Forex trading is long time career to sustain daily life?
- Thread starter shanmugapradeep
- Start date
Trading can be the main source of income which will provide you with the high-quality of life but it is really hard to achieve.
There are lots of traders who don't do any other jobs except for trading, but in most of the cases they work for some funds where they manage the money or banks. As for individual traders, there are a few of them. I believe that trading is too stressful to do it for a very long time like 40 years. In most of the cases traders earn some capital, so that they will be able to learn on investing rather than trading. Just imagine what you will turn into after several decades of years of trading full of stress and uncertainty. More than that, I don't really see fit in that. Perhaps, you know about the bet between Warren Buffet and some trader which was all about determining who would earn more. It turned out that Buffet earned more having the same budget as a trader but he earned the money even more passively. So, the question is why should you work more if you will earn the same amount of money?
I think that trading should be considered to be the first step in investing and financial freedom. Trading is nice because you can earn some decent amount of money in quite tight deadlines, but in the long run such an activity is more stressful rather than lucrative.
There are lots of traders who don't do any other jobs except for trading, but in most of the cases they work for some funds where they manage the money or banks. As for individual traders, there are a few of them. I believe that trading is too stressful to do it for a very long time like 40 years. In most of the cases traders earn some capital, so that they will be able to learn on investing rather than trading. Just imagine what you will turn into after several decades of years of trading full of stress and uncertainty. More than that, I don't really see fit in that. Perhaps, you know about the bet between Warren Buffet and some trader which was all about determining who would earn more. It turned out that Buffet earned more having the same budget as a trader but he earned the money even more passively. So, the question is why should you work more if you will earn the same amount of money?
I think that trading should be considered to be the first step in investing and financial freedom. Trading is nice because you can earn some decent amount of money in quite tight deadlines, but in the long run such an activity is more stressful rather than lucrative.
sebking1986
Private
- Messages
- 622
Consistency and discipline are the things most lacking in a lot of new traders. But these are essential for succeeding in anything in my opinion.
Doomsinger
Recruit
- Messages
- 45
Some traders manage to make trading their main source of income but that is quite a rare occasion on the market.
The major problem of making trading your profession is the budget that you've got to have if you want to provide yourself solely from trading. It depends on the region and its economic state but you've got to take relatively big profits in order just to survive. In most of the cases experienced traders make about 3-7% of their deposut monthly. Here, you've got to calculate how much money you need in order to make your profits big enough so that they will cover all of your daily needs.
The vast majority of trader trade part-time and feel relatively fine with that. They just love trading and the emotions which they get from it. If you want to trade for quite decent amount of time, you have to be financially secured, so that you wouldn't risk your last money. This is applicable to the professional traders as well, because they don't get some fixed profits, but on the contrary, their profits differ from time to time.
The major problem of making trading your profession is the budget that you've got to have if you want to provide yourself solely from trading. It depends on the region and its economic state but you've got to take relatively big profits in order just to survive. In most of the cases experienced traders make about 3-7% of their deposut monthly. Here, you've got to calculate how much money you need in order to make your profits big enough so that they will cover all of your daily needs.
The vast majority of trader trade part-time and feel relatively fine with that. They just love trading and the emotions which they get from it. If you want to trade for quite decent amount of time, you have to be financially secured, so that you wouldn't risk your last money. This is applicable to the professional traders as well, because they don't get some fixed profits, but on the contrary, their profits differ from time to time.
FriendlyFX
Master Sergeant
- Messages
- 282
That depends on your account balance your trading style, RR on trades etc .
Another big factor is your expenses and lifestyle?
The more outlays the better trader you will have to be its better to have multiple income streams
Another big factor is your expenses and lifestyle?
The more outlays the better trader you will have to be its better to have multiple income streams
pezz55
Sergeant
- Messages
- 204
I think it is possible to earn enough from trading alone. However, you need to be well set up. I wouldn't advise going into it if you are up to your eyeballs in debt or live a lavish lifestyle. It is always good to have something to fall back on whether that's seasonal work or having property which you can out. It helps if you have a fall back plan.
I think we must have multiple sources of income. There is no harm in beating inflation which is rising at very rapid rate. Aa far as forex trading as long term career I would say keep in mind your risk taking ablity and liabilties. Forex is very voaltile market. Take very informed decision.
yordan10Xz
Private
- Messages
- 14
Ofc for some people forex trading is a full-time career, and I personally know some. But there's a caveat: all of them started with thorough financial knowledge (or even uni education) and considerable investments.
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