Can one earn a living from Forex?

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

  1. new digital

    new digital Master Trader

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    If you keep losing for 1 year , you should know , get a proper job and stop gambling.If you lose for a month , market is saying you are gambling.
     
  2. Miller.d43

    Miller.d43 Newbie

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    you should trade full time, only when you are able to make a living out of it. else, do keep your regular job
     
  3. new digital

    new digital Master Trader

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    That is not correct .If you have a profitable EA , you don't need to trade , EA will trade for you.

    On forums you get blind leading the blind
     
  4. TracyMorninge

    TracyMorninge Trader

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    Yes, I make a profit on forex every year. It is not as unusual as it appears.

    CitiBank used to have a retail forex operation, but that was closed down a couple of years ago due to changes to U.S. law that made the venture not as profitable as their parent CitiGroup thought was prudent.

    CitiFx published outstanding materials for their clients. One of which was on the profitability of retail forex traders.
    The short answer is that for high net worth clients approximately 40% are profitable.

    A far cry from the statistic that 90% are losers. This 90% figure has no basis in fact, but has been repeated so often it is taken to be part of the gospel of retail forex. For Citi clients with lower balances the rate of profitability dropped off so that only 20% were profitable.

    There was a post earlier today citing a BBC news article about changes the FCA wants to make to UK brokers. One of the changes is that brokers are to advise that 80% of traders lose money. The obvious implication being that 20% achieve break-even or better. For low dollar accounts this statistic seems to fit with the American data from Citi.

    I would suggest that your source data is the flaw. Internet forums are filled with trolls, scam artists, and fantasists. Genuine discussion among long term profitable traders would be very difficult to find. I shall stop there.
     

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