i have been using a demo for a while now. avg 2k per week profit.
i have only been doing it for like 4 months now and so far it seems good.
are you making a living on this ?:22:
People certainly can and do.
If you’re doing as well as you claim it sounds like you could be too!
Perhaps you’d care to post your system?
Yes people can and do make money trading, be it forex, futures, stocks, bonds, options. I see people do it every day for their sole source of income. the avg profit of anyone else doesn’t matter only you. Its dependent on very personal factors, your own system and what its capable of, your capital, your risk tolerance, and your own trading ability. there are a lot of ‘it depends’ in this business.
my “system” is really simple. i only open trades when i see profits. i look for oversold or over bought pairs and place trades according to that. simple
If the market starts trending, like it’s likely to start doing shortly, of course it may not, but the chances are it will, you need to be very careful with O/S and O/B strategy, a pair can be oversold and keep showing sign of reversing, and all it will do is stop you out, time and time again, your system needs to be a little bit more robust, not necessarily more much more complex, but there is stuff you need to be aware of.
Agreed. Trading oversold/overbought is reckless. All you need to do is look at a stoch or w%r, or whatever, and search for sections where it is above/below 80/20 for extended periods to see how long these periods can last. The best, safest, simplest system is just trading established support and resistance levels.
Yes, I personally know and have interviewed people who trade full-time and that is their only source of income. If you have doubts, read books like Market Wizards, Millionaire Traders and other similar books. There are also a lot of free interviews online that can give you insights into trading for a living.
I agree with you but I look at open positions/orders and see where the market thinks the pair will go
Invest with the market and use stops
I am not in the list of making a living on forex till now, but in future may be.
I’m not going to comment on how reliable the ‘open positions/orders’ sections are, but i think you should be taking a trade based on your own analysis. You will learn far more by trusting your analysis and trading against the market (which is likely a very small picture of the actual size of the market) and making a loss, rather than just trading with ‘the market’ because that’s where they think it will go.
Two traders can make both make a profit trading the same currency pairs in opposite directions, its all about how you plan your trade. Trust your own analysis. Period.
Yes, I personally know and have interviewed people who trade full-time and that is their only source of income.
IF I may ask, those people that you have interviewed, how much on average do they take home on a monthly basis?
Am i making a living out of trading forex? not yet.
can i make a living out of trading forex? I believe and i am aiming to do so!
i guess you are doing fine with demo, keep it up and try exploring more strategies and strengthen your knowledge, one thing with demos, if possible try to limit it to be as realistic as possible and from there see how much can you make out of the capital that you are really willing to invest. if you are doing so, then its a good thing… but if you are willing to go live start with a smaller capital, blowing an account can be a trend with new comers, maybe not all but I guess a lot of newbies have been there and I was one of them and it aint fun at all. but we live and learn all the best
I never take this as something to make a living, it’s nothing but a challenge and an investment.
I am a freelancer with normal jobs, however I have plenty of free time, and study of forex is fun, spending some time on it without considering making money as a must makes me feel more comfortable and I can be not so nervous. actually I am making money from the market for most months.