Is Forex trading really worth it?

Beginner Questions
1

Hello everyone. I’m not exactly new around here, since I’ve opened this account last year; but this is the first time I’m posting.

I started learning about forex trading more or less 1 yr ago, but I simply thought it wasn’t worth the effort and just let it go. Now I’ve picked up interest on this again, and started studying seriously (not just forex, but about securities in general). Now I have this doubt lingering on my mind once again. It may sound stupid, or another “newbie question”, but I just can’t find the answer.

Is trading really worth the effort invested?

I’ve been reading everywhere, and seen that most people blow out their accounts (due to lack of education); and the others usually break even or make really modest profits.

My guess is that I can make a 20% return/year trading (in a pessimistic view, and yes; I have been demo trading for some time and tested out many methods). So, if I start with $1000, I’ll have $1200 by the end of the year.

Or I can use leverage. But most places, including the school of Pipsology, won’t recommend it since it is too risky. So what’s the point? I won’t trust more than $10.000 on a online broker with an average guarantee of return of about 20%. It just doesn’t seem worth the risk/effort. How can you make a “living” making 200 dollars per year?!

Yes, a living, since to trade forex, I need to invest a great deal of time (fortunately, I still have a lot of free time to spare) in studying and trading by itself. By doing this, I’m losing the opportunity of studying other subjects and even missing out on finding a “real job”. Isn’t it better to devote my time on a job and a degree, and try to rise up on the job market?

Thank you for your patience reading through all of this. I really need to listen to the opinions of real traders.

2 Likes
2

Here’s my opinion, and it’s catered only directly to [B]you[/B] (not others) given the information you have supplied to all of us…

The answer is already in your post.
Read it aloud, as if you were a completely different person with an objective view on your situation.
Personally, if this is the attitude/approach you maintain toward trading, then you simply should not trade and abandon the idea all together.
If you “keep coming back to it” and just can’t resist it, I’d say there’s a deeper drive there than wanting to trade…

People are drawn toward trading because of what it offers- money, freedom, etc.
They focus solely on the ends, thus end up crashing and burning.
Your focus is on how much money you can make in a year, and justifying whether or not that return is “worth it”.

…There’s your answer.
Just my opinion.

3

i think you should put all the money you have on a naked position that you think is really worth it and then just let it fly! just do it! take 250-300 pips profit, that’s more than 100% return on whatever you risked. just my 2 cents.

4

Thanks for answering. I agree with you. I keep coming back because I don’t wish to spend most of life in a dull, full time job, while dreaming for a retirement (a normal life). Trading attracts me mostly because of the freedom it provides. I know there isn’t a “get rich quick” method. I just want constant profits in order to make enough money not only to live, but to build up a constant surplus so I can move on with my plans and plan my life. That’s why I focus on how much money I can make a year. We are all familiar with the jargon “Time is money”. That’s the main reason of my doubts: How can I know if the time I spend learning/trading forex is not going to be wasted? I’m not sure how professional traders make it, since no one is willing to tell their profits and give away their trading method in the process. This is my main doubt.

5

Well your suggestion makes sense as an investment. However, it doesn’t apply to trading. I wish to have a constant stream of money so I can at least be able to pay my bills…

6

Is it worth it: Yes
Should you continue trading: Yes
Should you continue with your studying: Yes
Should you continue looking for a job: Yes
Can you manage to do all of this things in same time: It is up to You.

7

I have invested a lot of time, money and i am still finding my feet after 2 and a half years. You have to believe in yourself and find what works for you. I have found a system or should I say a method that works for me about a month ago.

My main problem i had, I enter at the wrong time and exit at the wrong time. No matter what I did I was always on the wrong end, this improved drastically when I found my method and I believe this is the secret to any successful trader.

The one main factor to my education was the training i received and still receiving that changed my outlook completely. The training is totally free with life long membership and the information is mind blowing. However this alone did not change my trading, I have a system in place that helps with the trading part.

You are welcome to communicate. Check out my profile and you will find my public live account on myfxbook/ boostz

8

Your main problem will be the psychological process you just have to go through to get there, it could take months it could take years.

But is it worth it?
I have a very small account at the moment, I have had bigger ones, like most of us have, I’ve probably known most there is to trading for a while now, but it’s only just recently it’s fallen into place, I have a strategy that suits me and it’s easy to use.

I have put it into action over the last few weeks after months of studying it and will continue to do so, but with only 2 trades placed over the last 3 weeks I’m up about 50%, ok it might be minus next month or it might just be a little less, but it proves that the potential is there. The thing that used to get me was that I could make loads of money in a short space of time and would expect to make it consistently, and that would drive me on to over trade and lose it all in a shorter space of time.

I can accept now that if the market goes quiet over the next few months as it often does in the summer (NH) I don’t need to trade, I can be happy with accepting what I’ve made and just wait, what if it was only 6 trades a year that last 3 or 4 days each? Get that right and I’m 100% on the year.

9

Doubts are indicative of a lack of self-trust.
A lack of self-trust (within the realm of trading) leads to hesitation.
Hesitation is a by product of fear.
Fear will get you eaten alive.

In order to trade, you can have no doubt in your system, and above all, your self.
Simple as that.

Again, I think the answer is just emphasized in your second post…
You can’t force something on your self, that’s not the way the universe works. In order to receive, you must give.
All you’re focusing on is the former…

10

It looks like you haven’t figure it out “What you want to be when you grow up?”.

Trading is all about " figure things out" on your own… If you cannot figure it out what you wanted to do or not sure if this is worth it then stick to your full time job. If you don’t have a job, go find one. There is no equivalent of money when you love/like what you do… Eventually, you will make more than what you can imagine but not until you " figure it out " what you really… really want to do.

11

[QUOTE=“Sphyrydon;633020”] Well your suggestion makes sense as an investment. However, it doesn’t apply to trading. I wish to have a constant stream of money so I can at least be able to pay my bills…[/QUOTE]

what you really want to do is marry a rich man/woman, so their money can do all of that for you without you ever trading a penny.

12

Forex trading is a “don’t invest what you can’t afford to lose” business.

If you focus on monetary rewards then you’ll probably pay more attention to keeping your profits and avoiding losses than improving your skills. If you can’t trade full time right now, then maybe you can improve slowly by demo trading or trading a small account. Small progress is still progress. By the time you’ve learned more about the currency markets and of your trading strengths and weaknesses you’ll probably have a better idea on whether or not you want to pursue being a forex trader.

Gotta risk it to get the biscuit!

13

is it worth it? I’d say yes but its not for every one and answer can change depending on who’s saying it!! I mean I trade with hotforex and blew my fair share of accoutns when i first started! nothing big but still I thought about quitting a couple of time already (thank god i did not) and here i am still earning small amounts from forex aside from having a day job and all! as long as you do not make a life changing decision then i guess its fine. dont invest what you cant loose!

14

Well, If you’re willing to invest your time into trading, it can be a great way to earn extra income or even to support yourself or your family, especially in retirement what you need
-Forex_swiz

15

I would say it’s worth it in the long run but an awful lot of time and education goes in to getting to a place where you think it was time we’ll spent