MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Beginners Forum

[tstmarkt]

I have been trading FX for about a year and find it hard to make a profit, Can ppl realy make a living from FX ?

Is FX only for Banks and Corporation ?

Anyone here make 100K or more a year with FX ?

[Hunter]

Silly question, of course ppl are making livings trading FX! Just because you find it hard doesn’t mean everyone else is. I have been trading full time just over 12 years now, and can assure you I wouldn’t if I wasn’t making good money form doing so. It’s up to each individual; do you think you can fly a plan without learning? It took me 3 years to learn to fly and now can enjoy flying the plain I bought with my trading revenue.. It’s not a quick buck you need to know what your doing and

[tstmarkt]

Thank you Hunter for the reply, I was hoping to get a response like yours. I needed to hear that through hard work this will pay off for me.

Question:

Do most of your trades last more then 2-3 days ?

I have found so far that its better to lets trades go for a few days 3-5 to get better profits.

[magoo]

It's easy to live from fx trading if your % return per year is realistic.

Starting with 2'000'000 USD, you can easily manage to earn 100'000 usd/year.
Starting with 500'000usd, it's not easy, but possible.
Starting with 200'000usd, it's very risky, you'll have to be lucky.
Starting with 100'000usd you have to be a genius.
Starting with less is suicide.

[rockinride]

I find this thread humorous! Two people who are making a living trading forex, the first of which implying that the person who started the thread was silly for even asking the question, "Can you really make money trading the forex?". Well the answer is there is really no way to prove anyone is making money trading the retail forex market. The users of this forum will always offer evidence to the contrary, but few will back it up with anything that would amount to proof by definition. Enjoy your reading, hold on to your money. The claims made in this thread are just the beginning of a wonderous adventure into the misinformation, and grand claims of "professional traders".

If you have to start with a few million to make a living at trading the Forex,
you may as well just build some real estate and make some risk free money.

What a joke.

[DAT]

rockinride,

I love reading your post, they are often entertaining and informative I will correct you on one fine point though RE is not a risk free market, there is no such thing.

[tstmarkt]

magoo i disagree if i trade at 10 per pip and average 50 pips a day, thats 100,000 per year.

[tstmarkt]

i am surprised at the of lack of maturity here, i ask a simple question and get childish responses.

[magoo]

Rockinride,
You took my post the wrong way. So I'll explain my joke to you, because you take it too seriously.
I don't think it's easy to live from forex trading, unless you start with a huge capital.
But with a huge capital, you can earn your life in many different ways but forex.
Forex is no exception, no easy money. It's a very risky market where sometimes risk may pay. But you're right, my post is humorous. It's even ironical...who starts with 2 millions???

Tstmarkt you are dreaming. Sorry, but nobody makes 50 pips a day. Constant 50 pips a week yet, is aiming very very high.

[tstmarkt]

nov 2 - 7th i made 248 pips. i would post my acct info but not have site.

[magoo]

I don't want to fight. Did I say that it was not possible to make 300pips one particular day? No.
Of course it is possible, but it doesn't mean you will make money in the long term. 12 losers in a row can happen 12x-50pips = -600 pips.

The problem with retail forex is that beginners see it like a Casino. Everybody hopes performing 200% or 300% a year. If you study financial theory, you quickly understand the risk/reward link. If you take too much risk, the probability of a winner decreases. You have less than 1% chance to earn 200%/year. That's a fact.

If your aunt got the JackPot in Las Vegas, will you gamble all your money thinking "If she can do it, I can do it!"

[tstmarkt]

i understand risk management, so what is your story? how long have you been trading FX? Have you lost your money? Why are you here in the firt place if FX is so hopless..

[magoo]

I do live from forex trading, but I don't need more than 25% return per year.

[fxguy35]

tstmarket,

thanks for asking the question..I too have wondered the same thing....don't mind the bad apples...

fxguy

[Nonpiker]

It is possible but only a very very small percentage can actually do it. You must realize that only 5-10% of participants are actually profitable in this market (that might be generous). That being, said those producing returns great enough to live off of is way smaller then that (plus you need a nice chunk for the initial capital). If you can make 30% a year you are doing better then most professional money managers. Realize that you will inevitably get someone to respond here that will claim to make that in a month. Please realize that returns like that are typically not sustainable.

It sounds like you are position trading which is the right way to go about this market (crossing the spread less is good). If you are, there is no need to be in front of your computer all the time. I would look to work for the salary & benefits (especially) and keep on plugging away at it. I would say most should look at this as hobby that hopefully you can make some extra cash off of. Trying to do it for a living on the retail level is like hitting the lottery.