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!

I just started a live account. I don't really plan on making it replace my side job, to me it's a hobby like playing poker. I do it for fun. If I can make a bunch of money off it in the long run cool, if not I don't care that's not why I got into it.

I think that's the way a lot of people see Forex,which is probably a good thing if you're not a full time trader. It takes a lot of time & practice to trade as your main source of income so trading as a hobby(hopefully not using a large amount of your savings) is smarter.

I think that it's nothing more then gambling if you have that attitude so to me it's not smarter it's just like loading a gun and playing Russian Roulette with your money.

As for your original question, i am just waiting on some money that is coming my way and then i will be able to completely replace my income, i have only been using a $5k bank in the last month or so and have been averaging around $600 profit a week which i have been happy with, i hope to be trading with between 30k to 50k in the next couple of months, then i will be able to trade with less % risk and still make more then i am now.

GP

That's quite a nice income from trading Global Profits, is that consistent on a weekly basis ?? I would have to say mine is much lower, but consistent so I know my strategies are effective, I trade with a minimum % of risk.

Unfortunately I am not able to leave my daytime job and trade forex only. But this is definitely my goal. Anyway, what I earn is a good supplement to what I earn offline, this is the price of my rent.

Hey GP, that's great news with your trading, are you still making 12% a week?

I don't bother working out what % i make each week just how many $'s and last week in a ranging market which drove me crazy i ended up making $738.73 profit, i have just pumped my 5K account up to 20K which helps.

I have live stats if you want to have a look.

There is a gap in them where i went to Haiti for 1 month and taught my brother and some of his workers how to trade, i traded in my brothers account for most of the month as he paid for the whole trip and all the beer and food!

GP

PS: I'm $245 up so far this week.

That's great, GP! Congrats on your success!

I'd like to learn trading some time... I have a head for numbers, but not the time it would take to learn to read the charts at the moment. I'm kind of hoping that my marketing can get me to a point where I have a solid enough residual income that I can then take the time to sit down and learn at the end of this year. So far I'm on track toward that goal.

Thanks christyn,

It's been a long road to get to this point but well worth it.
All i can say is take your time and don't rush as the market isn't going anywhere in fact it's just getting bigger and once you have learned how to trade you have got the skill for life.

Here is the best place to start, i bookmarked it a long time ago and still go back every now and then just to check on chart patterns.

BabyPips

GP

Couldn't have said it better my self GP! Once you gain that skill and the right mind set, you are set for life. I also agree that BabyPips is a great place for info.

I dont know why some people doesnt find Forex trading attractive. For me, its a very interesting field with tremendous scope. Trading one currency for another in markets that are spread all over the world can seem a little daunting to many people who are interested in trying their hand at Forex trading but are not sure how to go about doing so. It is true there are many complicated approaches to Forex trading, but there are just as many that can be defined as Forex made easy.

It can seem very complicated and in reality it can be very complex. Forex trading involves a lot of analysis, various strategies, trends and insecurity. While it's important to be prepared to lose any amount you deposit in your trading account, the potential to make money trading for some, like myself, outweighs the possibility of losing money.

Thats true, but we can make it simple by using simple strategies and trading in smaller lots. Knowledge and experience do counts in forex trading but if you have your homework complete they it is easier and profitable.

That is true, knowledge of good trading strategies & market analysis is key. Also having experience in the market is very important especially in highly volatile situations.

It is possible to make money trading Forex. As others said it does take time. The problem is there is too much noise out there. There are EAs that promise to make 1000% in one year, magical indicators that can make you rich and signal providers that never have losses.

If you decide to do on your own then you need to work out what broker to use, what charting to use and what strategy to follow. This alone takes a lot of time and the real battle has not even started yet.

The real challenge begins when your winners turn into losers. When one single bad trade takes a big chunk out of your account and soon you find yourself getting margin call. That's when trading psychology comes into play and that takes a fair bit of time to learn.

So it can be done but question is, are ready for the challenge?

Yes i am therefore i have taken up this field and love to be the part!!