Question for newbies: When's your big break in forex?

Beginner Questions
1

I know that forex is very hard at first… Would just like to know the general score of “when do newbies actually make some money”.

[B]The questions are: [/B]

  1. For how long have you been trading forex before you actually made a considerable amount of money on a monthly basis?
  2. Generally, how much on average are you earning each month?

This will be really helpful for newbies in setting their expectations when it comes to forex trading. Thank you so much!

:slight_smile:

2

Hi Jimmy.

  1. 6 months studying/reading forums, over a year on demo, then 3 years trading live until I got consistently profitable
  2. You won’t get many truthful answers to this one. Not many people go around giving their earnings details to complete strangers, what is a good income in one country is not in another, and as soon as someone here says or implies their earnings they get accused if lying and evidence is demanded.

You may get offered myfxbook links or images by members, look at them critically as many are just demo accounts and others may be a traders 3rd or 4th account and the only one showing a profit. A lot of those happily offering “evidence” of their “success” are either massaging their egos or trying to sell a service

3

I understand completely your wish to ask these questions (I had it, also, when I started).

It’s terribly difficult to get helpful answers (actually to either of them) and there are fairly valid reasons for that, I think.

Answers to the first question can mislead you greatly, for a few reasons - and you’ll be looking at answers from a highly self-selected group, anyway (still maybe better than nothing, I know.)

The second question, most people won’t answer in detail.

It depends what you mean by “a considerable amount”?

I learned (from books, teaching, research and demo practice) for 4 years before opening a funded account, got off to quite a good start with the funded account (though I only initially had just over $3,000 account capital, and obviously there’s a pretty low limit to what you can realistically make out of that, as monthly income!).

I did build up the account successfully, to some extent, over about a year and a half, but had a few losing months during that period too.

It was [I]another[/I] year and a half after that before I was [I]steadily[/I] earning, withdrawing and banking what I called a “considerable amount”, and probably [I]yet another[/I] year and half after that before I was making what most people would really call “a full-time living”.

This post, if it helps/interests you, explains what I actually did and how I learned (and there’s another link inside it to what I’ve learned are “the 5 classic mistakes to avoid” - and that ought to be [U]much[/U] more helpful than knowing what people are earning).

With apologies, long and sometimes bitter experience has taught me not to answer this. I do now reliably make what anyone here would call a good living, but giving specific figures in forums too often gives rise to hostility, resentment and trolling (maybe partly because I’m youngish and female). Perfectly legitimate question (though of limited help, in itself, I think?) but no numerical reply. :8:

As Carlos rightly mentions, above, many of those happily making [I]specific income claims[/I] in forums are either massaging their egos or trying - one way or another - to sell the members/readers something.