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.
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Making profits through forex trading takes time. Donât rush unnecessarily.
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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.
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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.
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Correct. I conquer with you.
Awesome returns! There you go, great example of what is possible.
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thanks dude
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I donât think thatâll be a good idea. It can be perfect as an added income source though.
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If you do it the right way, you can achieve anything you want in life.
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YesâŚin theory
However, you need a large capital base in order to make enough and to have reserves for the bad months.
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This right here. You need capital. Especially if youâre trying to sustain life with your earnings.
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If you are a good enough trader you could start smaller, say ÂŁ10k and build up for 4/5 years though.
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You need to take forex trading seriously if you want it to work for you.
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I know a few friends who are full time traders and have been doing pretty well. On the other hand, Iâve also seen them investing all their time and energy into learning. Dedication, patience, and consistency is the key.
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How long have they been trading, and how long full time? Always interested to see what the career length is for full timers.
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Yeah see this is what I was just thinking when I posted my question today. So many people come here thinking they can earn $$$ but with little money up front itâs so hard to do. I think you can only really do that with things like Dogecoin lol or bitcoin but only if you were early enough to have bought it at $2 in 2011! And how long is that waiting period. In reality, you would have sold bitcoin right when it hit $50 lol.
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