I believe lots of individuals make decent money by trading Foreign Exchange as a business, but when by 'wealthy' you mean earning enough for one to retire, then I'd imagine that would be a much smaller proportion of professionals the market.
The initial and key point is that you need a large quantity of capital to make 'important' gains in trading Foreign Exchange.
Other variables are significant and successful traders that aim to become 'wealthy' must have a concentrated and committed egy with constant urge to boost efficeincy along with a strong risk desire to create abnormal returns from speculative trading
Finally is the overall approach to Foreign Exchange trading this really is a 'career' and 'real business' or simply a 'punt' and side-venture....if it is the latter then it will not happen, but if you eat, breathe and sleep the 'business' then why can't you become 'wealthy...
quote Only for you my friend here is this morning's take from the FOREX Market. It's there to be taken you just need to go and get it done. And there are not any fancy indiors either. Only Price Action. Because of this morning's take that's 14 straight months of 10 percent or greater yield trading Forex Full time without any other occupation and I am not trading a Micro-Account. Go ahead, say it's a Demo, or Photo-shopped or made up and attack me - I know you'll and YOU know you'll but I really don't care because I'm creating a very great living. Now I will agree that 14 weeks...
It would be great if it is possible to answer a couple of fantasy I've.
#1 Do you have work beside trading forex (you did say trading forex complete time, but it wasn't obvious if you trade full time AND still have a job)
#2 if you're trading full time just in forex, how big quantity of balance money do you think a person would need to have in order to receive as much money as you like, you triumph just like 3000$ daily. . ( I know it is average . .not a complete. . But I do not think 3000$ is a big risk to you it's likely a 10% risk I am assuming).
But the less It would be a REALLY fantastic help if you who trading sable for 14 weeks straight.
My living standard isn't....like millionaire so , some thing around 3000$ per month is good enough for me. I just don't know how small/minimum a balance you think one would need to exchange forex complete time WITHOUT a job
P.S please do not talk about it rely on my ability and discipline and win ratio % etc.. . Those I can take care of this...
I know that in the event you have a 200,000$ account you can trade whole time forex only sure. . But no one have that much with no real job with level...
I really don't have a level... SO that's why I am searching for a tough minimum estimation first balance from some one who. . .already already been through..it.
Yes I do have a regular (not minimum wage) but. . Roughly 11mph occupation.
quote Hi , It would be great if you can answer a couple of fantasy I've. #1 Do you have work with trading forex (you did state trading forex complete time, but it wasn't clear if you trade full time AND still have a job) #2 If you're trading full time just in forex, how large quantity of balance money do you believe a person would need to have in order to get as much money as you like, you win just like 3000$ daily. . ( I know it is average . .not a complete. . However, I don't believe 3000$ is a large risk to you it's likely a 10% risk I am assuming). But the...
Victor, see responses below:
#1- I've been trading full-time with NO other job for 18 months now. I worked in the Corporate World for over 20 years, am single with no family or debt, and was lucky to be in the ideal place at the ideal time a couple of distinct days in my corporate Career. So I was able to start trading with about $30K Capital.
#2 - Thus over the course of the past 18 Months I chose to actually treat this as a business, establish a corporation for my trading business (for taxation purposes) and just trade in my small business. In my earning Forex as well as some extra capital infusion my trading account is currently more than 10x what my initial investment was. As soon as I began I traded 1 standard lot and as my account grew I started to raise my trade size. That is a private thing and it is dependent upon your risk appetite.
However, to do this complete time to cover the bills I really believe you want a minimum $20K US dollars.
A trader can develop his initial investment, and find a damn excellent ROI, but this ain't gont occur overnight, it might take a while, some effort in your part. .
As for those who have made it rich in forex, well, the list is damn big and begins with big banks, hedge funds to both brokers and the professional traders. .
In my humble view, it's a two way thing. Earning money through Forex is much more of a skill and I think that everyone should learn this specific skill. So that is the first one, the next issue is that everyone should find a regular job, that enables the flexibility for you to exchange the markets (if that exist these days), so that it becomes a two pronged attack. I suppose t's more probable for those living out in any loion above GMT 'cos they get to operate and at night to night time they can exchange largely the US session that has a lot of moves generally. But no matter I vouche for everyone to learn the skill on making money through Forex. Any ideas and opinions?
I can definitely testify to the fact that trading is not straightforward. Not for me. Been studying for ages. I'm now taking a look at the FX charts trying to figure out a system which suits me. I'm finding that they all seem to share some basic characteristics. I really do have an adequate amount of Capitol for a single account. I do not plan on blowing it by not knowing how to trade. That's why I set a lot of study into it. Hope it works out, but it ai not simple. No I'm not wealthy, but just Perhaps???
I can certainly attest to the fact that trading isn't straightforward. Not for me anyway. Been studying for years. I'm now taking a look at the FX charts trying to figure out a system which suits me. I'm finding that they all seem to share some fundamental characteristics. I do have a decent quantity of Capitol for a single account. I don't plan on blowing it by not knowing how to trade. That is the reason why I put a lot of research into it. Hope it works out, but it ai not simple. No I'm not rich, but only Perhaps???
Yes, do review all the free internet resources..and as for analyzing out egies you can use a demo and move to live when you're ready. With hard work, patience, study and efficient trading, you should be able to land fantastic yields frequently. .
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