Hello all,
I’m curious about it. Because i don’t know a lot people who do forex, so i really want to know if is possible be a good trader on it and live doing this ? Like quit your job or stock market.
Thank You
Yes it is possible. It takes more time than newcomers generally expect however. You will need a strategy with an “edge” (meaning it brings in more money than it loses over time) and you will need the discipline and availability to trade that strategy.
But once you got that down, there really isn’t a “limit” on your earnings. You will be earning a % of your capital base each month, and if you have the time (years) to [B]compound[/B] that capital base, even if it’s only a few thousand dollars, you will have the opportunity to become very wealthy.
Most people don’t have the passion/determination to put years into a losing enterprise (you will likely lose money until you’ve got everything perfected), so there is a high failure rate due to that alone. Others simply never achieve the level of discipline required, or never do find that “edge” that they need…
Dear Mrcius1979,
yeah, it can be done! however, you need to have a consistent return (ROI) about7-10% monthly to support yourself. For example, trader Joe has $200,000 in trading account, he consistently has a return 7% = $14,000 e.tc.
It depends how much you have in your trading account. If you have less than 50k, please keep your job until you can build it up at least 200k, or you have family can support you or you have a super return like 20% monthly. I hope I can answer your question.
Happy trading!
This is something I’m devoted to, and I’ve heard many success stories from people who made it happen. As you can see in my profile, I’ve been here a while even though I don’t post much. People with my personality weren’t meant to work for other people, and are completely devoted to getting out of it. I spend anywhere between 4 and 6 hours a day after I get home from work demo account trading and even more time on the weekend focusing more on education to execute in my demo account during the week. This weekend I’m focusing on money management, and more specifically getting an MT4 indicator customized to my needs and methodology.
It sucks sitting here on the weekend when I could go out and do something, but working for other people sucks even more. I’m not sure how or when I’m going to really get this thing going, but If you’re ridiculously competitive like me, devoted to this thing and want to get a little something going on Myfxbook let me know.
What is possible or not will be defined by yourself and by yourself only!
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If it makes you money consistently yes, hell it may even be recession proof if it keeps making you money.
Thanks everyone for great replies, those answers really made me more happy than before.
Thank You, i feel the same way. I’ll do my best also on this.
it is possible to be able to quit your job, and live off forex, however, you need an account large enough that by percentage wise can lead you to pay your bills and grow your account by position size viz a viz pip movement.
example= by having a 10,000 account you could take a position of 10,000 of currency which gets you (+) or (-) $1.00 per pip movement, so with an average range of 162 pips per day that the euro has been doing for the past 20 trading days,
if you were good enough to catch at least 63% of the range you would make 100.00 usd/ day. good enough to live off of.
but not realistic in terms of consistency.
so the better question is how much do you need to live 3000 a month 6000 a month and work your way to what is a realistic consistent return for a good trader 2-5% a month 5-10% a month, taking into consideration that R:R IS ALWAYS 1:1 given the fact that just as you could have had a successful trade you could have had a losing trade.
now your money management comes to play how much do you make when you win, and how much do you lose when you are wrong?
lets say that 5% is duable a month so if you need 3000 dollars a month to pay your bills and survive then your account balance should be $60,000
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Great answers. Acuity captured my sentiments exactly.
Without the safety of a paid job you’ll be relying on the strength of your strategy. This should be definable, coherent, applicable (manually or automatically), repeatable, resilient (able to deal with all market conditions either by adapting or simply standing aside), a good fit to your personality, your balance and appetite for risk and it must be your own so you have thorough knowledge of it and can improve and/or tweak it and also know when to trade it or sit on your hands.
There is no average time it takes to achieve consistency (a trader with a year’s experience can reveal the key to trading wealth to someone doing it for 10 years) and there is no short cut that doesn’t involve gambling and grave risk.
It is far easier to make 45000 a year with a balance of 450000 (10%) than it is with a balance of 4500 (1000%). It is far safer to win 100 with 1 std lot and 10 pips than 1 mini lot and 100 pips once you have a good strategy. It is far safer to risk mini lots than std lots while your devising your strategy. And watch drawdown. If you find yourself using a strategy that goes negative 10% - 20% of your balance before it turns and you take profits - fix it as it will let the market rape you eventually.
Bare in mind that if you start will a small amount you will inherently try to take more risk - fine but run your numbers and know how many bad trades you are from a blow out if you repeat the same exposure.
The most important barrier you will face above all else is learning to take losses. What you save on one position can be reallocated to new positions. If a trade is wrong, letting it run to -100 pips when you could have gotten out at -40 when you saw a trend change and take some of the additional 60 pips south will have anyone reaching for that CV/resume in short course.
Discipline wise, if you can - try to trade during max liquidity (euro open to usa close) this will give your trades extra momentum and reduce your exposure to ranges and low liquidity spread hikes.
You dont have to be in the markets all the time. Some days you simply cannot outsmart the market - log off and watch a DVD or something. You can often recoup yesterday’s losses the next day or two if you were smart enough to minimise them by reading the markets and yourself.
Also hehe don’t fall for the allure of news. It’s less than 1% of your trading time and a place where many take a hit trying to trade the reaction. If you ignore this one then that’s a good sign as you call your own risks as your own man when you smell money - so then practice handling news and gauging how to read new or continuing trends and false climaxes (get out or stand aside) coming after a news release. But really, it’s better to see what the markets are doing, prime your strategy to the play and if it’s a green light react.
You will live and die by your strategy absent any gut feeling or emotion. Use what ever automation you can to employ it e.g candlestick pattern recognition, indicators, trend line, support resistance functions, pen and paper, excel - whatever - consistency is key.
Best of luck
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This is one of those questions that depends on your situation. Sure, it can be done, but it depends on your situation (the amount of money you’re working with, how well your system works, etc. ) But if you’re driven and devoted to success – go for it. Don’t be afraid to step back once in a while and take break or to do something else. It’s a nice way to refocus and keep your mind fresh. Staring at the computer all day is a sure way to burn out, so find the balance and go make it work for you.
yes I you can I have been consistently making over 250 a day and above on a 5000 account the best indicators are support and resistance and patience
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Impossible. Can’t be done. lol. Next your gonna talk about sending a man to the moon… or that they earth is actually round!
Crazy talk I tell ya 
Jay
P.S. I traveled round the world and now live on the moon.
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Forgot to mentioned you conduct live webinars from there too!
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Why is it still a 5k account?
LOLOL! Leave it to Master Tang!
It depends really. If you can live without tips then it can possibly be done. But who on earth these days can live without tips? Can you believe when you sell someone some USD or euros they don’t leave a tip? Even though on every transaction I make I write that they should leave a 20% gratuity. Next time I see them I will spit in their drink.
What are you on? That has got to be the most irrelevent post I’ve seen.
Lol.
Exactly.
I’m dying to hear an answer to this.
Everything is possible if ur not lazy
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