Can you really trade forex for a living?

Beginner Questions
21

Hello!
It is a common question when you are out of forex and looking to make huge money!
I think when you actually enter the market and find more information about what is actually happening here, you will know that it is not that easy to consider it a full-time job!
So, wait, and the time will give you the appropriate answer!

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22

so is there a real best strategy that can support us for a life time? or its just a fantasy

23

No, its real enough. Once you have a strategy that is consistently profitable you can continue to run it and compound your account. Sometimes you will find that the strategy doesn’t work on your favourite pair so you need to switch to another pair, but its good to resist the temptation to change strategies as much as you can.

24

I know individuals who successfully make a living through trading and are satisfied. Many people all around the world now use trading as a reliable source of income, enabling them to support their families and attain financial independence.But you get what I mean by traders?

25

I want to do it but I think the process is really hard!
I am struggling and fighting for that since I think it can affect all aspects of my life and make me a better person and when I enjoy it and even change myself to be a better trader why shouldn’t I choose it as my first job? But it is really challenging!

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26

Taking forex for living is risky but even then many people around the world are trading forex as a sole business.

27

If you’re thinking about trading forex for a living, you’ve got to be prepared for a bunch of stuff. You need a solid plan, gotta stick to it with discipline, and never stop learning. You’ve got to practice a ton, manage your risks, and make sure you’ve got enough cash to keep you afloat if things don’t go your way. It’s also important to stay mentally tough, only deal with regulated brokers, and don’t be shy about asking pros for advice. This isn’t an easy gig. It’s not for everyone. Even people who’ve been doing it for years still hit rough patches. So, keep it real, know what you’re getting into, and remember that you’re going to need to invest serious time and effort to make it work. And yes I know people doing forex for living.

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28

Please read the question carefully and then answer it! You introduced a new topic!

29

i did - sorry, but i can’t really add anything that will interest you to the answer i gave above, which is simply factual

i’m sorry you think it’s a new topic

maybe you think of “forex” as meaning only “spot forex traded against market-makers” and excluding forex futures, for some reason?

that impression might perhaps make what i said above come across as a “new topic”, possibly, but that would be a surprising perspective for a School of Pipsology Graduate, as this is explained there, so i’m not quite sure what to say :neutral_face:

30

Around how much should you put in to be able to do this?

31

Do you trade full time?

32

How about you? Do you trade forex futures or spot?

33

I don’t know any such trader in my acquaintances but there are many traders in the world who are trading forex for living.

34

No, I serve a job besides forex trading because forex is an uncertain market where return isn’t guaranteed.

35

Yes, it is possible to trade forex for a living, but it’s important to note that it requires a significant amount of effort, skill, and knowledge, along with a well-planned strategy and sufficient starting capital.

There are a few key factors that can help you succeed:

  1. Education and Experience: Understanding how the forex market works, its terminologies, the process of technical and fundamental analysis, and how to use forex trading platforms is crucial.

  2. Risk Management: Trading involves a lot of risk. Thus, having a robust risk management strategy in place is necessary to protect your capital. This includes understanding how to use stop-loss orders, limit orders, and trading only a certain percentage of your portfolio per trade.

  3. Trading Strategy: A consistent, well-tested trading strategy is important. Some traders use technical analysis, others use fundamental analysis, and many use a combination of both.

  4. Psychological Resilience: Trading can be stressful and requires a lot of patience and discipline. The ability to manage one’s emotions and make logical decisions is crucial.

  5. Financial Backing: Trading forex for a living requires enough capital to sustain yourself and cover your living expenses, while also investing in the forex market.

  6. Regulation and Legality: Ensure that trading forex is legal in your jurisdiction, and that you’re doing so in a way that complies with any applicable laws and regulations.

  7. Continued Learning: The forex market is always evolving, and successful traders continually learn and adapt.

Remember, while it is possible, it’s not easy, and there’s a significant risk of loss. Trading forex for a living is not advisable for everyone and should be approached with caution. Always consider your personal circumstances and seek professional advice if needed.

36

i now trade forex futures, not spot

the futures move almost pip-for-pip (tick-for-tick) the same, so it’s almost identical, really

the advantages are:-

  1. your broker is on your side, never against you, and wants you to win

  2. it’s a transparent market where every broker always has exactly the same prices, because prices are not set by the broker but by a real market

  3. regulation is much better and safer and funds better protected

  4. there’s effectively no spread and commissions are lower

37

Many professional traders are doing so but high expertise is needed for so.

38

I am not doing it yet but I have a plan to do so. I am trying to earn profit consistently.

39

Definitely! Making a living from Forex is possible for anyone, anywhere. But surviving and succeeding in this market is the real challenge. It’s confusing and hard to predict. Only a few can do it with certainty.

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40

Do you think it’s doable to go straight to learning trading futures or is it better to gain some experience trading spot?