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Is anyone here earning a living, just with forex trading?

  • #201
  • Jan 13, 2017 4:57am Jan 13, 2017 4:57am
well ill be honest, forex is only a part of it what i make, I still have a day job and trying a couple of options with services and stuff, and for this year aside from my hotforex earning and my desk job, im planning to multiply the earnings through some new options and best of luc to us all.
  • #202
  • Jan 14, 2017 4:01pm Jan 14, 2017 4:01pm
@jiggz my self um just started and wish to do so if l do well. How long hv u been trading?
  • #203
  • Jan 14, 2017 10:30pm Jan 14, 2017 10:30pm
Quoting Custos
{quote} You are only a year at it. Expect 3 to 10 more years until you can be consistently profitable. And some people never make it even after that amount of time. Just to shoot you off in the right direction: the work you did the last year on trading is nothing compared to the work which it takes to become profitable. You gotta do an insane amount of studying. Reading books about everything concerning the market, do statistical analyses and understanding the forces driving the markets.
Right on
  • #204
  • Edited Jan 15, 2017 12:02am Jan 14, 2017 11:45pm | Edited Jan 15, 2017 12:02am
Quoting sam1741
hi all... I mean, average Joe just like me, who put aside some money and start trading, can we earn a living from trading forex? Not the big institutes and rich one who have billions in their capital Is just that after a year and 3 months learning, and demo on forex, i started to doubt i can make any money from it. I have several demo account, the best one have some earning from the initial deposit, but what confusing to me is.. - if i follow any system, i will lose money - if i i follow any sets of indicators, i will lose money - if i follow the...
"can we earn a living from trading forex?"

Emphatically, no!
Some do make money some of the time, but no one makes money all of the time.
Best that can be achieved is short time success, there is no long term success.
Here, long term is defined as the amount of time that it takes for the account to get wiped out!
Could be 2 days and it could be a "pretend" 20 years.
Some will use the short time success and make it last longer by making money teaching or selling something to the "aspiring forex millionaires" ..
The best approach is to have a real job that can pay for the (expensive) trading habit.
  • #205
  • Jan 15, 2017 1:57am Jan 15, 2017 1:57am
Quoting Mingary
{quote} "can we earn a living from trading forex?" Emphatically, no! Some do make money some of the time, but no one makes money all of the time. Best that can be achieved is short time success, there is no long term success. Here, long term is defined as the amount of time that it takes for the account to get wiped out! Could be 2 days and it could be a "pretend" 20 years. Some will use the short time success and make it last longer by making money teaching or selling something to the "aspiring forex millionaires" .. The best approach is to have...
Not true. Some brokers are structured so that you never need to fund your account again. If they say with it long enough, they can make a living because they will run out of mistakes to make.
If you are good at something, never do it for free--Joker
  • #206
  • Jan 15, 2017 2:13am Jan 15, 2017 2:13am
Quoting Mingary
{quote} "can we earn a living from trading forex?" Emphatically, no! Some do make money some of the time, but no one makes money all of the time. Best that can be achieved is short time success, there is no long term success. Here, long term is defined as the amount of time that it takes for the account to get wiped out! Could be 2 days and it could be a "pretend" 20 years. Some will use the short time success and make it last longer by making money teaching or selling something to the "aspiring forex millionaires" .. The best approach is to have...
I don't agree with Mingary.

There is possible to trade for a living but there are some conditions.

I don't know what had pushed Mingary to come to this conclusion.
  • #207
  • Jan 15, 2017 3:35am Jan 15, 2017 3:35am
It is tough business even hedge funds go bust with all resources at they disposal.
Most of us will fail only few can do it.
It requires years of experience, you must love what u doing, long term proven positive record, lots planning, good risk management and large saving account for back up.
Other option you can sell ur trading signals(need little money for start, but takes far more time to get money in) if you have good feeling off the market and try leave off subscriptons fee.
Most of the people should stay on their day jobs - better for them
  • #208
  • Jan 15, 2017 10:36am Jan 15, 2017 10:36am
Of course, some people do make a comfortable living trading FX. Some trade only their own money while others manage clients funds. The reality is, this is not for everyone and if you are not all-in, its better for you to be a part time trader. You will save yourself lots of nerves and money))
  • #209
  • Jan 16, 2017 11:46pm Jan 16, 2017 11:46pm
Quoting erud
Of course, some people do make a comfortable living trading FX. Some trade only their own money while others manage clients funds. The reality is, this is not for everyone and if you are not all-in, its better for you to be a part time trader. You will save yourself lots of nerves and money))
traders to be successful in forex trading business should be done as in the learning process, because by having a maximum capability will be easier to make money in forex, and must also remember her at risk to keep us learn to controlled properly
  • #210
  • Jan 17, 2017 7:10am Jan 17, 2017 7:10am
Every industry has its own winners and losers. The money has to come from somewhere! It's how the world goes about.. There are people who earn a living through forex but there are many who seems like they do but aren't. I'm actually earning from forex but I'm leveraging on people who are capable of profiting from forex trading while the same people are leveraging on me for trading capital.
  • #211
  • Edited 12:39pm Jan 17, 2017 10:14am | Edited 12:39pm
I live from this, its the only thing i do for a year, i dont have a "regular" job.. i teached 2 people how to trade and 1 of them its foing it full time now after 4 months learning (the other one still a noob, but its getting there)

I dont get it why is so hard for some people to understand this:

whatever you choose (moving averages, oscilators, pivot levels, chart patterns, whatever makes you feel good visually), IT DOESNT MATTER!! THATS RIGHT!! in the end they give you around the same entry/exit points in average; PERFECT ENTRY POINTS DOESNT MATTER !! (as much as you think)

i can made right now any amount of "strategys" based in whatever type of indicator you like, and they will give in average around the same overall amount of positive pips; in the end you will understand what i meant

