Hi everyone, I am new to forex. The big banks and financial institutions do forex trading every day and small mosquito retail traders like us get the chance to participate in this daily trillion dollar forex transactions.
I know majority of retail traders lose money and drop out, so my beginner’s question is, is forex trading for retail traders actually for brokers to make money off retail traders who ultimately blow up their accounts and continuing to make money off new naive traders who replaced those who dropped out? Is it only a front for brokers to get rich under the garb of ‘trading for a living to eventually getting out of the rat race’?
“Big banks and financial institutions” are professionals.
Are you currently a professional of “something”? A sport, a career, woodworking, driving, etc etc.
If you want to make a living through trading, you need to become a professional.
How do you become a professional golfer, and get your name on the PGA tour with sponsors and travel all around the world playing golf? Time, money, and effort.
It is possible as that is my wage , but with that said it is not a easy path as many will have believe. Need to be professional and have huge mental discipline
I think it is INPUT = OUTPUT. and Yes, one must become a professional in whatever area he is interested in before he can really make money. Also, yes, it is possible for a retail trader to make a living trading Forex.
Yes, its possible to make money in trading forex. Although we see statistics from UK and EU brokers that consistently show that 75-80% of their current clients are losing money, that still means 20-25% are making money.
This pipe dream they sell is probably not for most people including myself. To me, as a new retail trader, trading is a skill I’m trying to learn and add to my toolkit or list of hobbies. It isn’t a means for me to quit my job and trade all day.
I think that’s where the problem lies, when people sell fx as a way out of their current lives. It can work for a few sure but definitely not the majority of people.
Hi, its definitely possible. However a lot of different things go into becoming profitable. Education, discipline, risk management, strategy which has an edge etc. Another important part is to be realistic. By this, I mean people always talk about risk reward and want to aim for 1:3 or 1:4 or make 10% a month but this may not be possible on your strategy. You can only make as much as the market gives you and aiming for home runs means overall you may be unprofitable. ‘Getting out of the rat race’ requires all above and more. However, this this should not be the ultimate aim but something that happens organically. Focus on the process, not the outcome.
You know, it’s funny. A lot of people spend years trying the next great opportunity that comes along hoping to escape from the life they’re in. But the problem is, no matter where we go, we keep taking ourselves with us. A successful business person once told me, if you’re going to change your life, you’ve got to change your life. What she was saying is, if you want to change how your life Is going to turn out, you have to change the way your living that life now. And that’s HARD! Forex ain’t no magic pill that turns losers into winners. I ought to know. I’ve been looking for that pill all my life. But now I’ve finally settled down to the business of changing the one thing that really matters: Me. The money will come in its own time.
Yes, it’s quite possible to make money with Forex now. For work, this option can be quite beneficial for many, the main thing is to have knowledge and experience.
It’s not that I’ve given up, it’s just not my priority to become a full-time trader. Does that make sense? I see it more like learning how to bake or cook, I want to do it sometimes but not all the time.
Of course i’m not taking out the possibility that I might thoroughly like it eventually and do a full dive but for now as I’m learning, I’m not planning on putting in 24/7 hours of work on it.
Yeah, the thing that you are saying is somehow true. Yet it depends on the trader also, every person who Is familiar to the market is aware of the fact that in the beginning, the trader has to bear losses as a part of learning the market. But we can’t say that you will never make profits and there is no scope for day traders, a lot of people are trading in a market and earning a regular income, but again it’s their hard work and dedication.
To me, as a new retail trader, trading is a skill I’m trying to learn and add to my toolkit or list of hobbies. It isn’t a means for me to quit my job and trade all day.