Making a living out of fx trading

Is it really possible to make a living out of fx trading?

2 Likes

Yes, it is possible to make a living out of Forex trading. There are many traders who are earning only from Forex and living happy.

1 Like

Yes. Make sure you have a large enough capital.

You need a good capital for a start. You really want to make a living off Forex? Start with a minimum of $10,000. You profit is proportionate to your capital.

1 Like

It is possible but very few new traders survive long enough to learn how. Small accounts stand a much greater risk of being wiped out than large accounts, and wipe-out has to be a major decision in a trader exiting trading for ever. Even potentially good traders use such small accounts they never improve enough to earn significant money and even they can lose their accounts.

Then there’s the strategy question. My current thinking is that if you don’t have a system that will return 6% profit per month, it isn’t worth the risk of starting trading at all.

1 Like

Yes it is. But you need to trade with a big capital.

1 Like

The majority of traders do not live off their trading profits alone, but it is indeed possible. Some people do get to that point.

1 Like

Why not? But you have to ensure your own trading skill first! It’s a knowledge based profession!

1 Like

Not just knowledge. Without huge capital your knowledge is dormant.

Huge starting capital is not necessary.

If you have a strategy that brings you 6% per month and can start with only $1000, in 5 years’ time you will have an income greater than the US average cost of living for a single person (assuming this is $13,200/yr). Your 6% per month profit level will double your income every year.

Maybe it’s your opinion but I think; your trading knowledge is your main capital here!

Lol no. No amount of trading knowledge can make up for a large starting capital.

It is possible but for the newcomer, it is not recommended as they do not have enough capital to sustain the potential loss. It is the reason why you see those experienced traders spending the most of their time reading the variables and trading. They have spent that long enough time to make a trading their living standard.

Forex is part time for me. I cannot quit my day job for it. It takes a lot more capital to make a living from forex.

Again I respect your opinion; but I know many pro traders were starting by ordinary trading amount.

I agree with you but most people are not and do not become pro traders. Therefore telling someone if they kick a ball everyday they’ll play international football is not the right approach. It’s a higher chance that most people with a small account will blow it.

You’re right - most won’t make it, and the smaller the account, the more likely is a wipe-out.

But you’re also wrong - most footballers have no need to play for their country or a team like Real Madrid or Manchester United. Most traders would be more than happy to have enough regular income to pay their utility bills and a few extras like a holiday: they don’t need millions for this.

Nah I only talked about international footballers because he mentioned pro traders and that’s the equivalent for pro traders. Anything below is just a normal retail trader of who most fail and blow small accounts. Can be done but very difficult with a small account.

Sure, understood.
Also to your eternal credit you didn’t start talking about being as rich as Warren Buffett…

Many people earn more than a simple living out of forex. If they ca do it so can you. Successful people have personal characteristics that makes them different. Don’t be mistaken, I don’t mean they are more intelligent, NO. They’re organized and follow rules, they never get tired of the mistakes and wrong decisions. But they learn from their mistakes. Every wrong decision is a step towards success if you remember and use it in future.

1 Like