STOP BEING OBESSED AND LOOKING FOR THE "PERFECT ENTRY" HOLY GRAIL

The holy grail its the management of a succesfull move in your favor

THINK !!

forget candles for a second; price eventually will go up or down from a given point in time (so there is a 50/50 chance to win or lose without analisis if you made random trades); if you "analize" that moment in time, you can see if there is or there isnt a higher % chance to enter and the price moves in the way you expect (what you are looking for).. for a given "higher % positive entry" there is an X amount of pips.. always, NOW your job is to squeeze and "compound multiply" every single pip to your favor until that impulse is gone. But then its not "trading anymore" its pure math, logic and probabilities

if you dont understand the first part, you will never apply the second in a effective way.. open your eyes, forget everything you know and THINK for a second

there is more to this of course but understand what i just said
  • #212
  • Jan 17, 2017 2:25pm Jan 17, 2017 2:25pm
agree with op. take any system take trend and you will close on loss. maby one day is good but folowing trend will lose your bank in 3 days. it shows that many traders close on loss. try for instance to take any system and place opposite and close on profit.
  • #213
  • Jan 17, 2017 2:34pm Jan 17, 2017 2:34pm
Quoting igorc
agree with op. take any system take trend and you will close on loss. maby one day is good but folowing trend will lose your bank in 3 days. it shows that many traders close on loss. try for instance to take any system and place opposite and close on profit.
great advice, trade against the trend..

i love forexfactory
  • #214
  • Jan 18, 2017 12:35am Jan 18, 2017 12:35am
for a living can also be said yes, because with the big profits so suffice to provide for the family. But it is very difficult in the success of the profit earned, with great risk to do struggle as well as the learning process
  • #215
  • Jan 19, 2017 12:28am Jan 19, 2017 12:28am
Quoting igorc
agree with op. take any system take trend and you will close on loss. maby one day is good but folowing trend will lose your bank in 3 days. it shows that many traders close on loss. try for instance to take any system and place opposite and close on profit.
I heavily disagree igorc, what takes you to such conclusion? As far as Im concerned, it's better to trade WITH trend...
  • #216
  • Jan 19, 2017 9:31am Jan 19, 2017 9:31am
The perfect match for me is having a regular job, while trading as a hobby. That hobby can be a little profitable at first and can transition into real profitable hobby over time. And if you find yourself earning more from your hobby in one moment of your life, then you can think of switching to full time forex trader. But think carefully, don't make decisions out of greed for money, make decisions that can benefit you small time and slowly built you up. Maybe you are not in that 1% of lucky people of the world.
  • #217
  • Jan 19, 2017 9:39am Jan 19, 2017 9:39am
Quoting thepiphunter
The perfect match for me is having a regular job, while trading as a hobby. That hobby can be a little profitable at first and can transition into real profitable hobby over time. And if you find yourself earning more from your hobby in one moment of your life, then you can think of switching to full time forex trader. But think carefully, don't make decisions out of greed for money, make decisions that can benefit you small time and slowly built you up. Maybe you are not in that 1% of lucky people of the world.
Well said
Trade what you see, not what you think.
  • #218
  • Jan 20, 2017 1:58am Jan 20, 2017 1:58am
in profits in the forex trading business so is great, so we can also be made in the forex business for the main business. But this success is not easy for we must get to learn with seriousness.
  • #219
  • Edited 9:31am Jan 24, 2017 5:17am | Edited 9:31am
Quoting Mingary
{quote} "can we earn a living from trading forex?" Emphatically, no! Some do make money some of the time, but no one makes money all of the time. Best that can be achieved is short time success, there is no long term success. Here, long term is defined as the amount of time that it takes for the account to get wiped out! Could be 2 days and it could be a "pretend" 20 years. Some will use the short time success and make it last longer by making money teaching or selling something to the "aspiring forex millionaires" .. The best approach is to have...
No disrespect but I think what you mean is that you can't earn a living trading forex. Unless you have sight of every retail account worldwide then what you're saying can only be an opinion. I've been trading forex full-time for over 6 years and it is my primary source of income. I have a target of 21 points daily, risk no more than 1.2% of my total pot per trade, and apply strict discipline to my trading. On a weekly basis my profits currently exceed my drawings by 46% and the increasing excess is added to my pot and stake per trade. I created an annual spreadsheet with weekly entries to plan/record my stake, pips, drawings, pot, %risk, % return, etc. and it works for me. Each trade is recorded on a separate spreadsheet which helps my analyse my trades. I don't teach anyone or sell plans and never will do - all my forex income is purely from trading with my own capital and it's given me a great lifestyle.

Yes, I have burnt my account twice, made all the mistakes (martingaled, bought at highs, jumped in on a movement, over-traded, chased losses, etc.) - all part of the learning process.

Not sure what you mean by a 'real job' is as that is very subjective. I consider this a real job, work at it full-time and was very fortunate to be in a position where I could do this. I don't see how you can expect to be successful at this or anything else if you only do it part-time. Look at anyone in sport, commerce, government, technology, health, etc. who is recognised as successful - they haven't reached that position by having another job that takes priority.

For me, the biggest hurdle was personal discipline. It took me a long while to appreciate that you can have the best trading strategy in the world, maybe with 100% success rate, but you can still screw things up by not sticking to the rules and plan. Your head must be in the right place ('psychology of trading') to do emotion-free trading. As with any challenge, the biggest hurdle to overcome is in your own head.
  • #220
  • Jan 24, 2017 7:29am Jan 24, 2017 7:29am
Thanks for sharing all your answers... just wanted everyone on this thread to know that I appreciate all your replies, whether positive or negative.

I am learning from your answers, please keep the answers coming. Cheers!
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