Can you really make a living from FX ?

[proedge_joe]

Does anyone focus on just 1 pair or multiples?

[Imnfl]

I am really curious about the question asked. Can you make a living from FX? I have read the posts but still not sure I have a clear answer. How much on average does a FX day trader make? Is it just not clear because so many try it and fail? Does anyone know how many FX traders trade fulltime for a living?The notion I hear is very popular but just wonder how many people on the tax return claim Fx Trader? How many claim gains over losses? Are there any estimates out there or articles that may reference this info? Avg annual income of FX trader there must be someone collecting this data?

[tstmarkt]

Originally Posted by proedge_joe

Does anyone focus on just 1 pair or multiples?

I only watch EUR/USD right now because I am new and need to focus all my attention on one pair.

[tstmarkt]

Originally Posted by Trader01

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.

I totally agree.

When I draw out my trend lines, sit back and watch as the market follows almost perfectly with them. I am now able to make consistent gains because of that.

[graemenash]

Originally Posted by magoo

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.

If you think 10 pips a day is a prayer, I'd suggest you quit this game now...

$10k trading capital. 10:1 leverage (anything above is stupid). 200 trading days. No compounding, just take the profit at the end of each month (I don't understand this board's obsession with compounding). 10 pips a day.

= $20k profit over 12 months. $190 million? lol

Originally Posted by magoo

Maybe you trade 5000 $ and can afford to lose 1000 on a trade.

If you can even contemplate a loss like this under your system of money management, then it's you who needs God, not me...

Originally Posted by Nonpiker

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"

Don't know what you're trying to prove, but in most places an annual income in excess of $50,000 is considered "fairly good". Perhaps you should move



By the way I never said that I make 50 pips a day. I just know it's possible, thats all...

[Trader01]

Originally Posted by tstmarkt

I totally agree.

When I draw out my trend lines, sit back and watch as the market follows almost perfectly with them. I am now able to make consistent gains because of that.

Then add this further exotic simplicity, but awesome in power, to your toolkit:

#1: On any timeframe, as the trend progresses, draw additional trendlines to follow the increased slope of Price -- quite often there will be 3 or 4, or more of these lines for steep sub-trends. Try this out for a few weeks and revel in the magic.

#2: Eur/Usd (or any other pair) ..... get a chart with data back to 1980 or thereabouts. Pick out the congestions and try to gauge the "center of gravity" aka the axis of these beasts -- eyeballing them is adequate; keep it simple -- no fancy calculations required. Mark these lines prominently on your weekly/monthly and daily charts.

The next time the market arrives in the vicinity, watch for the elasticity to "fire" -- you will know it when you see it; it is unmistakeable; it is much akin to a woman giving you that "look" -- you know she's going to "fire"

Dexterity with just these two basic, sublime skills will bring you a hefty return monthly.

Make it your business to master them to the extent of your skill becoming ART.

You'll be singing a different tune in 6 months!

[Trader01]

Originally Posted by tstmarkt

I only watch EUR/USD right now because I am new and need to focus all my attention on one pair.

Don't be apologetic for being monogamous -- let the hotshots play with multiple currency pairs. Its OK to look for long-term opportunities w.r.t. major trend changes in various pairs -- but this can be done once a week or once per month by eyeballing weekly/monthly charts of several currency pairs.

But for your bread and butter stay focused on just ONE pair and learn it well, its character, its nature, idiosyncrasies etc.

My personal rec is Eur/Usd; an alt. rec is Usd/Jpy, especially now with US Interest rates leaving those of Japan in the dust.

There you have it, a wife and if you so desire, a mistress.

If you get to know one or both well, you will never ever hear the dreaded, "we've got to talk" drivel again.

Don't give up too easily; Forex is a godsend.

[tstmarkt]

Trader01 that is SOO TRUE !!!!


I made 53 pips today using my pocket PC Cell Phone at work !!