Is it Possible to Make Money in Forex Market
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Thread: Is it Possible to Make Money in Forex Market

  1. #1
    I'm a novice participant in Forex Market. I started trading with no desktop and lost some money. Then I decided to learn how to trade! Anyhow, I researched some novels (Getting Started in Currency Trading, and the John Murphy's Technical Analysis book, and a couple more). Eventually I registered in a Technical Analysis course through Canadian Securities Institute.

    I've tried to create a few trading egies and analyzed them on InterbankFx plattform. The egies works well. I'll be done with the Tech Analysis course in 20 days from today but I am still hesitant if I'll be able to actually trade and make money in Forex. Could you give me some hints?

    1. Is it really possible to make money for a living through FX market?
    2. If yes, how long would it take?
    3. Is there a possibility I manage to stop my day job and stick with FX market as my only source of revenue?
    4. If yes, how long would it possibly take?
    5. Is there some body out there that actually makes more than $100k a month through Forex trading? If yes, how? Can I reach there the long run?

    Please allow me to have a better understanding of the planet that I am into right now. I really want to stay and live.


  2. #2
    The best person to answer these questions properly is yourself because it depend a lot on the person and how much time they've committed to learning how to trade. My response is 3-6 months but then again, I had been lucky enough to have read Vegas' documents. Take you time and look up Vegas on this forum before you pay for another costly course.

  3. #3
    Quote Originally Posted by ;

    Welcome, You're just at the tip of the iceburg. Yes it's possible to make a living at this. I have. I really don't think they make 100k per month however, they have a house and food to consume. This isn't a. The thing that a person wants is the patience.

    I will leave you with this because I am certain that the seasoned traders here are going to be able to clarify things alot better.

    BTW, you're at the very best forum online. If a person wants to succeed, then this is where they will.
    Well said....well said!!

  4. #4
    Hello ,

    Great questions, but complex ones to reply since a lot of the response depends upon you, your personality, your plogy, your level of discipline and your account size. So, given all of the variablity that lies within you as a budding trader, let me reply in general terms:

    Yes, it's possible to generate a living trading Currency Market.

    Yes, it's possible to generate a good living trading Currency Market.

    Expect to have Currency Market on the mind for 4 to 8 hours each day during your learning phase. Including reading good books, analyzing charts, thinking about it and dreaming of it. Think obsessed.

    Expect to be obsessed for two to five years before becoming always profitable (yes, the Vegas files will accellerate this time). Think of it as getting a college diploma since for many people it requires the exact same quantity of time and the exact same dedied level of study. Worth it for your income!

    As soon as you've discovered to trade with consistent profitability, and you have compounded your account as much as state $400,000, then a standard 3%-4% monthly return will yield one $12,000 to $16,000 per month. Is that enough for you to live on? How long that will require will depend on your beginning balance and your level of aggressiveness.

    Hope that will give you an overall idea about what you're up against.

    Holler if'n you have any more questions and feel free to PM me if you like.


  5. #5
    Dialist is exactly perfect. I have been demoing for nearly 2 yrs now. I am obsessed with this. I've got dre of my charts, watching the next candle pop up around the monitor. I have my charts set to 4 hours and I cannot steer clear of the computer for more than one\2 hour. I am always watching the charts. I adore this. I awaken in the AM and before I go buy a cup of coffee, I am turning on the computer. When it's time for work, I write the price on my charts and have to work, I flip on the pc and see what the price does all evening. When watching prices, I am reading forums. When I get home from work, I check my charts. I sleep for about 4-5 hrs per day and the rest of the time ( except when playing with my daughter ) I am doing this. I am OBSESSED and I love it. I am not sure who said it, they put it this way, if you were planning to go to school to be a physician, it would take a minimum of 8 yrs of faculty. And like dialist stated, consider this learning as faculty. Right at the present time, I make a whopping $7.50 in my job. I want a better life for my daughter and this is the means to do it. She's my motivation. If it takes me 20 yrs, then I'll be making some good money at this. FOREX IS LIFE, THE REST IS JUST DETAILS!!

  6. #6
    IT is possible and it is better than any stable work at office.

    I am saying based in my experience.

    I made my job because of the trading. I have gone long path till I decided it, but my long-run prospects, my my character showed me trading environment is my house and I can manage to earn for a living.

  7. #7
    Fantastic Q's Aparsai, and have enjoyed reading each of those answers.

