Forex trading as a career? - Page 2
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  1. #11
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    Sep 2010
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    Florida
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    Simple answer: NEVER!!! The opportunity cost of becoming a full time trader is WAY TOO HIGH!!! You will spend years till you become good at trading (strating from your very first day of demo trading). I'd say 5-8 years until you become comfortable and confident enough to quit your full time job and become a full time trader. And at first you won't even make much money, only enough to support yourself. Getting rich off forex? - impossible! If you are lucky you will make 80000-150000 a year after 10 years of real trading MAYBE! And not to forget the ridiculous psychological stress you will have every single day!

    Now think what you could be doing for the 5-8 years if you were not doing forex. You could be spending your time developing a REAL business plan very thoroughly and start your own business, which would be less riskier and bring you much more money. Within the same time you can easily be making 300000+ a year and enjoying life!

  2. #12
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    Sep 2010
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    Quote Originally Posted by TrickShady View Post
    Simple answer: NEVER!!! The opportunity cost of becoming a full time trader is WAY TOO HIGH!!! You will spend years till you become good at trading (strating from your very first day of demo trading). I'd say 5-8 years until you become comfortable and confident enough to quit your full time job and become a full time trader. And at first you won't even make much money, only enough to support yourself. Getting rich off forex? - impossible! If you are lucky you will make 80000-150000 a year after 10 years of real trading MAYBE! And not to forget the ridiculous psychological stress you will have every single day!

    Now think what you could be doing for the 5-8 years if you were not doing forex. You could be spending your time developing a REAL business plan very thoroughly and start your own business, which would be less riskier and bring you much more money. Within the same time you can easily be making 300000+ a year and enjoying life!
    How can you possibly presume to quote generic monetary return figures? The income from currency trading is influenced by a number of factors including account size and percentage risked. The alternative-to-Forex 300,000 income (without even a currency quoted!) is equally arbitrary.

    The circumstances surrounding going full time are entirely personal to the individual in question, personally of course I would not advise going full time until one is content that one has a profitable, consistent approach - but to put an earning cap on Forex suggests to me that you aren't doing it right...

  3. #13
    Join Date
    Sep 2010
    Location
    Florida
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    74
    US dollar, currency quoted now. The thread is about forex as a career and that's exactly what I commented on. Account size doesn't matter, we are talking about making a living out of forex so whatever account size makes that work for you, then that's the account size. Your second paragraph just explained what I said in my first paragraph of my previous post. Plus I did not put an earning cap. I just stated some numbers that may be likely - simply giving an expectation about profits. Around these numbers the risk becomes so large that if forex is your only source of income and you don't have 300k+ to blow, you won't be making anything higher than that. Don't forget the bills!!!

  4. #14
    Join Date
    Aug 2012
    Posts
    6
    I was an financial specialist for a multinartional woodlands organization and made the decision to get a regular currency investor. My recomendation is that you have be sure you can generate the cash enough from this action, it's completely possible but it's better to have used the period of your energy and energy enough with a trial consideration.
    Last edited by Nica; 08-16-2012 at 02:57 AM. Reason: Advertising

  5. #15
    Join Date
    Oct 2011
    Location
    Australia
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    9
    I made the mistake of quiting my job hoping that my trading would be profitable. Only to realise that when the need of earning money built up my trading went down horibly. My mistake costed me dearly and I don't want anyone to make the same mistake.

    My advice is to make sure that you have plenty of reserve cash and a proven profitable strategy before quiting your job.

    I'm back to the workforce now and start building up my account for some part-time trading and only want to trade part-time to eliminate the potential pressure of "be profitable or starve".

    Quote Originally Posted by geline View Post
    Are there anyone of you here who have thought of quitting your job
    just to be free to trade forex or do other online trading?

    I am considering of doing this but I would like to know from you first
    and your advice.

    Thanks.

  6. #16
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    Jul 2012
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    Quote Originally Posted by APQN View Post
    I made the mistake of quiting my job hoping that my trading would be profitable. Only to realise that when the need of earning money built up my trading went down horibly. My mistake costed me dearly and I don't want anyone to make the same mistake.

    My advice is to make sure that you have plenty of reserve cash and a proven profitable strategy before quiting your job.

    I'm back to the workforce now and start building up my account for some part-time trading and only want to trade part-time to eliminate the potential pressure of "be profitable or starve".
    you have made a terrific decision.

    yes the pressure can be so profoundly immense. Good job and good advice

  7. #17
    Join Date
    Sep 2012
    Posts
    27
    Quote Originally Posted by geline View Post
    Are there anyone of you here who have thought of quitting your job
    just to be free to trade forex or do other online trading?

    I am considering of doing this but I would like to know from you first
    and your advice.

    Thanks.
    I quit from my job several years ago, and still I don't have any regret with that decision. I started trading with in 20 days, then realized if I want to trade for long (as a career) then I need good forex education and training. I learned hard from market movement and used to with its trends, analysis, indicators and build passion with interpersonal skills. Now I've 8 years of professional trading experience and I advised you to choose good broker/firm and practice on their demo to get used to with it.

  8. #18
    Join Date
    Apr 2012
    Posts
    141
    well i think forex provides a very good opportunity to make a career out of it , as it dosnt requires much capital and a degree to start it ,, it just need some knowledge and a little practice and then you can have your own business

  9. #19
    Join Date
    Oct 2011
    Location
    Bergen, Norway
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    Quote Originally Posted by Peter Brandley View Post
    well i think forex provides a very good opportunity to make a career out of it , as it dosnt requires much capital and a degree to start it ,, it just need some knowledge and a little practice and then you can have your own business
    That applies to every field I believe

  10. #20
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    Sep 2010
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    Peak District, UK
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    Quote Originally Posted by Peter Brandley View Post
    well i think forex provides a very good opportunity to make a career out of it , as it dosnt requires much capital and a degree to start it ,, it just need some knowledge and a little practice and then you can have your own business
    Agreed - I pay for my charting, but even that is available elswhere for free elsewhere and as my largest single overhead it is still under £100 pcm. Obviously I need a computer and internet connection but I would have those anyway. I can't think of many businesses that offer this flexibility, these low overheads and this income potential with.

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