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Making a living trading forex 93 replies

Is anyone here earning a living, just with forex trading? 242 replies

Living in China, trading for a living 18 replies

How can I make a living trading forex? 25 replies

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

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Forex Trading for a living... anyone?

  • #81
  • Edited 12:38am Dec 19, 2010 12:23am | Edited 12:38am
But not with $40K in my opinion. I'd want to do it from a position of $100K with $100K in reserve (e.g., bank account or even better in precious metals given that currencies are a disaster) to mitigate the possibility of a blown account. Aim for 10%/month. Sometimes you'll be able to do better, but other times (e.g., december holiday trading) you won't do that well. Never, ever try to make up for a month of poor gains by overtrading, forcing things that aren't there, or doing something else stupid. Just endeavor to make small amounts of money under those circumstances and realize better times will come. Repeat to yourself that you can't control the market conditions, only the way you react to them. Trying to double an account every month from a small capital base with risky large positions is a fool's errand. Make sure you have the reserves to not only withstand a floating loss, but scale in 20 more times if you have to. If you think cable is a fantastic value at 1.5500, you should love it even more at 1.5470. At times, forex is like terrorism ("most committed wins"). You need to be patient, measured, but never greedy. My humble opinion.

And if you merely manage not to blow your account within 3 months, you're ahead of 95% of the traders out there. "Get rich quick" schemes never work in life generally, and in forex they only lead to tears and gnashing of teeth. "Get rich slowly" may actually work, even in forex.

All JMHO.
  • #82
  • Dec 20, 2010 5:29pm Dec 20, 2010 5:29pm
I hope I get to do this for a living, still a long way to go.. Mm.. Just out of curiosity any of you guys do this for a living?? Or know someone??
  • #83
  • Dec 20, 2010 11:21pm Dec 20, 2010 11:21pm
I've tried for a number of years to trade for a living, but my psychology was skewed and I never made a penny.

Finally I decided to take a sabbatical and sort out my life and then see if I could come back.

The reason I'm posting this is that in the mean time, two of my my trading buddies have cracked it and now are profitable.

Mind you it took them several years to reach that stage, so if anyone is thinking (like I did in the beginning) that you can learn to trade in six months or less is greatly mistaken.
  • #84
  • Dec 24, 2010 1:29am Dec 24, 2010 1:29am
In every Forex Trading there is "devil sit near by". You can say this is BS but you will agreed down the road either you win or you lost.
  • #85
  • Dec 24, 2010 2:54am Dec 24, 2010 2:54am
Quoting ForexSimVids
I've tried for a number of years to trade for a living, but my psychology was skewed and I never made a penny.

Finally I decided to take a sabbatical and sort out my life and then see if I could come back.

The reason I'm posting this is that in the mean time, two of my my trading buddies have cracked it and now are profitable.

Mind you it took them several years to reach that stage, so if anyone is thinking (like I did in the beginning) that you can learn to trade in six months or less is greatly mistaken.
true...sounds like biddhist karma saga
  • #86
  • Dec 25, 2010 3:50pm Dec 25, 2010 3:50pm
Hi. I'm definitely enjoying trading with a practice Forex account with an amount of $50k. Sure. I've lost some, but just before the Christmas break, 2010, I gained $704.23. Now I really like Forex Trading. I'm a college student and would like to know if it's possible to trade Forex part-time? Any replies would be nice. Thank you.
  • #87
  • Jan 5, 2011 8:20am Jan 5, 2011 8:20am
I'm glad your buddies have "cracked it" and are "profitable". But, without the details, its hard to believe it. Sorry.

Quoting ForexSimVids
The reason I'm posting this is that in the mean time, two of my my trading buddies have cracked it and now are profitable.

Mind you it took them several years to reach that stage, so if anyone is thinking (like I did in the beginning) that you can learn to trade in six months or less is greatly mistaken.
Profitsee - Knowing the future is not enough.
  • #88
  • Jan 5, 2011 8:28am Jan 5, 2011 8:28am
Without details, (system you're using), there's no way to believe you. I see many people on the boards making these claims. If you truely are living as a trader, then it just seems you are in the 1-5% there. What's the strategy you're using?

Quoting forexman216
Call me stupid but I've just quit my day job to become a full time trader. I've been trading live 6 months now after being mentored for a year. I started my account with 10k, now it's reaching nearly $40,000.

