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Is trading FX for living a myth?

  • #141
  • May 30, 2016 6:48pm May 30, 2016 6:48pm
Quoting Fudomyo
I can only speak for myself, but I actually do make a living at trading. It was hard won. It took intensive study and a level of due diligence and discipline that most jobs don't require. It is a certain breed that rises to the challenge and thrives in this environment. So cutting the wheat from the chaff starts at the bottom. If anyone finds themselves in any one of the categories of the "people who shouldn't trade" below, then save yourself a lot of money and give up now. What I'm going to share may sound harsh, but it's not mean spirited in the...
Got some insights,
Thanks for sharing!
shunfengcn
The candle pattern is the signal, the inevitability behind it is the key.
  • #142
  • Jun 29, 2016 6:41pm Jun 29, 2016 6:41pm
It is very possible to trade forex for a living, and be quite profitable from doing so! However too often trading is associated with the 'get rich quick' schemes, and therefore people think it requires minimal knowledge to make a quick buck. Unfortunately, from my experience, forex trading requires just as much dedication, commitment and hours of sleepless nights as any business (that wishes to be profitable). Unfortunately, the majority of those who participate in forex trading do not have this attitude towards it, which is why the majority of retail traders do not make money.
If you put in the hard yards, educate yourself, commit yourself and learn all that you can, then you will be profitable.
It's also important to note that the psychology of trading is equally as important as education, do not undermine this! It can really be the 'make or break' moment in your forex trading performance (I've learnt this first hand)
Hard work definitely pays off though!
Good luck!
  • #143
  • Jun 30, 2016 3:07am Jun 30, 2016 3:07am
A new trader can't rely on forex trading for living in the start however it is possible to shift in future. For any new trader it is good to take forex trading as a hobby or part time business while doing the primary jobs, once a trader start earning good money from this trading business then they can switch to forex trading as making it their primary job but it will not happens over the night.
  • #144
  • Jun 30, 2016 6:23am Jun 30, 2016 6:23am
No, I don't think so that it would be a myth, if done properly you could earn your living, and then earn a lot.
  • #145
  • Jun 30, 2016 9:06am Jun 30, 2016 9:06am
It's very much not a myth, there are quite a few people out there doing that. But it does require quite a bit of effort to get there.
  • #146
  • Jun 30, 2016 10:07am Jun 30, 2016 10:07am
It's definitely not a myth. If you have enough capital to not take too many risks, it can be done very easily.
  • #147
  • Jun 30, 2016 10:58am Jun 30, 2016 10:58am
it's not a myth, I am a live example.
Pips Collector EA, No Martingale, No Grid
  • #148
  • Jun 30, 2016 4:31pm Jun 30, 2016 4:31pm
Quoting Faith
I am new to FX, but I have traded stocks for few years. I think I know most of the TA indicators and some risk management, but I cannot have an acceptable result in demo FX account. Is trading FX for living a myth? (I mean trading for living like having a job; I do not mean trading for rich.) Can anyone give me some insight? Thanks in advance. ________________________ Living needs faith!

Is trading FX for living a myth?

That one is easy

Retail forex Millionaires are always heard of but never proven to exist like Unicorns
Unicorns are a myth
Therefore trading FX for a living is a myth
  • #149
  • Jul 1, 2016 7:56am Jul 1, 2016 7:56am
Quoting Mingary
{quote}
Is trading FX for living a myth?

That one is easy

Retail forex Millionaires are always heard of but never proven to exist like Unicorns
Unicorns are a myth
Therefore trading FX for a living is a myth
Actually, under that argument, it would only be Retail Forex Millionaires that are a myth, trading for a living would still be in question.
  • #150
  • Jul 1, 2016 7:57am Jul 1, 2016 7:57am
Yes, not even a myth....because a myth typically has a small piece of truth or wisdom in it.....but that is certainly not the case for forex.

If you can face the truth....here we go:
http://www.forexfactory.com/showthre...29#post8932329

Does that mean you can't win because of luck? No.
Does that mean you can't tripple an account? No.

If you have enough capital there are far better ways to invest.
If you have not enough capital and you trade with low leverage you are simply wasting your time.
If you have not enough capital and you trade with high leverage the black swan is waiting for you an you won't survive with a 99.99% probablity over 5 years.

These are facts.....so don't bite the forex baits that are funded by hundreds of millions of marketing money to lure in new victims.
  • #151
  • Jul 1, 2016 8:21am Jul 1, 2016 8:21am
Quoting huatboyz
it's not a myth, I am a live example.

Yeahh of course....by listing a live micro account with 5% performance and a demo account..... life must be cheap in Singapur.
At least you could learn how to tune up your trade explorer results....Pepperstone might help you...go ask them.
  • #152
  • Jul 1, 2016 10:04am Jul 1, 2016 10:04am
Quoting MichelleMM
It is very possible to trade forex for a living, and be quite profitable from doing so! However too often trading is associated with the 'get rich quick' schemes, and therefore people think it requires minimal knowledge to make a quick buck. Unfortunately, from my experience, forex trading requires just as much dedication, commitment and hours of sleepless nights as any business (that wishes to be profitable). Unfortunately, the majority of those who participate in forex trading do not have this attitude towards it, which is why the majority of...
Totally agree with the above quote. It can be done, I know because I do it. But if I told you about the thousands of hours of screen time necessary to learn the things you need to learn, over quite a few years, you would probably give up now. And that's ok because it's not for everyone. Why did I bother? Because I saw the value in it, in terms of time freedom, financial freedom (not get rich quick). And the biggest irony? Once you know, you know, and it's so simple. I now trade not only my own account but a fund on behalf of private investors too. But only maybe three trades a week, one a day if I am lucky, but this is more than enough to produce great returns. If you are serious about it keep going, it can be done, but it's a long haul and anyone who tells you different is lying. Good luck with your endeavours if you choose to make the commitment.
  • #153
  • Jul 1, 2016 1:48pm Jul 1, 2016 1:48pm
Quoting HudithePfupf
{quote} Yeahh of course....by listing a live micro account with 5% performance and a demo account..... life must be cheap in Singapur. At least you could learn how to tune up your trade explorer results....Pepperstone might help you...go ask them.
Show me your trade explorer then.
Pips Collector EA, No Martingale, No Grid
  • #154
  • Jul 1, 2016 2:19pm Jul 1, 2016 2:19pm
People want to believe they can have an easy life trading forex for a living.

