Are there any full-time traders that are living off the FOREX profits? | Page 4 | Forex Factory

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Are there any full-time traders that are living off the FOREX profits?

  • #61
  • Nov 22, 2014 7:20am Nov 22, 2014 7:20am
Quoting Randyrv
The size of your account is without question one of the determining factor as to one’s ability to live off of your forex trading. I’m currently not able to live off my account but I do know some who can. Their account is over 200,000 and they live very well. I do know they started with 5 to 10k in their trading account. It takes most people 6 to 24 months to learn how to be profitable in the forex. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o> randyrv Earn more interest in a MONTH than the bank pays in a...
Hi Randyrv

I've a question in regard to your post. Do you know how long did it take your friends from around 5k to 200k? Do you know how much percentage they risk per trade? The reason why your post is interesting to me because it's not that hard to save 5-10k for our trading capital in Sydney. It represents average people financial capability at my place.
Thank you, Randyrv.
  • #62
  • Nov 22, 2014 7:53am Nov 22, 2014 7:53am
Quoting Ryukenden
{quote} Hi Randyrv I've a question in regard to your post. Do you know how long did it take your friends from around 5k to 200k? Do you know how much percentage they risk per trade? The reason why your post is interesting to me because it's not that hard to save 5-10k for our trading capital in Sydney. It represents average people financial capability at my place. Thank you, Randyrv.
It's been 7 years since he's logged in so might be retired & enjoying life :-)
  • #63
  • Nov 22, 2014 8:29am Nov 22, 2014 8:29am
Not currently living off FX profits. Haven't traded FX on its own since last year.

However, live comfortably off a handful of indexes so it's 'doable'.
In life you get 3 types of people, those who can count and those who can't.
  • #64
  • Nov 22, 2014 3:23pm Nov 22, 2014 3:23pm
Sold my truck...sold all my tools...Sold my fiancees ring. Stop smoking cigs and went to cigars.

Yeah...I'm making a great living trading this forex market...hahahaha...but I ALMOST have it figured out.

If the USD/JPY will go down a zillion pips, I will be a thousandaire.....

hahahah...

It's all about fun.....right?

So, When you are up and you feel like the king of the world, does that influence all the other areas of your life?

I have a disease I am battling right now that might not let me awake in the morning.....

How serious do you think I am in regard to what the "charts" might say and what the ECONOMY might do.

To all you want a be millionaire wanna be forex traders......Study ....Study...Study...it will come..

I have rarely been in a trade that was profitable at first before I struck gold....Don't know why... just the way it is....

Anyone that thinks they are an "expert" is the one to stay the hell away from...Your theory/trading system may work for a few trades and then you blow out the account. Any dumbass with a dart coulda made money in the 1990's by buying appl...

Go to Vegas...throw it all on red...no black...no red..no black......such is the life of a "trader"....

I did notice that there is not ONE single hedge fund manager that has LOST money in ...I dunno.... 20 phuckin years!!!!!!!!

What is up with that?......

peace
  • #65
  • Nov 23, 2014 1:44am Nov 23, 2014 1:44am
Quoting simon_221175
Hi Guys, I have a question to all those who are full time traders? How long have you been full time trading? Are you earning enough money, not to work a second job? Is it worth it at the end of the day? Any comments will be much appreciated. Regards Simon
Simon, I have been trading full time for over 3 years and have been in the markets about 10 years. Its definitely worth it once you have mastered the art of trading. It take great emotional balance and lots of discipline. Someone who expects to make 50% a month is never going to make it; its proven that those who trade too large ULTIMATELY AND ALWAYS end up failing. I have found the key to successful trading is stick with a plan and only trade a few PERFECT trade set ups a day. Overtrading will kill your account. Some days you may not get any trades if markets are a disaster.
  • #66
  • Nov 24, 2014 4:27am Nov 24, 2014 4:27am
Yes,

If I said to you, here's £1000, earn 1% a week (£10). I bet you'd be pretty confident you could do that.

I feel it's much easier to make a living if you can properly invest in yourself. If you're trying to grow an account you'll take more risks and aim for more than 1%. If you have £100,000 then that 1% a week becomes £1000.

I guess i'm trying to say, it's easier to live off an account than it is to grow it. My opinion anyway.

All the best....
  • #67
  • Dec 10, 2014 2:15pm Dec 10, 2014 2:15pm
Quoting CTGUY
I have traded for two years and I do trade full time. I trade 9 currency pairs and I am stuck to the display for many hours during the day. When the day comes when you ask yourself if you should quit your job and trade full time, the answer is not easy. It takes a lot of soul searching. I made the leap and am glad I did. Set your goals and tell yourself that you will be trading full time one day. Good Luck!
Is this a typical amount of pairs to trade for a full time trader?
  • #68
  • Dec 11, 2014 2:19am Dec 11, 2014 2:19am
Quoting Ezm1y
{quote} Is this a typical amount of pairs to trade for a full time trader?
beginner or pro it is best to trade just 1 or 2 pairs and focus on them.
  • #69
  • Dec 11, 2014 7:28am Dec 11, 2014 7:28am
Quoting Vitez
{quote} beginner or pro it is best to trade just 1 or 2 pairs and focus on them.
Depends on the time frame. Not many trade setups if you watch one pair and trade off the daily
  • #70
  • Dec 11, 2014 8:18am Dec 11, 2014 8:18am
Full Time trader living solely off Forex profits the past 2 years. I agree that having a large account is necessary if you are going to do it full time as your only job and after having spent 20-25 years in corporate world I had some decent capitital to put into my trading busines. Best thing to do is create a trading entity and only trade in the business entity as there are multiple tax advantages as well as the ability to pay yourself a salary and take advantage of top line tax deductions such as Health Care premiums, 401(k), etc........

