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

  • #221
  • Jan 24, 2017 8:28am Jan 24, 2017 8:28am
Quoting woof
{quote} 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...
Hi Woof,

Your advice is superb!
Straight to the point...
Let Market Tell You
  • #222
  • Jan 24, 2017 9:24am Jan 24, 2017 9:24am
Quoting woof
{quote} 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.
Totally agree !
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #223
  • Jan 25, 2017 12:07am Jan 25, 2017 12:07am
forex a business that has a big advantage, but in it's hard to get it we can do to get it, need a way to fight and train. an expected in the forex business to be made the main ingredient in the work.
  • #224
  • Jan 25, 2017 11:04am Jan 25, 2017 11:04am
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...
Untrue. More of self retrospection rather than fact guidance. I know so many traders who trader forex for a living. I was introduced to forex by one such trader WHO TRADES FOR A LIVING. We are aiming for targets in stratosphere with a wooden catapult in our hand. This is no lotto ticket to buy a Ferrari or a lambo.

Trading is NOT A GET RICH QUICK TOKEN.

Its hard. Its boring. And requires DISCIPLINE. UNDILUTED .. UNCOMPROMISING BORING UNDEVIATED DISCIPLINE.

This is not hobby mambo jumbo. It requires a plan and sticking to the plan. Its staying in the kitchen with smog all around and charcoal beneath burning at 450 C.

Its not for WANNABES. And is definitely NOT FOR PEOPLE blaming (their mistakes) on the forex market or brokers or spreads or platform or family or so on ...on..

It is PLAN. DISCIPLINE. TRADE. REPEAT

Day in . Day out. Every single trade. Every single day.
  • #225
  • Jan 25, 2017 11:52am Jan 25, 2017 11:52am
Quoting sahilmajid
{quote} Untrue. More of self retrospection rather than fact guidance. I know so many traders who trader forex for a living. I was introduced to forex by one such trader WHO TRADES FOR A LIVING. We are aiming for targets in stratosphere with a wooden catapult in our hand. This is no lotto ticket to buy a Ferrari or a lambo. Trading is NOT A GET RICH QUICK TOKEN. Its hard. Its boring. And requires DISCIPLINE. UNDILUTED .. UNCOMPROMISING BORING UNDEVIATED DISCIPLINE. This is not hobby mambo jumbo. It requires a plan and sticking to the plan. Its staying...
Well, I'm just a college kid trying to make some money but I don't think anyone will ever succeed in anything if they view it as boring. It seems people who succeed in life end up enjoying what they do. I personally enjoy trading maybe because I like risk...on the other hand, I feel that people viewing their account funds as anything more than tools to make more money will only hurt themselves psychologically in the trading world. For me its just a game that I try to win at, if I lose, well I probably did something wrong. But its just my opinion and I'm still relatively new so just my two cents.
  • #226
  • Jan 25, 2017 12:45pm Jan 25, 2017 12:45pm
Quoting gamertrader
{quote} Well, I'm just a college kid trying to make some money but I don't think anyone will ever succeed in anything if they view it as boring. It seems people who succeed in life end up enjoying what they do. I personally enjoy trading maybe because I like risk...on the other hand, I feel that people viewing their account funds as anything more than tools to make more money will only hurt themselves psychologically in the trading world. For me its just a game that I try to win at, if I lose, well I probably did something wrong. But its just my...
Yep. People will enjoy what they do and they will enjoy to trade.. I do.. but that does NOT MAKE FOREX TRADING INTERESTING or a THRILLING ROLLER COASTER RIDE. Its like a course on Economics or Civics or Neurophysics. They are people who learn and teach those subjects and enjoying doing it...but it DOESN'T make ECONOMICS or CIVICS or NEURO PHYSICS any interesting...

FOREX TRADING is a discipline. A STRICT ONE.....
  • #227
  • Jan 25, 2017 3:16pm Jan 25, 2017 3:16pm
I am going to play devil's advocate and say that yes, you can earn a living from Forex trading. I'm also going to raise some eyebrows by telling you that:

- you DON'T need years or decades of trading experience
- you CAN trade from home, even with a family in tow
- you DON'T need a massive starting balance

For some reason, certain people on here think you need several grand to start trading Forex or to give up a large part of your life "studying" charts, learning about price action and so forth. Sorry, but that is complete and utter BS!

