I know this question has been asked before: To all the forex traders who are doing this as a full time job, I’m just curious, How did you get started? How much capital did you start with? What did you do before becoming a full time trader? Basically I would love to hear your story of how it was that you became a full time trader.
I have a goal to be doing this full time within two years. While it would be nice to become a millionaire through Forex, I’m really just looking to be able to support my family and make a decent living. Any encouragement from you full time traders would help! Thanks for your time!
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Few are going to answer your question, because there is no answer. Everyone’s situation is different. The only way you can find out if this is right for you, is to put the cash up, and try your hand at it.
Just make sure you pass it with your wife first!
This profession [I]certainly[/I] isn’t for everyone, it’s unpredictable, nasty and unforgiving. I’m not full time, but i have had an active position with a broker for the last month and a half…no problems at all with the broker, FX Solutions.
For the 1st two weeks…i did the chicken…as the position went negative(and still is). Literally couldn’t sleep, irritable, nervous wreck, etc(wasn’t fun, well, sort of…)…now i’m calming down and realize there’s not much i can do but ride the wave and keep up on the news. You have to be completely willing to lose what you invested…no hard feelings.
That’s all i can say…
Im going towards my 3rd week of trading, so far so good. i started out by 10:1 with $250 to start off and made 30 - 50 dollars a day and from there move up a leverage to a point in which i know if the market goes down 150 pips i would be safe. now i have over $1,200 and leverage of 50:1. i work full time, but starting next month part time and make this my primary income. I make An average $100 for a single person with no kids. this is good enough for me.
but still i would use this for extra cash on the side, and have a professional job.
Thanks for your response!
I was never looking for “the” answer…as in, How do you do this full time? All I was really looking for was everyone’s stories on how they transitioned into this becoming a full time thing.
When I first started, I was just like you, desol. Nervous. Looking at my trade every other second. I’ve been in Forex for about 4 months now and it’s been good to me so far. I just wish I could invest more time to it!
More time, could that be they key? do you really want to be spending more time on Forex? I try to spend as little time as possible trading, in Forex more time does not equal more profits.
I decided it was the best answer to financial independence and decided to go for it.
I discovered forex while working a cyber beginning 2008, the learning curve took roughly nine months, then I put in a mere $75 (five thaousand Kenyan money, can pay two months three room urban rent) IBfx and never lost it, but have had to to it up many times since I figured if I could sustain a 15-25% return monthly, all I had to do was raise it to about $3,500 (250 thau) by all means and now 15% earns slightly better than my schooling can pay monthly, compounding, see. Sometimes I hear guys in forums say 75% weekly, I maybe hit it twice then back to 25% monthly guaranteed. I’ve been trying all along to convince my bank’s vice-manager that this is speculation, not online gambling…going big capital soon!
Two years is what it has taken till now, though I had to do it hurriedly in under one year due to money pressure for college and hot spirit for bizness. Being Econs undergrad helped much, but is no requirement at all. What one needs to look to learn is for methods, not systems; from working with oscillators and news analysis, to PA and wave analysis, once you can make money with more than one method, and especially on clean blank charts, you’re set. Learn the larger timeframes first, they are easier and eat quite alot less time.
Forex is for everyone who is ready to climb that steep learning curve, but notice the reaction of almost everyone else when you bring it up? They will tell you not to quit school or your dayjob for bizna, and you’ll end up paying 45% of all your life in taxes for all your life, talk of neo-slavery! In those two years, I’ve never been face to face with a forex trader, the only chance I got was before I begun, it didnt make sense then. You’ll need to die hard with it like hiphop and give it all. Keep your game up.
all i can say is, keep trying until you succeed.
And by the way, I’d be very surprised to see many peeps on here who are full time traders.
Thank you everybody for your response!
Purplepatch: As a “beginner” I would love to have more time studying, analyzing, and developing strategies. There’s just not enough days in an hour. I hope to someday spend as little time as possible trading and really enjoy life. So for now I’m putting as much time in reading and studying as I can so later I can become like you!
I think its great to see the many ways that someone can make money at this. I love that there’s not just ONE way of doing things. It’s encouraging to hear stories like AtomicPhils and Chizzenpips. That’s how it starts and that’s how it becomes financially freeing!
I always tried to spend as little time as possible.
I think no one can spend lot of time
In my opinion nobody should quit their job and become a full time trader until they have 100,000 dollars and are able to consistently make profits at the end of every month. All you need is around 5% return to have a decent salary (especially for being at home) - 5% is a very conservative number.