How much is forex costing you? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How much do you want to make and why do you want to make it 17 replies

Why you shouldn't show how much you have made in FX 35 replies

How much profit is too much for brokers? 4 replies

Pip Costing for A Trade 2 replies

How much is forex costing you?

  • #1
  • First Post: Edited 6:05pm Jul 23, 2006 5:23pm | Edited 6:05pm
How much is forex really costing?
How much did you invest in training, strategies, softwares, how much have you lost/win?

Is it better that other jobs? Is it too difficult?

How much time did you invest? How much time have you allready invest?

What's the overall cost of of becoming a good forex trader?

Is it worth it for you?
Try hard, think fast, die young
  • #2
  • Jul 23, 2006 5:39pm Jul 23, 2006 5:39pm
Quoting dof

Is it worth it?
I think this is something we each have to answer for ourselves. What are your criteria for being worth it?

For me, even if I don't make money, I find forex is an intellectual challenge. It's like the perfect game and I have to be sharp to beat the opponent. So I'd play whether or not I make money (but I sure hope I do!) I love the psychological aspect and I find it energizes me. I love that there's an endless stream of learning.

If it's just to make money and there isn't anything in it besides the $, then I bet like any job you're only half interested in - sooner or later it becomes drudgery. But this is true of anything and not just forex.

Squid
  • #3
  • Jul 23, 2006 6:05pm Jul 23, 2006 6:05pm
Quoting Squid
I think this is something we each have to answer for ourselves. What are your criteria for being worth it?

For me, even if I don't make money, I find forex is an intellectual challenge. It's like the perfect game and I have to be sharp to beat the opponent. So I'd play whether or not I make money (but I sure hope I do!) I love the psychological aspect and I find it energizes me. I love that there's an endless stream of learning.

If it's just to make money and there isn't anything in it besides the $, then I bet like any job you're only half interested in - sooner or later it becomes drudgery. But this is true of anything and not just forex.

Squid
I ment, is it worth it for you?

I changed my post.

It's chalanging, but a game doesn't pays the bills.
For fun I like the beach and more
Try hard, think fast, die young
  • #4
  • Jul 23, 2006 8:25pm Jul 23, 2006 8:25pm
Quote
How much is forex really costing?
How much did you invest in training, strategies, softwares, how much have you lost/win?

Is it better that other jobs? Is it too difficult?

How much time did you invest? How much time have you allready invest?

What's the overall cost of of becoming a good forex trader?

Is it worth it for you?

Trading has cost me very little in terms of payed training, books or seminars, for most you pay for your trading through lost accounts and margin calls in the early days of trading. That was how I payed for it, but as they say, you learn from your mistakes.

Is it better than other jobs?, not all, I would rather be a professional sportsman than a trader, but it is better than most in my opinion, although I am not a full-time trader so I can't answer that with complete confidence (yet). It is challenging, sometimes just plain damn hard, but that is part of the enjoyment of it for me, I bore easily when not challenged, I am yet to be bored while trading.

In terms of is it worth it, if it is a passion, than it is worth it, so for me yes.
You can quit and they won't care, but you will always know.
  • #5
  • Jul 23, 2006 8:38pm Jul 23, 2006 8:38pm
So far I've bought $100 worth of books (Murphy's Technical Analysis & Left Brain Trading) and about $500 to upgrade my monitor (nice 19" lcd with an adjustable arm). I don't do courses or expensive subsciption services as I think that there's more than enough free info that's worth far, far more. Check out the James16 Chart thread.

What's the point of spending a thousand plus on a course and not getting any better results that if you read and worked at all the info availble for free here?

I've more than broke even. Especially given how the income is taxed a lot more favourably than earned income.

So my total expenses for the last 6 months were $600. I'm planning on spending another few hundred on books based on recommendations by people who's advice on here has proved profitable for me. The Market Wizard series and a few others.
  • #6
  • Jul 23, 2006 9:10pm Jul 23, 2006 9:10pm
Is it worth it? Yes! It's worth every dime of it. Initially, it could be very frustrating when you expect too much in a short time. The game is patience and discipline. You just have to hang in there, and when the pay off starts, it does not stop. Remember how difficult it was to learn how to ride a bike the first time, it then looked like an impossible task. After a while, bike riding looks like so much fun, you never want to put down your bike until your first injury. First injury slows down your enthusiasm, then you control your desire to ride the bike until you feel it is necessary to do so.
I personally have spent more than $10,000.00 in the process of learning. I got burnt many times and 'am still getting burnt. I did not quit, neither did i have a second thought about trading. I have been in it for about 18months and 'am just starting to enjoy trading. It took a lot of work on my part.
Again, be patient and keep learning, you will get there.

Enoma.
[email protected]
  • #7
  • Jul 24, 2006 3:11am Jul 24, 2006 3:11am
I play a game called Americasarmy on the internet. I only play a map that is very difficult for new players and the hardest in the game, so they leave and never learn what to do and get the rewards. The map is brutal; new players are killed without ever seeing who shot them or from where. But over time you learn where every bush is, what each shadow should look like, and to listen for the footsteps. Then you start to kill people without them knowing who you are or where you were.

<o> </o>

Trading the currencies is worth it; and only real cost is the loss of some ego to begin with. Then you lean how to read the chart it all falls together.
  • #8
  • Jul 24, 2006 3:45am Jul 24, 2006 3:45am
Quoting grickherder
So far I've bought $100 worth of books (Murphy's Technical Analysis & Left Brain Trading) and about $500 to upgrade my monitor (nice 19" lcd with an adjustable arm). I don't do courses or expensive subsciption services as I think that there's more than enough free info that's worth far, far more. Check out the James16 Chart thread.

