Can you actually live off Forex trading? | Forex Factory

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Can you actually live off Forex trading?

  • #1
  • First Post: Sep 18, 2008 7:53pm Sep 18, 2008 7:53pm
Hello everyone.
This is my first post on this forum.
Before I started writing this I read a lot of the threads and discussions here and people's opinions, etc.
I'm extremely new to Forex trading. I just started reading babypips.com and getting acquainted with the terminology and fundamentals. It's very interesting and I like it. I plan to learn as much as I can for a while by reading forums and sites that have information, after which I will be opening a demo account and play around for a few months to really learn what this is all about.
I'm going to take my time and I'm not planning to put any real money for the near future of at least 6-8 months.
I do however have a few questions, Can normal people, with small capital ($1000-$3000) make money and live off trading Forex?
Does knowledge really help and do you get better with experience and does this actually make a difference?
I like to play poker from time to time and I've been playing for quite a while. Forex trading, seems to me it's a lot like poker. There is a lot of luck involved, maybe even more than poker. Am i right?
The idea that I have in my head right now is that unless you have some very serious capital to invest in the first place(100k and up), you have no chance at making money without really just gambling. Even then you're gambling, but you have a better chance of staying alive long enough to make profits.
I would really appreciate your comments and advice. Thanks.
  • #2
  • Sep 18, 2008 8:01pm Sep 18, 2008 8:01pm
with such a small account, you can try to compound it aggressively ... though there is a much higher chance of blowing the account. how would you deal with losing a grand or two?

in this forum you will find all sorts of opinions and philosophies about forex. you will find conflicting opinions and more systems (and chart drawings) than you'd ever want to see.

the bottom line is that (naturally) more capital gives you a higher chance of succeeding. your risk level, experience, and luck should all factor in too.


to answer your question: i'm sure we have some folks making a living off of forex that post to this forum. as for their financial backing, luck, and trading style: your guess is as good as any.
  • #3
  • Sep 18, 2008 8:15pm Sep 18, 2008 8:15pm
Quoting verti
Hello everyone.
This is my first post on this forum.
Before I started writing this I read a lot of the threads and discussions here and people's opinions, etc.
I'm extremely new to Forex trading. I just started reading babypips.com and getting acquainted with the terminology and fundamentals. It's very interesting and I like it. I plan to learn as much as I can for a while by reading forums and sites that have information, after which I will be opening a demo account and play around for a few months to really learn what this is all about.
I'm going to take my time and I'm not planning to put any real money for the near future of at least 6-8 months.
I do however have a few questions, Can normal people, with small capital ($1000-$3000) make money and live off trading Forex?
Does knowledge really help and do you get better with experience and does this actually make a difference?
I like to play poker from time to time and I've been playing for quite a while. Forex trading, seems to me it's a lot like poker. There is a lot of luck involved, maybe even more than poker. Am i right?
The idea that I have in my head right now is that unless you have some very serious capital to invest in the first place(100k and up), you have no chance at making money without really just gambling. Even then you're gambling, but you have a better chance of staying alive long enough to make profits.
I would really appreciate your comments and advice. Thanks.
Good name! hahah
  • #4
  • Sep 18, 2008 10:23pm Sep 18, 2008 10:23pm
I'm going to take my time and I'm not planning to put any real money for the near future of at least 6-8 months.
I do however have a few questions, Can normal people, with small capital ($1000-$3000) make money and live off trading Forex?

Am no pro but i think 6-8 months is too short and also i don't think 3k is enough to make a living off of.....
  • #5
  • Sep 18, 2008 10:40pm Sep 18, 2008 10:40pm
Plan a year to learn and play, first. But yea, you can live off trading. W/ $1000? Eh, not so easy... but there's always luck.
  • #6
  • Sep 19, 2008 3:09am Sep 19, 2008 3:09am
You have no chance at all of earning a living off of a small account such as 3k. What's the minimum? I dunno but it's a hell of a lot more than 3k. Probably 50k would be a minimum, and that's assuming you can actually make money trading forex, which is highly unlikely. I'm not exxagerating.