Love trading and the freedom it brings as well as not having to deal with the corporate bullshit anymore.
  • #71
  • Dec 11, 2014 4:46pm Dec 11, 2014 4:46pm
Great info guys. Thanks. I read on here somewhere that you should only do 4 trades a day (per pair I believe). Is that your experience or recommendation?
  • #72
  • Apr 21, 2015 3:51am Apr 21, 2015 3:51am
Among my friends there are none who have traded all day on forex and earn enough for a living. It is necessary to have a decent income, just to do it.
  • #73
  • Apr 22, 2015 2:36am Apr 22, 2015 2:36am
Some very successful trader may work as full time traders and get much high profit. Forex trading is risky but charming, there is a virtual world and you can use your talent, knowledge and skills to pursure fortune.
  • #74
  • Apr 26, 2015 11:55am Apr 26, 2015 11:55am
Hi friends,
I want to add my 5 cents too. I didn't put too much money into my account and didn't lose my money. Thanks for guys like James16, Seiden, Gerchik and others. As I am an person, which one needs to know as much as possible before make decision I studied a lot before started to trade. To become a full time trader you need at least to study 3-5 years. I don't mean that you must take courses somebody to teach you, you have to teach yourself. Just patience,learning reading and trying can make you full time trader. If you after all can't make your personal profitable strategy, forget it. You need your own original personal viewing of market and strategy. This way I am trying to go. There is why exist just a few full time traders.
  • #75
  • May 14, 2015 11:33am May 14, 2015 11:33am
I look forward to the day that I can trade for a living. My goal is to be able to do that within the next 8 years, which would put me at 40 years old. If it takes more than 8 years I'm fine with that as well if it takes less than 8 years.

I don't any intentions on being the richest person in the world at all. I just want to be able to live comfortable with the freedom of not having a "job".
  • #76
  • May 14, 2015 2:30pm May 14, 2015 2:30pm
I'm full time trader, too - well, somewhat.

I was self employed and sold my business recently to another company. I'm still supporting the buyer here and there but even before that change in my life I had enough trading profits to make a living out of it.

There are a few thinks I like to note:
Whenever people say it can't be done, there are 2 words missing "for me" (unless they're talking about the laws of nature, obviously).
The thing is I lived in Germany, due to my sold business and the job of my girlfriend I'm currently in the UK (London). I'm trading very short term, almost scalping (however you define scalping). People here say scalping doesn't work, yet quiet a number of people proof the opposite. It works perfectly fine for me, the timezone and the freedom of not having to do another job in the usually volatile early European morning is probably part of the reason. I have my own kind of risk management, some people may say I'm gambling (I know I'm not). That all doesn't matter to me. Where ever you look in live, there're always people saying "XY doesn't work" while its perfectly working for other people so they should better say "XY doesn't work FOR ME". I'm very sure the same kind of life-energy-suckers told that same bullshit to the people who founded Google, Microsoft or Apple.

Quoting Br_pippin
But I force myself to only play HIGH PROBABILITY TRADES. we kill ourselves by overtrading and not playing our cards right
And that essentially explains my trading. I like to say I'm a cop waiting for my prime suspect to make the right move while other people tend to jump on every move of everyone, which is especially a problem of many new scalpers.
  • #77
  • May 14, 2015 11:07pm May 14, 2015 11:07pm
That is great advice. Just because it does not work for them does not mean that it does not work for anybody else. With that mentality one can overcome whatever obstacles may be in their way.

Quoting JensG
I'm full time trader, too - well, somewhat. I was self employed and sold my business recently to another company. I'm still supporting the buyer here and there but even before that change in my life I had enough trading profits to make a living out of it. There are a few thinks I like to note: Whenever people say it can't be done, there are 2 words missing "for me" (unless they're talking about the laws of nature, obviously). The thing is I lived in Germany, due to my sold business and the job of my girlfriend I'm currently in the UK (London). I'm...
  • #78
  • May 15, 2015 1:06am May 15, 2015 1:06am
I'm a newbie and I can't afford full time trading, just because it's too risky. On the other hand, I realize that i waste time that i could spend on learning how to trade. How long did it take on average from your fist trade to becoming a full time trader?
  • #79
  • May 15, 2015 1:53am May 15, 2015 1:53am
Hello Dunno67,

I would suggest that you read JensG last post where he was talking about "For Me". I understand you being intrigued by the process and time involved in becoming a full time trader but that is going to vary for each one of us. I'm not trying to answer for JensG but each one of us will have a different journey to full time trading because we are all unique and our journey will be what we make of it.

I suggest that you enjoy the journey no matter how fast or slow it may be for you to reach your goals as the journey will make you appreciate every single penny that much more.

Quoting Dunno67
I'm a newbie and I can't afford full time trading, just because it's too risky. On the other hand, I realize that i waste time that i could spend on learning how to trade. How long did it take on average from your fist trade to becoming a full time trader?
  • #80
  • May 16, 2015 6:21am May 16, 2015 6:21am
Quoting Pippington
I suggest that you enjoy the journey no matter how fast or slow it may be for you to reach your goals as the journey will make you appreciate every single penny that much more. {quote}
That's really a wise piece of advice! thanks.
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