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Forex Trading for a living... anyone?

  • #1
  • First Post: Mar 30, 2006 4:18pm Mar 30, 2006 4:18pm
Hi,
I am new to the whole Forex trading industry. I am looking for a career change and just have a few questions.

Is it possible to make a 6figure/year income trading forex.

What would an advaced trader say the average income is of a serious forex trader?

Are there any website that provide these type of stats?



Thanks,
Dennis
  • #2
  • Mar 30, 2006 4:41pm Mar 30, 2006 4:41pm
I'd really like to know the answers to the same questions !

All that I can say is that it does not seem an easy job (not really relaxing)!
Is there any job that's relaxing?

Risk is high, so the profit can be high as well!
  • #3
  • Mar 30, 2006 4:59pm Mar 30, 2006 4:59pm
It is possible but you must take the long road to get there. The long road consists of hard work, discipline, patience, etc. You got to believe that you can do it and stick with it. Don't ever give up. It is not easy.
  • #4
  • Mar 30, 2006 7:17pm Mar 30, 2006 7:17pm
It's possible, and I know people who are doing better than that. But don't give up your day job until you don't have to ask the question any more!
The framework is there; we just have to work on our frame of mind.
  • #5
  • Mar 30, 2006 8:08pm Mar 30, 2006 8:08pm
Quoting niceguy777
It's possible, and I know people who are doing better than that. But don't give up your day job until you don't have to ask the question any more!

NiceGuy,

Are u a pro trader ?
The future depends on what we do in the present.
  • #6
  • Mar 30, 2006 11:08pm Mar 30, 2006 11:08pm
Quoting compro99
NiceGuy,

Are u a pro trader ?
Well I do it for money, if that's what you mean. I only trade live and I trebled my account in my first three months of trading as I was testing my system (max 20 days per month). At the moment my time is taken up more with training people in my system and my art (www.lewisevans.co.uk) as I have an impending exhibition, but I'm getting back into serious trading again in two weeks.

I have learned that if you can't give it your full attention for any reason, don't do it. Choosing to step away from it now and then is also very healthy, for many reasons.

The framework is there; we just have to work on our frame of mind.
  • #7
  • Mar 31, 2006 12:21am Mar 31, 2006 12:21am
Quoting Walker
If you want win 6 figures per year, i think you'd like to invest 7 figures first year and ensure yourself have enough courage to stand if you lost your invest.

For a newbie, www.marketiva.com is a nice recommendation. Try it, open an account, and learn something.
Sorry, Walker, but I can't agree - although I imagine you weren't actually really suggesting he do it, but for the sake of clarity for the newbie, anyone starting trading and investing a seven figure amount is asking to get fried. Start small and build as your confidence and abilities grow. Keep your seven figures in your bank and live on them (if you have them!) while you play with the market's money.

I don't know Marketiva, but I am sure that's as good a place to start as any, and when you've learned something (?), you'll still need to learn how to trade to make those six figures!

'Good traders' can earn a little or a lot, depending on what they want out of it. Those who stay with it generally do OK but few make a living at it as far as I can see. There aren't many 'bad' traders, because if they are, they have to stop being traders at some point!

There are no stats. If you were making seven figures would you put it on the web?
The framework is there; we just have to work on our frame of mind.
  • #8
  • Mar 31, 2006 7:10am Mar 31, 2006 7:10am
I have been an amateur trader for many years and have traded most markets over the years with some success. I was able to quit my job and trade for a living 2 yrs ago. It has been one of the greatest decisions of my life but it is not for everyone. You are going to make alot of mistakes along the way and learn alot of hard lessons. These lessons are going to cost you alot of money. This process is unavoidable. If you think trading FX or anything else for that matter is easy money the market will quickly dissuade you of such notions.

All of that being said. If you are properly capitalized, and willing to pay the "tuition" trading can be a very lucrative and rewarding career but you will have to hang tough through some challenging times.
  • #9
  • Apr 1, 2006 4:53pm Apr 1, 2006 4:53pm
I asked this question for awhile and the answer is yes and more.