What's the point of spending a thousand plus on a course and not getting any better results that if you read and worked at all the info availble for free here?

I've more than broke even. Especially given how the income is taxed a lot more favourably than earned income.

So my total expenses for the last 6 months were $600. I'm planning on spending another few hundred on books based on recommendations by people who's advice on here has proved profitable for me. The Market Wizard series and a few others.
Hi grickherder,

only 600$ ? what about the time you spent/spend ? time is money .....
  • #9
  • Jul 24, 2006 3:48am Jul 24, 2006 3:48am
I would suggest It worth to invest it like you are making and building a new company/business.
Will take time to start have positiove balances, like any other business...BUT....you must give yourself a limit. If your company dones't start to profit after a year...well...I think you are not a good investor, and maybe should change business

At one point we must all face to ourself and admit: Am I able to profit from forex ?

It makes sense to me now because I can profit, I dont know in the future
  • #10
  • Jul 24, 2006 4:11am Jul 24, 2006 4:11am
Quoting trucco
I would suggest It worth to invest it like you are making and building a new company/business.
Will take time to start have positiove balances, like any other business...BUT....you must give yourself a limit. If your company dones't start to profit after a year...well...I think you are not a good investor, and maybe should change business

At one point we must all face to ourself and admit: Am I able to profit from forex ?

It makes sense to me now because I can profit, I dont know in the future
IMHO, you must give yourself more than one year in the trading business to show a profit because this profession takes time and a lot of hard work.
  • #11
  • Jul 24, 2006 4:20am Jul 24, 2006 4:20am
Quoting nd1377
IMHO, you must give yourself more than one year in the trading business to show a profit because this profession takes time and a lot of hard work.
I've study more that 16 year to have the job that I have now, and I don't think I make enough. So only 1 year for forex?
Try hard, think fast, die young
  • #12
  • Jul 24, 2006 6:19am Jul 24, 2006 6:19am
Quoting nd1377
IMHO, you must give yourself more than one year in the trading business to show a profit because this profession takes time and a lot of hard work.
Mh, Im afraid this is not really the truth.
You are not studing medicine, where you need a huge amount of informations and huge case studies to operate and become a doctor.

I believe that if you are not successful after a year, you will never be.

Maybe is a kind of 'forex advert' spread around from brokers to make you charge your account 3 or 4 times in 2 or 3 years before realize it was enought 1 year to understand this
  • #13
  • Jul 24, 2006 6:21am Jul 24, 2006 6:21am
Yes, it is definitely worth it. I love the markets.
  • #14
  • Jul 24, 2006 7:05am Jul 24, 2006 7:05am
Quoting trucco

I believe that if you are not successful after a year, you will never be.
IMHO, this is totally wrong. Ask any professional trader how long it took them to be successful in trading. If they tell you less than a year, they are lying.
  • #15
  • Jul 24, 2006 7:06am Jul 24, 2006 7:06am
Quoting dof
I've study more that 16 year to have the job that I have now, and I don't think I make enough. So only 1 year for forex?
Please reread what I wrote, MORE MORE MORE MORE MORE MORE MORE MORE MORE than 1 year...................................
  • #16
  • Jul 24, 2006 7:22am Jul 24, 2006 7:22am
Quoting nd1377
Please reread what I wrote, MORE MORE MORE MORE MORE MORE MORE MORE MORE than 1 year...................................
Yes, I'm just supporting your idea. MORE
Try hard, think fast, die young
  • #17
  • Jul 24, 2006 7:40am Jul 24, 2006 7:40am
Quoting nd1377
IMHO, this is totally wrong. Ask any professional trader how long it took them to be successful in trading. If they tell you less than a year, they are lying.
Maybe you are right.
We can talk about this in 3 years

But if you start to become succesful after 3 years of work and loosing, then you must expect from youself huges returns..

make a calculation of lost money and time lost. Won't be less then 20.000 $ in 3 years for the accounts and at least 4 hours a day X 220 days a year x 3 years. let say 10 $ per hour..even more. so is 660 X 10 = 6600 + 20.000 = 26.600 $. This is very simple calculation, probably the cost is much higher.
So after 3 years you must earn money constantly
  • #18
  • Jul 24, 2006 7:51am Jul 24, 2006 7:51am
Guys, but can I ask you what is this 'something' for which you need 3 years to learn to be a succesful trader ?!

I dont get your point.

If a studdent is studing medicine, he knows what he has to learn to be a doctor, but you know what you are missing to become a good trader ?
Or you base this assumption based on what others tell you ?

Thank you
  • #19
  • Jul 24, 2006 7:58am Jul 24, 2006 7:58am
Quoting trucco
Guys, but can I ask you what is this 'something' for which you need 3 years to learn to be a succesful trader ?!

I dont get your point.

If a studdent is studing medicine, he knows what he has to learn to be a doctor, but you know what you are missing to become a good trader ?
Or you base this assumption based on what others tell you ?

Thank you
Experience, discipline, and patience
  • #20
  • Jul 24, 2006 8:32am Jul 24, 2006 8:32am
Quoting nd1377
Experience, discipline, and patience
thanks.

Fom my point of view these 3 things should be part of you after 1 year, you dont need more.
And beside this, in 1 year you had the chance to see all the possible market patterns, market behaviours, events, surprises, etc etc. You have the chance to cover 100% of cases over a year.

This said, if after 1 year a brain is still not able to be oriented and have learned what to do...I believe that even after 3,4,5,6 will still be the same
0 traders viewing now