How Much Forex Traders Make a Day in Kenya
How Much Forex Traders Make a Day in Kenya revealed. We tested and verified spreads how much money Kenyan traders make in a day.
This is a complete guide to How Much Forex Traders Make a Day in Kenya.
In this in-depth guide you’ll learn:
- How much money do you need to trade forex in Kenya?
- How much money do you need to start with forex trading in Kenya?
- Our recommended forex brokers?
- How to compare forex trading brokers against each other?
- How much profit do you make from forex trading per day?
- Do you need money to start trading?
- How to start with forex trading in Kenya?
- How to make money from forex trading?
- Which forex brokers offer a low minimum deposit of $5 (602 KES)?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with how much forex traders make a day for Kenyans…
Let’s dive right in…
How much Forex Traders Make a Day in Kenya (Updated 2023)
How do Forex Traders in Kenya earn a profit?
👉 There are several marketplaces, methods, and trading styles available to traders. For example, traders earn money by betting on the increase and fall of financial instrument prices.
👉 Traders issue buy and sell orders that result in a profit if their trading thesis is accurate and a loss if it is incorrect. When trading Forex, you benefit from variations in the price of a currency pair as it rises or falls.
👉 This indicates that you may profit in both ways, whether you trade long (purchasing the first currency against the counter currency) or short (selling the first currency against the counter currency) (selling the first currency versus the counter currency).
👉 You benefit if you purchase the EUR/USD pair, which rises in value from the moment you buy it. You benefit if you sell the USD/JPY, and the USD falls in value relative to the JPY.
Factors that Influence the profits that Kenyans can earn
👉 A Forex trader’s daily profits are a “floating value.” For example, a trader could leave an open deal open for many days and not get any money from it during that period.
👉 And, upon completion, they could make a handsome profit. But, for scalpers, everything is different, and they earn money continuously throughout the day from hundreds of deals.
👉 Therefore, to summarize all the available chances, we have listed the primary criteria that influence how much a Forex trader might make every day:
➡️ Minimum Deposit – The more capital traders invest in transactions, the greater their prospective profits.
➡️ Trading Strategy – The daily revenue of a trader is directly determined by the number of deals and their volume.
➡️ Market Forecasts – The effectiveness of a trader’s approach is dependent upon his market and currency pair expectations.
➡️ Resistance to Stress – The ability to think rationally, resist transitory emotions, and evaluate the thoughtfulness and consideration of a trader’s actions.
➡️ The Trader’s Mood – The trader’s emotional state affects their judgments. Subsequently, experts must be able to tune themselves into the working rhythm and strive to cast aside any unimportant thoughts or issues.
➡️ Bonuses offered by the Broker – A trader could enter many competitions and collect brokerage incentives for winning.
➡️ The overall Market Conditions are an unexpected component that could quickly invalidate even the most well-planned strategy or, on the other hand, make a trader a millionaire within minutes.
How much money can Kenyans earn from trading forex?
👉 The exact amount cannot be determined precisely as forex traders hardly ever disclose their profit amounts. In addition, results between Kenyan traders can vary according to their trading strategies, risk management techniques, and the capital they have available to trade Forex.
👉 A 10 USD profit for some traders is rewarding, while others consider profits in the millions adequate. Every trader is different. However, according to Glassdoor statistics, in 2023, the average day trader could earn 200,000 KES per month or 6,400 KES per day.
Strategies for Achieving Consistent Profits in the Forex Market
Learn the Basics Before You Trade
👉 Acquiring an understanding of forex language and familiarizing oneself with the geopolitical and economic aspects impacting the trader’s selected currencies are among the fundamentals of FX trading.
👉 To master and profit from forex trading, Kenyans need to understand the following operational terms.
👉 In addition to being familiar with operational terminology, researching and understanding forex markets is an ongoing process, and traders must be adaptable to shifting market conditions and global events.
👉 Developing a solid trading strategy to investigate and explore investment possibilities based on risk tolerance and investment goals is a methodical approach to making money via FX trading.
👉 Currencies are always exchanged in pairs, such as JPY/KES, USD/GBP, etc. Three types of currency pairings exist, namely:
➡️ Major currency pairings always include the US Dollar, such as EUR/USD.
➡️ Minor forex pairs with examples that include JPY/EUR, EUR/GBP, KES/JPY, etc., pairings that do not include the US dollar.
