I see many people they join forex for living .They do full time trading as career. Forex is time demanding business. As much you will spend time you will find good tips for trading. As a career forex need a lot of care and hard work so that you earn from it not loose money all the time. Full time traders are more in benefit because the watch market time to time and avail good chance of market to get profit.
Only if you have enough capital, i.e. above 50k imo.
Having a career and making a living off of Forex Trading is NOT something that is EASY or be taken lightly. This is one of “The 9 Biggest Lies in Forex Trading” that many new or novice Forex Traders fall susceptible to.
I’ve been trading for more than 26 years and I can tell you in order for ANYONE to trade for a living he/she is going to have to do a great deal of preparation working in the form of education, finding a Mentor, Teacher or Forex Trading Coach. You’re going to have to spend money to make money and then after that. Imagine the enormous pressure that you will constantly be in trying to live off of your trades and paying the mortgage, rent, credit cards, putting food on the table and more. The glimmer fades away real quick.
I’m not saying it can’t be done, because obviously many are doing it, but those new to Trading shouldn’t expect to be trading full-time overnight and/or living off of their trades overnight. There is a reason my 95% of Retail Traders lose in Forex.
Man this topic is vast and I would hope that many experienced Traders will chime in and share their experiences.
With that said:
Have a magnificent day on PURPOSE!
Trading CAN’T be used as a continous income source. You can build a nice equity and live off that, but trying to pay mortgage or to put food on the table is a very bad idea.
This is why they say, that you need money reserves for trading, because let’s say in one month you make much less what you need, but in the next you make 5 times what you need for living, then living from it is not a problem, IF you don’t have liabilities.
But if you want to take out continous earning from trading, then you going to have a bad time.
Brilliant reading through this thread and seeing lots of guys doing this full time, be interesting to hear from the guys who were commenting in 2012 saying they were full time to find out if they are still full time and doing well in the markets. Great motivation for us newbies.
well i think forex provides a very good opportunity to make a career out of it , as it dosnt requires much capital and a degree to start it , it just need some knowledge and a little practice and then you can have your own business
No and no…
The dream of a $500 account holder becoming entirely reliant on forex trading to pay the bills
is what makes so many newbies overtrade, blow their account, and end up giving up on trading…
You need a large enough account to really trade properly, I think… I know from experience, that
my little micro-account is pretty much useless… I will keep growing it but for now it is just practice
for when I have a properly capitalised trading business…
You would not start any business (a shop, for example) with $500 or $1000, would you… so what
makes us newbies think that we can do that with trading?
Forex trading can be started with even small amounts as well, the only thing is how seriously any trader take trading. Some plan for it and take a leap into it as there career and make enough money with small amounts however some blow their account even with huge balances.
I think it’s possible to grow a small account into a large enough account to make real profit off of it, but that’s something that takes years of studying, pracising, trading, etc. In the meantime one needs another steady source of income, you can’t count on that account.
Absolutely…
It is good to have goals and dreams, but in the meantime, do not give up that day job just yet 
Forex trading is profitable if you put the time in and learn the business…but don’t underestimate the demands or sacrifices needed day in day out …even when you make the grade !
for the few that make it the rewards [B][U]are[/U][/B] there …like being at the top of any profession or sport
so if you want it …go for it !
clearly you need other income streams whilst you do the trading apprenticeship …this will take years in reality …even with damn good mentors it takes a lot of trades under your belt to become proficient and consistent (what activity doesnt take this ?)
so never put yourself out on a limb and gamble with this …you need the solidity of other income streams to fund you training …go too soon and you will fail i’m afraid
ive been trading since the 1980’s and forex since early 2000’s …it takes years to learn the business and find / perfect your edge …but it will be worth it …
NVP
Thanks for that, NVP… there is a definite need for people who have skin in the game, with years of experience, to come here and tell newbies that being impatient with the markets is quite often the cause for failure…
It is also an ‘X factor’ mentality, where people want to get fame and fortune quickly and are not ready to put in time and deal with many rejections before getting what they want… Like people who want to be star singers, people who want to be star traders may have to put up with doing their study and practice in the small hours, on top of a full-time job (that is not trading), and facing skepticism or even obstacles from family and friends… If you really find an edge and make trading work for you, you will not give up and will make it through to the other end… if you are impatient and do not acquire some sort of discipline or strategy in your trading, then you may never make it.
Yes, Forex can be treated as a career. With all of our dedication and hard work. we can succeed in this kind of career. Just make sure that you have knowledge on how the market flows so you know what strategy you can create for profitable and effective trading.
As a Professional Full-time Forex Trader and Teacher my advice is to seek out a Mentor. All Professional Athletes have coaches, so why should trading Forex be any different. In this industry you really need time to learn and benefit from the experience of someone who you value and trust. Taking short-cuts can easily cause you to lose your shirt (income) in a very short time. One thing we all should keep in mind is that for the most part you should look at trying to trade consistently in a profitable manner. Be in the mindset that trading is a marathon not a sprint. One of your daily routes should be to only be looking for high probability trades. Trades that you will put your family’s life-savings on and have no regret. You don’t need to trade everything that you see on the charts, but rather you should be picking and choosing high probability trades that will offer you a risk reward and/or a excellent when they reach or hit their targets.
Obviously mentally there is a lot of pressure when it comes to trading it does take a certain mindset and skill to become a professional Forex Trader. It is not for everyone, nor can everyone do it. 95% of Retail Forex Trades are historically losers. I’m not knocking anyone down, those are just the facts. Look in the mirror today and ask yourself: “Can live off of my trades today?” What I mean by that is if do you have the resources (money) saved up by which could live 6 month to a 1 years without any additional income coming in? If not, don’t even thing about going Professional/Full-time now. You need that security blanket (savings) so that you can concentrate on your trading without the pressure of losing tradings (because you’re gonna lose trades) it’s just a fact of life in this industry.
I can go on but as many here has written do not be fooled by the glam and glitter of trading. Look and see what Professional Traders have done thus far and you years in the industry and STILL making money and a living off of their trades.
Have a magnificent day on PURPOSE!
FXALTareeq
Well, you have a point. Mentor would help you on your way to getting good result from all of your trades. It can guide you thru the help of learning all important details about forex trading.
that’s a good point, trouble is most of the new & raw forex folks who really need the coaches can’t afford to employ them because they’re usually only coming at this from a casual, curious angle & the majority are attempting to operate on very small budgets.
& of course most professional athletes are funded via some sort of club/affiliation arrangement or they’re sponsored.
individual athletes/sportspersons only generally pay their own coaching fee’s when they reach a stage in their career where they’re able to pay for the privilege of personal coaching from their prize money.
Some people treat this thing as their career. Well, we all have our own decisions. The only thins that i can suggest when you enter forex trading is to gather all important information about the work and flow of the Market, so you’ll have idea what plans will you use for you to have effective and profitable trading experience.
Hi there. I am considering doing the same thing. I have started a small account and hope to grow it to the point that I can live off the monthly proceeds. Once I get there then I will start to make Forex my second act of life.
If you want to.start on the trading ladder, here is a good example of current junior positions that describe what qualities,.qualifications, and.experience various firms are looking for:
https://m.efinancialcareers.com/en/?&locale=en_GB#/jobs/?&keywords=Junior+Trader
Most interviewed self-sustaining traders who speculate with their own money enough to live off it have been through either mentoring or worked at a buy- or sell-side desk; furthermore, most of them have amassed significant capital BEFORE STARTING to trade with it.
I must conclude that if none of the above applies to you, then the road to living off your trading will almost certainly be closed to you, for it is not hopes and dreams that can put food on your plate.