the necessary skills and strategies to give you the best possible chance of success.

If you really want to make FX/CFD trading a fulltime job, you need to get your head around some fundamental concepts.

These concepts include:

  • By its very nature FX/CFD trading is not investment. FX/CFD trading, as the term implies, involves trading currencies over the short term to generate profits whereas investment involves a longer-term view.
  • FX/CFD trading is done on the internet. No physical transactions take place. Orders are all done in cyberspace and profits and losses in line with currency price movements are recorded against your account.
  • A lot of the potential profit and risk generated in FX/CFD trading comes from what is known as leverage. Leverage is the multiple applied to your investment to give you an increased exposure to the market. A FX/CFD broker like USG UK can offer leverage on trades of up to 30:1. Understanding the potential power of leverage and the ways you can minimise the risk associated with it is crucial to succeeding long term with FX/CFDs and is thus imperative if one wants to be a full-time trader
  • There are many different currency pairs that you can trade in. As each currency is subject to its own set of unique economic and political factors, it pays to specialise in trading in one or two selected pairs of currencies. A lot of time should be devoted to learning the intricacies of these currencies and the factors that are likely to affect them. A trading pair is the term applied to the two currencies that you choose to trade in. The Pound Sterling is often paired in trades with the US dollar (GBP/USD). Other common trading pairs are the Euro and Pound Sterling (EUR/GBP) and the Euro and the USD (EUR/USD). Once you decide which pair(s) to specialise in, significant time and effort should be spent learning the intricacies of the relationship between the two currencies. This would involve learning such details as key economic dates, major commodities that the countries import and export and other economic and political factors. The more you know, the better prepared you will be.
  • Good traders are able to work strategies while controlling the emotions that can cause them to make bad decisions. Planning and control are key components to being a good trader.

If you are serious about making FX/CFD trading a full-time job then it is imperative that you become fully conversant with these concepts as well as the language and mechanics of FX/CFD trading. The easiest way to learn about trading is through the education provided by regulated companies such as USG UK.

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