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Do people actually make a living off of trading? 38 replies

Living in China, trading for a living 18 replies

Are there any full-time traders that are living off the FOREX profits? 81 replies

Trading for a living do you write off certain months ? 2 replies

is it a game or job?anyone makes his living by forex? 16 replies

Attachments: Living Off Fx
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Living Off Fx

Quoting Sh0ukaT
{quote} I live in an Asian country and here , for a single person , one can easily live on 300-400$ per month. the rent for a good one bed room apartment is about 70$ to max 100$ per month. The groceries and food account at about 100$ max. and thats when you eat whatever you want, and not be cheap. in my region where average per person income is still lower than 200$ , I think a person making 300 to 400$ per month is considered pretty good and above poverty line. anyways I have other income sources as well which account for most of my income , but...
I hope you keep up the good rate..and month turn to years... I like that you are not greedy, and I find that among the essentials if you want to succeed in Forex, and if success for you means $400 a month that is simply GREAT... I pretty much share the same opinion, I don't need to be among the most successful traders that ever walked the earth I just want to be able to sustain my needs and have a constant profit...
I wish you best of luck and can you please tell me the NAME OF YOUR COUNTRY
Quoting csc2009
Hi I'm just starting in the market any tips or advice? Thank you
Start from the Basics. I think Babypips is best place to start
Quoting Parox
{quote} Start from the Basics. I think Babypips is best place to start
Yup, when it comes to basic info, advanced info in an easy to understand format, babypips school of pipsology is definitely the best..
Thank you all for your lovely advice! Yes, I started with demo account and babypips. How about forexpeacearmy?
Quoting csc2009
Thank you all for your lovely advice! Yes, I started with demo account and babypips. How about forexpeacearmy?
FPA is okay but you can get more detailed info on baby pips than anywhere else and you would not have to pay anything for this info..
Quoting TheRealThing
Can this forum handle some truth? Note: this is not a negative post. I've been trading for a living for many years. Using robust methods that have worked for decades, and I trust will continue for more decades. I've had good years and slow years, while very successful over the long haul, thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading. Thinking otherwise is denying...
This is such a bs post..
First of all this is like some low league footballer goes to a football forum and tells everyone "there is only a 1% chance to live out of a football career"
And then he goes on about from his own personal experience, this guy lacks talent.. he has been on the forex market for over 30 years.. yet
He is the one to tell everyone "its so hard, better win the lottery".. first of all lottery has nothing to do with skill/time invested.. creativity, hard work.

He just uses the words everyone wants to hear in a fine fashion.. described in easy and relatable analogys ..which mostly do not making logical and detailed sense.. but sounds good at first read.

So why are kids around the world playing "soccer" ? the chance for them playing in a good team with great pay is less then achieving what you have done in your 25 years.. i bet anyone who sticks with Forex for more than 5 years.. will be profitable.. how much? i dont know.. how consistent? i dont know..
And thats the beauty of personalities and character.. after 5 years you will bring the best out of you in to the game.. you perhaps become extremly good
Entering big moves every 2-3 days.. or you mastered the scalping method and its up to you how long you want to be awake to make some extra equity..


95% lose.. true. and i bet 95% quit after 3 years, true.

Look at it this way.. you are in training, and you will be forever.. what makes someone a winner is by outlasting everyone..
After 5 years.. you will know alot of people who quit.. but some who stayed.. and you will be greated by new players and those are the 95%.

Keep going at it, you have to feel a live account from time to time..but better to blow your accounts on demo..
Hold out.. in a couple of years.. you will be a winner, a warren buffet? george soros? or in worst case scenario you make 5grand a month, like the unhappy old fellow that has 30 years of trade.
Probably the worlds best currency trader.
Its possible to live off forex . let nobody tell you otherwise.
Quoting hanover
{quote} ..... You say "Steer clear of the poster who make statements without PROOF." On that basis, readers should ignore any comments made by you and me also.
I have never claimed to be a successful trader. I just that after 2 years have a very sensitive nose to BS.
Many institutions use FX to conduct their business without any attempt to speculate. Those are fair game to speculators and why speculating is not a zero sum game.
However, not being zero sum does not mean that you aren't yourself game.

Therefore, if you try to speculate not knowing what you are doing you will end up losing.

You need to develop a strategy of trading, if that strategy is any good you will have an edge in the market. This means you found some sort of pattern that you can consistently exploit for profit. At that point, no matter how small an edge you have, you can make a living. But you better be sure that you have that edge.
The best edges are those that work when back-tested manually using a scripting language such as perl or python and years of tick data.

Because such edges mean that you were able to find and define a structure in the FX market itself that you can exploit. Without it you will never have a stable income from FX. And finding those edges does not involve only staring at charts, from that activity you can only gain ideas. Then you need to mathematically define them and do rigorous testing with tick data to validate them.

The smartest thing to do is go learn machine learning. Many platforms claim to do that for you, but that's utter BS. Machine learning is not at a stage accessible to those who have no idea what they are doing yet and probably never will be, it's still a tool mostly for researchers and corporations (for example, credit companies use it almost exclusively to analyze risk).
Quoting Wheathermakr
{quote} This is such a bs post.. First of all this is like some low league footballer goes to a football forum and tells everyone "there is only a 1% chance to live out of a football career" And then he goes on about from his own personal experience, this guy lacks talent.. he has been on the forex market for over 30 years.. yet He is the one to tell everyone "its so hard, better win the lottery".. first of all lottery has nothing to do with skill/time invested.. creativity, hard work. He just uses the words everyone wants to hear in a fine fashion.....
I bet you are one of the %5
Quote
I live in an Asian country and here , for a single person , one can easily live on 300-400$ per month. the rent for a good one bed room apartment is about 70$ to max 100$ per month. The groceries and food account at about 100$ max. and thats when you eat whatever you want, and not be cheap. in my region where average per person income is still lower than 200$ , I think a person making 300 to 400$ per month is considered pretty good and above poverty line.

