But in the same way that setting up your own business would be. WOuld it be easy no not at all. But it is possible.
This seems like a legitimate question and I’m looking forward to answers by some expert traders here. Thanks for posting this.
yes, u nail it having enough capital to generate minimum return to sustain also another issue which can be planed but most often then not, trader don’t .
Forex trading can be your long-time career if you are patient enough to accept the losses as well as you accept your profits. When you trade forex, there are no guarantees. You have to make your decisions in accordance with your understanding.
Many people do have their side income apart from forex. But I think one can live on forex income once he masters trading. I also know many people who are living on forex income.
Making profits through forex trading takes time. Don’t rush unnecessarily.
Find ways to lower monthly expenses, save and invest more. Lots of great books, Your Money or Your Life is fantastic.
The best decision I ever made was to get to the point where I can live off one paycheck and invest the second.
Now the money I make in stocks, options, crypto and forex is going to long term real estate savings.
And how long did it take for you to become profitably with your forex trading?
I started out profitable, made 12k in my first couple months.
Can I ask what account size you started with? $12k is great, but context would help too. Leverage?
Good for you!
50:1 is the most possible in the USA. I started with a couple hundred, and put in a couple thousand. Final account balance was like $19k at the time, I pulled out 12k of profit.
Correct. I conquer with you.
Awesome returns! There you go, great example of what is possible.
I don’t think that’ll be a good idea. It can be perfect as an added income source though.
If you do it the right way, you can achieve anything you want in life.
However, you need a large capital base in order to make enough and to have reserves for the bad months.
This right here. You need capital. Especially if you’re trying to sustain life with your earnings.
If you are a good enough trader you could start smaller, say £10k and build up for 4/5 years though.
You need to take forex trading seriously if you want it to work for you.