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Forex Trading for a living... anyone?

  • #21
  • Feb 6, 2007 8:24am Feb 6, 2007 8:24am
2 years in the game and not a single pip Ahead yet, I hope you succeed in your ambitions.
  • #22
  • Feb 6, 2007 3:08pm Feb 6, 2007 3:08pm
[quote=xDennis;49102]Hi,
I am new to the whole Forex trading industry. I am looking for a career change and just have a few questions.

Is it possible to make a 6figure/year income trading forex.

What would an advaced trader say the average income is of a serious forex trader?

Are there any website that provide these type of stats?

Find a mentor that is a very successful forex trader. Learn his methods, ask questions and become that person. If you want to become a successful forex trader, do what successful forex traders do.

It can be done...question is...how bad do you want it.
  • #23
  • Feb 6, 2007 3:16pm Feb 6, 2007 3:16pm
It can be done, I am doing it.
I trade for myself, and others.
I love it
I wouldnt want to give it up for anything
Learn first, stay positive, and keep it simple
Also don't play with the rent money
Start with a simple system, like a MA crossover system, with Macd and you will be on your way
Less trading, better trades, and dont be afraid to take that profit or loss.
I see so many on here placing stops 50 pips away from where the market is, and watch it fall back down and get stopped out.
Just take the profit
  • #24
  • Feb 6, 2007 4:27pm Feb 6, 2007 4:27pm
WHTenn http://www.forexfactory.com/images/s...er_offline.gif vbmenu_register("postmenu_209296", true);
Professional Trader
,

I know of a trader in Jamaica who pays out between8-11% USD a month. He controls over 400 million USD. So I guess in the forex market skys the limit. Look at George Soros.
  • #25
  • Feb 6, 2007 6:15pm Feb 6, 2007 6:15pm
Quoting nikim
WHTenn http://www.forexfactory.com/images/s...er_offline.gif vbmenu_register("postmenu_209296", true);
Professional Trader
,

I know of a trader in Jamaica who pays out between8-11% USD a month. He controls over 400 million USD. So I guess in the forex market skys the limit. Look at George Soros.
Thanks for the reply Nikim. Is there anyway you can get more information from this trader and possibly learn from his trading methodology and system? I hope that one day you will be as successful as this trader.

I will keep my fingers crossed my friend!
  • #26
  • Feb 6, 2007 6:29pm Feb 6, 2007 6:29pm
Tenn,
He doesnt really give out his secrets. He does offer a course in trading (unfortunately i havent been). I heard its good.The guy who conmtrols the 400+ mill USD account is David smith and his company is Olint Corp. If u want you can google him, but i dont think u will find any uselful info on him.

Goodluck with trading and all the best.
  • #27
  • Feb 6, 2007 8:40pm Feb 6, 2007 8:40pm
Being an individual trader and a fund manager are two totally different things. Making living by trading own account is not the same as making living by managing a hedge fund. The initial question of this topic was about possible trading success for an individual trader, while most of the answers were about becoming a fund manager.
  • #28
  • Feb 6, 2007 8:46pm Feb 6, 2007 8:46pm
Quoting nikim
WHTenn http://www.forexfactory.com/images/s...er_offline.gif vbmenu_register("postmenu_209296", true); So I guess in the forex market skys the limit. Look at George Soros.
Bad example. George Soros' performance in forex was a total failure.
  • #29
  • Feb 6, 2007 9:55pm Feb 6, 2007 9:55pm
Quoting Igrok
Bad example. George Soros' performance in forex was a total failure.
Can you explain how his performance was a "total failure" ?
  • #30
  • Feb 6, 2007 10:35pm Feb 6, 2007 10:35pm
Quoting ronaldy
Can you explain how his performance was a "total failure" ?
I guess, the best possible "explanation" you can get from his own book "The Alchemy of Finance".
  • #31
  • Feb 6, 2007 10:59pm Feb 6, 2007 10:59pm
Quoting xDennis
Hi,
I am new to the whole Forex trading industry. I am looking for a career change and just have a few questions.

Is it possible to make a 6figure/year income trading forex.

What would an advaced trader say the average income is of a serious forex trader?

Are there any website that provide these type of stats?



Thanks,
Dennis


Go and read this thread.

http://www.forexfactory.com/showthread.php?t=13081

It is possible to make 6 figures
  • #32
  • Feb 6, 2007 11:03pm Feb 6, 2007 11:03pm
Quoting xDennis
Hi,
I am new to the whole Forex trading industry. I am looking for a career change and just have a few questions.

Is it possible to make a 6figure/year income trading forex.

What would an advaced trader say the average income is of a serious forex trader?