➡️ Exotic forex pairs comprise one major currency and one minor currency, such as USD/ZAR or USD/KES.
Point in Price or Pip
👉 A Pip is a difference in the pair’s values. For example, if the USD/KES exchange rate was 74.7001 today and 74.7002 yesterday, the pip is .0001.
The Base and Quote Currency
👉 In a currency pair, the currency to the left of the slash is called the base currency, while the currency to the right is called the counter or quote currency.
👉 A unit of the base currency may be purchased with a certain quantity of the quote currency. Hence the base currency is always the reference element and always has a value of 1. So, for example, if you purchase EUR/USD, you purchase the base currency and sell the quote currency.
👉 Therefore, a trader will buy a forex pair if they feel the base currency would gain compared to the quotation currency. In contrast, the trader would sell if they believed the base currency would decline in relation to the quotation currency.
Bid and Ask Price
👉 The price for purchasing base currency is the Bid price, while the price for selling base currency is the Ask price.
👉 For example, if USD/KES is listed as 75.7260/75.7240, the Bid price to purchase 1 USD would be KSh75.7240, and the Ask price to sell 1 USD would be KSh75.7260.
👉 The spread is the difference between the bid and ask price, which is always expressed in pips.
Position Size (Lot)
👉 Currency trading is conducted in lots, and there are four typical types of lot sizes depending on the units:
➡️ Nano – 100 units of the base currency
➡️ Micro – 1,000 units of the base currency
➡️ Mini – 10,000 units of the base currency
➡️ Standard – 100,000 units of the base currency
Make sure that you use the right Forex Broker
👉 Ensure that the broker conforms with the regulatory framework to protect the forex markets’ integrity.
👉 According to historical evidence, there is a high likelihood that investors would fall victim to scammers pretending to be veterans of online forex trading. There have been several cases where traders cease operations when transaction costs rise, and investors begin to lose money.
👉 Kenyans must be wary of con artists engaging in manipulative and aggressive behaviour.
👉 Whether you believe you have discovered a terrific brokerage or trading platform, examine their internet reviews to determine if most users had a positive experience.
👉 Also, ensure that the brokerage you choose offers the currency combinations you want and that the fee you pay for each transaction is competitive.
Always start with a Demo Account
👉 Most major trading platforms include a practice platform so that you may evaluate your trading skills without risking your funds.
👉 It would be prudent to use such a platform to avoid wasting money throughout the learning curve. For example, during practice trading, you might learn from your errors so that they are not repeated in live markets where you will lose money.
Choose and Test a Trading Strategy
👉 The first step is to choose a trading style. There are several alternatives, but most of them fall into one of the following categories:
➡️ Swing Trading
➡️ Day Trading
➡️ Position Trading
👉 Now, the most significant distinction between these groups is the timing. Scalping involves opening and closing trades within a 1- to 15-minute span. On the other hand, day trading, as its name indicates, often entails the closure of all current deals before the conclusion of the business day.
👉 In the Swing trading method, traders often hold open positions for many days to several weeks. In contrast, long-term trading often entails transactions lasting many months.
👉 After making this selection, the next obvious step is to choose one or more trading methods. For example, Bollinger bands, moving averages, and other technical indicators may be favoured by certain traders. In contrast, others may give economic news and other fundamentals more weight.
👉 The most crucial aspect here is evaluating these tactics. Backtesting is a crucial tool for achieving this objective.
👉 After gaining enough experience, it would be prudent to begin real-time forex trading with a small investment amount.
👉 Investing a substantial quantity of money in your first transaction could be a dangerous endeavour that might lead to rash judgments and monetary loss. Therefore, it would be advantageous to invest initially in modest sums and then progressively increase the lot size over time.
Always Keep a Trading Journal
👉 Keep a log of your profitable and failed deals for future reference. Thus, you will recall previous teachings and prevent repeating errors. There is no use in attempting to pursue consistently lucrative trading if the progress cannot be monitored.
👉 Here, the trade publication comes into play, allowing traders to determine their average monthly profit or loss. In addition, it is possible to determine the ratio of winning to losing transactions, which may be useful while developing the optimal trading strategy.
👉 Intriguingly, the trading diary may not only give traders useful insight into the outcomes but can also be a fantastic source of inspiration.
👉 Suppose a market participant observes that the average monthly profits are improving despite all their errors and disappointments. In that case, this may be quite encouraging news.
