Can you really make a living from FX ?

[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.

[tstmarkt]

nonpiker, cool sig!
thank you for your wisdom, very good information.