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Do people actually make a living off of trading? 38 replies

Living in China, trading for a living 18 replies

Are there any full-time traders that are living off the FOREX profits? 81 replies

Trading for a living do you write off certain months ? 2 replies

is it a game or job?anyone makes his living by forex? 16 replies

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Living Off Fx

  • #81
  • Aug 5, 2009 2:54am Aug 5, 2009 2:54am
Quoting nyse1982
... learn to understand how each pair reacts during the different trading sessions and you should be fine. I give examples of understanding market price action within the different trading sessions.
hi there, am interested to see your examples. where can i find it?

pertaining the topic of this thread, i believe "making a living" is subjective from one person to another. e.g a married fella with wife and 5 kids to support obviously need more to "make a living", as compared to a single bachelor. what i believe most ppl here are talking about is "being financially independent" from forex -- making millions, traveling business class around the world, fine dining every meal, etc.

for someone in an asian country (like me) where our local currency is less valuable than USD, USD1,000 of profit per month is already equivalent to the monthly paycheck of a junior manager in a decent corporation (yeah, cheap labour ), hence "making a living" is subjective to every person.
  • #82
  • Aug 5, 2009 12:38pm Aug 5, 2009 12:38pm
pipmutt, I think you proved my point, which is that the people who post here, by and large, are wannabee traders who practice for years on demo accounts. There are some rare exceptions, but my estimation is that 99% or more of the posters and even thread starters do NOT trade for a living, but do it for a hobby.
Quoting pipmutt
Let me get this straight, you expect people who trade for a living to prove it to you by posting their "....technique and an explanation of how and why the trades that are shown were made..."?

Why ever would they want to do that, they probably couldn't care less whether you believe them or not! You said yourself "....Those who trade full time, and there are darned few of them, have been in this game for YEARS. They have lost lots of money before they made any money. They have studied. They have tried numerous things.....",...
  • #83
  • Aug 5, 2009 7:00pm Aug 5, 2009 7:00pm
All i can say is Do Not Quit your Day Job as Yet! and i'd say 10K-15K USD would give a nice start up FX business.
  • #84
  • Aug 5, 2009 8:06pm Aug 5, 2009 8:06pm
Quoting nitropip
and i'd say 10K-15K USD would give a nice start up FX business.
A week - yes. :nerd:
I'm pretty much done with all this ...
  • #85
  • Aug 5, 2009 9:09pm Aug 5, 2009 9:09pm
This is one of the reasons why people fail at forex. They hear stories contending that you can make a thousand a week, 5 thousand a week, and read posts alleging people making a thousand pips a week. Then, they calculate in their head what they could make. When the "system' starts to go south, they bail, and look for another, or another indicator, or some fibos, or murray math, or the new flavor of the week.
If forex trading were easy, don't you think everyone would be doing it? And, IF it were that easy, do you really think the brokers would keep it that easy? Just think for a second of many regular people being able to make money regularly at forex. Think logically here now. What would be the result of that? Increased spreads, for one. Too many people making money consistently won't be allowed.
Is there a system out there that will allow you to consistently beat the house? Is that system an easy one? Does that system win every time? Does it have huge drawdowns? Does it win in every market? trending ones, flat ones? If it's such an easy system, why hasn't it been discovered by the many and in common usage? Id this easy system were in common usage, and caused the brokers to consistently lose, how long could that system last?
This is why so few make it at forex. They believe it's easy. They think that after a few months, they can quit their day job. Charlatans are out there selling their wares for $49.95 to show them forex riches.
Not to say Forex Factory isn't worthwhile. It's the BEST. But, to be the best takes time. It takes study. It takes losing. It takes paying your dues. there is no short way to success. It has to be earned.
Quoting StoragePro
A week - yes. :nerd:
  • #86
  • Aug 5, 2009 9:19pm Aug 5, 2009 9:19pm
Hey traders, Long story short, I have been studying Forex (reading books, e-books, industry websites, etc.) for the last 9 months. I tried to soak in as much education as i could in less than a year before i began risking $.

Recently, I began trading on demo accounts testing my skills on a somewhat "real" system... I have successfully traded every single day with my account growing from $300 to $900 a day. I'm not sure if this would be considered "Successful" trading, or normal.. or nominal compared to you experienced traders...

My question to you is, Would you consider consistent "profits" on a daily basis ranging at those levels ($300 to $900) daily a signal that this business is right for me?

