Does such a thing as somebody who makes a living out of forex individual trading exist? -

Do you know anybody like that? I feel really ready to start with a symbolic amount of money, but I know for sure that a huge majority of people who start go bankrupt after a few months... And I don t think they re all dumb... I know a lot of people who are successful at Forex trading, however...I know a lot more who are not. I have actually done it myself; I just prefer something a little more intrinsic and closer to home, so I trade stocks and options. Lol If you are really serious about trading open a demo acct first, Forex brokers have come and gone and more will go cuz of already started and still more soon to be handed down regulation, which the market is desperately in need of in my opinion. But make sure you pick your broker carefully and paper trade with them until you are comfortable with the platform, the execution of the trades, and your own ability to make good decisions on the trade. This is by no means a sales pitch, but I actually know some of the top players at a Forex brokerage here in Utah its called interbankfx they seem like good people and seem fair. When you’re a trader people talk a lot so ask and read everything you can. You will find a a ton about how people are getting ripped off, which I’ve heard tons of horror stories about almost everything in Forex trading. (But, that is kinda with everything, I think.) Interbankfx has a paper trading platform, so try em out. Let me just say that if I were you...I would make sure that I was well educated on how the Forex market works, that I had a good trading plan, that I journaled every single trade, and don’t stray from your discipline cuz in the currency market one wrong trade can be very costly. Also there are lots of soft wares and products out there, which claim they hold the Holy Grail to trading. Be very careful, they are typically very costly and can show you some interesting things, but NOTHING is the “end all” in any kind of trading. Finally, there are a few commonalities of the people who I know that trade successfully, they educate themselves, they have trading plans, they journal trades, and they maintain discipline. They all trade different markets, they use different soft wares, different brokers, they all have different lifestyles, so I guess what I am saying is…The rest of it is all you Also try to remember, if things sound too good to be true, they probably are. I hope you are successful in your endeavor. Happy Thanksgiving. Start with a demo account for atleast 1 year before trading live. Yes, it can happen that you would be one of the 5% minority who makes a living out of forex. I have been trading Forex for two years and had a bad nine months at the begging. I lost $12,000 in nine months and as a student to me that was a lot of money!! I was persistent though and eventually the persistence paid off. My plan was simple, wait until I had over 12 months salary saved up and a decent account size then trade full time. Two months ago I finally reached my goal. Through Forex I managed to save one year’s salary and I still had a nice account size. So I quit my job and went from part time trading into full time trading. So far it is going great. I know a few trader who make their living trading. Some started with $1,000 some even less. It is not impossible but if you are not dedicated it is very hard. If you do not think you have what it take you should not even try. It takes hard work to become a profitable trader. I see a lot of negativity from the people that have answered this question. If you are negative you will never make it. Also the people who lose a fortune lose it because they make dumb mistakes. It is easy to lose when you do not manage your risk. I risk 2% of my account balance per trade, it is a rule me and most successful trader live or die by. If some cowboy with no experience comes in and risks 30% per trade he will eventually lost it all. Long-term survival = Common sense Do not listen to negative people. If you believe you can do it and you want to do it give it a go. Negative people are the ones that failed and from them you can learn only failure. Three free sites I recommend are: www.forexfactory.com www.forex4noobs.com www.babypips.com These are all great resources for free Forex knowledge. You can. I would not look into starting the retirement process until you have at least 100K in your Forex account though. The premise for success is there, but it honestly is not for everyone and some caution needs to be demonstrated before launching in. With Forex, there is a heavier emphasis on the economics of the market, rather than the fundamentals...though both are important. There is also software out there to assist you in your decision making process, though it comes with a hefty price tag...Wizetrader for example. I do know people who have had awesome success with them, I just am reluctant, as I prefer to do all of the analysis myself. This is the big times, so I would be very firm in your analysis comprehension before engaging with real money. Also, I do not allow my forex trades to continue on without me being present. I execute the buy/sell at a point after monitoring, and I exit at a point I am anticipating. I keep the transactions close and narrow, so as to avoid all dramatic loses. Good luck out there. Forex is not saff unles you have very deep pockets, I would stay away, i am talking from personal experiance Hi Joey, Great question! Ok ... I personally have friends who trade for a living (I myself am an ex-institutional trader). If you ve got a proven system/results and feel ready to take on bigger amounts of funds to trade, then by all means fund your account but PLEASE start off conservatively (and i don t mean to say you will trade VERY aggressively after a while). After your account has increased, you may then increase your trade sizes accordingly. Another point is to stick to the money management which you ve always used as that s your comfort level. Personally I trade with a non-blackbox trading system that have proven to perform well in the forex market consistently and that don t cost much. LondonWhisper is the name of the system. If you re really committed to profiting from the market consistently with a reliable and well thought out mechanical system, then waste no time in heading over to http://www.forextradingstrategysystem.co... The system is backed by not just a 100% guarantee but a 110% moneyback guarantee so you ve simply got nothing to lose. Hope that helps buddy! =) Yes, it is possible to make a comfortable living by participating in the Forex market. Some people accomplish it through proactive day trading spending quite a bit of their time monitoring the market and their individual positions. There are others of us that take a longer term approach and enter a more conservative position with a focus on risk management, capital preservation and consistent, repeatable growth. Best wishes for your financial success! Paul There are people who make a living trading Forex, They are usually people who have been actively trading in all markets most of their lives. Forex for the non knowledgeable, is a quick trip to the poor house. I have invested all my life, I am a millionaire, and Forex is too risky for me. It is difficult to add anything after these great previous answers. :-) Forex is risky, but if you trade smart you can pull out a decent profit. You can start first with demo account and use virtual money to see how it works for free (and without any risk). Many forex trading experts are against demo accounts as it is possible that the results you can achieve are not realistic. Also learn as much as you can about forex trading before you start actual trading. Some forex brokers offer free support and free 1 on 1 training (see the source below) when you start actual trading. Never invest more than you can afford to lose. Also avoid using high leverage. While it can bring you great profits, it can also whipe your investment clean before you even know it. If you invest large sum of money trade with leverage 1:1 (only invested money) and never go beyond 10:1. On the other hand if you invest small amounts of money, you ll need more leverage to gain profit. In this case use leverage 10:1 and never go beyond 100:1. Better to have slow profit than a quick loss. Also avoid using large number of indicators. The best approach is to use up to 5 indicators and prepare yourself to spend hours observing them to determine best entry and exit points. Good luck! Regards,