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

[kilua29]

i think it all depends on how big your capital is .It's a case to case basis.I for one can not yet tell coz I'm just new in this industry.

[hale24]

hi all!
definietly you can make money in forex. it's just like entering any other business. you invest, you fall, you learn then you gain. simple.

[kilua29]

nonpiker ,
thanks for that wonderful insight.Keep 'em coming.It's like a vitamin for a noobie like me.

[twilight]

Of course you can make a living with forex… BUT you must be eager to LEARN and know how to DISCIPLINE yourself. Forex Trading is considered as a PROFESSION. So just like any profession in the world, it pays off when you WORK for it otherwise you’re helping other traders to make money by losing your own..

[hale24]

Originally Posted by twilight

Of course you can make a living with forex… BUT you must be eager to LEARN and know how to DISCIPLINE yourself. Forex Trading is considered as a PROFESSION. So just like any profession in the world, it pays off when you WORK for it otherwise you’re helping other traders to make money by losing your own..

hi!

i totally agree with that. learning forex trading is just like learning any other business. you fall, you learn then you gain. makes sense, right?

[Lhar_moneytec]

Yes, of course, you can earn from forex. Treat it as a business, every business experienced losses, but they experienced gains as well. =)

[tictactalk]

All you have said is correct (Nonpiker)!look it as a hobby eventually you will learn and get use it.

[dazzler]

Yeah there actually is a big future for the right person in forex. The logic is the same as any other business. There is competition, you need to have patience, the market is changing, and you have to have the right tools to survive the business. Many have grown bigger in forex already, we all know that. Many have failed too. So if you want to enter this line of business too, you have to be equipped with the everything you need to gain in forex.

[Rich14304]

dazzler,

G'day.. your statement 'There is competition' caught my attention. I agree we are in a fast moving and changing enviorment which brings a need to understand that education in this field is paramount.

What may have seemed reasonable and profitable as a technique, may not be so from day to day or even function at all due to the changes.

This is why having a 'BASE' and fully understanding that BASE is important. It can be a reflection point, a place to build from modified, and analyzed to determine problems, or tweeked to fit the changing world we live.

The competition between business should NOT be our consern, IMO, not as Day Traders. The competition is what WE make for OURSELVES.

If one were to think the 'enemy' (loosely speaking) is ourselves as we face education, if we disregard the TIME element.

So, IMO, education is a component of TIME and is the real competition.

We fight ourselves.

Rich

[dazzler]

Thanks for explaining that to me in a very simple way that a newbie can understand . I really appreciate it Rich

[tictactalk]

i believe that one can earn money in the forex business. although in any business one must learn the basics 1st to achieve success. and also since your still new in this field, you still need to have an office job where you can get a steady income.

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[ThanCrissy]

Yeah im still on that stage where I NEED a more steady income but i have seen several successful full time trades whose fx incomes are more than enough. Honestly I don’t think ill ever get confident enough as to make it only with fx.i do ok, have my standard account with broker ACM and have already made 10% profit, im very pleased with the platform but I think that if I depend on those incomes emotions would trade for me >>

[TheRealDenzel]

ThanCrissy,

I completely understand your position. The first few years I did forex trading, it seemed like sort of a tease to me. Great gain, big loss, decent gain, small loss, ahhhh... it was extremely frustrating how difficult it was to stay consistent. If you asked me back in those days if forex could've been a full-time job for me, I would've just done one of these:

A few years later, I'm a little wiser and less impatient. Do I think I've figured it all out? Absolutely not, but I've definitely cut down on the dumb moves I used to make. However, since everyone ends up finding something different that works for them (no, there's no golden method), I only give very general advice to those starting out now:

- Figure out what system works for you (could be a little trial and error and mixing and matching)
- Spend time coming up with a solid plan
- Continually test and refine your plan
- Last but not least, remember to give yourself whatever edge you can get:
I'm talking about free rebates that lower your transaction costs (see my signature if you're curious) and referral bonuses. These income streams are way too often overlooked and highly underestimated in forex. We need to embrace any form of consistent cashflow that's guaranteed to be positive. After all, why not give yourself an edge?

That's my personal experience at least. Hope it helps...

[odee911]

Most certainly, Ive been trading full time for 5 years now averaging 15-20% per month. The account is not large but still nets me 6 figures a year. After each year I leave some profits in the account to trader larger therefore upping my profits yearly. I do not have 100% winning months though but my losing months are never ever larger than my winners and that is the key. On my first 2 years of learning FX i just about watched the market 20 hours a day and feel a full time trader really needs to give the time to the market to suceed.....Everyone seems to want a shortcut some automated program wehre they do nothing and just press GO and let some robot or signal service do the work for them...As with anything to succeed you will need to put the time in.

Odee