How many trade Forex, fulltime, for a living? | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Work fulltime during main trading hours ? 14 replies

forex fulltime 2 replies

Fulltime Cable Trader 89 replies

When would you consider trading fulltime? 1 reply

Attachments: How many trade Forex, fulltime, for a living?
Exit Attachments

How many trade Forex, fulltime, for a living?

  • #21
  • Dec 27, 2010 1:42am Dec 27, 2010 1:42am
Quoting moneymaker2
The aim should be to grow your account, but differences such as trading mini lots versus full lots, to grow the account by a specific amount requires much different pip amounts...and possibly a different strategy. So looking at both aspects (pips needed/amount wanted) helps to determine the goal that is right for that individual.
Mini lots don't have a place in this thread, and pip goals are generally meaningless (and harmful, if you stop once the target is reached).

People often suggest "I just have to make x per day/week/month), which in my opinion is short-sighted. Sure, someone could be successful doing this, but trading is not an income from which we really want to depend on weekly or monthly results. We give ourselves a better chance of success by setting aside living expenses and not requiring an income, and setting a 6-12 month goal. I'd even suggest goals aren't all that valuable, as we'll make whatever we make, but I understand many need a goal to work towards.
  • #22
  • Dec 27, 2010 2:57am Dec 27, 2010 2:57am
Quoting timeless
The 5% winner 95% looser figures look probable to me and you can find them on every second web page on Forex trade.
But it is many days now and I still have not found a shred of solid statistical evidence that these figures are real. Anyone has references to a publication?
At the moment I am under impression that there is a conspiracy not to reveal the true figure such as 0.001% to 99.999.
(may be Forex brokers pay for the silence in order to protect their golden goose)
I want to learn and build a small business but I would not be bothered...

hi timeless,

I'm not sure if that is helpful for you:

account-profitability

http://fxtrade.oanda.com/why/policie...-profitability


it would seem that 95/5 % is not correct.


But of course positive accounts does not necessarily say a trader makes profit.

e.g. Trader A has 3 accounts:

1. 100.000 loss
2. 50 Profit
3. 100 Profit

But profitable accounts may still give some helpful glues.
__Thanks__ MJ
  • #23
  • Dec 27, 2010 3:06am Dec 27, 2010 3:06am
Quoting scexglobal
"Like I said, I don't really know anyone else making living almost entirely by trading FX for 15 years straight without being a part of some sort of brokerage firm of a bank. If you do really know someone else of this sort then, please, just let me know who the person is. All the experienced traders that I personally know from around the world usually do have some additional source of income besides making actual profits on the market whether it's an IB fee, various commissions or any other sort of income not directly related to their trading performance."...

There are many reasons to be like this. First, you need money, real money, to start working on Forex; second, in my understanding of Forex, it can not be the main income because it too risky and need incredible emotion and self-control.


Who makes money on Forex permanently?
- Brokers
- Software developers
- Scam-sellers
  • #24
  • Dec 27, 2010 3:16am Dec 27, 2010 3:16am
Quoting M_j
hi timeless,

I'm not sure if that is helpful for you:

account-profitability

http://fxtrade.oanda.com/why/policie...-profitability


it would seem that 95/5 % is not correct.


But of course positive accounts does not necessarily say a trader makes profit.

e.g. Trader A has 3 accounts:

1. 100.000 loss
2. 50 Profit
3. 100 Profit

But profitable accounts may still give some helpful glues.
Never trust a broker
consistency wins
  • #25
  • Dec 27, 2010 3:57am Dec 27, 2010 3:57am
Quote
But profitable accounts may still give some helpful glues.

Not really. I have 100 accounts at my brokerage, and each month 50 profit and 50 lose. What I forgot to mention was that the same 50 win month in month out, while the 50 losers are replaced with 50 different losers in the following month. After 10 years there have been 50 winners and 6000 losers. I'll advertise that 50% of our active accounts are in profit at any particular time, when in fact after 10 years only 1% of our accounts have profited.

This is not considering variance or extent of profitability, both of which make this discussion more interesting. Being one of the 50 isn't enough, we also have to be one of the better of the 50.
  • #26
  • Dec 27, 2010 4:23am Dec 27, 2010 4:23am
Quoting hifromeddie
I am new to Forex, but have calculated that if you have a large enough initial deposit to handle 1 lot per trade ($10 per pip), then to get, for example, a $4000 a month income in Forex you would only have to aim for 20 pips a day 5 days a week.



hillarious !
  • #27
  • Dec 27, 2010 4:27am Dec 27, 2010 4:27am
Quoting Mr J
Not really. I have 100 accounts at my brokerage, and each month 50 profit and 50 lose. What I forgot to mention was that the same 50 win month in month out, while the 50 losers are replaced with 50 different losers in the following month. After 10 years there have been 50 winners and 6000 losers. I'll advertise that 50% of our active accounts are in profit at any particular time, when in fact after 10 years only 1% of our accounts have profited.
hi Mr J,

As I said I fully agree that profitable accounts do not necessarily show that a trader is profitable.
But in the case of your example I do not think that one can say only 1 % was profitable: because you clearly state that the 50 losing accounts are always 'replaced'.

So in fact over the 10 years at any given point in time there are 50% winning and 50% loosing accounts in your scenario.

