Is trading FX for living a myth?

Couldn't agree more. Brilliant post

according to the experts, forex is ranked as a " high risk" market. that is why there are opportunities for less trained and less financially capable people to join. in this way , the novice will pay for the market risks.
as long as there is no systematic view over the market, the discouraging facts can overrule participation.
however, loss is a part of the business:
"i will not say that i failed 1000 times, i will say that i failed 1000 ways that can cause failure." Thomas Alva Edison.

Is trading FX for living a myth?

certainly not. I went full time trading in November 2009 after turning my trading around 10 months ago and I am now living the life of Riley. It is great.

Wonderful post!

Professional trading of the FX market is not a myth. It just takes lots and lots of practice - more than the average individual is willing to put in. Which is precisely while the average individual fails.

Here's what helped me become profitable. I practiced 14 hours on the weekends running through historical date and memorizing my system and when I had an edge. I then put this into play and it paid off.

You need to study from the bottom up. Candlestick patterns, chart patterns, price action, all the components that create market dynamics. If you can't understand what's happening on a naked chart, no indicator is going to help. There is no holy grail, no magic bullet.
There is only thousands of hours of chart time and studying everything you can get your hands on for technical analysis, trading psychology, and learning how the global financial market operates.


As quoted from Fudomyo's post this is the second hardest part of the trading game. The mental part will absolutely eat you alive if you dont build that mental toughness. Thirdly you better be ready to lose or blow out your first account. Make sure it's money you can lose because this is what's called "trader's tuition" every profitable trader has paid it at some point. 95% of traders lose money!!! 95%!!! Why do you think the market is so lucrative? It needs the fresh blood of the newbies to stay alive. So many people know that but yet come to the slaughterhouse anyways.

While I agree that someone should demo trade it still isn't like the real thing because it's not real money. So there's really not much emotion to attach to something that isn't real. Blowing a $50,000 practice account doesn't give you realism but only in the fact that your trading method or system is obviously not sound. But blowing $5,000 of real hard earned money in a matter of weeks will totally wake you up. If you want to demo trade use the same amount of money you plan on putting into the market.

I've tried some software packages and used to trade with so many indicators on my charts that it looked like abstract art. Think about it for a minute...if you created software or had this magic system that made let's say....1,000 pips a month with 70% accuracy and losing trades lost you about $100 and winning trades made a minimum of $200 would you really sell it to the public?? I didn't think so. You would most likely try to raise as much capital as possible and trade until you are the world's first trillionaire. Once I took all my indicators off and traded the naked price charts in the direction of the dominant trend everything changed. Everything started to make sense. Thousands and thousands of chart hours were starting to pay dividends. Now I'm consistently profitable.

Let's say you have $5,000 saved and you just learned how to play basketball a month ago would you try and challenge professional players to a one on one for $5,000? This is a super tough industry but so so so rewarding if you get to be one of the lucky few in the world that actually become consistently profitable. Like any profession it takes time, practice and money towards your training/education.


One last thing...It's not about the money...I know I know...then why are we trading. For me it's about the mental challenge and the lifestyle trading can give you. Put if this way, If your goal is to make $250,000 a year trading what if you got offered a great job with hours from 9-3 that pays $250,000 with full benefits and company profit sharing and bonuses would you take it? If your answer is yes then you shouldn't trade because you have a 95% chance to lose most or all your money and that's exactly what your broker is waiting for.

My steady increasing bank balance and account statements. Is that good enough? http://www.forexfactory.com/showthread.php?t=229204

This is probably some of the best post I've seen on FF. This should be opened in a new thread and stick'd.

In my opinion, trading on Forex is way to increase you risk capital. Risk means - you can lose it and everything is fine. Trading can't be the way to pay your bills. If you made a lot money on Forex - you should reinvest them somewhere except Forex.

So answer to the title - no.

it's a myth for most traders because they actually have never met a profitable trader, once you do and talk to them and get the feel for how they operate it becomes very believable, having a mentor is a must in this business

Well said. The problem then is that mentors charge and most trader wannabes I have met want everything for free.

Do your due dilligence then get your cheque book out if you really want to learn to trade with a mentor.

Where to find Forex mentor?

ebay?

Why not to look for mentor on FF? ( Make the Thread - Looking for . . .)

Its not myth, fx trading is best trading for me,you can earn for living but you have to know how to analyze fundamental and technical dont use 1 min timeframe to analyze try bigger timeframe 4h dayle always stay with trend and you will be positive. and dont think you can start making 100-200% try smaller 30% and it will be ok never lose more then 1%

enjoy and happy pips

Am also a novice forex trader. Just started trading last month and have got to say there are some good advice on this thread.

Thanks for all the advice!!!

Will definitely take all the advice on board

Never risk more then 1% per trade?

I knew that you can buy everything on ebay, but mentors.... that is interesting. Thanks.

FXMoneyz, you just made my day. I've seen some bad scams in my life, but you're currently top of the plops.

I look forward to a "minimum 15% drop down/drag down", and will be transferring my monies post haste.

Charging 70% of my hard-earned seems a little steep but I have every faith that with the knowledge of "Japanese saints" you are prepared to reveal through your education site, you'll grant me and my missus a life of plenty.

Your text in full...



Procedure is Simple:
1. First Open Account with Broker House Our Prefer Broker Insta Forex
2.Deposit Money
3.Give us Information and Arrange Drop Down min 15%

Here is how much we charge for accounts
100-1000$ 30% – 70%
1000-10 000$ 20%-80%
more then 10 000 10%-90%

You will pay us every month our part that was write in previous line
You are not Paying if we dont make you money, so in our best way is to make money “form” us
You will define maximal “Drag Down” but default is 15%
We are dont have access to your money only you have,so we can only invest

I think that you need a big account and enough money to retire to trade for a living

At least a $50k account to consider it.. and living money for the nest year

Hi Knifecatcher,

Just curious, What is your idea of a living after you retire?

I think $500 per week consistently would be great if you can achieve that from trading for the rest of your life! (minimum)

~Tim