Does anyone really do it? Like can someone actually tell me that they do or have met someone who actually does?
Honestly, I can say Forex is the real deal.
I am getting there slowly.
The things holding me back are the daily and monthly expenses that
I got. I have to worry about making enough to pay for the bills first.
Afterward, I then think about the possible profits.
But, I do make money with Forex.
I trade with Forex.com and they are pretty decent. Strange things
do happen but I don’t usually blame my broker though. People
are too quick to blame stuff on their brokers, but no not me.
Well you can make a living off of trading forex, but to do so depending on your lifestyle, and with a conservative approach to trading, you would need a pretty big bank roll to start with.
Most literature indicates that if you can make 2% per month, then you are doing well, so based on that, how big does your bank roll need to be to replace your current income? (I’m just using the 2% figure as that is the most common one given, yes of course you can do far better…)
Annual income for example
$40k = $3.3k per month then 2% would be $166.6k bank roll
$100k = $8.3k per month then 2% would be $416.6k bank roll
The best trader I know still has a 6 figure day job, even though he trades with a 6 figure account… partly I think cause he can trade while working, but who can say.
Just dont be thinking that you can start with a couple hundred dollars and the quit your job in a month or two…
I’m not debating that 2% is the ideal figure per month, cause I know most experience traders far exceed that… just that appears to be the accepted norm.
Cheers
i appreciate your reply guys but you still havent told me about someone who actually makes a living off it, Id just like to hear about a real person doing it
mrnice, go to bollinger band trading with MAs thread and ask RCarter. I’m sure there are others. I will someday !
Chances are there are very few on this board that are living off thier FX trading. This is a forum mostly for new traders…
Though there are a few good experienced traders here, willing to share some of thier knowledge to help everyone along…
thanks for the replies, i just want to know because if there are people who make a living off it then its atleast theoretically possible to atleast make decent profits but ive been searching the internet and most seem to be making money from it rather than on it. I worry about this being a big pyramid scheme aimed at obviously intelligent and wonderful people who want an easy buck, i look at my strategy on demos and im surprised by how well it works, i know real trading conditions will smash the illusion but it still gives me the feeling that im being played for a sucker for some reason
FX is not a scam, and you can make profits off of it. demo is not the same as trading live, but it is very possible.
Just ensure you are with a legit broker and have a sound trading plan, good money management and PATIENCE and DISCIPLINE.
Cheers
mrnice
this is not a topic for open discussion but yes I make a very nice income from trading
Yes, no problem. I easily make a living with servants, nice house, nice car. etc.
But I do live in Cambodia.
2%?
Seems a very odd figure indeed.
The conventional wisdom, as I see everywhere is to risk no more than 2% of your equity per trade. Are you mixing your figures up with this? If you were using the 2% rule, you are talking about only achieving one successful trade at a 1:1 R/R ratio each month. One successful trade per month does not seem to be the work of a Forex trader to me!!
I think there are people out there who will be regularly doubling their accounts each month. They may not do that forever and they may lose it all one day. I think the more conservative traders probably do 20-40% a month and the long termers with massive balances are happy with 10% each month. That’s about 0.5% a day.
Happy to be firmly corrected here but 2% per month makes no sense on any level if you have a productive system with a sensible R/R ratio and are Intraday trading.
You’ll need to be adequately capitalised or you wont stand much of a chance, and it takes much longer than you might imagine, but its possible. If all your looking for is financial independance, there are far easier ways of making money.
I want some servants too!!
Simba, what are some other ways of financial independent you’re talking about?
I’ve gotten to the point where I could live off my forex profit, if I had too. I don’t because I already have other sources of income, and I would like to keep compounding my forex account.
You have to be careful what you find on the internet and that includes this forum. Because of the nature of trading, it has amassive impact on emotions and dare I say it…the gambler within people. You can manage your risk but how many time do you see people talking about losses - maybe 1% of the time. Given that 80%+ of traders lose money - can you see the disconnect there? There are people who put up systems who know nothing about trading and act like they’ve been doing it for years.
There are people who put up systems and know what they are doing but can’t pass on the teachings.
There are those that put up half developed systems, and publish threads helping to develop those systems in a kind of group think.
etc.
etc.
To learn, I’m afraid you’re going to have to pay the market its dues, that’s the way it works. It may take 1-2 years before becoming profitable.
You have to be careful what you find on the internet and that includes this forum. Because of the nature of trading, it has a massive impact on emotions and dare I say it…the gambler within people. You can manage your risk but how many times do you see people talking about losses - maybe 1% of the time. People should be talking about losses 20-40% of the time for the average system. Given that 80%+ of traders lose money - can you see the disconnect there?
- There are people who put up systems who know nothing about trading and act like they’ve been doing it for years.
- There are people who put up systems and know what they are doing but can’t pass on the teachings.
- There are those that put up half developed systems, and publish threads helping to develop those systems in a kind of group think.
etc.
etc.
To learn, I’m afraid you’re going to have to pay the market its dues, that’s the way it works. It may take 1-2 years before becoming profitable.
Honey wheres the fly swatter at ?
“Oh its his day off babe” 
I think most people dont realise how long it it will take and how much effort they will have to put in before they become successful. I see students posting stuff like “i’ve got $200 how much could i make per week?”. Learning to trade is as much work as a collage degree i believe.
I have been profitable since christmas, and i would say that i can see the light at the end of the tunnel. i am passionate about trading correctly and i genuinely believe i will be pro in a couple of years. It just takes time and patience and dogged determination.
I always ask people if they could do one thing right now that could improve your trading? For example a keep trading diary? Most cant be bothered with these tasks but all these little things really help when there all put together.
Hi, well id like to add that it shouldnt be of concern who else makes money trading forex, because ultimately its you who will be living off your income. i assure you that knowing a name of someone who makes a living trading wont make you more confident of your ability and it wont increase the chance that you will make a living either.
concentrate on your system, do you know your system Expectancy?? Expectancy is that measure that tells you weather your average trade will be a gain or a loss. when you have a string of losers knowing you have a positive expectancy is key. a assure you that strings of losses are going to happen. I recently felt one. as i went through 4 losses almost in a row. and i havent for sure gotten out of it either.
Expectancy basically takes an average or your previous Wins and Losses. As long as you are making more over time, Either by higher Win or Larger Wins you will have a positive expectancy. Positive shows that even when you have a Loser you will soon have a winner to beat it.
Concentrate also on percentage, remember that in forex to live off income you dont need to make more percentage, you just need to increase the float. (If you dont understand this, go back to the school pages).
If 2% per month is a good figure, then that makes me feel pretty damn good