I think you should diversify your investments, that is, you should have all of your money working for you all of the time, with the minimum risk

max return, with min risk, common sense.

We should just end this question with the undisputed fact that there are many who have made hundreds of millions in the markets starting with only a few thousand.

Those people will tell you...

psychology, discipline, system trading

Good luck to you!
I keep a close watch on this chart of mine...
  • #10
  • Apr 1, 2006 8:57pm Apr 1, 2006 8:57pm
Quoting caller2
for that matter is easy money the market will quickly dissuade you of such notions.

All of that being said. If you are properly capitalized, and willing to pay the "tuition" trading can be a very lucrative and rewarding career but you will have to hang tough through some challenging times.
Well said. I learned a great deal about FOREX just by doing it on a practice demo account. I'm just getting my feet wet, but I think FX is the highest calling. One thing about making your six figures is a quote I learned from Wall Street, and I think everyone know this, but I'll say it hear so you remember:

"Bulls make money; Bears make money; but Pigs get Slaughtered!"


Remember this as you begin your journey to your six figures. I'm not saying you can't do it; quite the contrary, its possible, but beware of getting greedy and emotional. Pick a system with a high prob. of success and stick to it.
Profitsee - Knowing the future is not enough.
  • #11
  • Apr 1, 2006 9:53pm Apr 1, 2006 9:53pm
Quoting niceguy777
Sorry, Walker, but I can't agree - although I imagine you weren't actually really suggesting he do it, but for the sake of clarity for the newbie, anyone starting trading and investing a seven figure amount is asking to get fried. Start small and build as your confidence and abilities grow. Keep your seven figures in your bank and live on them (if you have them!) while you play with the market's money.

I don't know Marketiva, but I am sure that's as good a place to start as any, and when you've learned something (?), you'll still need to learn how to trade to make those six figures!

'Good traders' can earn a little or a lot, depending on what they want out of it. Those who stay with it generally do OK but few make a living at it as far as I can see. There aren't many 'bad' traders, because if they are, they have to stop being traders at some point!

There are no stats. If you were making seven figures would you put it on the web?
I dissagree about no bad traders. The bad traders drop out and a whole new batch of recruits join, and 95 % of them fail, and than more recruits keep joining. It never ends.
  • #12
  • Apr 1, 2006 11:05pm Apr 1, 2006 11:05pm
i agree, if you lose and you give up, at least put some cap in managed forex

then you are part of the 95 percent that still make money 50 a year average? screw my 401k or rrsp
I keep a close watch on this chart of mine...
  • #13
  • Apr 2, 2006 3:44am Apr 2, 2006 3:44am
I'll try to be as thorough as possible here.

I have been teaching people to trade, and trading myself, for over ten years now.

I have seen kids get rich by trading who don't have a clue about the market until they got educated. This was in the equities market, which does not have even close to the potential of the Forex.

Using a simple, conservative, compounding plan you can turn a 4 figure account into a 7 figure account in a year, if you are a great, consistant trader.

However, for the first year or more of your trading life you are going to SUCK!!! How long you suck is completely up to you and the steps you take BEFORE you lose money.

I don't care where you go, or who you trust (although I have a great recommendation), but you must get educated. Do not risk one dime in the market until you can make money on a demo account.

I'll wrap this up, because if I don't I'll go on for pages. You can absolutely turn your desire to trade into a living, and a very nice one at that. Only 10 pips per day profit, consistantly, will grow your account to astronomical levels.

Good Luck and Great Trading.
  • #14
  • Apr 2, 2006 11:57am Apr 2, 2006 11:57am
Thanks guys for all of the information.

I purchased several books from amazon a few days ago I plan on reading up on.

