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

[DanyDIMartino]

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.

Hello Robespierre,
I am Danielle, new to the forum but have been trading since 2013.
Let me answer your questions.

1- Yes, you can certainly earn a living from trading the Forex market but you [B]will not[/B] earn 2500$ from your 200 investment in the first few months (that’ll take about 6 or 8 months).

2- The one you’re comfortable with. I mean, study a lot of strategy and pick the one you like the most and the one that gives you enough profitability. I’d suggest the accumulation distribution trading method or breakout trading.

3- Demo trade [U]at least[/U] 3 months before opening a live account. Then you should open a live account to understand if your strategy is really profitable and to see how you react to this fast paced market.

If you need additional information you can PM me.

Happy to help

[JamesBr]

It is not an easy question but it all comes down to the basics wich is breaking down how much you need to live happyly and make a plan from there!

[daviso]

The truth hats, more if u r desperate. u can make a living out of forex but not as u wish. No surgeon get a practising licence after a day. treat this as a bussines or aproffesion. it takes time, please practise practise n practise again u will get there.

[marginfx]

The truth hats, more if u r desperate. u can make a living out of forex but not as u wish. No surgeon get a practising licence after a day. treat this as a bussines or aproffesion. it takes time, please practise practise n practise again u will get there.

You are right , we wish we can get good income from this profession or business but in reality the journey in doing this business not as our wish , we will face many difficilties and obstacles that make our goal that can make a living from fx trading not easy we reach

[Quebernell]

“… before opening LOVE account” - sounds nice) But if to be serious, it is not the best idea to jump into all this straight away. If you want to make forex trading as your main job, well… for many people it takes up to several years of often losses before they get what it takes to perform profitably. And if you’re in such not easy situation, then really, don’t invest more money that you can afford to lose.

It’s up to you to decide when to open a live account. I suppose, when you see stable results and it becomes interesting to trade on your own funds. The truth that obviously should be realized is that the way from newbie trader to skillful and experienced one is not short and not easy. You should rather concentrate on finding new job than on FX. But anyway, good luck to you!