Forex is a brutal business. I would say your chance of making a living trading forex is on par with your chance of making a living playing golf. It's tough as hell. My advice to you is to find a pro and learn from them.
How you act is more important than how you feel.
  • #7
  • Sep 19, 2008 8:13am Sep 19, 2008 8:13am
Thanks a lot for the info and advice.
I'm not looking at Forex to actually make a living, I was just curios if it is possible and what are the chances if at one point in the future I would decide to do so.
From what I've read so far, I probably have more chances of making money playing poker, than trading.
I do have my own business in web development, so I'm looking at Forex more as a hobby and to learn something new.
  • #8
  • Sep 21, 2008 5:22am Sep 21, 2008 5:22am
Quoting ladex142
I'm going to take my time and I'm not planning to put any real money for the near future of at least 6-8 months.
I do however have a few questions, Can normal people, with small capital ($1000-$3000) make money and live off trading Forex?

Am no pro but i think 6-8 months is too short and also i don't think 3k is enough to make a living off of.....
It will be very hard infact almost impossible, the reality is when u trade a demo u think about direction and the fear of losing trade is there but on live account this feeling is like *10 the more u lose the more u try to limit the loss and the more u end up losing...

my advice to u is practice on demo, read books till u feel u have mastered the art, only then will u stand a chance...

I myself started trading with 3K and felt cmfotable now today m y balsnce is 1.7k and am fighting to keep my money...on demo i felt i mastered trading..

the problem is trading is about maximise win and reducing loss, u have to be able to let a trade run it true course without being scared the position will go against u...which is a difficult task for any1 who has a small balance...on demo try and keep all the conditions the same as u would on live...try to maximise win and reduce loss...if this can be achieved by u then u have everychance
If not then u will find yourself in a sitaution where u win 20 times and 2 losses wipe out your wins and a good 95% of traders fall in this bracket because of pyscology
the battle is in the mind....if trading was about just direction and money wasnt involved there would be more winners than lossers..i only hope that the longer i trade the more diluted the fear becomes and eventaully i can make money...i was very close but last month, i lost a fair bit just because i tried to limit forex, thinking it cant break all support and it did...lol

good luck
  • #9
  • Sep 21, 2008 12:13pm Sep 21, 2008 12:13pm
Verti, here is the opinion of a pro trader with more than 30 years experience. Of course different professionals use different approaches, so his is not necessarily the only window into 'gospel truth'. But IMHO it's a thought-provoking and worthwhile read.

Welcome to the forum, and good luck with your trading endeavors.

David
  • #10
  • Oct 3, 2008 5:51am Oct 3, 2008 5:51am
Quoting verti
Can normal people, with small capital ($1000-$3000) make money and live off trading Forex?
Yes.
  • #11
  • Oct 7, 2008 2:35pm Oct 7, 2008 2:35pm
Yes! Actually there are people living from this, but you have to trade in a demo account before, but if you are planning to live off forex, be careful, because you can lose and win in the same day, so Itīs a difficult way to get money when is your only source.
  • #12
  • Oct 7, 2008 8:29pm Oct 7, 2008 8:29pm
Yes.because many are already doing it.Some even started with <1000.Its all in the mind.If you think you can do it,then you can with determination and perseverence over the long haul.If you limit yourself with your fears,then forex is certainly not for you.It is meant for the 'never-say-nevers'.