I believe it's possible to trade for a living if you have the right plan in place and you're disciplined.
Profitsee - Knowing the future is not enough.
  • #89
  • Jan 5, 2011 8:41am Jan 5, 2011 8:41am
Quoting fredkreg
I must say it is interesting reading this thread, it really is. For me who are newcomer in Forex world hearing what people saying about they got nice profit trading the forex market makes me scare, really.
Quick money is always available in forex, quick profits, and quick losses. One of those phrases that applies to Forex is: "Failure to Plan is Planning for Failure".

Quoting fredkreg
Forex is something that attract me from the first moment I knew about it. But getting decent living from the Forex, specially for they who working their butt off night and days just to be able to get some food for dinner? I don't think so even though there are many forex brokers out there that offer their clients with micro account where you can actually deposit just a small amount of money.
Food on the table? You shouldn't even be thinking of Forex. Micro accounts are no good because you still have to take extreme leverage to make any decent profit.

Quoting fredkreg
I don't see Forex as business that suit everyone. Forex is just for they who are actually got spare cash in their bank account. And lot of it too...
You got that right!
Profitsee - Knowing the future is not enough.
  • #90
  • Jan 6, 2011 2:31am Jan 6, 2011 2:31am
I think it's always up to you if you want to dedicate all of your time in forex. But if your still unsure of your ability as a trader.. Don't quit your day job yet.. But I guess it's always beneficial if you spend majority of your time studying forex. This is a profitable business after all.
  • #91
  • Jan 6, 2011 5:58am Jan 6, 2011 5:58am
Quoting jasonnurse87
I think it's always up to you if you want to dedicate all of your time in forex. But if your still unsure of your ability as a trader.. Don't quit your day job yet.. But I guess it's always beneficial if you spend majority of your time studying forex. This is a profitable business after all.

This is a profitable business after all with high risk. To be really successful for a long time you need to 'sleep with MT4'. I think good way to trade for living is have enough money and let somebody professional trade for you.
  • #92
  • Jan 6, 2011 1:04pm Jan 6, 2011 1:04pm
trading for a living as single income source is a crazy thing imo.
Running a business, having a job / diversifying the income sources is wiser.
Something has to pay for my trading habit
  • #93
  • Jan 6, 2011 2:27pm Jan 6, 2011 2:27pm
Quoting Profitsee
Without details, (system you're using), there's no way to believe you. I see many people on the boards making these claims. If you truely are living as a trader, then it just seems you are in the 1-5% there. What's the strategy you're using?
If you have to ask if a trader is making money then you need to do alot more research. Don't expect everything to be handed to you on a plate.

There are many many people here on FF that are brilliant traders, very few of them made it to profitability in under three years I would think.

Good luck.
  • #94
  • Jan 6, 2011 10:29pm Jan 6, 2011 10:29pm
From what I've seen somewhere between 70 to 95% of people who invest in forex loose money.
I imagine a lot of that is from scam brokers...and then just idiots who throw money at it without thinking.
but even then % wise this is risky stuff.
  • #95
  • Jan 7, 2011 8:17am Jan 7, 2011 8:17am
Quoting jag1966
If you have to ask if a trader is making money then you need to do alot more research. Don't expect everything to be handed to you on a plate.

There are many many people here on FF that are brilliant traders, very few of them made it to profitability in under three years I would think.

Good luck.
I totally agree, and have no expectations, nor will I ever, of ANYTHING handed to me on a plate. All I say is, "if you use it, then prove it".

I am addicted to FF, but have don't have a lot of time these days to go over many of the posts here.
Profitsee - Knowing the future is not enough.
  • #96
  • Jan 7, 2011 8:30am Jan 7, 2011 8:30am
Quoting Profitsee
I totally agree, and have no expectations, nor will I ever, of ANYTHING handed to me on a plate. All I say is, "if you use it, then prove it".

I am addicted to FF, but have don't have a lot of time these days to go over many of the posts here.
You are missing my point a bit I think, I am not getting at you personally but you sorta shot yourself in the foot with your last comment, "don't have alot of time"

If you wanna succeed at anything you HAVE to MAKE the time. You expect people to find the time to prove to you how profitable they are, why should they bother?

