Can you FX trade for a living and if so how?

Hi to you all guys,

I've been pondering the question if you can FX trade for a living and if so, how and for who?

Basically, I am referring to the average new FX trader who at first is excited by this "new" huge market which may hold the key to secret reaches.

One buys all the hype, starts thinking it may be indeed easy but I reckon that pretty soon we get the reality check that is the market itself.

If you get passed the stage of having a fairly good method out of the many out there, if you eventually get disciplined and follow your own rules, get detached and unemotional, know your goals and develop a rather specific methodology you then get to know the other part of trading.

More specifically, if you do not start out well capitalized (as I believe few are) then it is unlikely that you will get rich. Even more, if you are able to consistenly achieve a let's say 30% return yoy then means that you are indeed a very good trader since the saying is that 95% of traders fails pretty soon since they have started.

You get 30% even if you have a full time job which you currently are bound from as you need to have your proper cash flow and revenues so that you can pay for your immediate and long term expenses and investments.

What next? As I said it is unlikely that you will get rich or even exceed your current level of revenues only because you have a small equity base. Plus you have all the expenses that you need to cover. What do you do?

Where can you be an FX trader as part of an organization - is it banks that also do trading in their own account, are there the asset and hedge funds, etc? Should you apply for a position as a trader and provide your trading track record?

And if you do decide that you want to trade, you are left with other questions: somedays you may not even place a trade - is that acceptable for a fund or do you have to place trades just to "be working"?

Are there positons in banks for FX traders but you should know somebody and have a strong formal education in the field even if you have a good track record and even if you have experience trading your own account? (I believe now that the market experience is extremely relevant as if you can prove that you can withstand all its pressure then you must be doing something right).

I haven't seen too many jobs as an FX trader for serious banks - what is it like a fraternity or something?

You might say that you can trade from home but I believe that trading from home has some disadvantages: you are mostly alone all the time and not interracting with anybody, you are not part of a strong organization and cannot make a professional carrier (you cannot apply for a loan as you are not employed, technically) and others.

Personally I like interacting with other since I am an open person and I don't know how well I would be doing all alone all day long at home.

Also, if you like in a developing country like myself, FX trading is something rather exotic and your options are pretty limited from the start.

What can you do then? What is your opinion about the issues above, have you also considered them or am I thinking too much ahead?

Just a comment, still - I believe that if your equity base is small, you want to generate huge returns so that you can make fast a good record for yourself and also get rich as that is all you've heard that FX is. I belive that's a sure way for serious and financia distress that may sigificantly affect you and/ or your style of living.

Please give me your feedback I am interested in getting to know also your views.

Thanks and goodnight

Bogdan

You might want to search the forums, as this question comes up often.

Most Forex traders are not looking for a job. They're looking to be independent traders making their own money from home, which gives them the freedom to trade when it's convenient for them.

If you decide you want a job, then you'd work at the company's offices trading according to their requirements. No flexibility, no independence. Oh, and, nobody is going to hire you without a lot of experience (at least, no legitimate company).

Terry

Is there really no company willing to take in keen forex trader with no exp?

I am a singaporean and i realised that there isnt much forex trading job in the market too.

Take a minute to think about what you're asking.

Most companies deal in millions of dollars a day when trading Forex. Do you really think they'd risk those millions on someone with no experience?

It doesn't really make sense, now, does it?

If you're looking for a job, I would suggest you Google the job sites and see what's listed, although I seriously doubt that companies will list "Forex Trader" openings.

Forums like Forex Factory are more for people who want to trade for themselves, as independent business people. A job with a company is a whole different ball game.

Terry

Haha don't get me wrong, i am just wondering whether they do train up people for this kind of job and i will definitely want to be part of it. I am here to learn about trading and not seeking for a job definitely.

Jzh.. if you have a business or economics degree with 3.5 or higher gpa from a well known shcool, banks will higer you as intern and train you for peanuts. Once you are higherd, your window will be limited before they kick out if you don't produce in 6 months or so.