All you need is enough money to cover your margin before you do a trade. And assuming you have come up with a strategy or style of trading that is profitable MOST of the time, you CAN earn a living.

My personal journey, I've always had an interest in trading for several years but it wasn't until mid-2016 that I started learning how to trade and actually doing it. I devised a profitable strategy that I used with binary options, first with a demo account and then with real money, and now I use an adapted version for spot FX, against first with a demo account and now with a real one.

My goal is to simply earn enough to pay my bills and have some spending money left over each week. I don't need to earn a million bucks a year or drive around in a brand new Ferrari. I just want to enjoy my life with my family and not spend most of my day working.

So, yes, you CAN make a living from Forex trading, whether it's just earning a living to lead a comfortable life OR to make thousands a day for your retirement fund.

The secret? Learn the basics, find a strategy that suits you and have faith in your abilities. And obviously have some money to fund your trading account!
  • #228
  • Jan 25, 2017 4:33pm Jan 25, 2017 4:33pm
Aside from the ideas of overtrading, making simple ideas to technical, mental strength, etc, Everybody has a different speed of learning, but I can agree that you must be all in, in order to succeed. Doing this full time, as an entrepreneurial endeavor is not for everybody. Not everybody has it. Thats life and is what many people fail working on their own. But one does not know if they have it until they put in all of their chips and go for it with everything. Only 10% make it in this market, and there is a reason for it. The majority don't make it due to their lack of mental strength, and if you're asking if you should give up, no offense, but you probably don't have it.
  • #229
  • Jan 25, 2017 6:27pm Jan 25, 2017 6:27pm
FX is a good source of income but its not a get rich quick scheme. There are people who trade for a living, they have different strategies, different mindsets and different systems etc but they all have one thing in common. That is discipline in trading. They do not go off script, not over trade, they dont take chances and never chase losses. A trader without discipline might be profitable for some time, maybe even a few months but at some point they will loose more than they earned. Always the same story, I have seen it many times....


It is true, you dont need 10 years of experience, some people are more talented than others and learn to be successful traders faster. Some people (most) will never make it, doesnt matter how long and hard they try. Trading is really not a business for everyone...
  • #230
  • Jan 26, 2017 3:22am Jan 26, 2017 3:22am
Quoting erud
It is true, you dont need 10 years of experience, some people are more talented than others and learn to be successful traders faster. Some people (most) will never make it, doesnt matter how long and hard they try. Trading is really not a business for everyone...
I think in my case I treat trading like a business, mainly because I own a business (unrelated to trading) so I've got that kind of mindset rather than say a gambler's one, for example.
  • #231
  • Jan 26, 2017 5:55am Jan 26, 2017 5:55am
If you want to trade full time than your work for your boss will prevent you making a living full time. My tip is own your own home first then try trading full time.
"Trading is the hardest way to make an easy living"-someone said that and it's true
You came here for the truth and let me unveil it for you
  • #232
  • Edited 7:07am Jan 26, 2017 6:41am | Edited 7:07am
(1) FX trading is a great way to accumulate a fortune if and only if you really know how to "learn".
(2) A system(atic way of trading) is a prerequisite to staying ahead in this game---you might have followed the wrong system.
IG seems like a reputable company, but it is not.
  • #233
  • Jan 26, 2017 6:44am Jan 26, 2017 6:44am
Quoting Rm2
For some reason, certain people on here think you need several grand to start trading Forex or to give up a large part of your life "studying" charts, learning about price action and so forth. Sorry, but that is complete and utter BS!
It makes it easier for them to accept their defeat. I can't get rich because I'm poor - it's the loser logic.
  • #234
  • Jan 27, 2017 7:18am Jan 27, 2017 7:18am
Quoting mathTrader8
(1) FX trading is a great way to accumulate a fortune if and only if you really know how to "learn". (2) A system(atic way of trading) is a prerequisite to staying ahead in this game---you might have followed the wrong system.

