I have been interested in 4x for 5 yrs now. I have lost more than I have made. Yet I will not quit because I believe it is possible to be successful at it. I know what I did wrong so all I need is to correct the problem which for me is discipline. I play at forex like I am at the casino. Not too many gamblers are rich. Like anything, it is work and for most people if you don’t pay your dues and put in the time and effort to learn the ropes you will not succeed. As for selling stuff, I can say from experience that that is actually more work than trading for your money. I think people trying to sell something are just trying to cash in on all the work they did learning. There’s so much excellent free information out there that you really don’t need to buy anything, that is the beauty of forex. Unfortunately most people fall prey to the salesman early in their forex education while the promises of getting rich are still clouding their minds. I’m sure that there are good products out there worth paying for but I would suggest going threw the free stuff to get a better understanding of what you are in need of.
Occasionally you can find knowledgeable people and pay them for one on one mentorship, and you can really learn something from them. For the most part, however, Forex trading information is free and readily available and I really wouldn’t recommend, to newbies at least, to pay for it.
yup, that is true now more people are getting inclined to selling forex “knowledge” as it is easy to make some courses, strategies and publishing some articles as it is much easier way to get business then actually generating returns in trading.
Learning about forex trading is very fascinating and interesting in theory, however when you actually step in to the arena of trading you might have some different experience.
You can live exclusively from forex there in no doubt over it but don’t expect smooth sailing. You might have bumpy rides with some bad and good months, but that is kinda of written on walls for the person who chooses this option.
I have been in to the trading from last six years and have seen extreme ups and downs in my investments, but one thing I can say few things from my experience:
- it is very tough to generate consistent return in trading, only some percentage of trader start making some meaningful return after getting few years of experience
- Trading require patience and it actually take time to start seeing some meaning full result
- Don’t go with emotions and trade with rules
I believe I might be sounding tough but that is reality, there is no sure short way to make returns but you can thrive for it.
What about the main players on BPips - the FX-Men, Big Pippin’, Cyclopip, PipSurfer, Dr. Pipslow, Pipcrawler, etc.? Do they make a living exclusively by trading?
In the poker world it is clearly possible to make a very good living playing poker professionally. There are very public results.
To my knowledge in the forex world there has [B]never[/B] been a mentor that has published results or audited accounts. Any that did promptly had huge drawdowns or blew their accounts up.
Draw your own conclusions.
There are verified accounts on forex factory, myfxbook and fxblue that have been profitable for many years though. Surely some of these are making a living at it?
I was more responding to the latest comments referring to mentors/guru’s/trainers or what have you.
I don’t see anyone from those profitable accounts teaching.
When the statics says that only 5% of all traders succeed, so it possible. But there is no easy way to success. The main thing is your motivation and desire.
Hello ualaite,
You will have to be a very good trader to do forex trading for a living. Being a very good trader does not mean that you found a nice strategy and that it will work for the rest of your life or made some good money lately. It means that you are able to be more right than wrong to be profitable. For most people, getting to this level need to spend lot of time and practice to have the ability to earn money.
I really hope it’s possible. But the thing is, it will be really hard during your first few months (learning curve). Once you get the hang of it, that’s when money start to come in I think.
Yeah, and not being too greedy and an understanding that success doesn’t happen overnight
7 years on this. The las 3 finally profitable, still not living from this. You have to take into account real life events such as loans and medical fees and your fx account has to be touched to cover that.
but is this 7years of everyday grinding or trading when you find time?
Could it be said that the guys who really make money from Forex are not interested in the spotlight of teaching people to trade?
I know a few people who live off of this, and they are not starting any school or growing awareness because they understand the risk that comes with this. I’d never willingly bring in someone into this way of making money. Rather, I’d mentor someone in becoming a good trader.
Regarding the original question – it is indeed possible to live off trading alone, but possible is not the same as probable. Getting to the point where you can earn enough in this way consistently enough takes a long time and a lot of effort and you need to be prepared for that.
This should answer the question which has been asked - and it’s very much the reality. If you want to get to the level of living from FX trading (or any type of financial trading), then it will take a very very long time to achieve this.
This is keeping in touch with the markets every single day of the year, and even more so when you have the time. Part time research just wont cut it, and that’s the unfortunate reality.
If it was easy, we would all be making a living.
Take the 5% of people are in profit/making a living…that Percentage is a lot smaller for young guys who want to play pro football etc.
Well, firstly there’s no way of verifying this figure at all - it’s just a widespread belief.
Secondly, there’s a world of difference between being “in profit” and actually “making a living” (personally, I strongly suspect that the proportion making a living is very tiny, compared with your suggested figure of 5%, and that there’s much too large and much too fast a [I]turnover[/I] of people losing money and giving up for any statistics along these lines to be reliable).
And thirdly, I’m sure the reality-level of their aspiration depends mostly - [I]just as is true for aspiring traders[/I] - on the degree to which they have relevant [B][U]skills[/U][/B].
And welcome to the forum (as a “posting member”, anyway, even if you’ve been a silent one since 2012!).
Its a long way and not a easy to archive. I am too at the beginning and dreaming of a living from forex would affect me too much in my learning in my learning phase. Keep focused, step by step, do not look back, learn, look ahead … 1, 2 10 years, no matter how much it will take . But do not concern yourself now with this question, is too early (i dont know if you are just at beginning or already profitable) .
Dont let you discourage from statistic like 95/5% . If you belive in this and you have the passion then go for it.
If you can dream it, you can do it.
[I]Walt Disney[/I]
It [B]can[/B] be real. I am sure that it is real for some people at least. But they are a tiny amount of traders compared to everyone else, the majority of which lose money, and a much smaller percentage that maybe doesn’t lose money and even profits, but doesn’t profit enough to live off that income.