Is it safe to trade Forex for Living ?

Re: Is it safe to trade Forex for Living ?

 

Well, i would suggest it is better you do not entirely depend on trading alone, as there is risk involved in it and where there is a risk, it is more or less like a gamble. So, it`s better you have other activities to make money and not just trading alone... Or, we may end up like Nicholas Cage, leaving las Vegas...

Re: Is it safe to trade Forex for Living ?

 

I would not even consider forex for a living unless you had some money to reach into when the going gets tough...

Re: Is it safe to trade Forex for Living ?

 

My teacher said. Trading for a living is a hard path to choose in life, when everything is well you are the king, when things go bad you are a king of a poor country, when things turn to worse you are alone and its that alone that is the hardest for most of the traders to survive, but if they do not succumb to the pressure and give up they either get swallowed by their debts and go bankrupt (or get killed, depending on the country you live in, how much money you lost and who's money was it) or they succeed and grow rich beyond their wildest dreams. Reclaim their status of a king, only to catch the short glimpse of the remaining glory, but its damn well worth it.

Re: Is it safe to trade Forex for Living ?

 

If you only need $1000 per month to live on....you would only need $12,000 in savings for 1 years expenses. If you have $10,000 in trading capital you could safely trade 1 Full Lot. If you could only make 5 pips per day of net profit(after losses, slippage, spreads etc.) then you could make $1,000 per month. If you open an account at FXCM.co.UK they will let you open it in USD, or Euros etc. They are regulated by the FSA in Europe. They are a legitimate broker. You can do hedging, although I see no need for it. You can NOT do Spread Betting unless you are an UK citizen. They do not trade against you. If you "make too much" in a month(more than the needed $1,000) you could just save that extra for a month that you might not make enough. The key is if you could figure out how to net 5 to 10 pips per day.

Re: Is it safe to trade Forex for Living ?

 

i will say that yes it is safe to trade forex for living. i have seen people around me who is very successful in making forex trading as their only income generator. some might not have all the luxury of the rich people, but some have. they have overcome fear and greed inside their self and becoming successful forex trader.

Re: Is it safe to trade Forex for Living ?

 

If you have been good at it say for 6 months / 1year, yes it might be a good idea.

 

But, as a newbie it is a very bad idea. As Cryillic points out, kings of different countries is the best example even I cud come think of.

Plus, if you depend on it for your living, there are times when you get desperate cause you are having a bad streak and in desperation you commit more mistakes which then extends your streak and it then becomes a vicious cycle (desperation, mistake , losing money, desperation ...)

someone who trade for living

 

http://keonghee.com

someone who trade for living

 

http://keonghee.com

All I have to say is that forex is the best job in the world. You get

up when you want, you work as long or as little as you want, you take

breaks when you want, go on vacations when you want, no fixed work

hours, no bosses, no deadlines, how you make it for yourself is how it

will be. Basically in this job, it all only depends on you, and how

willing you are to get to know yourself better, and change the things

about yourself to become a better person, just like for this job and

the state of mind you need for it, as well as your life in general.

That's the most difficult part, the willingness to become better

people and change their bad habits, or views, beliefs, whatever it is,

and that is the only reason why 95% of traders fail. Not because the

markets are evil and forex is a fraud, because that is not true at

all. The markets give you a chance, but it doesn't do the work for you,

and you have to recognize this chance that is constantly present. I

have been trading forex now for 2 years, and before I got into I have

never heard of it or knew that anything apart from stocks exists, more

less...

Today it is the only job that I do, and I work only for myself, and on

average I make 2% daily of my overall capital. That's 10% a week, or

40% on average monthly... You do the math. I have a skype room with a

number of traders, where I make live calls in real market conditions,

every day or whenever I trade. I have nothing to hide, and no reason

not to share, because I am sure of my edge and my discipline, and if

it helps someone else make some money, then why not... Mostly

scalping, and some intraday, 5-20 trades a day, depends on the market,

and my strike rate is 85-90% due to the strategy and money management I use.

If you are interested in joining free our skype room to see live

action trading and get a glimpse of what I'm talking about feel free

to send me an email with your skype name and I will gladly add you to

the group, do include in the email your knowledge of forex so I know

where you stand. [email protected]. Take a look if you are

interested and learn how to trade professionally on your own and

become successful with your own money without having to give it to

anybody else to work with. Come and check out our live calls, only in

current and real market conditions (no backtesting or

stupid things like that) and see for yourself, how we make pips, and

for us it is not a problem to call out live trades because we are sure

of our strategy and our entry and exit plans and rules for trades. If

you would like to learn how to become successful on your own, then

send me an email because you have nothing to lose, but a lot to see...

Ninja

Ninja you sound like a sales pitch to me... are you sure its free? You are not steve XXtrader or anbon or whoever you are ... are you? Whats the catch? Because the guy I just mentioned has other motives and takes us for a fool by pretending that he is a noob or a guru rather than just sharing what he knows... I apologize if I am wrong.. Edited May 21, 2010 by joche

The adage says the higher the risk the higher the gain.I do not thing its right for such regulation.The gainners are not conplaning nither the losers.It is a differet world of its own.I make a living with it.Wins and loses are part of the game.Well i have no account in us,but when they are killing fouls hens should what out.

it's very difficult