Make sure you have the right Risk/Reward Ratio
👉 There is no assurance that traders will constantly win more than fifty percent of their transactions. However, the only solution to this worry may be establishing a risk-to-reward ratio of 1:1 or more.
👉 For instance, if a trader hopes to win 100 pips from a specific position, they may choose to place the stop-loss order below 50 pips of the current market price. This could be advantageous since it allows market players to earn respectable payments even with 40% successful deals.
Set Realistic Profit Targets
👉 This could significantly increase a trader’s prospects of success and serve as a beneficial insurance policy. But unfortunately, determining the correct risk/reward ratios may not be sufficient for developing a Forex strategy with continuous gains.
👉 Setting attainable profit goals is an additional crucial component of this procedure. Kenyans must remember that each currency pair has a unique daily average volatility.
Avoid using High Leverage Ratios
👉 Numerous financial analysts describe leverage as a double-edged sword that is no mere accident. The issue is that trading with excessive leverage may quickly result in catastrophic losses from which it will be exceedingly difficult to recover.
👉 In the event of 400:1 leverage, for instance, a 0.25% move against the opened position might be sufficient to wipe out the whole transaction, causing the trader to lose their entire investment.
👉 Some traders, particularly novices, may consider using leverage ratios of 1:10 or less to mitigate these risks.
Never invest more than 3% on a Trade
👉 Not using more than 3% of one’s trading capital on a single deal is a crucial aspect of a comprehensive risk management approach. Some specialists propose a far lower limit, such as 1 or 2 percent, although the overall opinion is 3 percent.
👉 This is because even the most experienced traders might encounter a string of losing deals in a brief period.
Keep Updated on Market Movements by conducting a Fundamental Analysis
👉 Staying abreast of the most recent economic developments is the last step toward obtaining a continuously profitable trading history.
👉 Keeping track of dozens of currencies will be difficult, but Kenyans can begin by:
➡️ Studying the eight major currencies that make up the Forex Majors
👉 Paying attention to the latest Gross Domestic Product (GDP), Consumer Price Index (CPI), Unemployment Rate, and other important releases, as well as interest rate decisions.
How can Kenyans avoid losing money while trading Forex?
👉 Foreign-exchange traders of all skill levels are drawn to the world’s biggest financial market because of its profit opportunities.
👉 Many forex traders immediately join the market, only to swiftly quit after incurring losses and setbacks since entry to the market is so simple, with round-the-clock sessions, considerable leverage, and affordable expenses.
👉 Kenyan traders who want to avoid losing money while securing a decent profit can consider the following tips.
Always do your homework
👉 Even if forex trading is simple to enter, due diligence should not be neglected. Forex education is essential to a trader’s success.
👉 A trader should understand the forex markets, including the geopolitical and economic aspects that impact a trader’s chosen currencies. However, the bulk of trading knowledge comes through practical trading and experience.
👉 As traders must be prepared to adjust to changing market circumstances, laws, and global events, homework is a continual endeavour.
👉 Developing a trading plan—a systematic approach for screening and analysing assets, deciding the amount of risk that should be taken, and creating short-term and long-term investing objectives—is a component of this research process.
Keep your Charts Clean
👉 Once a forex trader establishes a trading account, they may be tempted to use all the technical analysis tools available on the trading platform.
👉 Although many of these indicators are well-suited for the foreign exchange markets, it is vital to limit analytical approaches to a minimum for their effectiveness.
👉 Avoid multiples of the same kind of indicator, since this may lead to redundancy and potentially contradicting signals, such as using two volatility indicators or oscillators.
👉 All indicators not utilized regularly to boost trading performance should be taken from the chart. Focus on how the chart and the rest of the workplace look together, not just the chart itself.
👉 The trader will be better able to respond to shifting market circumstances if the chart they are looking at is easy to read and understand, thanks to the trader’s choice of font, background colour, and price bar style (line bar, candle bar, range bar, etc.).
Make sure you use Risk Management Tools
👉 While there is a strong emphasis on generating money in forex trading, it is essential to understand how to prevent losing money. Therefore, techniques for effective money management are crucial to the process.
👉 Numerous seasoned traders would agree that one may join a position at any price and still earn money; what counts is how one exits the deal.
👉 Part of this is understanding when to accept defeat and move on. Always using a protective stop loss — a technique aimed to safeguard current profits or prevent additional losses through a stop-loss order or limit order — is an excellent method for ensuring that losses stay fair.