Also, When I print out statements from my demo accounts, My balance reads i have a certain amount of "Account Profit" or "P/L" realized at the end of the day. For example, Today, One trading account reads: "Realized Profit: $687" and another reads "Profit: $441" for today's trading session. Is this an ACTUAL dollar amount that I would be able to claim as my own (wire funds to myself) had the accounts been real? Or are my actual profits only a percentage of these totals?

Oh, and because I know someone will ask. I only trade in single lots. One at a time. As I plan on only opening my real account with about $3000. I wanted a realistic trading practice. I think that trading a single lot at a time should do so...

Ok, i'll shut up. I can post statement images later if you'd like. I'd love to get some feedback and answers from some pro's here!!!

Thanks for your time,

-Jeremiah.
  • #87
  • Aug 5, 2009 9:25pm Aug 5, 2009 9:25pm
This is true but in essence most people fail at trading b/c of poor money management,no trading strategy,emotional trading and relying on robots instead of educating themselves on how the mechanics of the forex or any market by that matter. Of course you can be successful trading, It takes work, b/c you have to understand your going up against professionals. Those traders at HSBC Bank and Goldman Sachs could care less about you. Thats why they get paid millions to trade on behalf of these firms. It's like your a junior varsity player facing professional players. However, if you hold steady to your principles you can be successful.
  • #88
  • Aug 5, 2009 9:25pm Aug 5, 2009 9:25pm
It was a quip... But you are very correct.

Focus on risk mitigation and the money will take care of itself.

And you CAN make 15K a week. You just the tools. And a big enough account.

Quoting paradoxical
This is one of the reasons why people fail at forex. They hear stories contending that you can make a thousand a week, 5 thousand a week, and read posts alleging people making a thousand pips a week. Then, they calculate in their head what they could make. When the "system' starts to go south, they bail, and look for another, or another indicator, or some fibos, or murray math, or the new flavor of the week.
I'm pretty much done with all this ...
  • #89
  • Aug 5, 2009 10:32pm Aug 5, 2009 10:32pm
Hey Jeremiah,

Your numbers look good.... I just want to know how you managed to post with your name grayed out and showing "0" posts? interesting
  • #90
  • Aug 6, 2009 12:06am Aug 6, 2009 12:06am
Quoting price
Hey Jeremiah,

Your numbers look good.... I just want to know how you managed to post with your name grayed out and showing "0" posts? interesting
Yeah, im not sure either... it just posted that way
  • #91
  • Aug 6, 2009 2:21am Aug 6, 2009 2:21am
Quoting stjames
Hey traders, Long story short, I have been studying Forex (reading books, e-books, industry websites, etc.) for the last 9 months. I tried to soak in as much education as i could in less than a year before i began risking $.

Recently, I began trading on demo accounts testing my skills on a somewhat "real" system... I have successfully traded every single day with my account growing from $300 to $900 a day. I'm not sure if this would be considered "Successful" trading, or normal.. or nominal compared to you experienced traders...
given trading demo and trading live are different ballparks...the emotional side of things changes dramatically for starters (which is why you must detach yourself from the money...easier said than done though)...personally I like to look at it under the % viewpoint. However making money everyday is very good....don't get used to it..

Quoting stjames
My question to you is, Would you consider consistent "profits" on a daily basis ranging at those levels ($300 to $900) daily a signal that this business is right for me?
Only you can decide if this business is right for you...

Quoting stjames
Also, When I print out statements from my demo accounts, My balance reads i have a certain amount of "Account Profit" or "P/L" realized at the end of the day. For example, Today, One trading account reads: "Realized Profit: $687" and another reads "Profit: $441" for today's trading session. Is this an ACTUAL dollar amount that I would be able to claim as my own (wire funds to myself) had the accounts been real? Or are my actual profits only a percentage of these totals?
Yes

Quoting stjames
Oh, and because I know someone will ask. I only trade in single lots. One at a time. As I plan on only opening my real account with about $3000. I wanted a realistic trading practice. I think that trading a single lot at a time should do so...
define lots please..what kind of MM (Money Management) are you following...if any?

Quoting stjames
Ok, i'll shut up. I can post statement images later if you'd like. I'd love to get some feedback and answers from some pro's here!!!
I'm not a pro by any stretch of the imagination...but I have blown my share of accounts and have been full time since end of last year...and it ain't always easy

Quoting stjames
Thanks for your time,

-Jeremiah.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #92
  • Aug 6, 2009 8:53pm Aug 6, 2009 8:53pm
The reason people lose is because of all the hocus pocus mumbo jumbo that is bantered about masquerading as the way to trade. Those who know are drowned out by the cacophony of those who have something to lose if their flock were to abandon these self proclaimed prophets. Every other week there's a new forex robot that promises riches. "A fool and their money..."

