TL;DR: Is anybody actually able to turn a consistent profit, long-term, trading FOREX?
Hello everyone. My name is Jason and I am brand-spanking new. I was going to make my post in the introductions forum, but my studying has led me towards a question I can’t wait to ask.
I have been learning about FOREX over the past few days and no matter where I look, I keep seeing phrases similar to this: “By far, the majority of retail FOREX traders lose money over the long run.”
A bit about myself: I am a teacher with no background whatsoever in financial markets. That being said, I am also intelligent (I suppose that’s debatable :13:), disciplined, and good with math/numbers. I became initially interested in FOREX trading as way to potentially add a few hundred dollars or more a month to my income to help me pay off crushing student loans, and perhaps be able to afford to have a kid. I do not expect to become the Wolf of Wall Street.
I am looking at FOREX from this perspective: I used to be a very good poker player until life and geography made playing difficult. My initial understanding of FOREX is that it is a lot like poker. You only get good through meticulous study and practice. One you get enough to be profitable, it takes countless hours of grinding and continuing education to maintain and build those profits.
In general, to be profitable in poker, you have to have a winning strategy and stick to it. You will take some bad beats, but if you are disciplined and your strategy is sound, you should come out profitable in the long run.
This is the mindset I want to approach FOREX with; HOWEVER, with the consistent loud disclaimers everywhere I look saying that most speculators lose in the market, my enthusiasm has been somewhat tamped down.
I want to emphasize that I’m willing to do the years of study/practice necessary to hone this hobby/craft/whatever it becomes before I throw my hard-earned teacher money into the market.
Okay, so here’s my question: If I do the work to study this, is it unreasonable of me to expect I can make a profit in this over the long run?