Cheers.
  • #13
  • Oct 8, 2008 8:59am Oct 8, 2008 8:59am
No you can't be a full time trader with only 3k - 4k. Not even with a 50k if you have no idea in technical analysis. BUT you can be a full time trader as liittle as $25 for a micro a/c IF you have mastered market movements and technical terms. Fundamentals has nothing to do with FX, i repeat FUNDAMENTALS DO NOT WORK IN THE FX MARKET! Stock or economy goes bearish does not mean it affects the currency! Anyway, i trade for extra income for minor expenses.Not to be a full time trader or a rich dick. But if you hate your job and would rather like to work at home infront of your laptop trading fx, stock and options then you would need to master several system offer here in forex factory. And is FREE unlike some other websites where you have to pay for it. For beginners i reccommend babypips for easy reading and demo your chosen system for at least 6 months and lets see how many trades you can win. If you have over a 100% profit then you are good to go opening a live micro a/c starting at a $300 margin at 400:1 leverage buying/selling 1k lots only. That is 10cts per pips. Some broker offer a minimum deposit of $25 for a micro but that amount is insufficient. Watch out for retail broker. You win a trade they lose money. You lose a trade they win money. So watch out choosing your broker and be very careful with thir spreads they have to offer. Ok good luck and cheers!
  • #14
  • Oct 8, 2008 10:04am Oct 8, 2008 10:04am
Quoting malmsteen_20
Fundamentals has nothing to do with FX, i repeat FUNDAMENTALS DO NOT WORK IN THE FX MARKET! Stock or economy goes bearish does not mean it affects the currency!
That probably the most retared thing I have read here on FF for a long time.
  • #15
  • Oct 8, 2008 10:29am Oct 8, 2008 10:29am
Quoting Tjpld
That probably the most retared thing I have read here on FF for a long time.
ok then, explain what you know? Hmmmmm, there's thread outside regarding why USD strengthen when bailout fail to approve. Does fundamental has to do with fx? Are you really a millionaire? If you are why are you so upset about people giving bright ideas here in this forum?Hmmmmm, i also notice your thread seems to be lossing popularity..Hmmmmm,....well wateva u say dude... You might be one of those 90% losing the trades and decided to get back at me for i am falling into the 10% winners. Well what can i say. I'm not forcing you to use my system or anything else. A succesful trader believes in his/her own technique. So just keep the negatives to yourself and repect peoples comments and ideas. If you don't like it then just cry and whine like a baby infront of your mommy for getting a straight loss in your trades.Its a shame people like you still exisits in this world. If you don;t like my system then fine just keep it to yourself. No need to show your anger or jealousy. Btw, most succesfull traders including Warren Buffet don;t use stop losses. I think you better do more research. Anyway, i lied about my years in the fx market. So don;t try to challenge me ok? Achthung?
  • #16
  • Oct 8, 2008 10:33am Oct 8, 2008 10:33am
Quoting malmsteen_20
ok then, explain what you know? Hmmmmm, there's thread outside regarding why USD strengthen when bailout fail to approve. Does fundamental has to do with fx? Are you really a millionaire? If you are why are you so upset about people giving bright ideas here in this forum?Hmmmmm, i also notice your thread seems to be lossing popularity..Hmmmmm,....well wateva u say dude... You might be one of those 90% losing the trades and decided to get back at me for i am falling into the 10% winners. Well what can i say. I'm not forcing you to use my system or anything else. A succesful trader believes in his/her own technique. So just keep the negatives to yourself and repect peoples comments and ideas. If you don't like it then just cry and whine like a baby infront of your mommy for getting a straight loss in your trades.Its a shame people like you still exisits in this world. If you don;t like my system then fine just keep it to yourself. No need to show your anger or jealousy. Btw, most succesfull traders including Warren Buffet don;t use stop losses. I think you better do more research. Anyway, i lied about my years in the fx market. So don;t try to challenge me ok? Achthung?
No, this is the most retarded thing I have ever read at FF.

Fundamentals have no bearing in FX? You don't use stop losses? You just made my ignore list.
  • #17
  • Oct 8, 2008 10:45am Oct 8, 2008 10:45am
Ok wateva guys...like i said every trader has their own advantage and technique. But calling a person retard is totally unproffesional..... well, what can i say i'm just a retard making $$$$$$....i don't mind....Peace and Cheers!
  • #18
  • Oct 8, 2008 11:17am Oct 8, 2008 11:17am
Quoting malmsteen_20
Ok wateva guys...like i said every trader has their own advantage and technique. But calling a person retard is totally unproffesional..... well, what can i say i'm just a retard making $$$$$$....i don't mind....Peace and Cheers!
I'm not calling you retarded. I call your statement retarded. Because that is what is is. Why would you call it FUNDAMENTAL if it isn't fundamental at all?

BTW nice PM you send me. Who is acting like a kid now? Ohh yeah I know you can get me banned because you own ForexFactory for some reason... *yawn*

Only thing you have to do is comparing charts like Gold, Oil and the EUR/USD. Oh they are not by any chance correlated? Why are some pairs classical Carry Trade pairs? Because of the Interest Differencial? Is that fundamental? Hell yes.
  • #19
  • Oct 9, 2008 3:38am Oct 9, 2008 3:38am
Quoting malmsteen_20
No you can't be a full time trader with only 3k - 4k. Not even with a 50k if you have no idea in technical analysis.
Hey man, i don't belive in technical or fundamental analysis. Pure money management is my game..

But that is another thread.
  • #20
  • Oct 9, 2008 3:53am Oct 9, 2008 3:53am
Quoting LudaPtica
Hey man, i don't belive in technical or fundamental analysis. Pure money management is my game..

But that is another thread.
Luda, it will certainly be an interesting thread.

David
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