Is it really possible?

In a nutshell, yes.

I'm not prepared to put my details on here, you'll just have to take my word for it, but I have not had a losing day this week, for example, and losing weeks are rare.

It has not, always, been like that. I've been trading for thirty years. The first thing that I had to come to grips with was "the get rich quick" attitude that I had. Now, I'm no spring chicken, and I have a much different outlook. Without doubt, the first years are the most dangerous for a new trader, because most of us are all the same in that we try to fight the market.

If, as you say, and I have heard the same, 90% fail it is because you are asking the wrong question. I would suggest that a large proportion of beginners are, by nature, gamblers. Once they have disappeared, the serious traders are left. How many traders, who have been trading, regularly, for over ten years, are failures?

Split

Is that because you didn't do any trading this week ?


Paul

I haven't missed a morning. It seems to be better than having money in the bank or owning a house. Now, that is getting to become a problem.

Split

I'm 18, quit 6th form to trade, trading 8-10, then 11.30-12, then 2.30-5.30 mon-fri, then 6-7 for end-of-day data trades.
I've only ever had one losing day, i'm sure there are more to come.
I make about £113 a day with £10 maximum loss per trade.
Target this year is £100k in profit as i increase my stake.

Any questions, do ask.

David.

Which broker are you with ?


Paul

Hi Taylor, how much do you have in your pot to make £113 per day, and I'd like to know what broker you use too - i use oanda and fxcm but am about to start with alpari

To Calinor/OP:

Sure it's possible to make a living trading, after you pay your tuition

Then you will scrap every last dime together to apply the lessons. I'm living off my profits, but I live a meager life style (low expenses). I literally only need $25-$100 a day to live...the question is, why would you ever want to trade for a living (lonely, risky, constant watching)?

I personally put up with the draw downs of working alone, because I just like to trade. Traders who trade their own money are the most independent people around. And that's a good thing, because we can exist "outside" of the economic system-we are speculators who constantly price things. We can move anywhere we want...the "job" has benefits..

Can you strike it rich? Sure. But you're safer having goals about making a consistent small profit % every day. First pay the bills then make the big loot later....

Pay the rent/mortgage
groceries
power
computer upgrades
entertainment

It's hard to make a lot when you have a smaller account! you will be drawing out your gains so fast...if you start with more $$ then you make/lose more $$ (draw downs get larger, gains larger).

Thanks Spitlink. "To answer how many traders of ten years are more are failing?" It is hard for me to know, because you don't see too many of them in banks. Maybe they have blown up by then, or burned out, or are trading for their personal account quietly and you don't see them. I honestly don't know, which is why I posted. To re-enforce some faith if you know what I mean It is good to know that there ARE people like you and others who can make it. I also thought that perhaps very few of those 10-year plus traders actually day-trade and maybe they make their money from swing trading. But it seems there are plenty of profitable day-traders too.

Mr. J-Arthur, the reason I would like to do it, is like you, for the independence it offers and because I find it very interesting. Can't deny I enjoy it. Even the studying charts for hours, and thinking up new systems. It is a great challenge for me, even though I'm not winning that battle yet, and I relish it. But if I know I never would be able to win that game (as is true at the casino unless you count cards), then I would sensibly give it up.