Forex trading as a career?

Yes they can get repetitive!

There are people here who are part time and make a mess of it, losing lots of money, there are people here who are part time and make good money at it.

There will also be people who go full time and, for whatever reason, it does not work out for them, just as there are others who are full time and make good money at it.

The thread was started over six years ago and OP is now banned, but I would simply urge anyone reading not to be overly defined by others’ views, particularly those of a handful of random posters on a largely anonymous internet forum (and yes, I include myself in that!).

If someone feels that their results are good enough to have a go at going full time then try it, obviously it can work out fantastically well. If it does not work out, at least you tried.

But to be influenced in that decision by such a small number of responses would be lunacy.

Trading works so will, therefore, work as a full time option for some. For others it will be a costly lesson in their own limitations. It’s like most things in life!!!

So the threads repeat, but hopefully the ones like this don’t influence people’s decisions too much.

ST

yes. forex trading as a career in 2006 still same as a career in 2012 and in 2018.

Personally, I think if you focus and trade consistently, you can trade forex as a career

But before being a full time trader,keep in mind that the forex trading can sometimes be really boring.

I don’t know about anyone else, but personally I find forex to be everything BUT boring.

I don’t think I could ever find forex boring, its just such an intense world and it encompasses so much that I don’t think forex trading can be “just a thing I do on the side” but it has to be a complete lifestyle. so yeah, I don’t think its boring :stuck_out_tongue:

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…

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!!!

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.

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 [B]“be profitable or starve”[/B].

you have made a terrific decision.

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

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.

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

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.

different question:
-is there anyone here that knows any master degree that focuses on currency trade -forex- ?
-probably a master in finance yes, but one in particular that focuses more on currency trade above th other subjects?
thanks a lot

hi…i am doing the same…i have a bit of capital and planning to start on my own…looking for a trading partner…anyone interested?

Hi I am also trying the same. As of now I am going through all the chapters in School of pipsology
of this site. Hopefully I will complete all chapters in a months time. After that I will open the free demo account & further test my own knowledge.

opportunity cost is too high? sure, but tell that to serious (talented) athletes and musicians, or anyone serious in his or her endeavor. do you think they will quit what they are doing because the opp. cost is too high?

you also forget that trading is a business in and of itself. in fact, it is much much better than any other business, once you get successful in it. no employees, but you HAVE leverage. with or without significant capital, you can succeed.

Other businesses may or may not be better, and surely they are not necessarily ‘less risk or more profit’ than trading.

regarding making a living… you also forget that not everyone in the world needs $80k to $150k a year, or even $300k a year, to make a living. cost of living greatly varies from country to country.

I live of £5,000 a year… that’s university life for you!

I’m wondering what TrickShady is even doing here, since (s)he has such a shabby view of trading. Perhaps (s)he is being “tricky” and trying to discourage people under the illusion that (s)he is going to “save them in the long run.”

[I]My story…[/I]
I have put in a few years to the forex markets, but I have had a life outside of trading, and I do work a full time job as well. What is interesting now, is that my trading activities are gaining my account an almost equivalent to what I earn in my day job salary. I’m not there yet, but I am looking forwards to the time when I will be able to earn way more money trading then I could in the current company for which I work. The irony is that I will be working less hours to make more money. How can that possibly do anything but improve my quality of life? More time to travel, more time with the significant other, and more time with the family when that comes along. As for trading being boring, hell, I argue the [I]opposite[/I], trading makes my day job look boring and something for the dull-witted to toil at for 8/9 hours a day. Trading is not for sheep, mind you, it is a full contact sport.

Yes, the OP is banned, yes the question was asked in 2006 (or whenever), but this is still a valid question and always will be.