    I had the same Q's when beginning the FX adventure. A couple years before my FX adventure I see a great novel called Safe Strategies for Financial Freedom by Van K. Tharp ( a complete time trader ). Spured on by its own teachings, my spouse and I had started to bring down what V.T. calls one's Financial Freedom Number. The book is a great read, easily found at most book stores or Amazon.

    With that book/teaching in mind I discuss the subsequent 2 pips:

    I believe one of the deciding factors is just how much money will you must live the lifestyle they've chosen? We all will have our own reaction. I'll share mine quickly just for instance, and this isn't, I realize, for the typical individual, but the world will be quite boring if all of us lived the same life?

    I've done the complete gammut of management, research grant admin, and related and following studying V.T.'s book about three years back sat down with my spouse and we looked in our responsibilities to see how we could reduce our daily living expenses. I didn't wish to check at how I could increase our earnings, simply lower our outgo. And before one thinks we drive an old beater. . .it is a pleasant Volvo X70 cross country, so I'm not talking about starving...

    So my wife and I lowered our outgo to about 1200 dollars a month, which contains everything but food. Then we calculated the number of hours I actually needed to work to bring house twice that every month. . .and the answer was about 20 hours a week. At that time I stepped from down and management to working 25 hours ONLY during the Asian session (4pm-9pm) weeknights (due to my seniority I might ask this poor nite change - nobody wants to operate it!) . I wake up at 5ish Pacific Time, I trade off 15m/30m/4hr charts and also stick to the Vegas Daily for an exit/entry indior as such. My day is filled with research until about 2ish or so when my spouse arrives home and we will have a stroll on the river in our backyard or chat some time. Then she'll take over the charts/tradestation after I've briefed her about the trading day and she'll see the Asian semester.

    According to an above post, expect to spend some quality time in chart reading/watching and analyzing everything which pushes your buttons on trading. Think of it as your college level. Do not become anxious, and have in mind that it might take 5 or 5 years. What else could perform for any of us, what this opportunity has the capacity to perform and give us the freedom after we've earned our level??

    In a couple years or so we will move into an RV and possibly be National or State Park Hosts (there's a nice State Park down the road to begin the Hosting adventure without leaving my current job) and trade out of stellite dish on the RV-roof since the nest will be empty. This is our dream we speak about and maintain before us each day in enjoyable dream-time-talk.

    Not everybody can live like this, but the point I'm sharing is that you can become a complete time trader just when their trading income surpasses their Financial Freedom Number...

    So in all the study time, becoming one's financial obligations down to a bare bones minimum for a lifestyle that is chosen is probably a good addition to the mix ? ?

  8. #8

    A lot of us began in precisely the exact same boat as you. I recall sitting in my hotel room and viewing the Foreign Exchange made easy infomerical ... that I was seeking a means to generate an extra cash and Foreign Exchange came to my rescue ... so I thought!

    It was not to be this easy, but if you are eager to work for this, you may get what you install.

    1. As most answered, yes u can earn a living. I currently have a wonderful job, so that I exchange on the job. Two checks are much better than 1, however I exchange small amounts because I am planning to manage my own retirement account when I leave my employer.

    2. It required every trader here a different amount of time to build up what it takes to trade.

    3. Don't stop your job just yet. First learn what it takes to create in this game.

    4. Again ... time is up to you.

    5. I don't earn $100k a month in Foreign Exchange, but this could be a wonderful target for me one day. I am attempting to avoid the trap of thinking big now ... that's how most get into trouble real quick in this game.

    Great luck to you ...

  9. #9
    Quote Originally Posted by ;
    I am attempting to prevent the trap of believing big now ... that is how most get into trouble real quick in this match.
    Amen to this Pipex. I recall reading once that if your position size is big you can in fact move the market. I've done this! Whenever my position size gets above a particular number relative to my own account, the market always begins to move....against me! The greater my leverage, the faster it moves....against me!

    Now I ain't ignernt. I do understand that moving the market with a large size is talking about major banks and players with billions to play. But it sure seems like I had that power when I was being covetous.


  10. #10
    The challenging ancient times in trading will make the good times all much sweeter in the future.

    You must remember a few words:

    1. Discipline
    3. Courage

    I recorded them in order to get a reason.

    The reply to all your questions is YES. It can be done, but it will not occur over night. It'll take good old fashion hard work to get where you want to be. You must believe you could succeed and have want to become successful.

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