You know, I think this is a rather sad question. Afterall, what really [I][U]is[/U][/I] “decent money”. I know there is some kind of glamour behind the idea of making a few millions in a few months and buying a big yacht and mooring it in the harbour in Monaco and getting invites to the F1 drivers’ parties, etc. But is that what trading forex is [I]really [/I]all about? Is making money [I]really [/I]what one’s life is about? Sure, money helps, but shouldn’t one’s [I]real [/I]life ambitions lie in things greatly distant from just money?
I say this because if making big money was the routine amongst traders then you would see an [I]entirely [/I]different set of threads on this site. There would be issues concerning how to minimise taxation, how to invest in offshore funds, concerns over Panama Papers revelations, where to order a custom-designed maserati, how to invest in antiques, how to buy a caribbean island… none of these issues are even mentioned here, so the clear conclusion is that making fortunes is [I]not [/I]the routine amongst forex traders, it is clearly a VERY small minority - and even then maybe not entirely from forex trading.
So the issue concerning “decent money” is more a question of how much one wants to earn and how to make it fit one’s mainstream life ambitions. The normal working life is about 45-50 years and getting longer as retirement ages are pushed further and further back. The obvious question is do you [I]really [/I]think you will want to, or be able to, trade on a daily basis without any guarantee of future earnings beyond your last profitable trade, for that length of time? Can you [I]really [/I]imagine carrying that kind of strain in an exceptionally unhealthy working environment?
Is it not better to think what mainline career one wants to pursue that will offer achievement, challenge, something worthwhile, something that develops you as a person and makes you feel you are doing something worthwhile? What about when you have a family, does one not want to offer them stability, security, education, a decent environment. OK, one might say that (a lot of) money will let you do all that, but can you [I]really [/I]think you can take the stress of trading full-time day in, day out, for 40-50 years, never being sure about next week, month, year, decade? You want to enjoy your life, feel you have achieved something, leave your mark on something…
There are basically two choices here: Either trade full-time as your prime earnings, or trade as a sideline to make some extra capital. The latter is fun, challenging, rewarding, and relatively stress-free - but more important, it leaves you free to live a life that has more meaning than simply making money. The former is a different world entirely, what happens when you are ill, or go on holiday, or try to borrow from your bank manager to buy a house, or have a losing streak, and so on.
Life is for living and a regular, albeit variable, side income is a great asset - but I would personally never consider relying on forex trading as my sole source of income.
So my response to this question is: aim for a regular, modest income and you will probably achieve it and enjoy it, and it is not so difficult - aim for a million and you will most likely lose even the little you started with. At least that seems to be the way of it…