Some people think of forex trading as something you can work as a side-gig after the 9–5 norms. But forex trading has been a gold mine for many traders. Forex trading knows no bounds as it is not required that you possess any specific qualifications before trading. All you need to do is take out adequate time for in-depth studies and research on trading. It definitely pays with time, consistency and diligence.
Can one earn a living from Forex?
- Thread starter dojo
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I have heard many saying forex forex and forex but it depends how much good you are at this thing. You have to take risk to get something and that risk will push you forward to work for better trades daily.
Yeah, but there's no reason to give up your main job. Forex trading is easy enough to trade in your spare time.
Compounding is very important.
If I went "full time" years ago, my net worth would be significantly lower.
Compounding is very important.
If I went "full time" years ago, my net worth would be significantly lower.
Yeah, I have done it before when I was only part-time at an old job. I would make one trade a day that was more than I made at my job each day.
Ultimately, once you are in a good job that you love, the benefits to keeping the job by FAR outweigh the extra "hours", you gain if you weren't working; health insurance, 401k match, working remote, helping people, contributing to society.
Ultimately, once you are in a good job that you love, the benefits to keeping the job by FAR outweigh the extra "hours", you gain if you weren't working; health insurance, 401k match, working remote, helping people, contributing to society.
You need to have a very good plan to look after two key area of points in your Forex-career. ( i will keep it short & i have to mention trading strategy which is obvious)
1. Financial Survival : Preventing drawdown of your account balance to a point which forces you to stop.
2. Personal Survival : maintaining the passion of trading , and motivation to continue for as long as necessary.
3.Trading Strategy : A Trading Strategy that suit your needs ( everyone is different , i like indian chicken curry while my neighbour loves some turkish kebabs , both of us have one thing in common we live on same street . Suit your needs ).
Financial Survival and Personal Survival both requires a lot of planning and you need to realize like any business forex trading is also a business that requires a well written business plan. One of the most important point is Money Management of your Business ( Finance )
a. How will you manage draw down ( individual trade risk , session draw downs , business draw downs .. etc )
b. How will you maintain your life-style. ( the time frame of consistent profitability is unknown so your financial survival plan needs to be able to last as long as necessary to ensure goal is achieved ).
well, above two basic points which new traders needs to understand and realize having Realistic Expectations. Remember it is your Personal Growth and it will take time.
-Bella
1. Financial Survival : Preventing drawdown of your account balance to a point which forces you to stop.
2. Personal Survival : maintaining the passion of trading , and motivation to continue for as long as necessary.
3.Trading Strategy : A Trading Strategy that suit your needs ( everyone is different , i like indian chicken curry while my neighbour loves some turkish kebabs , both of us have one thing in common we live on same street . Suit your needs ).
Financial Survival and Personal Survival both requires a lot of planning and you need to realize like any business forex trading is also a business that requires a well written business plan. One of the most important point is Money Management of your Business ( Finance )
a. How will you manage draw down ( individual trade risk , session draw downs , business draw downs .. etc )
b. How will you maintain your life-style. ( the time frame of consistent profitability is unknown so your financial survival plan needs to be able to last as long as necessary to ensure goal is achieved ).
well, above two basic points which new traders needs to understand and realize having Realistic Expectations. Remember it is your Personal Growth and it will take time.
-Bella
I think your question is whether you make a living by Forex trading, right? Certainly, it can be a great source of your income and should be enough to depend on it. However, you must invest your time before investing money in the market. Learn it well and be patient. Do not jump into it. Keep doing what ever you have been doing and trade part time. You will surely be there.
Smart investment, timing, and patience are the three most important qualities when it comes to Forex trading. If you're a trader with these three qualities, you can definitely earn a living from Forex.
Couldn’t agree with you more. You can only earn a living from forex if you master it to perfection.
I think to be able to earn a living from forex, one should have some kind of financial backup. Trading is a good way to increase your income exponentially, but there is a flip side to it as well. Anybody who is trading should be very careful when placing trades. They should only trade as much as they are comfortable losing.
While making a living from forex trading is possible, it is not easy. To be able to build a career as a full time forex trader, you have to put in a lot of hard work. Spend your time learning about the market, stay disciplined and practice regularly to assess your skills. Know that it will take a long time to reach that level where you can rely on profits generated from trading for your living expenses.
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