The Aim of Trading for a Living

[Seeker 11]

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Edited May 9, 2014 by Seeker

[fxeconomist 11]

You can make off living trading forex meeting 3 conditions:

1. Decent capital

2. Moderate Skill

3. Fair broker (Hotforex for example, which I trade with)

That's it.

[barako 10]

i guess the best way to achieve that is by setting a goal mainly, generate a good number of profit with in a span or a limit of 1 year, lest say the earning are fixed at a certain number and constant monthly or with in an acceptable range then its good to go. im trading forex, making a decent buck with hotforex but still keep a day job, i still lack a lot of things but i do aim to make forex a way of living

[realforexer 10]

You can actually trade forex for a living but there are factors you have to put in place to start; 1. Take out time to have ALL the knowledge about forex trading that will help you in your trading; including how to make technical and fundamental analysis. 2. Find a good broker with a good trading platform, good leverage, at least 24/5 customer support, instant trade execution and fast payment of withdrawals like what Oanda, Profiforex or FXCM has

3. Start with a sizeable capital,, but it should be an amount you can afford to loose. 4. What out a trading plan and stick to it and avoid greed at all cost.

[tradelab 10]

Yes I do trading for a living. I am not retired and I am not in full or part time employment. I do not depend upon the trading income for my day-to-day expenses. First of all I want to keep myself physically and mentally busy. I do not like to gossip. I want to earn at least before tax return of 20-25% on my investment. I do both short-term, intraday and long term trading. Suppose I invest Rs50 lacs, my aim is earn Rs1 Lac a month excluding long term term capital gains. I hope to achieive the samt from Fiscal 2015-16. I started on a small way in Sep 13. This will be my full year.

[divyanshisharma 2]

Trading is often viewed as a high barrier-to-entry field, but this is simply not the case in today's market. Now, anyone with ambition and patience can trade, and do it for a living, even with little to no money.

[zdo 20]

2 hours ago, divyanshisharma said:

Trading is often viewed as a high barrier-to-entry field, but this is simply not the case in today's market. Now, anyone with ambition and patience can trade, and do it for a living, even with little to no money.

goddess div, 

“in today's market” ???   Actually, trading has NEVER had a high barrier to entry.  Financially, any moron always could raise some bucks and ‘manage money’  ... no school needed, no license, no nothin’ but a posimistic 'script' .  All significant / "high" barriers are discovered to be found  within ... bound flow, identity, state patterns, reactivity, etc...  Most realize these inner barriers  beforehand and don’t ever even ‘start’ trading.  Some realize it shortly after starting and either do any inner work needed or get out the game.  Some never grasp it and continue searching for objective edges ... never acknowledging that they couldn’t successfully implement an edge even if they had one. 

So re “Now, anyone with ambition and patience can trade, and do it for a living, even with little to no money.” -  I call bullshit.  That sentence should simply read “Anyone can try to trade.”  Successfully trading “for a living... with [the] little to no money [condition]”  is the equivalent of hitting all six numbers of a PowerBall.  Possible  - yes.  Probable - NOT.  Seems to me you’re blowing smoke up our asses in hopes some of it will go up your own ass... 
 

[CrazyCzarina 17]

You are required to understand that Nothing it risks free and in order to achieve success, 

 

 

 

 

 

 

 

 

 

 

[aimhi 10]

In forex trading we are already risking our hard earned money to make more money and that's why we also have to make strict money management rules and then stick to them.

[fxeconomist 11]

On 4/28/2022 at 12:23 AM, aimhi said:

In forex trading we are already risking our hard earned money to make more money and that's why we also have to make strict money management rules and then stick to them.

Can you please suggest any safe broker to start with?

[aimhi 10]

On 5/16/2014 at 1:45 PM, fxeconomist said:

You can make off living trading forex meeting 3 conditions:

1. Decent capital

2. Moderate Skill

3. Fair broker (Hotforex for example, which I trade with)

That's it.

Skills take time to develop and we need to trade on a demo account in order to remove financial loses because demo can be traded without investing any money with the broker.

[fxeconomist 11]

This is where hotforex trading contest comes to help. It's risk free however competition is fierce, in 9 months there was only one month where I got a prize place. 

[aimhi 10]

On 7/4/2022 at 11:57 AM, fxeconomist said:

Can you please suggest any safe broker to start with?

There are many brokers in the market to give a try i guess its really becoming hard recommending any broker so a simple thorough research at one's own can be helpful in my opinion. So far i think we should only shortlist reputed brokers like hotforex, octa, xm, fxcm, exness, lmfx etc to finalize the right broker suitable to our needs.

[fxeconomist 11]

On 4/6/2023 at 4:34 AM, aimhi said:

There are many brokers in the market to give a try i guess its really becoming hard recommending any broker so a simple thorough research at one's own can be helpful in my opinion. So far i think we should only shortlist reputed brokers like hotforex, octa, xm, fxcm, exness, lmfx etc to finalize the right broker suitable to our needs.

And what is your favorite place to trade? I mean any broker that distinguishes from others?

[aimhi 10]

I try trading with more than one broker for diversification purposes however i also interested in looking for some crypto trading opportunities since it is looking more profitable at the moment.

[barako 10]

yup, the BTC halving is approaching, and quiet anxious on how things will unfold. best of luck to all. 

[aimhi 10]

BTC was supposed to make all time highs again but it really disappointed maybe it will go up next year in my opinion.

[barako 10]

it just wont push through that strong resistance, but we have one more quarter ahead anyway. things might change quick especially with crypto.. it might be trying to gain momentum again. lets see what happens.

[fxeconomist 11]

This is where hotforex trading contest comes to help. It's risk free however competition is fierce, in 9 months there was only one month where I got a prize place. 

[aimhi 10]

Demo trading contests are always good since they come up for free and give you a chance to stand out of crowd by showing your skills and earn a prize too as an appreciation.

[RJo 10]

IMHO, demo contests with a cash prize tend to cause new traders to take unrealistic risks because they're literally risking nothing to win something. I wouldn't get into the habit of that.😬