I have been trading a demo account but I have zero system. Some days I make money some days I loose, well I take that back. My system is buy when its low or set a limit order at a low price and sell when its high lol so elemental but hey


Anyway, I look foward to learning more and more about forex as time goes on.
  • #15
  • Apr 3, 2006 8:43am Apr 3, 2006 8:43am
Just a Question:

A lot of websites, "ebooks" , and people out there say the forex is so much easier, higher profit lower risk then traditional trading in the stock market, but after reading this thread it seems like it's really all the same.

The only thing I can see about forex being different is that it moves much more so there is a POTENTIAL to make more money, but other then that it's jsut as risky as everything else.
  • #16
  • Apr 3, 2006 11:59pm Apr 3, 2006 11:59pm
What makes the forex market so much better then other markets is:

a) liquidity
b) 24 hour availability
c) inherent inefficiency of an off exchange market
d) massive leverage available

The ONLY place you will find the words "easy" or "low risk" relating to this (or any) market is on or in something someone is trying to sell you. It is hard to trade and invest successfully. Damn hard actually, but doable.

If you want easy, ask you bank about a money market or mutual fund. If you want low risk, buy T-bonds and collect the 5% nominal annual return...

There is no free lunch.


Quoting xDennis
Just a Question:

A lot of websites, "ebooks" , and people out there say the forex is so much easier, higher profit lower risk then traditional trading in the stock market, but after reading this thread it seems like it's really all the same.

The only thing I can see about forex being different is that it moves much more so there is a POTENTIAL to make more money, but other then that it's jsut as risky as everything else.
  • #17
  • Apr 4, 2006 10:22am Apr 4, 2006 10:22am
Quoting Pip Stalker
I dissagree about no bad traders. The bad traders drop out and a whole new batch of recruits join, and 95 % of them fail, and than more recruits keep joining. It never ends.
Er, that's what I was saying....
The framework is there; we just have to work on our frame of mind.
  • #18
  • Apr 4, 2006 10:23am Apr 4, 2006 10:23am
Quoting Walker
actually i only deposit some spare money on Marketiva. since i am not a professional trader. but i have to say win in first year is quite hard even though sticky win in demo account. the key is to defect your greed that hidden in dark side of heart of human being.
That's the greatest thing to overcome, and for most of us, the most difficult. That's why I put most emphasis on that with my system.
The framework is there; we just have to work on our frame of mind.
  • #19
  • Feb 6, 2007 6:07am Feb 6, 2007 6:07am
Quoting eddie0816
I'll try to be as thorough as possible here.

I have been teaching people to trade, and trading myself, for over ten years now.

I have seen kids get rich by trading who don't have a clue about the market until they got educated. This was in the equities market, which does not have even close to the potential of the Forex.

Using a simple, conservative, compounding plan you can turn a 4 figure account into a 7 figure account in a year, if you are a great, consistant trader.

However, for the first year or more of your trading life you are going to SUCK!!! How long you suck is completely up to you and the steps you take BEFORE you lose money.

I don't care where you go, or who you trust (although I have a great recommendation), but you must get educated. Do not risk one dime in the market until you can make money on a demo account.

I'll wrap this up, because if I don't I'll go on for pages. You can absolutely turn your desire to trade into a living, and a very nice one at that. Only 10 pips per day profit, consistantly, will grow your account to astronomical levels.

Good Luck and Great Trading.
I agree. I lost $44,000 my first year. I now teach others to DEMO PRACTICE, DEMO PRACTICE, and DEMO PRACTICE.
Some say "The sky is the limit". I say "I own the sky".
  • #20
  • Edited 7:15am Feb 6, 2007 6:45am | Edited 7:15am
I have been trading Forex professionally for 14 years, but have never seen anyone making living just out of trading own capital and without some sort of income coming from some other sources. I wouldn’t recommend you to get into it completely unless you have enough money to survive a potential dry season. There will be ups and downs but in any case you will have to have some capital reserves to cover your living expenses for at least 2-3 years before making such decision. Financial backup is a must.
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