Making a living?

delirio4 · #1 (**permalink**) 02-03-2009, 16:21

Ash, in your opinion is actually possible to earn a living with the forex ?
Thanks and regards

AshFX · #2 (**permalink**) 03-03-2009, 13:12

Quote:

Originally Posted by delirio4

Ash, in your opinion is actually possible to earn a living with the forex ?
Thanks and regards

The simple answer is yes, it's possible.

The more accurate answer is, most likely it will take a (relatively) long time before one is consisitently profitable. Took me $$$$$ of losses and a couple of years before I got to a stage where I was making postive pips for a few weeks in a row.

I know losing thousands of dollars is a bad thing, but in my case, it actually helped me realise my stupidity.

db-trader · #3 (**permalink**) 04-03-2009, 08:38

Quote:

Originally Posted by AshFX

The simple answer is yes, it's possible.

The more accurate answer is, most likely it will take a (relatively) long time before one is consisitently profitable. Took me $$$$$ of losses and a couple of years before I got to a stage where I was making postive pips for a few weeks in a row.

I know losing thousands of dollars is a bad thing, but in my case, it actually helped me realise my stupidity.

Ash you're right about losing thousands of dollars being a good lesson. I can't believe the trades I have entered and asked myself what was I thinking to even enter them. I keep saying to myself I won't do that one again and wham I do it again. My most expensive lesson was entering a trade just when the non farm payrolls were announced. Now I sit on my hands when announcements are made.

Fiva · #4 (**permalink**) 07-03-2009, 16:22

where can we excess this news accuracy on time?Cause this will effect for the following week.

charlesb · #5 (**permalink**) 07-03-2009, 21:20

Here is a great calander from Forex Factory.

noblehobo · #6 (**permalink**) 10-03-2009, 01:38

Quote:

Originally Posted by AshFX

The simple answer is yes, it's possible.

The more accurate answer is, most likely it will take a (relatively) long time before one is consisitently profitable. Took me $$$$$ of losses and a couple of years before I got to a stage where I was making postive pips for a few weeks in a row.

I know losing thousands of dollars is a bad thing, but in my case, it actually helped me realise my stupidity.

It was the very same for me Ash... many, many thousands... I actually suffered from over confidence. Made too much too quickly w/out really knowing why. Dollar was in a serious downtrend and all I did was sell it... when the trend changed... so did my account

After much studying and chart watching I know that it is very possible to make a living in the FX markets, but it doesn't come overnight. Thanks for all your guidance Ash, you're doing a great thing here and I'm sure it's helped many a trader.

trade987 · #7 (**permalink**) 25-05-2009, 19:48

We start every trade as a losser by paying the spread. It's not easy sometimes to admit a losser or that you can loose X if you put this trade on. The first impluse is yes I can risk this much no problem. X is nothing. X is less than two percent of my account. Sure I can risk X. But then it goes against you in real time with real money. Now the emotions kick in. Bottom line there are good losses and bad losses. If you put on a good trade "a perfect trade" it can still go against you. And 2% of your account maybe too much for you to trade at this point. Sometimes, starting out it's better to look at the dollar amount and be real honest with yourself, I you loose X right now on this trade and know that it is a really good trade are you total OK with that. If that is true and you have no emotional reaction to that, then trade. And if you get get stopped out by one pip, that is what it is. So what, you put on a good trade. Not an impulsive trade. check out this article. Poker Sessions - Winning and Losing - This Door Swings Both Ways

hradar · #8 (**permalink**) 10-08-2009, 09:11

Quote:

Originally Posted by delirio4

Ash, in your opinion is actually possible to earn a living with the forex ?
Thanks and regards

If it wasn't possible then why would so many people be trading the forex?

geppyme · #9 (**permalink**) 10-08-2009, 12:38

Quote:

Originally Posted by hradar

If it wasn't possible then why would so many people be trading the forex?

So why do so many people gamble?

ForexGuy · #10 (**permalink**) 15-08-2009, 11:13

Great Discussion! If I could add a quick thought:

The question is a common one. “Can I make a living trading”. My response to the question is always the same. What do you consider a “living”?

You see, there are many definitions. A doctor might consider a “living” to be $500,000 a year while an auto mechanic might consider $60,000 a year to be adequate. So the first step is identifying what “a living” is to you.

The next question is, “How much capital do you have to trade?” If you have a million dollars, and consider 60K a year to be a decent salary, then that is a yearly return of only 6%. Very doable.

If you only have 50K then you would need to return 120% a year. This would require a good system, lots of discipline and an aggressive money management strategy. Year over year it is virtually impossible to earn a living this way.

Most traders lose hope because they have invested in the idea that the second option is not only possible but likely. Can you make a living trading? Absolutely. Can you turn 80-100% year over year? Not impossible, but not likely.

When you frame the question this way we can clear up some of the confusion. Most importantly remember this; Trading is a profession. Like any other. It takes years (some would say a lifetime) to master. Consider your own profession. How long did it take for you to feel like you were an expert? 5 years? 10? 20? There are no shortcuts in life, and none in trading. Focus on consistent profitability. If you can make a dollar a day consistently it is only a matter of time before you are making 10,000 dollars a day.