👉 Traders may also consider implementing a maximum daily loss amount, over which all open positions are terminated, and no new trades are executed until the following trading session. Traders must have strategies to reduce losses, but it is as important to safeguard earnings.
👉 Using money management tactics such as trailing stops (a stop order that may be put at a certain percentage away from the current market price of an asset) will assist protect profits while allowing growth.
Treat Forex Trading Like a Business
👉 It is crucial to approach forex trading like a company and to remember that short-term successes and losses are irrelevant.
👉 Important is the trading business’s performance throughout time. As a result, traders should avoid getting unduly emotional about either victories or losses and instead regard it as an ordinary workday.
👉 Forex trading incurs costs, losses, taxes, risk, and unpredictability like any other company. Also, just as tiny firms seldom achieve instant success, so do many forex traders.
👉 Planning, establishing realistic objectives, maintaining organization, and learning from triumphs and disappointments can help assure a long and prosperous career as a forex trader.
How can Kenyans Calculate Their Earnings as Individual Traders
👉 Kenyans who become professional traders using their own capital to trade can calculate their salaries by considering:
➡️ Their Return on Investment or ROI
➡️ Their Initial Investment
➡️ The overall cost of trading forex
👉 Your return on investment is the amount of money you earn through trading. If you then withdraw this profit, it would be considered your wage. Now, the rate of return might vary significantly based on several factors.
👉 Kenyans must determine which trading style suits them best, whether they want to buy and hold a forex pair, engage in swing trading, or whether their schedule is better suited to day trading or scalping.
👉 Kenyans who have shorter trading timeframes try to earn more with every transaction. However, by doing this, they also risk more with every trade.
👉 How often someone trades will inevitably affect how much Kenyans can earn. Suppose traders make a single transaction and they have a 50% return. However, it is the only transaction that they executed in a week. In that case, the overall ROI will be significantly lower than with frequent trades.
Leverage Ratio Applied
👉 Traditional investing often entails outright purchasing assets, and the investor must pay the position’s full price upfront. However, many active traders use leverage to trade greater positions with lower account balances.
👉 Consequently, their returns (as a proportion of their total account balance) might be greater. However, this will also increase Kenyan traders’ exposure to risks and monetary loss.
👉 A typical investor who does not use leverage may get a 5-10% annual return on their investment. On the other hand, a day trader or swing trader may have a monthly return objective of 10%.
👉 There are huge differences in these rates of return and corresponding differences in the time and risk you would need to devote to trading and investing. When determining the income you want to make as a trader, you must thus consider both factors.
👉 The first stage in maximizing your return on investment as a trader is to get experience trading on live markets.
Consider Your Initial Investment
👉 After determining your desired profit, the next stage in estimating your Forex trader income is to consider your beginning capital. For example, suppose you want an average monthly return of 5%. Then this return would be drastically different if you began with 5,000 KES instead of 500,000 KES.
👉 A 5% yield on 5,000 KES is 250 KES. Multiplying this by 12 (to get your overall profit for the year) yields 3,000 KES. Compared to conventional investing, a return of sixty percent on your original investment is an excellent rate of return. However, it is not sufficient for you to leave your day job.
👉 However, if you were to start with 100,000 KES, a 5% return would be 5,000 KES. Over a year, 5,000 KES a month would amount to 60,000 KES, a much more reasonable beginning salary for Kenyan traders.
The Overall Costs of Trading Forex
👉 Next, examine your trading expenses, which will reduce your earnings and, therefore, your Forex trader pay.
👉 For active traders, such as day traders, swing traders, Forex traders, and others, your broker will often impose the following fees:
➡️ Spreads: This is the difference between the ask (sell) price and the bid (buy) price of an item, which is paid whenever a deal is executed.
➡️ Commissions: This may be a percentage or value-based cut of your trades, and it is often levied for instruments, such as stocks and ETFs.
➡️ Swaps are interest rate that is applied to overnight holdings. For example, open long positions will incur an interest rate, while open short positions may get an interest pay-out.
👉 All these expenses will be deducted from your trading gains, and it is essential to remember them.
👉 The good news, though, for many Kenyan traders, is that if you trade with a substantial account balance, many brokers will provide special rates to secure your business, which may help you manage your trading expenses.
