Making a living out of FX. Possible? - page 4
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yes.. i am not full time trader but i can answer.... yes if i quit my current job( pharmacist-toxicologist) i can live only with incomes of forex.... i trade for many clients... all of them are relatives or friends.... i trade only on daily frame using 4HR time frame.. i check my master account only 2 or 3 times daily in the evening time ( middle east)...then i put my market orders...
so ... so i am not full trader but i can live with my forex incomes trading from home...
but it all was after learning curve...i started trading US stocks at 1998.. then after 4 years ..i started trading forex....
i am enjoying forex now.... i trade a very simple strategy that earn about 10-15% monthly....
my first advice for any new forex trader: KEEP IT SIMPLE...
Hi,
Yes I have a friend that do forex for a living.
He has a capital of 50k eur and he is earning around 5000eur a month.
Can't be much of a "friend" if they haven't showed or taught you the techniques they use to make money and now I can clearly see why.
Your "friend" is obviously a very wise person!
Youi must have good income, right ?
Nic
Good day Diamond.
This has been my journey and my experience.
There is a common misconception that trading forex is easy because it is so easily accessible. The truth is it is very difficult and requires a hell of a lot of hard work. As one of your previous commenters said if you are not completely passionate about it you really should be looking else where to invest your time and money. I have been trading part time for many years with great success. I am completely passionate about trading and have loved every minute of my journey from starting on those social trading platforms to setting up virtual mt5 servers. I followed all the advise that I could get my hands on like the basic stuff from running demo accounts first and trading micro lots on your first real accounts. Advise that really proved invaluable. Especially trading micro lots on your first real accounts. The hardest lessons you will learn are when you make your first losses. Paying school fees I believe the term is.
I am a partner in a business that has been running for many years and one thing I can say is that business has just as many challenges and risks as trading forex and should be treated in the exact same manner. At the time of me writing this I am making an additional 35% of my monthly salary. The reason I mention this % is because I could live off it. I know the risk of trading forex and I would not be comfortable having forex income as my only source of income. I also know the risk of business and I am not comfortable having the business income as my only source of income which is one of the reasons I have ventured down this avenue. I also mention this percentage because I am able to loose the capital I have invested without significantly affecting my life. I have found EA`s to be incredible valuable because you are able to back test them. Back testing is something that you should become very familiar with. This really helps to establish the type of gains you can achieve and the amount of capital you need to invest to achieve this gains and also the most important is to establish where the risk is. Some EA`s are expensive but think of it as purchasing a vehicle for your delivery company.
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Regards
James