Can you make a living trading forex?

Discussion in 'Personal Finance Q & A' started by AmyLueng, Aug 2, 2016.

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  1. AmyLueng

    AmyLueng Newbie

    Can you make a living trading Forex? I'm looking for a way to leave my dreary job which has no career prospects. I've been thinking about Forex Trading for 6 months now and have studied some of the popular Forex trading strategies, I've also learnt about chart patterns and technical indicators to time buying and selling. I'm really thinking seriously about trading Forex and wanted to know whether you can make a living trading Forex? has anyone of this forum had success with Forex?
    Miles likes this.
  2. Miles

    Miles Newbie

    You can make a living trading Forex but you must be very good at it. I trade in Forex occasionally and have made consistent profits. For every loss I make I win 3 times and my losses are always smaller than my profits.

    To become a Forex Trader you must be able to analyse the Forex Market fundamentally and know exactly what is going on and how things effect each other. Interest rates, balance of payments, GDP etc can affect Forex prices and these types of data come out several times a day. You must be able to digest economic news quickly and apply it to Forex.

    You have to also have strict rules in place. Whenever I enter a trade I always have a stop loss in place and a take profit in place so I don't make emotional decisions. I also have a strategy and I review it every time to see if it is working. I also have backtesting software like Metatrader to back test the effectiveness of a strategy.

    Finally you have to be on the ball with your money management strategy otherwise you will blow your balance quickly. I only use 5% of my balance on a trade which is then leveraged. I always enter trades where the risk reward ratio is 3:1 and I only have 3 trades open at any given time. This money management strategy means I have to lose 40 times in a row to blow my account which is very unlikely.

    It is definitely possible to make a living with Forex, many people do it. I would suggest you work on fundamental, technical and money management strategies and back test to see if your strategy has a high win rate.
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