Plan to make living from trading the forex markets??? ……yes, it can be done.
Let me first tell you, that it’s not an easy task, but not impossible either.

The first fact that one must keep the expectations small & reasonable.
The statistics say that 85% of the traders lose money.
In my opinion, most of them come with the wrong expectations into this business. They look at this as a Get-Rich-Quick game, and thus lose even before they have a chance.
If you think you are going to double your account in a month, then you are better off in a casino…at least you will have fun while losing money -:)
Trading has to be treated as any other business & it involves hard work, patience & determination.

Secondly, one would naturally tend to equate this business with the normal everyday situations that we come across.
In the real world, one gets paid at the end of the month, for the effort & work that one puts in.
Trading on the other hand, may not pay you consistently every month and a trader could even end the month with losses.
One must keep in mind, is that losses are inevitable in trading…and therefore money management plays a far more important role in your success, than technical analysis.

The basic concepts are -
Keep your expected profits at a reasonable level, and start with a fixed target per month. That I am going to increase my account by 5 to 10% a month, or I plan to make 30 points on every trade etc. Keep it realistic enough to happen.
Accept that you will have losing trades. The market is too big and too unpredictable. Finally trading is a game of probabilities, and your trading plan has to have that extra edge. Even the professionals consider that 5 winning trades out every 10 trades taken, is a very good win-loss ratio.
Keep a Risk-to-Reward ratio of at least 1:2. This simply means that for every risk (stop level) of (say) 30 points, your profits should be at least 60 points. Hence one winning trade should take care of 2 losing trades, which is the only way to make your equity grow.
Concentrate more on losses. Always consider the worst case scenarios. And if you accept that these losses are acceptable, you are prepared. As they say, take care of your losses, and the profits will come.
Remember, making money in forex is not difficult. It’s making money consistently which is the challenge.