True. If you don’t have a trading plan and you’re not following that plan closely you might as well not trade at all.
  • #235
  • Feb 9, 2017 5:44am Feb 9, 2017 5:44am
Quoting mlawson71
{quote} True. If you dont have a trading plan and youre not following that plan closely you might as well not trade at all.
So true!
  • #236
  • Jun 22, 2017 7:15am Jun 22, 2017 7:15am
Yes I am! Actually, Forex pays me enough! I don’t need to involve with others profession! Right now, I am making here 20% monthly profit (minimum)! Yes, it’s true my 1st 2 years of trading were combined with lots of ups and downs! But now I am happy with my monthly return!
  • #237
  • Jun 24, 2017 3:23pm Jun 24, 2017 3:23pm
If you start to doubt yourself in trading, then yours system must be fine? Study the psychology of Forex trading. This will allow you to avoid making mistakes. Manage your emotions.


This guy blogs about his experience he has gained from focusing on the psychology. Great content, Good Read

https://www.tradersreality.com/

Hope it helps
If there is no enemy within, the enemy outside can do us no harm...
  • #238
  • Jun 24, 2017 3:41pm Jun 24, 2017 3:41pm
There are lot's of ways to learn anything in Forex. Many people say it's not worth learning. But if you want to learn and you really put the time into it then go for it. Forex is great if you have self control, the right principles, knowledge of risk to reward and understanding support & resistance.
With that you can apply basic trading principles to any methodology without making the whole learning process confusing. For example: You will only trade the EURUSD currency pair. You will use a 50 Exponential Moving Average on 4 hour time frame.

When price is above the 50 Exponential Moving Average on the 4 hour time frame = ONLY look for LONGS / Buy trades on the 1H time frame.
When price is below the 50 Exponential Moving Average on the 4 hour time frame = ONLY look for SHORTS / Sell trades on the 1H time frame.
You can easily determine the higher timer frame trend. Once that is determined you know what direction you should be trading on a lower time frame. You can enter when price closes above or below strong levels of support and resistance in the direction of the 4 hour time frame trend.

Stop Loss can be placed above or below the previous level of support / resistance. If your stop loss = 20 then your take profit should = 40 pips. This will give you a 2 times reward vs your risk.

You can easily double a small account starting with $500 over a 3 - 6 month period by applying these simple principles. To determine your lot size on a $500 account you can use 2% of $500 = $10 risk per trade. If the stop loss = 20 pips (take $10 and divide that by 200) = 0.05 is the lot size needed. Your goal is to risk 2% of your account per trade to gain 4%. Not every trade will be a winner but if you understand win to loss ratios you will be OK.

Example:

Each loss = 2% and Each winner = 4% (based on a $500 account)

If you take 10 trades per month and you have 5 losses x 2% = -10% and 5 winners x 4% = 20%
20% - 10% = 10% gain ($50) / 50% win ratio

If you take 10 trades per month and you have 6 losses x 2% = -12% and 4 winners x 4% = 16%
16% - 12% = 4% gain ($20) / 40% win ratio

If you take 10 trades per month and you have 7 losses x 2% = -14% and 3 winners x 4% = 12%
14% - 12% = -2% loss (-$10) / 30% win ratio

As you can see if you stay consistent and only trade 10 trades per month you can compare each month and analyze your data. In the example above you ONLY have to win 40% of the time to make a profit.

This is great for learning how to trade and gain consistent principles. Most people fail or quit trading in Forex because they are chasing a dream of making a crap load of money and RISK too much too FAST. Take your time. Apply these principles and you can easily learn how to trade.
  • #239
  • Jun 27, 2017 1:56am Jun 27, 2017 1:56am
It’s not impossible actually! There have so many traders who are doing Forex trading for living! But till now, I’m updating myself! By the way, I see your quotes on your thread; I seem you need to spend more and more sessions in your demo account! Besides, indicator is not everything here; you have to work with fundamental events as well!
  • #240
  • Jun 28, 2017 9:43am Jun 28, 2017 9:43am
First you need to make money elsewhere and then jump into FX. You will certainly lose your money several
y as you learn. What am saying is it is very difficult to throw money into Forex and start earning off it completely. Get a primary means of income from which you can save and burn the savings in Fx as you learn, eventually you may just live off fx
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