Advice for former online poker player?

Beginner Questions
1

Long story short, most of my cash was frozen abroad when the DOJ filed an injunction against the three top online poker sites on Friday. Most likely I’ll get it back, but it could be months / years. I currently have ~$2000 available and no job.

Forex is intriguing to me due to the possibility of getting leverage. If I were to commit myself completely to forex trading and study, how much could a newbie such as myself make within, say, three months of intensive study / trading? I know I’m asking for a crystal ball readout , but any wild guesstimates and general ballpark figures would be appreciated.

2

If you do your research and have strong strategies, you can realistically expect 0%-30% increase per month- after several trial months of biting the bullet.
If you view FOREX as a bet, you are very likely to lose it all very quickly or gain a decent amount very quickly.
Forex isn’t a miracle income generator, it is a very difficult game to get into, and even harder to stay afloat.

I wouldn’t waste your time unless you want to get into forex for a few years.

3

I would agree with your points, that is, if the participant was a total noob.

However, this game breaks down into a few simple parts.
Edge, exploitation, and risk management.

I think someone with a good idea of how to exploit an edge, and good risk management would have a leg up.

The only thing left is finding an edge;)

4

And the edge comes in the form of one heck of good, methodical and dare I say it - logical strategy, you need to understand how the market works to make a living from this. I’s not about probabilities in the same way as poker, gaming or gambling.

5

I figured some you poker players would wonder over here after the closure.The only way you are going to be able to maximise that size of account is with scalping for less than 20 pips at a time.I dont mean this personally but your chances for success might be small.The learning curve plus high leverage could be determental.I know with my broker Oanda i think you can trade up to $10.00 a pip with your size account.With that you would have to risk quite alot of your capital per trade even tight scalping probably 3-5 percent per trade with your living expenses, ouch!

My advice find a mentor the one you pick might not even be real profitable but watching him will speed up your learning curve.Go to review pips.com under mentors,traderooms good luck!

6

Thanks for all the replies. I will take these factors under advisement. As a side question, I was wondering if any famous people in finance made their fortunes from forex trading? It seems like there is a ton of stocks trader, but the only forex instance I can think of is George Soros and that British Pound debacle. Any thoughts on this?

7

How long did it take you to become profitable in poker, assuming you ever were profitable? What advice would you give the noob player that wants to make a living, as he has no job, and wants to make money in three months time?

Is it possible to make money in three months? Yes. Is it probable, no. Most traders lose money. And most do because they care too much about the money they put at risk, or they are greedy, or they are scared. Either way, there’s too much emotion involved and it works against them.

If you have no job, leave Forex alone. Get a job. Get your financial house in order, and then consider Forex.

To answer your final question, I know a couple individuals that trade for a living and do well at it. I wouldn’t call them famous by any means. Unless one would need to feed their ego, I don’t see why any profitable traders would rise to the surface unless they had something to sell.