Can you really make a living from FX ?

[tstmarkt]

Magoo, Thank you for all your incite

[Trader01]

Originally Posted by 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 ?

Yes! Making only a living from forex is indicative of very low expectations; I think one can do a heck of alot better than that. No gambling, no taking huge risks, no placing large bets, no throwing up a prayer and hoping God will deliver profits! Nothing like that at all.

Just steady, calculated plays and I think that USD 5-10K income per month should be the norm. I plan to do much better than that.

My problem is finding a broker I trust enough to lay down my starting Capital and not have to worry about him going broke. That to me is the big problem. As for Stop running etc., I can circumvent all those shenanigans. But, the broker going bellyup? .. that is my problem.

Talk is cheap; I'm willing to post my documented trades once per 6-month period. Fail or succeed I think documentation of one's claims is the key here.

Just some observations in this regard:

I've never seen such perfect obedience to trendlines, support/resistance, patterns etc. and going down to even the 15-min timeframe -- anywhere else -- be it stocks, commodities or any other market, including Bonds. Forex is a technician's paradise and if one can harness the power of leverage as a mature, responsible adult, one can really pour on the coal.

I just don't see any other market offering this kind of rapture. The downside to playing this game is the overabundance of shenanigans and sharkfin soup.

[adam3000]

You means the Refco these days ? terrible

[graemenash]

Originally Posted by magoo

I don't think it's easy to live from forex trading, unless you start with a huge capital.

If I start with $10k trading capital, and trade at 10:1 leverage therefore making $10 per pip, I can earn a fairly good living on 10-20pips per day which is well within the bounds of possibility...

Originally Posted by magoo

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

Wrong.

[dengkane]

How is Las Vegas being built?

The very few house odds, Blackjack's house odds is about 5%.

To Forex trading, we can find out a strategy and give us an edge,
don't need so much, just a little, this can make you rich. A little
edge with Compounding magic can make you very rich.

Maybe your start capital is small, it doesn't matter, compound it
step by step, don't try to make a living by trading forex from the
start. You won't need to think about making a living any more if
you have a solid plan and do it continually for several years.

[César]

Originally Posted by magoo

Starting with less is suicide.

Suicide?
Am i a genius?
I must be!

[Nonpiker]

Originally Posted by graemenash

If I start with $10k trading capital, and trade at 10:1 leverage therefore making $10 per pip, I can earn a fairly good living on 10-20pips per day which is well within the bounds of possibility...

Wrong.

I don’t know where you live, but where I am from $500-1000 a week (need to take out taxes too) with no benefits is by no means a "fairly good living". Is it possible to get by if you are single and want to live in a crappy hole in the wall with no health benefits? I guess it could be done. Your quality of life would be rather pitiful though and there is no way you could raise a family with out assistance on that kind of income.

In order to produce returns like that on 10k you would have to do over 150% a year. If you can consistently produce returns like that I would suggest managing other people’s money, since you would probably be one of the most highly acclaimed traders anywhere. You could land a spot as a lucrative prop trader at a bank or start your own fund. Regardless you could bank some serious cash without all the risk.

[magoo]

Cesar, dengkane, graemnash,

I wish you all the best in forex trading, but don't be too greedy. You surely do very well on forex at present, but what will be your performance record in 3 year ? I can't say that you will fail and lose money, but you cannot be certain to earn good money if you use 20x or 40x leverage. If you cross the road with your eyes closed, you cannot be sure to reach the other side. I'd say that at least 2 of you will be squashed by a truck.

Nonpiker is absolutely right, as always.

Graemnash, your pip average is not a calculation, it's a prayer. Hope God is listening to you.
Ok, 10 pips a day, 200 days/year. Leverage : x100, starting with 10000usd. Compute : your next 12 months return will be 190 million USD.
Congratulations! YOU are God.

Seriously, you can manage to earn 100% a year, with great discipline. Maybe you trade 5000 $ and can afford to lose 1000 on a trade. But would you take the same kind of risks with 50'000, or 500'000?

This thread is not subject to debates. Mathematical laws of the universe are not to be discussed, the can only be measured. If you target 300%/year, over-leveraging and over-trading, you WILL lose money with a probability of 99%. It is a scientific fact, not a piece of mind.