Therefore, they tend to believe any virtual random guy claiming over internet that he trades for a living, rather than looking at the facts, real facts and statistics like the study linked by huatboyz.

Every time I thought some trader was so successful that he must trade for a living, has a sport car and live in a abeatiful house, there was some hint at some point, that showed he got a boring office day job or is just a poor mythoman.
Don't give up on your dreams. Keep sleeping.
  • #155
  • Jul 25, 2016 2:02am Jul 25, 2016 2:02am
Take your time, lots of information here in this forum to digest - for more than decades.
This is not definitely get rich quick kind of business. If you look smth like this don`t bother to trade.
  • #156
  • Jul 27, 2016 12:27pm Jul 27, 2016 12:27pm
i am starting to think it is a myth. I ran a demo account for a year and made regular profit of about 4% a day. I opened real account recently and used the same stratergy and in two days have lost 10% of my deposit.
Wish i knew someone in real life i could talk with to help me improve, sometimes explanations on how to trade on these forums are like reading greek.
  • #157
  • Jul 27, 2016 1:47pm Jul 27, 2016 1:47pm
Quoting Mingary
{quote} Is trading FX for living a myth? That one is easy Retail forex Millionaires are always heard of but never proven to exist like Unicorns Unicorns are a myth Therefore trading FX for a living is a myth
and.....the trader........The human person will become a myth, or in the illusion myth
the gambler
the devils apprentice Return Today: na
  • #158
  • Jul 27, 2016 9:19pm Jul 27, 2016 9:19pm
It's 50% strategy, 50% psychology, and 50% patience!

Yes, it's quite possible. And can be pretty simple. Take your time.
If you're not in the 5% yet it's because you have to try 95% harder.
  • #159
  • Jul 28, 2016 10:36am Jul 28, 2016 10:36am
@londonsteve7, I've been trading for 15 years, 7 as full time, your post shows I think how much psychology plays a part, I think Dr Octagons figures are incorrect, psychology is probably 75%+. Moving to trading as a self employed full time job is unbelievably tough, even with the experience I had it was still drastic.
  • #160
  • Jul 28, 2016 12:52pm Jul 28, 2016 12:52pm
Quoting alphac
@londonsteve7, I've been trading for 15 years, 7 as full time, your post shows I think how much psychology plays a part, I think Dr Octagons figures are incorrect, psychology is probably 75%+. Moving to trading as a self employed full time job is unbelievably tough, even with the experience I had it was still drastic.
Yep, was joking. Psychology is huge, agree alphac. It could be argued that it's everything, because all decisions, reactions and approaches exist in your mind.
Everyone can draw a trendline, so why don't they make money?

My eyes were opened when I simplified my strategy and spent more time on my focus and attitude. Before that I didn't stand a chance because I had already beaten myself.

Without confidence or you will betray yourself making silly errors. You have to remain positive or this will not work.

You can only become confident if you trust the approach that you are using, and trust yourself to know what might move the market, when to play and when to sit out. Trust yourself not to get into trades when you shouldn't, just look for the turkeys and shoot at them.

And occasionally, well, quite often, you need the humility to realise that you have to be very careful, because you're a stupid dumb animal and you will make stupid dumb animal mistakes. Letting yourself off the hook without a lot of drama will free you to look forward to what you CAN do about growing your account, and keep you positive.

The quickest shortcut to finding the right mental attitude to approach trading with was to use my negativity against itself. If I felt negative about the 20 pips I lost (something I already knew I took too much to heart!), I would look at what I still have. My account, my home, my friends, the ability to grow in this effort. Another chance to get it right. Be grateful that you even have the chance to try and do this in whatever capacity it might be.

Then get excited about having another chance to get it right. Then see if you can get it right again. I got to the point where I wanted to get it right more than I wanted to just push buttons. That's when you realise that you can do this to earn your way.

I'm over my target this week, today and tomorrow are days off. You have to be good to yourself when you can, get time away then be excited by the next thing that might come down the road. I can't trade today and I won't trade tomorrow unless I see a small intra day move. But if I do nothing (most likely, lol) I chill, that's great. I'm excited about Monday now, some things might set up. Who else gets excited about Mondays, but can still take the entire day off if they want to?

Get it right, take your time, prove, just a little, that you can, because it's really really worth it. Draw a weekly trendline, just trade of that, try to get it right, over and over, just like a baseball swing.

You can doooooooooooooo it!!!!!!!!!!!!!!!!!!!!!!!!!
If you're not in the 5% yet it's because you have to try 95% harder.
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