Well just my thought.
__Thanks__ MJ
  • #28
  • Dec 27, 2010 7:47am Dec 27, 2010 7:47am
Quoting M_j
But in the case of your example I do not think that one can say only 1 % was profitable: because you clearly state that the 50 losing accounts are always 'replaced'.

So in fact over the 10 years at any given point in time there are 50% winning and 50% loosing accounts in your scenario.

Well just my thought.
No, 50 accounts bust out each month losing their money to the same 50 winning accounts. The next month, another 50 accounts bust, and the following month another 50, and so on. There are 50% winners over any particular month, but over the longterm the vast majority are losers - 99% over 10 years. This isn't a real life example, it's just to show how easily we can achieve such a high portion of losers, and how misleading broker advertising can be.

We can be certain that few win, and few win big, due to ecology. The market is like any other food chain, and can only support a few big winners. Most winners will be marginal to mediocre. Instead, the industry would have us believe that we can all hold hands and grow wealthy.
  • #29
  • Dec 27, 2010 8:04am Dec 27, 2010 8:04am
Same time last year, I was quitting my well paid job in aerospace to start my trading career full-time. I trade an hourly mechanical system that I backtested on 5 years of data and forward tested for 1 year. Everything felt fine. I knew things could go wrong and I was ready to take this risk. I had well enough money in the bank to sustain me for a whole year so I jumped in !

Failure! My system failed this year. I applied it to perfection but it failed anyways.

And you know what? That's ok! I'm fine with that because I was aware of the risk I was taking. I was aware that it could fail even if the system was solid on paper. Don't get me wrong I made profit...and a good one but never enough to sustain my lifestyle.

So what happens next? I move on...that's it. I moved back to daily charts and trade my good old Donchian System.


Good luck to anyone jumping in that train...It really was an awesome experience. I'm glad I did it so when I turn 50 I won't have any regrets...

Bear in mind that I had the money to sustain myself...
It's all about your stomach lining...
  • #30
  • Dec 27, 2010 9:29am Dec 27, 2010 9:29am
Quoting Mr J
No, 50 accounts bust out each month losing their money to the same 50 winning accounts. The next month, another 50 accounts bust, and the following month another 50, and so on.
hi Mr J,

I think I get now what you meant.

if each account is from a different trader your point is indeed right. (it was not so clear to me from your first posting as I assumed different accounts from the same trader.)

Sorry for that
__Thanks__ MJ
  • #31
  • Jan 1, 2011 2:44pm Jan 1, 2011 2:44pm
Quoting Mr J
If I required $4k per month to live, I'd want to average at least double that to feel comfortable, and more again to ensure significant capital growth.
Actually I require 2K a month to live (even less if I simplify more). My current average monthly net income is about 2K (not in Forex). That is the reason I chose 4K a month as a goal in Forex for now. It would be huge wealth for me. Even my regular 2K/mo net income with 2k a month in Forex would be an improvement.
  • #32
  • May 18, 2016 9:34am May 18, 2016 9:34am
10k capital u shud be looking at 3 thousands per month. 100k capital you shud have 30k per month if not dun start
  • #33
  • May 18, 2016 8:31pm May 18, 2016 8:31pm
Quoting speedcash
10k capital u shud be looking at 3 thousands per month. 100k capital you shud have 30k per month if not dun start
Highly risky! more like 100k for 3k / month
All posts are my personal opinion
  • #34
  • May 19, 2016 10:24am May 19, 2016 10:24am
Quoting Rtm
{quote} Highly risky! more like 100k for 3k / month
Disclaimer: If you are a scalper.. lol
  • #35
  • Jun 30, 2016 8:32am Jun 30, 2016 8:32am
Everyone is different though. I know some people who made enough to retire young and that was that. Forex is always like hunting, some days you profit others ya don't.
  • #36
  • Jul 3, 2016 12:58am Jul 3, 2016 12:58am
Quoting ukraineguy
This is easy: Nobody. Retail forex traders who make money for a living only off forex are a fantasy created by brokers to attract the cows to the slaugtherhouse
..
Attached Image
Learn, a forex trader must, unlearn and relearn he will.
  • #37
  • Jul 6, 2016 11:42am Jul 6, 2016 11:42am
for me forex trading is smth like hobby now. I don't see it as a main sourse of income at least now. I think very small number of traders don't have any other incomes. and even if I was very successfull in forex, I would start some bussiness. for me forex is smth like lottery. some day can be not yours one and you can lose
  • #38
  • May 15, 2017 4:24am May 15, 2017 4:24am
Hey Guys.
Great thread, i have traded for a while but still need the 2nd income. Was always a bit chicken shit to go all out and do it full time. I just think of it as an investment my trading account.
I like to have the luxury of income from my career , but have the trading income for later in life provided i can continue to be profitable
But hands off to those who can do it full time more power to them.
  • #39
  • May 15, 2017 4:27am May 15, 2017 4:27am
Quoting Rtm
{quote} Highly risky! more like 100k for 3k / month
Have to agree found that early on that my $5k account was not going to get me that audi r 8
  • #40
  • May 16, 2017 12:28am May 16, 2017 12:28am
Quoting scexglobal
... without a second income?
Yes, I am! Right now, I have no 2nd position! Basically, I get enough financial freedom here so I don’t need to rely on others money earning opportunity! But frankly, in my beginning stage of trading I was very confused! Even, when I opened my live trading account then I hadn’t any specific trading plan, but now I am working with 30% monthly target!
0 traders viewing now