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Trading Forex For A Living


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63 replies to this topic

#1
RusefTrader

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The first step is to determine how much money you need to pay your everyday bills. When the accumulated monthly profit amount is at least twice as much as the amount you need to live, you may consider taking out 50% of those profits. Once you reach that point you will make a living and your trading account will increase each month and at the same time the amount you deduct from your account will also increase every month from that point on.

To accomplish that goal you need start up capital. Please do not expect to open an account with $3,000 and expect to earn a livable wage from that investment. If you are looking at making around $2000-2500 a month, which is 150 to 250 pip if you are trading whole lots, then you would expect drawdowns of not less than 300 pips. Your initial account won't last very long. You should plan on investing at least $25,000.00 if your goal is to earn around $2,500/month.

There is a very good quote attributed to Dr Alexander Elder who wrote an excellent book called Trading for a Living. That quote is as follows:

Brokerage records indicate that 95 out of 100 people trading today will probably be gone from the markets a year from now. They will hit rock bottom, crumble and leave. They will try to forget trading as they would a bad dream.

In order not to be one of the 95% mentioned above you need to find a system. A good system is the key of financial investing success. If you have your own system or you want to copy some elses system, you need to look at two things first:
1. Maximum Drawdown,
2. Feasibility and hours of trading.

There are a few types of traders:

Casino Traders

Casino Traders are traders making decisions based on instinct alone. Such traders always have two results to expect the price is going to go down, or the price is going to go up. Casino Traders will do their best to follow the trend, but without understanding how a trend works, they will only have past price history to

Bookworm Traders

The Bookworm Trader, has gained Forex knowledge from researching free resources available across the web, participating on Forex forums, reading free e-books, and other materials. It may be a very long time before they are ready to trade confidently.

Educated Traders

As we know, 95% of all traders end up losing, and only 5% survive as successful traders. Before investing money in a live account, they invest in themselves by paying tuition for professional Forex education.

The dream can become reality, it is not easy but it is doable.

Many Forex investors utilize automatic Forex Trading Programs. There are some truly amazing programs available. Do some serious research.


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#2
Anne Morris

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It is not easy for people to do trading for living because you need a lot of skill and you got to be discipline as well, it’s not easiest of things but this is where determination and dedication comes into play. If we are determined and dedicated to working then we will always be able to perform well and well help getting profits. I have been helped massively due to broker like OctaFX which got awesome features having small spreads at 0.1 pips for all major pairs, fast execution, deposit bonus and much more.


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#3
boo_sl3

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Trading for life can be, but we need a strong capital to be able to live from forex, therefore we need to measure the extent to which our ability to we can decide whether to live from forex or not


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#4
gaban

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Trading for life can be, but we need a strong capital to be able to live from forex, therefore we need to measure the extent to which our ability to we can decide whether to live from forex or not

To survive then we need to be able to minimize the risk well. Every open order then I should always use Sl and TP for trading as part of good risk management so the profits can be maximized and I can survive in forex


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#5
radex78

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To survive then we need to be able to minimize the risk well. Every open order then I should always use Sl and TP for trading as part of good risk management so the profits can be maximized and I can survive in forex


Yes in forex trading is not easy task to making profit in trading, and to making quality trading of course as trader they must able to making accurate analysis and if this goal already achieved hence forex trading will become reliable business as source of income
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#6
Squirrel Nuts

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Forex Trading is the best way to make some good money online, though not an easy one, thus it is better to take it as a part time and keep your other options open.


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#7
radex78

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Forex Trading is the best way to make some good money online, though not an easy one, thus it is better to take it as a part time and keep your other options open.

Yes if we can making good profit from trading hence we can making good income from this business, but beside forex as potential business as source of income also forex included as risky business hence required good skill trading to manage money in forex market
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#8
aliforex

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Yes if we can making good profit from trading hence we can making good income from this business, but beside forex as potential business as source of income also forex included as risky business hence required good skill trading to manage money in forex market

True ndan as long as we can keep trying as much as possible then all we can achieve easily and make our work easier in reaching the profits, so better trader more discipline and better understand correctly

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#9
bearhugs

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Being successful in work is not easy, it takes time and test of yourself. to earn money we have to survive the risky time of life with a market. That is not an easy task for anyone.

To depend on Forex for the living takes times.


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#10
radex78

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Being successful in work is not easy, it takes time and test of yourself. to earn money we have to survive the risky time of life with a market. That is not an easy task for anyone.
To depend on Forex for the living takes times.

Don't treat as easy way to get rich at short time that only will leading trader being greedy, this is included as speculative investment and we as trader not always able making profit everyday, although we can having target 20 pips daily but in fact not easy if we sometime facing loss.
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#11
Squirrel Nuts

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Forex Trading could be done for living, but it is wise to have more than one source of earning as it will help you if you lose more in Forex Trading.


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#12
radex78

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Forex Trading could be done for living, but it is wise to have more than one source of earning as it will help you if you lose more in Forex Trading.

We need to practice on real trading and if we want to treat forex for living, this is need good skill trading to always profitable, but in life forex included as risky business and better as trader also lookiing another source of income because if fail on trading still there are hope from another business to sustain daily purposes
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#13
aliforex

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We need to practice on real trading and if we want to treat forex for living, this is need good skill trading to always profitable, but in life forex included as risky business and better as trader also lookiing another source of income because if fail on trading still there are hope from another business to sustain daily purposes

We must learn really and correctly understand, we can use some account that we can understand and learn as in demo account and contest demo, so that it can easily understand correctly,

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#14
radex78

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We must learn really and correctly understand, we can use some account that we can understand and learn as in demo account and contest demo, so that it can easily understand correctly,

Yes of course on learning we need to always making evaluation trades and also accept the risk that involved on trading, because forex trading is not only about profit but also about loss, and as trader need to keep trading with strict money management and risk management
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#15
aliforex

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Yes of course on learning we need to always making evaluation trades and also accept the risk that involved on trading, because forex trading is not only about profit but also about loss, and as trader need to keep trading with strict money management and risk management

Agree ndan, with we can continue to learn and understand in that way, then our ability and effort will increase, and make us more understanding in doing business, therefore we must try as much as possible in order to continue to practice and learn

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#16
myregister

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Trading forex for a living is possible and many other traders still do it until now. Just like other kind of business forex also have a potential for that, what you need to do is to be careful because this is your main income and single big mistake isn't tolerable, and the approach must be using risk management first.


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#17
raniya

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It's possible, but as a trader, we need to understand that forex trading is not easy we think. It takes process.  And for trading, try to maximize what we have get from our broker. I also do it in FXB, i try to maximize trading analysis


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#18
bearhugs

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It's possible, but as a trader, we need to understand that forex trading is not easy we think. It takes process.  And for trading, try to maximize what we have get from our broker. I also do it in FXB, i try to maximize trading analysis

That is true that nothing is easy in life. we have to struggle for what we really want to be. And In Forex we have to learn a lot so that we can be a good trader. No doubt market is risky but it does not mean that no one can be a good trader.


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#19
rexway

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Hello, see dont waste your time for any sake just rush now to this program and you will make a handful of what you really expected : rush now to : http://www.megaline.co/AzHdo
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#20
myregister

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Trading for living is a good thought and I want to do something like that in future, where my main income for sure comes from foreign exchange. With that mindset, of course, i will treat forex more seriously right now and also more thoughtful when i trade like open a position and close it later, also don't let emotion to take control a lot.


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