Forex trading is long time career to sustain daily life?

ele020

Sergeant
Messages
188
Indeed you make a fortune out of forex trading provided you are thoroughly dedicated. Although you can earn big bucks, you should still have a back up source to support your trading ups and downs. Every day is never a win win situation. You will face severe losses which might cripple your trading spirit.
 

Charlieboy885

Recruit
Messages
91
I don't think I could make it as a full time trader with no other income. It's difficult to dedicate the time required into it and maintain a job to pay bills in the interim. Also, I am unsure how full time trading is viewed by loan or mortgage companies.
 

CassyLewis

Recruit
Messages
7
Hi,

I always have this question in my mind and many of them having too. I always thinking professional full time Forex trader do really make money?, How much they make?, Is Forex trading is a really way to be rich?

I know some here some will say Yes or some say No.


peoples do Jobs, Offline business (Offices, Hotel, agency, etc), online business (Affiliate, Ecom, freelancer, advertising, etc) and others, to sustain there daily life and needs. These are the careers peoples choose and do full time successfully for longer time or lifetime.

But do peoples really make long time profit from trading for longtime/lifetime? can being a only full time Forex trader is enough to live a life and fulfill daily needs?

I know Rich peoples, Entrepreneur, Business man do trading in there regular life and earn a lot from them but for them trading is not a primary career, they do trading to secure there investments and to grow there profits. So is it good make trading as a primary career?

Anyone here, do trading for above 15+ years? and with only trading they living life?

Here, I am not talking about Forex brokers, Fund managers, IB/Affiliate Forex commission earner, Investment companies, Signal providers, EA/Indicators sellers, Forex/Meta-trader Freelancer, (Of course these peoples make tons of money) So exclude them. I am talking about Individual/Retail traders.

Can anyone answer this?
I am just starting out but I hope it will provide an income for me one day
 

Eryk Martin

Recruit
Messages
169
It is possible to make it a carreer and earn a living from this but it is not simple. As the saying goes, you need money to make money, and if you want to make a living from this, you will need a pretty big initial capital. You also need to learn and practice a lot in order to get to a point where you can fully depend on your trading skills.
I recommend Van Tharp's book Trade Your Way to Financial Freedom, it writes a lot about how to start out.
I agree!
 

RahmanSL

Major
Messages
2,845
First and foremost, take the time to learn to trade properly and understand the market....live, eat, and sleep forex! Like any profession, you need to be good at what you chose to do for a living.
Impatience Newbies & Wannabe Traders will probably burn their trading accounts in trying to make big money in a hurry.

Second, be very disciplined in your trading. Don't trade at your whims & fancies.

Third, thoroughly check out & investigate the broker you are going to put your hard earned money. The Broker MUST BE regulated by reputable regulatory bodies.

Fourth, have sufficient funds (I recommend US$20k) to invest in a live trading account because a small trading account might be good for practice & generally "playing" around with, but that will not generate sufficient returns to sustain your living expenses.
If you don't have such funds now, save up the money before investing. Again, patience is the key word here.

Trade on only one currency pair at any one time because you can devote all your time to only these two currencies and get to know the economic health of each country they represent. And you don't have to trade every day if there is nothing much to trade.
If you have taken the time to know the currency pair that you have selected to trade, you will or should know the probable direction of the pair. If you cannot be sure, don't make any trade.
When you know for sure and catch the pair going in your expected direction, you can make hay while the sun is shining BUT DO NOT BE GREEDY because situation and market condition can change without warning.
 
Messages
98
Hi,

I always have this question in my mind and many of them having too. I always thinking professional full time Forex trader do really make money?, How much they make?, Is Forex trading is a really way to be rich?

I know some here some will say Yes or some say No.


peoples do Jobs, Offline business (Offices, Hotel, agency, etc), online business (Affiliate, Ecom, freelancer, advertising, etc) and others, to sustain there daily life and needs. These are the careers peoples choose and do full time successfully for longer time or lifetime.

But do peoples really make long time profit from trading for longtime/lifetime? can being a only full time Forex trader is enough to live a life and fulfill daily needs?

I know Rich peoples, Entrepreneur, Business man do trading in there regular life and earn a lot from them but for them trading is not a primary career, they do trading to secure there investments and to grow there profits. So is it good make trading as a primary career?

Anyone here, do trading for above 15+ years? and with only trading they living life?

Here, I am not talking about Forex brokers, Fund managers, IB/Affiliate Forex commission earner, Investment companies, Signal providers, EA/Indicators sellers, Forex/Meta-trader Freelancer, (Of course these peoples make tons of money) So exclude them. I am talking about Individual/Retail traders.

Can anyone answer this?
Great discussion point, I think a lot of people hope it can be, but interesting to hear the reality of trading life from everyone
 

Forex Harvey

Private, 1st Class
Messages
49
Indeed you make a fortune out of forex trading provided you are thoroughly dedicated. Although you can earn big bucks, you should still have a back up source to support your trading ups and downs. Every day is never a win win situation. You will face severe losses which might cripple your trading spirit.
Agree with this.
 
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