How, or can, I make a living out of FX trading?

[goldenmember]

There’s loads of jobs going in Australia -and they pay well too - a lot better than forex in all honesty.

[mumuy]

how? by not losing all your money!

[florianghe]

I am trading in Forex and i have make good money to fulfill my needs of my life. Every one can trade in forex and can make money.

[Forexlight]

Hi everyone,

I’ve been interested in FX for a few months now, but the need is becoming increasingly urgent.

My wife and I are moving to Australia, and so far I’ve found it really hard to find a job. I’m thinking of trading as an alternative.

So I’d like to know your opinion on the following:

1. Can I earn enough consistently to earn a living from doing this? Say our family’s monthly expenses are about $2,500 a month and I have $2,000 as capital to trade.
2. What trading strategy should I employ given this objective?
3. How long should I practice trading before opening a love account?

Thank you all in advance.

Actually man, you are starting on the wrong foot. With burdening family expenses, you would barely have the patience and resilience the market requires. Jumping hurriedly into the market hoping to make $2500 quickly is a forex fantasy that could make you dehydrate seriously from consequent tears of regrets. Being in the forex as we know, you need an edge, this could be psychological or in your trading strategy, this you would be unable to do as you wouldn’t afford the patience to be individualistic and you only end up affording bankruptcy. Then you would unfortunately follow dogmas and biases especially that irrational one of ‘all regulated brokers are honest’. Research well and you would find this false even Thinkforex a highly regulated broker deliberately inflict clients with withdrawal problems to assist their liquidity. Just be careful if you would survive in the market else you would soon be thrown out of the market.

[richchris]

Hi,
Interesting thread. My experience is that you can start trading with a small account, grow it, and then live off of it. But you can’t dictate when that will happen, because you have to learn how to trade successfully first, and that can take some time.

I studied forex trading at calliara.com which is one of the best courses out there and It’s taken me a whole year of hard work to start looking at forex as a job that can support me. I can’t even imagine how long it could’ve taken without a resource like that, so in my opinion, unless you’ve got a really good mentor, then don’t even think about using forex to support you or your family. It’s just too much stress that you don’t need.

Get onto a good course, or teacher and it will speed up the process though. It worked for me. And I’m a full time trader now.

Good luck.

[Noah_McKenzie]

I think you can.Be patience and control your greedyness.

[AussieForexMelb]

Hey everyone… I’m new to the forum and Forex Trading. I work a full time job in the public sector and have decided to learn about Forex Trading as I really enjoy reading and interpreting the charts, have very little capital to invest ($2000), like the idea that I can control my investments (ie… through learning I can make informed decisions) and that it’s easy to start.

Here in Australia, I can earn 5% interest via safe bank deposits. However, I would be really happy to earn 15% from my Forex adventure.

To the OP, good luck and I hope it all works out.

Regards,
Andrew.

[amajey]

Hey guys you can start trading with as low as $100 that’s what I did. Take this as a business, you can start the business with minimum capital I would suggest 5% of your affordable limit apart from your basic needs for your family.

But that minimum investment will not make you rich, it will only give you a penny profit per trade but when it goes on the wrong direction it will hit at least a dollar loss. That’s when we will get affected with emotions as a newbie.

Consider this as a business, you can start with minimum capital but we should be in a position to increase the capital on a regular interval until we feel comfortable on the net profit that we withdraw.

I bet it is not that easy to set your mind this way, it took me 5 years of learning to earn a single penny with several 100 dollar loss, but still I’m learning from my falling dollars.

Don’t lose hope keep learning and beat the battle to a victory…

[batmanxxl]

@konan

OK, so…I tested this for you and I made a new demo account just to show you that if you’re an experienced and a good trader - that you can make A LOT of money… I told you here, 4 days ago that I NEVER trade spot gold and it’s true. This was my first trade on xau/usd…ever! So when I told you to buy gold this week I was only looking at price action(technicals on the chart) and was not familiar ,at the time, with the fundamentals, except the general correlation between other currencies and gold…I use very simple rules of >PA or price action trading to determine where price MIGHT go during the week because NO ONE actually knows FOR Sure where it is going.

THis is how (according to the rules of PA) this buying of the gold should have played out.

And, if I did it by the rules, I would have never bought gold because price did not break high of the pin. But, I wanted to buy it at the wrong place just to show that EVEN if you’re initially wrong, that YOU ARE SUPPOSED TO MANAGE THE losing TRADE to minimize the loss and not just let it hit the stop loss!! So…at some point, I saw the trade go south, I checked the fundamentals and news and then actually formed an opinion that the strength is returning to the USD and that gold was overbought for the longest time…China’s fundamentals also played a role in this…Then,.I decided to hedge the trade of 1 lot with 2 lots instead of stopping it and losing 2K I think…In brief, I was never in danger of losing my capital really because I know how to manage my trades ( which is the toughest part of the job but also the one that the 95% of other traders don’t even bother with really) Your arse has got to be in the chair and ALERT!..And, that’0s the point of FX to me…this is how I make my money…
Here is the open myfxbook too…I closed the trades only because I was impatient to show you that you can basically do what you asked for in the title…!
Gold is probably going to go down to 1336 now and further and really just…who knows 1100 …then 700…who knows…and those that don’t ,hedge lol…