Are there any website that provide these type of stats?



Thanks,
Dennis
Go and read this thread

http://www.forexfactory.com/showthread.php?t=13081

Earn six figures ? I have seen it done. I have seen the account statemnts. I have talked to a successful traders brokers. IT CAN BE DONE
  • #33
  • Feb 6, 2007 11:03pm Feb 6, 2007 11:03pm
Quoting xDennis
Hi,
I am new to the whole Forex trading industry. I am looking for a career change and just have a few questions.

Is it possible to make a 6figure/year income trading forex.

What would an advaced trader say the average income is of a serious forex trader?

Are there any website that provide these type of stats?



Thanks,
Dennis
Dennis, most of the people making six figures in this business don't spend their time on forums like this. the rest are forex brokers or FCM's. The answers to your questions three are: yes, all traders are serious, and no.
"i wake up in the morning, and i piss excellence"
  • #34
  • Feb 8, 2007 10:12am Feb 8, 2007 10:12am
Quoting Igrok
I guess, the best possible "explanation" you can get from his own book "The Alchemy of Finance".
On the back of your book, one of the editorial reviews says:
Quote
"Beat the Odds in Forex Trading provides traders with tremendous value by disseminating the trading methods and philosophy of one of the most remarkable Forex success stories since Soros."
--Alexander De Khtyar, President, Forex International Investments, Inc.
This is why I am asking why you believe his performance was a failure. Are you disagreeing with this review then?
  • #35
  • Feb 8, 2007 10:24am Feb 8, 2007 10:24am
Quoting ronaldy
On the back of your book, one of the editorial reviews says:

This is why I am asking why you believe his performance was a failure. Are you disagreeing with this review then?
To some extend I disagree. Soros is a genius trader but his success has nothing to do with forex. His business used to be different, he doesn't understand forex and admits this fact in his book.
However, I didn't write that review on the cover of my book. So, I guess it shouldn't be of my concern.
  • #36
  • Feb 8, 2007 10:24am Feb 8, 2007 10:24am
The traders who introduced me to forex are multi millionaires, and from different backgrounds, they both made their money from forex trading.

others become fund managers as a result of wining trading competitions etc

its not hard, it either goes up, down or stays the same....genius!!!

As the pacific trader advert says

have a good day but a bad week
a good week, a bad month
a good month, a bad year

most traders loose money

infact 95%

so its not really a walk in the park, three rules will help you

1)practice
2)practice
3)practice
  • #37
  • Feb 8, 2007 10:25am Feb 8, 2007 10:25am
Thanks for the amusing yet truthful reply eddie0816. I know this from personal experience. You must demo for a while before you really know your self with relation to trading the forex. People are so excited about the potential that they lose perspective.

I think an endeavor (as in a career) takes education, time, commitment and very importantly discipline.

There is a reason they created demo accounts. We must use them and learn.

All the best,

/thefxgoods
  • #38
  • May 20, 2010 5:09pm May 20, 2010 5:09pm
Quoting nikim
Tenn,
He doesnt really give out his secrets. He does offer a course in trading (unfortunately i havent been). I heard its good.The guy who conmtrols the 400+ mill USD account is David smith and his company is Olint Corp. If u want you can google him, but i dont think u will find any uselful info on him.

Goodluck with trading and all the best.
http://www.jamaica-gleaner.com/glean...ead/lead6.html
http://investforlife.wordpress.com/2...ged-for-fraud/
  • #39
  • May 20, 2010 5:14pm May 20, 2010 5:14pm
Quoting theFXGoods
Thanks for the amusing yet truthful reply eddie0816. I know this from personal experience. You must demo for a while before you really know your self with relation to trading the forex. People are so excited about the potential that they lose perspective.

I think an endeavor (as in a career) takes education, time, commitment and very importantly discipline.

There is a reason they created demo accounts. We must use them and learn.

All the best,

/thefxgoods
well said my friend....
  • #40
  • May 28, 2010 5:05pm May 28, 2010 5:05pm
Yes it is possible to earn a six figure salary a year. However you will need to start with a six figure deposit. I am proof of this.

When you trade with high deposit the first thing that comes in mind is that you do not want to loose it. So you take risk accordingly. Even with this low risk and a deposit this high it will be stressful now and then. Aim for 4-5% monthly growth.

When you start with a low deposit 1K-5K you trade more aggressive and you take more risk. That risk will get you one day as FX is a very leveraged market. A flash crash like the one happened in may can wipe you out like that.

This forum is full of people loosing money, 95-97% of the posters loose money. However people need to loose for others to win as FX is a zero sum market.
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