Good traders on FF spend thousands of hours trying to help newbs become profitable. For some learning to trade profitable (me included) takes years of 7 day weeks, 12 hour days, it was the hardest thing I ever had to do.

Sorry but some things just fire me up a bit. Good luck.
  • #97
  • Jan 7, 2011 3:28pm Jan 7, 2011 3:28pm
Quoting jag1966
You are missing my point a bit I think, I am not getting at you personally but you sorta shot yourself in the foot with your last comment, "don't have alot of time"

If you wanna succeed at anything you HAVE to MAKE the time. You expect people to find the time to prove to you how profitable they are, why should they bother?

Good traders on FF spend thousands of hours trying to help newbs become profitable. For some learning to trade profitable (me included) takes years of 7 day weeks, 12 hour days, it was the hardest thing I ever had to do....
Jag,

None taken. I enjoy the spirited discussions here, and I thank you and the people here on FF for including me in their discussions.

From my perspective, "the work has already been done", it seems, by the profitable traders. There's a lot ambiguity by those who claim to have found profitable systems; similarily, there seems to be absolute silence from the "true" 5% of successful traders.

If there's a natural hesitation about revealing a profitable system/proprietary trading program, so be it. Thats understandable. My gut is telling me that anyone could fire up a simple MA trading system, apply conservative money management and make a "conservative" ROI. I'd like to see a demystification of the "black box"

I'm not trying to avoiding the "hard work", but just merely pursuing my question as an academic pursuit, as to which underlying systems have a common theme or element to them which make them profitable. Many people claim to have to made a living trading Forex; I can prove if their system is successful myself through backtesting, but I'd like to see the proof n the pudding, i.e., what system works.

Great to be here again; and yes, I've been working towards this goal for quite some time.

Cheers!
Profitsee - Knowing the future is not enough.
  • #98
  • Jan 7, 2011 3:48pm Jan 7, 2011 3:48pm
Quoting Profitsee
Jag,

None taken. I enjoy the spirited discussions here, and I thank you and the people here on FF for including me in their discussions.

From my perspective, "the work has already been done", it seems, by the profitable traders. There's a lot ambiguity by those who claim to have found profitable systems; similarily, there seems to be absolute silence from the "true" 5% of successful traders.

If there's a natural hesitation about revealing a profitable system/proprietary trading program, so be it. Thats understandable. My gut is telling...
Thank you for taking my comments in the spirit they were meant. Like you I would try to "number crunch" other peoples methods but in the end I realised I had to devise my own.

Regarding proof of methods I understand what you mean but proof costs money, I spent alot of money (and a year of my life) watching a professional trader/mentor in a live room prove to me trend, momentum and sr trading worked without a shadow of a doubt.

I too noticed that the magic 5% seem to disappear from these forums, personally I think it is because they realised people have to learn for themselves. There is enough free info here on FF to build your own trading methods.

My own "eureka moment" was when I dumped all indis and concentrated on prings trend analysis along with pa at sr, indis have their place but only AFTER you understand what candles are telling you.

Have a good weekend.
  • #99
  • Jan 8, 2011 12:26pm Jan 8, 2011 12:26pm
Quoting jag1966
Thank you for taking my comments in the spirit they were meant. Like you I would try to "number crunch" other peoples methods but in the end I realised I had to devise my own.

Regarding proof of methods I understand what you mean but proof costs money, I spent alot of money (and a year of my life) watching a professional trader/mentor in a live room prove to me trend, momentum and sr trading worked without a shadow of a doubt.

I too noticed that the magic 5% seem to disappear from these forums, personally I think it is because they realised...
Hi Jag,

I've just got started with FF but have been trading Forex for a while longer.
I have been aware of FF as I use the calendar to avoid trading the news.

Would you please explain what you mean by "prings trend analysis" and "pa"?

I presume you mean psar when you use sr, or am I wrong on that count?

Cheers,
  • #100
  • Jan 8, 2011 1:05pm Jan 8, 2011 1:05pm
Hi Sandfire, 1st post, welcome to FF.

Yes PA at SR , Price Action at Support and Resistance.

For Pring google, "martin pring peaks and troughs", there are loads of free pdfs available, concentrate on what makes a valid trend and break of trend.

His trend analysis stuff is brilliant.
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