Mt4-116551 System | Myfxbook

Also, I forgot to add…there’s a second but bearish pin that I also went by when deciding to sell with 2 lots…

Thanks for your pro advice. Can you please tell me what would you do with your hedging if market only touches your double lots sell hedge and then goes immediately up (some spike activates it)? Suppose you are in heavy range but you dont know that yet. Then market comes to your original position and you have 1lot buy, and 2 lots sell. Then you will need to activate again another buy position with more lots? And suppose that again it activates your buy(some spike) and turn back immediately in range which is not that rear. What will you do if market is in heavy range and you all the time activating doubled positions ? Can you please write an answer in steps, using lots from example 1,2,4…so I can understand…

[ali222]

My advice is be realistic. Learn price action and concepts such as Elliot wave. Don’t be naive, listen to people that have experience. No one can just start off forex and become successful. Read, listen, and learn. Demo trade, and when you switch to a live account, trade with small capital. It is possible to become very successful, and have all your dreams become real through forex. But this is no easy quick way to become rich scheme. Get as much screen time as possible without ruining your relationships and such. It will take time, but it is possible to make what you need. In the meantime while you learn, find a job because there is no way you can just jump into forex and make $2000 a month with your capital.

Great and realistic advice. I appreciate this advice I am also newbie and also want to earn good money. But after reading this post I feel reality in Forex and learn that we can not become rich quickly and make 2000$ in a month. So if any one believe Forex is a easy way of earning then Forex is not for these people and they may loose their money very quickly.

[SamanthaJones26]

I dont think that trading alone could be relied on for earning bread…

[jmarchbank]

@Robbiespierre

Wow this certainly is the most demotivating and unhelpful forum I’ve been to. I wonder why you guys join forums for newbies when you yourself say that no one will give out tips without getting abuck for it.

A “not with your situation, but jack up your capital first and maybe you can” would have been as clear as both your replies. But “look here, YOU ARE GOING TO FAIL”. Wow, talk about sending the new guy out in the cold.

Well, it’s clear I’m in the wrong place.I hope the administrators change the site name from “babypips.com” to “elitetradersonly.com” to keep other aspiring traders from being cut down even before they start.

Obviously I’m not taking both your advice because it doesn’t look like you yourselves are earning anything from trading. I’ll simply move to another forum where people don’t burst at noobs like bulls at matadors.

Alright then, hope not to see you around!

Actually these replies are very realistic and to the point, which makes them extremely helpful as they are trying to help you avoid gambling your money away and turning away from Forex forever. Your quetsions were foolish, and they coudl have just said that and laughed at you, but instead they took the time to reply properly.

[serioustrader52]

I dont think that trading alone could be relied on for earning bread…

Sure it can but most people are not properly funded. Once you are and you can make some coin without high risk then you want to start to funnel those funds into investment properties or other area’s of investing. Just like a business owner probably uses the business to fuel his other investments (and im talking about donald trump or others like that)

[RateUp]

Hi everyone,

I’ve been interested in FX for a few months now, but the need is becoming increasingly urgent.

My wife and I are moving to Australia, and so far I’ve found it really hard to find a job. I’m thinking of trading as an alternative.

So I’d like to know your opinion on the following:

1. Can I earn enough consistently to earn a living from doing this? Say our family’s monthly expenses are about $2,500 a month and I have $2,000 as capital to trade.
2. What trading strategy should I employ given this objective?
3. How long should I practice trading before opening a love account?

Thank you all in advance.

The pressure you’re feeling won’t be good for trading. :28:

[Janelle_Mcgarvey]

When you’re only starting or a beginner, it would be really hard to make a living out of it. Since risk is very high and nobody can escape loss but only lessen it. And it takes time and money loss (yes!) to become consistent and profitable.

[Godslove]

You can make a living trading forex as long as you take it as a trade and not a game. The reason people think they cannot make a living trading forex is because they see forex as a game not a business.

[The_Dark_Knight]

You would put too much pressure on yourself trying to double your account every month to pay your bills. I don’t recommend it!

[imbest]

I like forex for par time and extra earning . it is possible to make living with it after some years of experience . Many people not depend only on forex . It is good to have some regular income job along with forex.

[marginfx]

I like forex for par time and extra earning . it is possible to make living with it after some years of experience . Many people not depend only on forex . It is good to have some regular income job along with forex.

Yes i am also believe we can make living from trade , moreover if we have more fund to investment in this business , more capital i think more chance to reach that level , let says we trade in $1000 as capital , we will risk just 2% and will take reward 4% then we will plan the open position just 5 order then in the comulative in the end of month we can get about $100

[system]

I “love” these people who think forex is a cash machine giving out free money to everybody. They go into this with big hopes and get ripped off heavily. Then they do this several times, losing fortunes, then they get themselves together and start trading properly, or they get bitter and start their rationalization how and why forex is the creation of the Devil, and you can’t make money from it.

My favourite, when they post some reports like “look I made 80% growth in a day”, but you can see they are insanely overleveraged and risking like 15-20% of their capital on one trade. Next day they get a few losses in a row, then there goes their capital.