You can make ends meet, but maybe you are not able to save the amount of money that you would like to be saving. It is a good thing that the Forex market is a $5.3 trillion a day market, guarantying that everyone can get a piece of the pie. I am going to go over the scalping of economic news releases and not regular trading, just because they are two different animals. Trading the news is just waking up early and clicking a few buttons at a certain time. Real trading takes discipline, one has to know themselves, and have a consistent system in place.
Very quickly all forex is, is buying or selling of a pair of currencies. For example, the USD/JPY, the base is the US dollar against the quote/ Japanese Yen. Then you will look at it as how much Yen is needed to make one dollar. The value of each currency will fluctuate when a major economic news is released like one country’s GDP. This is why trading the news is so easy the second that the news is released the chart will spike up or down. One must install a bot that will let them quickly place a buy and sell stop order fifteen seconds before the news goes live. Click, click, click the news goes live the chart spikes triggering one of the two orders, you can let the order close automatically to your set stop loss or close it manually. Then close the other order that did not get triggered too. This should be practiced on a demo account first.