Forex trading as a career? - Page 10
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  1. #91
    Join Date
    Aug 2007
    Location
    west sx
    Posts
    45
    Forex trading is profitable if you put the time in and learn the business.......but don't underestimate the demands or sacrifices needed day in day out .........even when you make the grade !

    for the few that make it the rewards are there ..like being at the top of any profession or sport

    so if you want it ....go for it !

    clearly you need other income streams whilst you do the trading apprenticeship ......this will take years in reality ....even with damn good mentors it takes a lot of trades under your belt to become proficient and consistent (what activity doesnt take this ?)

    so never put yourself out on a limb and gamble with this .......you need the solidity of other income streams to fund you training ..........go too soon and you will fail i'm afraid

    ive been trading since the 1980's and forex since early 2000's .........it takes years to learn the business and find / perfect your edge ..........but it will be worth it .....

    NVP
    Last edited by nvp; 06-08-2016 at 06:43 AM.

  2. #92
    Join Date
    Feb 2013
    Location
    Scotland
    Posts
    4,999
    Quote Originally Posted by nvp View Post
    Forex trading is profitable if you put the time in and learn the business.......but don't underestimate the demands or sacrifices needed day in day out .........even when you make the grade !

    for the few that make it the rewards are there ..like being at the top of any profession or sport

    so if you want it ....go for it !

    clearly you need other income streams whilst you do the trading apprenticeship ......this will take years in reality ....even with damn good mentors it takes a lot of trades under your belt to become proficient and consistent (what activity doesnt take this ?)

    so never put yourself out on a limb and gamble with this .......you need the solidity of other income streams to fund you training ..........go too soon and you will fail i'm afraid

    ive been trading since the 1980's and forex since early 2000's .........it takes years to learn the business and find / perfect your edge ..........but it will be worth it .....

    NVP
    Thanks for that, NVP... there is a definite need for people who have skin in the game, with years of experience, to come here and tell newbies that being impatient with the markets is quite often the cause for failure...

    It is also an 'X factor' mentality, where people want to get fame and fortune quickly and are not ready to put in time and deal with many rejections before getting what they want... Like people who want to be star singers, people who want to be star traders may have to put up with doing their study and practice in the small hours, on top of a full-time job (that is not trading), and facing skepticism or even obstacles from family and friends... If you really find an edge and make trading work for you, you will not give up and will make it through to the other end... if you are impatient and do not acquire some sort of discipline or strategy in your trading, then you may never make it.

  3. #93
    Yes, Forex can be treated as a career. With all of our dedication and hard work. we can succeed in this kind of career. Just make sure that you have knowledge on how the market flows so you know what strategy you can create for profitable and effective trading.

  4. #94
    Join Date
    Aug 2015
    Location
    Michigan
    Posts
    215
    As a Professional Full-time Forex Trader and Teacher my advice is to seek out a Mentor. All Professional Athletes have coaches, so why should trading Forex be any different. In this industry you really need time to learn and benefit from the experience of someone who you value and trust. Taking short-cuts can easily cause you to lose your shirt (income) in a very short time. One thing we all should keep in mind is that for the most part you should look at trying to trade consistently in a profitable manner. Be in the mindset that trading is a marathon not a sprint. One of your daily routes should be to only be looking for high probability trades. Trades that you will put your family's life-savings on and have no regret. You don't need to trade everything that you see on the charts, but rather you should be picking and choosing high probability trades that will offer you a risk reward and/or a excellent when they reach or hit their targets.

    Obviously mentally there is a lot of pressure when it comes to trading it does take a certain mindset and skill to become a professional Forex Trader. It is not for everyone, nor can everyone do it. 95% of Retail Forex Trades are historically losers. I'm not knocking anyone down, those are just the facts. Look in the mirror today and ask yourself: "Can live off of my trades today?" What I mean by that is if do you have the resources (money) saved up by which could live 6 month to a 1 years without any additional income coming in? If not, don't even thing about going Professional/Full-time now. You need that security blanket (savings) so that you can concentrate on your trading without the pressure of losing tradings (because you're gonna lose trades) it's just a fact of life in this industry.

    I can go on but as many here has written do not be fooled by the glam and glitter of trading. Look and see what Professional Traders have done thus far and you years in the industry and STILL making money and a living off of their trades.

    Have a magnificent day on PURPOSE!
    FXALTareeq

  5. #95
    Well, you have a point. Mentor would help you on your way to getting good result from all of your trades. It can guide you thru the help of learning all important details about forex trading.

  6. #96
    Join Date
    Jun 2016
    Posts
    34
    Quote Originally Posted by FXAlTareeq View Post
    All Professional Athletes have coaches, so why should trading Forex be any different.
    that's a good point, trouble is most of the new & raw forex folks who really need the coaches can't afford to employ them because they're usually only coming at this from a casual, curious angle & the majority are attempting to operate on very small budgets.

    & of course most professional athletes are funded via some sort of club/affiliation arrangement or they're sponsored.
    individual athletes/sportspersons only generally pay their own coaching fee's when they reach a stage in their career where they're able to pay for the privilege of personal coaching from their prize money.

  7. #97
    Some people treat this thing as their career. Well, we all have our own decisions. The only thins that i can suggest when you enter forex trading is to gather all important information about the work and flow of the Market, so you'll have idea what plans will you use for you to have effective and profitable trading experience.

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