Hey everyone im new and just wondering on average, can one live off of a solely forex income? Ive heard it doesn’t take being a pro to be able to earn roughly $200 a day in profit which is a decent income. What are your takes on this?
Hi Khan
yes it is possible to make an income trading FX. BUT don’t expect that it will happen immediatly. Learning to trade is or can be a marathon journey. Spend time learning and finding a strategy that suits you. Above all learn good Money management
If you have look at this thread where I’ve posted the system I use, you will see a reasonable projection of what you could earn with it with the money management plan that goes with it.
my goal is 20 pips a day risking 2% of my account. That will make me a million in under 5 years. starting with a couple hundred. That’s the power of compounding. Of course I’ve had a pro tell me it takes 2 years to get good enough to be consistently profitable.
You could try for 20% growth a month. In two years you could turn €2000 into €158000. That would be a good. I would say the first few months are do able as several good trades would jump your account balance. It would be tough after that.
For me though the magic number is €330,000 to get to. If you could produce 20% on that, you could comfortably live off of that. It would be some achievement.
thanks guys, just what i needed to hear. I’ve got a practice account on ForexTradePro right now and it just looks SO confusing when i open it up I have no idea whats going on.
Hopefully after im done with the BabyPips school i’ll be more knowledgeable. What other ways can you guys recommend for a newbie to learn the ins and outs?
P.S. thanks for the money management plans i’ll be sure to check them out. 
I know this might sound counter-intuitive but the best way to establish a successful account is by taking action. You can read all the books, courses, and videos about forex, but it won’t make you a good trader. So many people over analyse the process of successful trading. Focus on the problem at hand and not the overall process. For instance if you are just beginning and you don’t know how to start an account than learn that. Than you should take action immediately. Once you learn that you might run into another problem like which should I choose: Day Trading, Swing Trading, or Position Trading. You should than go the pros and cons of each one and than take action. You should do this every time you run into a problem.
If you successfully take action and not just sit around soaking up information you may never use you will see results. Insight+Action=Result
Your $200+ a day projection is attainable if you take action.