As others have said, with no exp, track record or official qualification then you will not be hired by any type of institution as a trader. Your only option is to build your own account. If you are only targeting 30%/year this will be impossible unless you are quite well off to begin with. If you are trading full time you want to be getting a much higher return than this (fine if you are just investing and only spending a couple of hours a week or whatever). Once you have a year or two worth of results with a large sample of trades and proven consistent profitability you can seek out some investors which will speed up the process.

Build confidence and expertise in the fx market through demo trading while holding a regular job. Build up enough for trading capital and sustenance capital during the initial period when earnings could be slow. Once your demos show successful trading, take the plunge.

Why would the big guys want to take up a trader with little to no experience? Sorry, it does not work that way. When it comes to forex, you need to start from scratch, build up some serious experience in trading and have something to show for it.

Hi,

Even if you get a positive track record on a micro or mini account it seems quite hard to market these skills, it's quite frustrating at times.

I have been keeping a positive approach and stated my interest in various brokerages, banks, even FX funds.

It all seems quite illusory and chances seen quite small to get a career in this field.

so chances are small for the retail trader of turning this passion into a career; I am quite curious as to how many or how few actually do trade for a living (individually or within an FX fund, etc).

if i got this right! am you are asking if we can make a living out of fx trading? YES! but the question is how and when? the answer is simple, learn learn learn, study more about fx fundamentals and technicalities, study the market, invest as much time as possible in learning more about forex, its not just about the basics, for example even though I've been trading for a year of so now, but I still hold on to may day job and still at this moment learn and study more about forex, hopefully one day I can get a good average of winning trades and end up doing fx trading fulltime all the best

Just remember, most of the traders who do work for a broker and trade for clients located elsewhere started the same way everyone else did..by opting for demo and small lots.
You can do the same and gain valuable experience, move from demo to live accounts. Or you can always opt for Fx funds and a regular ROI on your investment. There's no easy 1-2-3 steps to succeed in forex trading or to become a successful trader, it's something you pick up as you learn to trade..
Good luck!

If you wanna make an income trading as your sole source of income, you need to have money to start with. Probably at least 12 grand and then look to make around 10%+a month on the account. The biggest reason why so many people fail is because they over leverage them selves and blowup there accounts...game over. neaver risk more than 5%on a trade thats one of my rules

There is also a long learning curve for most people of around two years before they start becoming profitable...so dont jump in feet first start small and build an account

One of the things I've learned since I've gotten into trading (both stocks and forex) is that a lot of people who thought that they'd always wanted to be traders actually figure out once they start trading regularly that they don't like it. So, if you find out that you still like to trade after several months (3+ full-time), try to make 2-5% while starting off and then go from there. You can't expect to make 20% every month while starting off. This is why you need to make sure you have another source of income or just don't spend a lot!

Hi everyone, the key ingredient to trading success is passion. You have to enjoy it so much that it can carry you through years of learning. It makes me laugh when people start threads saying they have been trading for a year and a half and then are providing winning systems. Rubbish! I have been trading for around 5 years and would only now say I have become consistent.

The reason I was interested in this thread as the starter said that you can't get rich trading a small account. My method does allow you to grow a small account. Risking around 3% per trade a £3000 account can start to grow quickly. I am currently using two accounts and experimenting with this theory.

Slow and steady is the key and I am about 20% up on the year so far.

Happy to help answer any questions.

still learning myself but would be nice to do this as a full time (home!) job

Hi Matt just a guess but are you based in nottingham?

Im just starting out as well, i would just be patient keep trading what ever you can afford to, and build your "resume" per se, there is no rush do it for a year and then take those profits and stats and it should be easier to raise cash from family and friends once you can prove to them your skills!

I have been trading full time for quite some time now. The main key is to find a solid strategy and STICK WITH IT!

Many traders bounce from system to system and give up the "Edge" that sticking to a winning system can provide. It is all a game of mathematical probabilities and a successful trader always lets the numbers play out.

dont worry u wont make a penny out of market unless and untill u have some super human power, and finally u will need to look for job so that will square off your social needs and your confusion.