Can one earn a living from Forex?

Discussion in 'Newbie Questions' started by dojo, Sep 24, 2011.

  1. dojo

    dojo Trader

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    Right now I am earning a pretty buck by running my network and also working for various web design clients. Still, I would like to 'broaden' my horizons a little too. Do you think it's possible for me to earn a living from this too? Should I stick to what I already do?
     
    Mary Z likes this.
  2. Enivid

    Enivid Administrator Staff Member

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    One can definitely earn a living from Forex, but that requires a lot of starting capital. If you already have a profitable business, you'd better try Forex as a part-time activity.
     
  3. Easy Trader

    Easy Trader Master Trader

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    Yes but alot of capitol is needed.
     
  4. eyeball

    eyeball Master Trader

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    I am living in a corrigated box (heavy duty) located in an underpass of I-75 bout 25 miles south of Tampa. I have achieved this by dedicating all my waking activities as well as all available funds to making a living trading forex. I expect to do considerably better than my current circumstance , given sufficent time. If you happen to pass this way please stop to discuss current trends and positions, stops, ect. You,ll recognize me by my longish grey beard and the three wheel baby carriage I in which I have my computer and all other worldly possesions. Thanks for your interest--EB.
     
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  5. Enivid

    Enivid Administrator Staff Member

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    That's what I call enthusiasm! :)
     
  6. Forex scalper

    Forex scalper Trader

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    Everybody, who will learn trading strategy, which will suit to him is ready to make money by trading .. its not easy, but once you know how to trade you can make 10k+ monthly ;)
     
  7. NewGuy

    NewGuy Trader

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    For me, I'm sticking to it as a part-time side investment as like all things, money can be made but you have to know what you're doing.

    I actually do similar work full-time as well to acquire capital but don't plan on retiring that anytime soon even if I do really well with Forex until I'm confident enough and have acquired enough experience.
     
  8. Matthew

    Matthew Trader

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    You should really, like any other business or venture, start with a decent amount of capital and work part-time. If you don't have enough money just now, save up!

    When you've got some valuable experience through trading with a demo account, and have had some consistent success with real money, you could start then thinking about giving it a shot full-time.

    It's best to take it slow, but to answer your question: yes, it is very possible. It just depends on your experience and your capital as mentioned already in this thread.
     
  9. FXGroundworks

    FXGroundworks Trader

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    Of course people do it all the time. There are different stages once you are trading professionally and perhaps its your own capital or others. A lot of people don’t get there because they end up using the forex to “Gamble”. Just like in poker you can gable there too, or you can play to win.
     
  10. James Hallow

    James Hallow Newbie

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    Yes, one can earn living from trading in Forex. Forex trading basically means investing your funds into currencies and placing trades which occur 24 hours a day.

    Please do keep in mind that that trading Forex is not a shortcut to instant wealth. Excessive leverage can turn into winning strategies into losers. Retail sentiments can act as a powerful trading filter. Everyone comes to this market for a reason, ranging between solely for the entertainment to becoming a professional trader. I started an aspiring to be a full time, self sufficient Forex trader. I had been taught the perfect strategy. I spent months testing the becktest which showed how I can make $25000 to $35000. My plan of trading to let my account compounded until I so well off, I wouldn’t have to work in life again. I dedicated and committed that I have to achieve 100% at once. S

    Sparing your details at once and failing. It turns out to be trading with almost 300k lots with the deposit of only $10,000 is not very good. I lost almost 20% in first three week. I didn’t know what it didn’t hit me.

    1. Forex is not a get rich quick opportunity

    2. Leverage can cause a winning strategy to lose money

    3. Using sentiments as a guide can tilt the odds in your favor

    Last but not the least, learn from your mistakes.
     
  11. profitwithpips

    profitwithpips Trader

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    Of course you can it requires a great Forex knowledge , proper risk management, and time to allow profits to compound
     
  12. Ann

    Ann Active Trader

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    I would not advise a newbies to try to make money on Forex. The first 5 years you need to set a goal - to understand the market and its laws. And to do it passionately, with enthusiasm, with no expectation of return.
     
  13. PolinaPolly

    PolinaPolly Trader

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    Agree, that it's possible to earn a living on Forex. But, unfortunately, people sometimes are too lazy to spend time for learning, creating strategy, practicing. They want everything at once without making efforts. Don't be like them, cause it doesn’t work on Forex. Your progress depends on you and only you. So, to make money, you need to enlarge you knowledge, practice, be emotionally stable. By the way, emotions may ruin everything even if you are an experienced trader. Don’t forget about this aspect.
     
  14. Leo Wilson

    Leo Wilson Trader

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    I think I'm the only one to say NO. But it only applies to the young age, or no work experience (20-24 years old), those who didn't even have any income.
    I suggest you to work first, side by side, trade in demo account for some times. During those times, build your emotion, learn some patience, eat the proverbs filled with wisdom, treat family right.
    When time passed by, it's time to ask your question once again. This time, it will be YES.
     
  15. samtrader@fx

    samtrader@fx Newbie

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    Yes that is possible but only after you have gained enough experience and skills. Forex can be an unpredictable business more so for rookies. So my advice would be: Trade in forex but keep it as a side business only till you gain mastery over it. Till then find some other main job to earn money, something more stable to secure your financial condition.
     
  16. samtrader@fx

    samtrader@fx Newbie

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    Yes emotions can be a tricky thing to tame but it is very important to gain control over them both for experienced and inexperienced traders alike. Excessive greed and fear (and a slew of other negative emotions) both are undesirable. We can end up losing all our hard earned money because of them.
     
  17. Traderlit_fx09

    Traderlit_fx09 Newbie

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    There are some genius people out there that have made forex a means of their living. However such people are rare and very few in number. It requires an exceptional level of skill, experience and dedication to survive in this field. And supreme money management tactics and skills. Generally people prefer to keep their days jobs while trading on the side. To each his own I guess.
     
  18. AnnaFX123

    AnnaFX123 Newbie

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    Yes if you are smart enough and willing to assume the risk. It is not advisable for everyone though.
     
  19. Ulacan

    Ulacan Trader

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    Yes, but do not just trow away your web design business. You may set aside some capital to play with and that's will be your real money to play on Forex. Choose good broker using advice right from this forum and start some demo account for few months.
     
  20. walpants

    walpants Newbie

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    yes you can and many people do, but it takes a lot of learning and a lot of patience to become good enough to make a living from, i still have a long way to go before i get to that level but in the mean time its a great addition to the income streams i already have.
     

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