👉 Another factor to consider is how your trading revenue may impact your profits. Numerous Western nations, including the United Kingdom, the United States, Canada, Australia, New Zealand, India, the Netherlands, and Switzerland, have a tax bracket system.
👉 If your trading revenue puts you in a higher tax bracket, you might be required to pay a higher tax rate on that income.
How to choose the right Forex Broker in Kenya
👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.
👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Kenya
👉 In this article we have listed the best Forex Platforms in Kenya that offer trading platforms in Kenya. We have further identified some forex brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 trading platform broker in Kenya
👉 Overall, Exness is the best MetaTrader 4 / MT4 trading platform in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.
👉 Exness provides a number of benefits such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.
Best MetaTrader 5 / MT5 Forex Platform broker in Kenya
👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets was previously known as HotForex. It offers a variety of pricing alternatives and account types. HF Markets has competitive fees and spreads that average 0.1 for the EUR/USD currency pair.
Best Forex platform for beginners in Kenya
👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is reputable and trustworthy forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.
👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.
Best Minimum Deposit Forex platform in Kenya
👉 Overall, FBS is the best trading platform for the lowest minimum deposit in Kenya. FBS is in operation since 2009 and has evolved to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.
Best ECN Forex platform in Kenya
👉 Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.
👉 Oanda offers quick and reliable transaction execution. Oanda’s research resources are superior to industry standards. Its user interfaces are easy to understand and it has a good track record of regulatory oversight.
Best Islamic / Swap-Free Forex platform in Kenya
👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large international clientele. BD Swiss offers a wide range of products for trading. BD Swiss also offers trading in many cryptocurrencies.
Best trading platform Forex Trading App in Kenya
👉 Overall, OctaFX has the best forex trading app for traders in Kenya. OctaFX operates from Saint Vincent and the Grenadines. OctaFX serves traders from all over the world, including those in African countries like Kenya.
👉 Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.
Best Lowest Spread Forex platform in Kenya
👉 Overall, Alpari is the best Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds are guaranteed to be swift. More than 2 million customers are enrolled with Alpari.
Best Nasdaq 100 Forex platform in Kenya
👉 Overall, FXTM is the best Nasdaq 100 forex platform in Kenya. FXTM aims to provide the best trading conditions for traders of all levels. For the safety and security of their clients’ cash, they keep such funds in segregated accounts.
👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.
Best Volatility 75 / VIX 75 Forex platform in Kenya
👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and well regulated. AvaTrade offers a single live trading account but traders have the choice to trade with either a Retail trading account or a Professional trading account.
Best NDD Forex platform in Kenya
👉 Overall, XM is the best NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that users value: security, support, ease of account funding, and withdrawal. XM charges low fees.
Best STP Forex platform in Kenya
👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone gives traders across the world access to all markets backed up by very good customer care. Pepperstone also offers modern technology, low spreads, and high-speed execution.
Best sign up bonus trading platform in Kenya
👉 Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.
👉 How much a Forex trader could make daily is influenced by various other elements. However, their unique characteristics determine each trader’s success.
👉 For instance, a person does not control their emotions but instead acts impulsively and fanatically despite adhering to money management laws. But, of course, they are exceptions.
👉 If you are serious about generating money, trading is neither a hobby nor a casual pastime. There is no assurance that you will earn money, nor is it possible to anticipate your average return rate over time.
However, there are tactics you can master that can help you lock in profits and minimize losses. Successful forex trading requires discipline, cash, patience, training, and risk management.
How much does a successful Kenyan forex trader earn?
Successful Kenyan forex traders could earn 200,000 KES per month or 6,400 KES per day, according to Glassdoor.
Do forex traders make a lot of money?
Forex traders who can afford to put a lot of capital into forex trading can make decent returns. However, Forex trading could be a treacherous route to massive losses rather than an easy path to wealth for the typical retail trader.
Who is the best forex broker in Kenya?
Some of the best forex brokers in Kenya are HFM, Exness, AvaTrade, Pepperstone, Axi, Scope Markets, FXTM, and others.
How much will I need to start trading in Kenya?
The amount required to begin forex trading in Kenya can vary based on the broker and trading platform used. For example, some brokers ask for a minimum investment amount from 1 USD / 12 KES to 100 USD / 12,00 KES.
Can Forex make me a billionaire?
People have made billions via forex trading. However, this is a rare occurrence — if it occurs at all. The most successful Forex traders could earn several million dollars annually, but this is more of an exception than the norm.