You would be better served reading books on how to play poker.
  • #93
  • Aug 7, 2009 11:57pm Aug 7, 2009 11:57pm
Well I gained a boost of confidence today... I just closed a USD/JPY buy with $2,224 profits today... I'm going to enjoy it while i can... cuz tomorrow may be the exact opposite! haha
  • #94
  • Aug 8, 2009 12:02am Aug 8, 2009 12:02am
Ok, so I do realize most of you may choose not to divulge information like what I'm about to ask, but out of curiosity, I'm going to ask anyway...

To those who are trading full time, or at a profitable point, What are you currently bringing in as profits in a session/day? And on the flip side, what kind of losses (temporary or actual) do you see as average for your style/system?

I dont mean to pry, I'm just curious what is REALISTICALLY being done out there...

Again, I know it's personal...

I began wondering about this as I have been studying Forex for a year now and just recently began testing my skills and education on a demo account of $3,000. I am consistantly trading with $400 to $600 profits daily. ANd today I had an exceptional day with $2,224 in profits. I have losses of course, but so far, my profits far far outweigh the losses.

To those that choose to respoond, thanks in advance

-Jeremiah.
  • #95
  • Aug 9, 2009 6:33pm Aug 9, 2009 6:33pm
Quoting stjames
Ok, so I do realize most of you may choose not to divulge information like what I'm about to ask, but out of curiosity, I'm going to ask anyway...

To those who are trading full time, or at a profitable point, What are you currently bringing in as profits in a session/day? And on the flip side, what kind of losses (temporary or actual) do you see as average for your style/system?

I dont mean to pry, I'm just curious what is REALISTICALLY being done out there...

Again, I know it's personal...

I began wondering about this as I have been studying...
You cannot rely on "bringing in" a set amount of profits per day, per week or per month for that matter...A trader can work out his/her average returns for a selected period, but at the end of the day this means nothing...You can only take what opportunities the market gives you...
  • #96
  • Apr 16, 2010 2:22pm Apr 16, 2010 2:22pm
Quoting TheRealThing


Private, profitable traders (those who've done the above) can tell you their edge immediately, and can prove it. Unfortunately, this set of traders is very small, estimated a few years ago by a research company at less than 800 in America--- and most of you reading this will never among them. And that is not a bad thing. That doesn't mean that you won't make money from your trading. You might even have more richness in your life by doing something else than trade.
does anybody in this great forum has statistics about this study or does anybody know a similar study made about traders who make a living?

regards
RT
  • #97
  • Apr 16, 2010 8:05pm Apr 16, 2010 8:05pm
Quoting RussiaTrader
does anybody in this great forum has statistics about this study or does anybody know a similar study made about traders who make a living?
regards
RT
TRT is talking about his version of 'making a living' i.e. living in Mansion, some vacation homes around the world, having a private jet, a yacht, driving a Ferrari or similar type car, etc, etc.

You get the idea.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #98
  • Apr 16, 2010 8:22pm Apr 16, 2010 8:22pm
Quoting stjames
Ok, so I do realize most of you may choose not to divulge information like what I'm about to ask, but out of curiosity, I'm going to ask anyway...

To those who are trading full time, or at a profitable point, What are you currently bringing in as profits in a session/day? And on the flip side, what kind of losses (temporary or actual) do you see as average for your style/system?

I dont mean to pry, I'm just curious what is REALISTICALLY being done out there...

Again, I know it's personal...

I began wondering about this as I have been studying...
real or demo??
  • #99
  • Apr 16, 2010 8:34pm Apr 16, 2010 8:34pm
Quoting Norman1
You cannot rely on "bringing in" a set amount of profits per day, per week or per month for that matter...A trader can work out his/her average returns for a selected period, but at the end of the day this means nothing...You can only take what opportunities the market gives you...
I love new traders ... they're like Martians. I love how new traders try and approximate daily income as if trading was a 9-5 job with a steady paycheck.
  • #100
  • Apr 17, 2010 7:29am Apr 17, 2010 7:29am
Quoting LasVahGoose
TRT is talking about his version of 'making a living' i.e. living in Mansion, some vacation homes around the world, having a private jet, a yacht, driving a Ferrari or similar type car, etc, etc.

You get the idea.
no,
hes was talking about professional trader whon can live from trading.
it doesnt matter if you make $50.000 a year or $10.000.000.

so does anybody in this forum has statistics about how many traders can live from trading and pay all their expenses from trading?

thx.
regards
RT
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