Yes it is possible, but for newbies don't expect too much..
Is it Possible to Make Money in Forex Market
- #123
- May 23, 2012 12:11am May 23, 2012 12:11am
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
I would agree with all this, and cannot emphasis enough Bear's point about mindset and psychology - make sure you read Mark Douglas' book "Trading in the Zone", this is the bible for all good traders.
Me, I've been trading 6 months after throwing in a multi national finance career, and now finally starting to make good money, but not before all the things Bear mentioned and then some. To get over this I meditate each day and see a business coach (NOT a trading coach) to help improve my focus and visualisation techniques. This has significantly improved my results, regardless of my various strategies and have found it more useful than my trading coach as time goes on.
On the time requirements. The general rule of thumb for the experience curve efffect is 1) You become ok at a new task at 2000 hours practice, 2) Proficient at your task at 5000 hours practice, and 3) Expert at 10,000 hours practice, which means that to trade or learn 8 hours per day, 5 days per week and 52 weeks equals 10,400 hours, so you can work out your own time if you're not full time trading, but at least a year is necessary.
Good luck with it!
Me, I've been trading 6 months after throwing in a multi national finance career, and now finally starting to make good money, but not before all the things Bear mentioned and then some. To get over this I meditate each day and see a business coach (NOT a trading coach) to help improve my focus and visualisation techniques. This has significantly improved my results, regardless of my various strategies and have found it more useful than my trading coach as time goes on.
On the time requirements. The general rule of thumb for the experience curve efffect is 1) You become ok at a new task at 2000 hours practice, 2) Proficient at your task at 5000 hours practice, and 3) Expert at 10,000 hours practice, which means that to trade or learn 8 hours per day, 5 days per week and 52 weeks equals 10,400 hours, so you can work out your own time if you're not full time trading, but at least a year is necessary.
Good luck with it!
- #131
- Oct 19, 2012 2:33pm Oct 19, 2012 2:33pm
1. Is it really possible to make money for a living through FX market?
Money? Best I made was 2.5k in seconds. But I also lost double of that another day. Like somebody else pointed out, consistency is the problem. Being positive over days/weeks/months. For that you need a reliable strategy. Instinct alone can make you rich, but then you will eventually loose everything.
2. If yes, how long would it take?
It took me roughly 2 years in the stock market and then 1 year in FX to start being profitable (that means I found a consistent pattern/strategy
3. Is there a chance that I manage to quit my daytime job and stick to FX market as my only source of income?
I think trading, especially FX trading is a little crazy. I think it's easier to make a lot of money quick, than having a consistent 100$ everday for years. Basically you risk a lot and quit while you are ahead. Much harder to say than do
4. If yes, how long would it possibly take?
Like I just said in point 2, it only depends on you being consistently profitable, usually trading the same pattern/strategy (not relying on instincts).
5. Is there some body out there that really makes over $100k per month through Forex trading? If yes, how? Can I reach that point the future?
If I made 2.5k in minutes, during a day. Thats 75k a month. BUT THATS NOT THE POINT. Look, if you made 100k$ a month with Forex... you should seriously do something else than trading ! Invest in something else like passive income, diversify, etc.
Money? Best I made was 2.5k in seconds. But I also lost double of that another day. Like somebody else pointed out, consistency is the problem. Being positive over days/weeks/months. For that you need a reliable strategy. Instinct alone can make you rich, but then you will eventually loose everything.
2. If yes, how long would it take?
It took me roughly 2 years in the stock market and then 1 year in FX to start being profitable (that means I found a consistent pattern/strategy
3. Is there a chance that I manage to quit my daytime job and stick to FX market as my only source of income?
I think trading, especially FX trading is a little crazy. I think it's easier to make a lot of money quick, than having a consistent 100$ everday for years. Basically you risk a lot and quit while you are ahead. Much harder to say than do
4. If yes, how long would it possibly take?
Like I just said in point 2, it only depends on you being consistently profitable, usually trading the same pattern/strategy (not relying on instincts).
5. Is there some body out there that really makes over $100k per month through Forex trading? If yes, how? Can I reach that point the future?
If I made 2.5k in minutes, during a day. Thats 75k a month. BUT THATS NOT THE POINT. Look, if you made 100k$ a month with Forex... you should seriously do something else than trading ! Invest in something else like passive income, diversify, etc.
- #133
- Oct 21, 2012 3:11pm Oct 21, 2012 3:11pm
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
- #134
- Oct 22, 2012 12:50am Oct 22, 2012 12:50am
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Come with me if you want to live....
I am a novice player in Forex Market. I started trading without any background and lost some money. Then I decided to learn how to trade!Anyway, I studied some books (Getting Started in Currency Trading, and the John Murphy's Technical Analysis book, and a couple more). Eventually I registered in a Technical Analysis course through Canadian Securities Institute.
I've already tried to develop some trading strategies and tested them on InterbankFx plattform. Apparently one the strategies works well. I'll be done with the Tech Analysis...
It depends on people. I meet one man who earn 100K$ per month. I think just few people can organize themselves and control emotions. The last factor plays the most considerable role. But the one who I know is professional in yoga art, maybe you will try too?