I definitely like you attitude towards trading. It is the perfect cautious approach that everyone needs to have in order to succeed. However, as for sustainability, I honestly do not think that this would be enough to sustain anyone, unless am a student in college just looking for the extra cash.

As for living off $300-$400 per month, I find it a daunting task. I do not think it would be wise to live from hand to mount when you business is Forex Trading. It would be wiser to be making more or to have some other business going on on the side.
this is my first post, so very new to this. I'd like to learn how to make a full time living off this. I have been doing a few and joined an online fx school, but don't feel like I'm getting anywhere. It's quite overwhelming, so any steps or pointing, guiding from the forum would be much appreciated.

Should I go with guys like trend jumper etc? Or another system to eccelarate my learning? I,ve started by reading Greg seckers book, so trying to educate myself as much as possible.

Tx in advanceM
One can, if they can get the capital and knowledge to keep above the water. Start with demo's yo.
Yes, it can be possible to live off Forex trading, however not anyone can achieve this goal. You should be skilled and trained and have many patience, since consistent profits don't come out in a day.
Most do not have the aptitude, most do not work hard enough, most cannot deal with the emotions, most give up too quickly.....the list goes on and that is why 95% fail
YES. It can be a profession although not for anyone. Myself I do not have that kind of patience and discipline, YET, to give up on my day job.
Quoting corell
Hello Can i get some feedback, can one really make a living off of FX???? Thanks
It is very well possible if you can manage to navigate your way around a lot of the landmines that the industry is throwing in your way.

It is imperative that you give up on the idea of get rich quick and lie on the beach with a Ferrari full of women waiting for you. When you trade to put food on the table a lot of the romantic notions disappear quickly. Nevertheless, if you have the burning desire and put in the hard, hard work to become profitable, both psychological and analytical, you can succeed.

And then a world of possibilities will open up for you. Stop seeing Forex or trading as a get-rich-quick scheme, try to understand the underlying mechanics of the game and your chances will improve greatly.

Trade well,
Moritz
Quoting TheRealThing
Can this forum handle some truth? Note: this is not a negative post. I've been trading for a living for many years. Using robust methods that have worked for decades, and I trust will continue for more decades. I've had good years and slow years, while very successful over the long haul, thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading. Thinking otherwise is denying...
I find this post very discouraging. Sure he is highlighting the truth that FX trading is very hard. Sure its true, most people already know that or will get to know that.
BUT, people need to realise that this guy has been trading for 30 years. You have to realise that Youtube and FX resources and whatever else you use to learn wasnt around back then. We have a massive advantage to what he had. And also the 1 % of traders make enough to live off? Well if thats the odds, then I'm loving it! I'll take those chances anyday. Lets not forget the people who quit within a couple of months/ years. Lets not forget people who get burned by one bad trade and never return. All I can say is, develop a sound system of trading and learn to adapt to the major events through the years to come and you will turn over a lot of profit. I have been at this game for only 18 months and I've made around $13K over that period. It's nothing to live off, but I'm happy with it. I also dont devote every hour of the day to it either. I'm still trying to learn as much as possible and all you can do is build and get better. TRT definitely has a lot of insightful and invaluable input, however the conclusion of it all was that it's almost impossible to make it.

**I've had good years and slow years, while very successful over the long haul, thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading. Thinking otherwise is denying...**

I'm very curious to know why someone who has deemed themselves as successful still floating around FF?? I mean he is saying that winning the lottery is more possible, yet he is gifted and talented enough to make it the top % of traders. If you have 30 years of experience, surely there is nothing you wouldnt already know? Whether he is here for general trading interests or not, why isnt he living his life doing bigger and better things? I believe he is good enough to survive off the market, but just unable to strike it big. Therefore endorsing how its virtually impossible to achieve only because he couldn't do it himself. Hence using himself as an example. Well sorry Joel, we have a lot more resources and options to go by these days... and inevitably there are going to be traders who will surpass you almost on a weekly basis and that is going to be a fact. Anyways, I appreciate all peoples perspectives, including his, but the golden rule in being successful is never be discouraged by someone else's opinion. I'd much rather have 'useful' advice.
Agree completely Punthamara. Others who have traded just as long would have made less than this guy and others more. Why just tune into this guys mindset. Trading has a lot to do with Psychology and allowing your own mind set and targets to be influenced by this guy is perhaps not such a good idea.
Quoting Punthamara
{quote} I find this post very discouraging. Sure he is highlighting the truth that FX trading is very hard. Sure its true, most people already know that or will get to know that. BUT, people need to realise that this guy has been trading for 30 years. You have to realise that Youtube and FX resources and whatever else you use to learn wasnt around back then. We have a massive advantage to what he had.
You can learn the trading mainly from one thing: YOUR MISTAKES.
Forget about all "Forex resources" that teaches you how to trade for a simple reason that basically there is nothing to teach but there is only learning through experience.
As Above, So Below
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