[ExecutiveIncome2You]

There are some who make great money trading Forex, some who make a nice side income trading and others who lose the initial deposit. I'm wondering how many members here really make a livable income trading Forex?? How many people here are making enough to live off of(based on your current expenses) trading??

I'm looking forward to getting everyone's input on this!

[jafar00]

If somebody tells you that forex is a way of making a living, just laugh at him.
Forex is a high risk investment. The idea is that you use spare risk capital and withdraw profits regularly.
The only way to make a living from investing is to have a varied portfolio, of which things like forex, stocks and commodities can be placed in the high risk section but are by no means your only form of income.
Forex trading for me is just a way of buying extra things. For instance over the last couple of months I've paid for new laptops, business class plane tickets to a few places and a rather expensive day at Toys R Us for the kids They also now have one year unlimited passes to go to Disney World any time they like. Little things that I probably wouldn't have bought without those forex winnings.
I did try to live off forex for about 6 months a few years ago. I was compounding and taking out living expenses and having a great time. However a couple of bad decisions pushed me back to 1/2 my initial capital which made my earnings potential very much lower so I had to diversify my way of earning and my investments.

So by all means, trade carefully and consistently, withdraw often and buy yourself some toys/holidays etc... but dont think forex is your ticket to the easy life.

[SweetJourney]

Originally Posted by jafar00

If somebody tells you that forex is a way of making a living, just laugh at him.
Forex is a high risk investment. The idea is that you use spare risk capital and withdraw profits regularly.
The only way to make a living from investing is to have a varied portfolio, of which things like forex, stocks and commodities can be placed in the high risk section but are by no means your only form of income.
Forex trading for me is just a way of buying extra things. For instance over the last couple of months I've paid for new laptops, business class plane tickets to a few places and a rather expensive day at Toys R Us for the kids They also now have one year unlimited passes to go to Disney World any time they like. Little things that I probably wouldn't have bought without those forex winnings.
I did try to live off forex for about 6 months a few years ago. I was compounding and taking out living expenses and having a great time. However a couple of bad decisions pushed me back to 1/2 my initial capital which made my earnings potential very much lower so I had to diversify my way of earning and my investments.

So by all means, trade carefully and consistently, withdraw often and buy yourself some toys/holidays etc... but dont think forex is your ticket to the easy life.

It's true, I am agree with you.
I like to trade forex but I trade forex to make some extra money.
For beginners, don't quit from your job to become full time trader before you really have experiences. You must keep learning and learning, because you get some profit in a month doesn't mean that you are a good trader, you may be just lucky (beginner lucky).
In forex, it's not about how much you can earn, but how long you can survive..

[highaccuracyrobot]

Forex has a ridiculous LEVERAGE . It is the best vehicle to make a living online...

Even starting capital of $500 is enough if you know how to play this game...A profit of $50 daily is not difficult

But the question is the double-edged sword, you can easily wiped off everything NO MATTER how much you have....

The key is not the skills...its your money management....if you can keep it tight and controlled, anyone can make a living off the forex market...

[contrarian]

Originally Posted by highaccuracyrobot

Forex has a ridiculous LEVERAGE . It is the best vehicle to make a living online...

Rubbish.

Even starting capital of $500 is enough if you know how to play this game...A profit of $50 daily is not difficult

Rubbish.

But the question is the double-edged sword, you can easily wiped off everything NO MATTER how much you have....

True.

The key is not the skills...its your money management....if you can keep it tight and controlled, anyone can make a living off the forex market...

Rubbish.

1 for 4.
Not too good a win rate for you...

[highaccuracyrobot]

Originally Posted by contrarian

Rubbish.

Rubbish.

True.

Rubbish.

1 for 4.
Not too good a win rate for you...

LOL...its my personal view...Care to share your opinions Mod?

I actually started with only $250...then I took it up to $2000...won the interbankfx competition...got another $3000....and being using that $5k to kickstart my full time trader career...

I have been making a living online for the past 2 years...

Of course, I have turned it into a bigger capital...

But the key here is without the LEVERAGE of forex market, I couldnt have made anything out of that $250...

And I tell you its the MONEY MANAGEMENT that kept me alive...

I always got a lot of small losses...they never killed me...because I am committed to only losing a certain portion of my capital...imagine if I have compounded everything??

No skills can keep your account safe from the volatile forex market...Nothing can prevent the market from dropping a 200 pips on you this minute ...

My personal view...thats all ..I know it doesn't follow the conventional textbook rules...but we are talking about real life experiences here

[Xaron]

I agree. To make a living you should have enough capital to survive at least 1-2 years without any trading. I think 3-5% per month is an achievable goal.

[mtuppers]

Originally Posted by Xaron

I agree. To make a living you should have enough capital to survive at least 1-2 years without any trading. I think 3-5% per month is an achievable goal.

not really, as long as you have 2k that is good enough.

understand stochastic this indicator!

20 pip is not a problem at active sessions. by risking 30% of your account. should be profit within 30 min. $120 a day that is what I am after daily.

[contrarian]

Originally Posted by mtuppers

not really, as long as you have 2k that is good enough.

understand stochastic this indicator!

20 pip is not a problem at active sessions. by risking 30% of your account. should be profit within 30 min. $120 a day that is what I am after daily.

Of all the daft things I've read this week... you've just taken the top spot.

[jafar00]

Originally Posted by mtuppers

20 pip is not a problem at active sessions. by risking 30% of your account. should be profit within 30 min. $120 a day that is what I am after daily.

Trading 0.6 lots on $2000 is like 3 times the maximum risk I would recommend to anyone.