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Forex is a wonderful world because it is one of only a few trading vehicles that tend to be systematic and predictable, if not in the short run of a day or two, but in its overall trend seeking manner.
One can make a VERY decent amount in forex, ONCE one has the experience and education as to how the markets move during a day, such as the two major reversal periods in any 24 hour period.
Like any other situation, there are those who will excel, those that will do competently and those who fall into the middle ground.
the reasons for the failure rate among new "traders" is usually overextension on the trading side and the resultant margin calls, or something I teach against constantly, the STOPLOSS, which is actually a great way of giving the broker your money --- someone recently posted of a huge spike that was propelled by no news that he could see. Well it "might" have been a rumor or news you couldnt see or it could have been "stop hunting" where mm's grab a huge gift of what they consider low priced shares, anticipating a run up later in the day, or 5 days down the road ---
but if one is asking the question then what happens in the market and rules the market is information that is WAY ahead of current experience levels and not very handy at this point.
YES, you can make money. YES, if you sit by your computer, flipping currencies every minute or so, it can be lonely and boring and your personality has to match as there's little room for conversation except really boring times, you can work with ONE screen as you gain experience, but with that experience will probably come the desire to have more, and only bragging rights will limit what you use (I use 3 but could do easily with 2 -- the more you have, up to some point, the easier it is to just "grab" information !
the market has a behavior pattern, since it is driven by humans ---- its HIGHLY dependent on support and resistance areas, and these are easily secured through availability of software and indicators available for the MT4 platform at no cost --- believe me, they work excellently !
as a last thought, although I work in the US, even my students earn 2000 pounds weekly, although its actually pretty simple to do that in a day of little effort by concentrating on the longer timeframes, setting a trade and walking away till the next day. In this manner, I make a consistent 2000 pounds daily, but of course Im working with a decent sized account at this point ! (given good money management, its the size of your equity (NO, not that other thing!) that limits or attains your profit size without placing you in danger !
people have spoken of money management, and its probably MORE important than the actual trading itself, because if you lose your equity you are now OUT of the ballgame, period and end of conversation !
Can you trade for a living --- ABSOLUTELY YES !
there is EVERY form of trading known to humans available in forex (as others also) and one can find a niche, perfect it and do rather sweetly without ever having to face another irritable boss, water cooler or commute -----
REMEMBER NOW -- along the way you might just wander into a relationship with one other or many others, chat during trading and handle some of the solitary nature of the job --- heck, one could even open an office and have real live peoples there and if youre alone, you can always send out for some company --- My personal favorites are the McGiver Sisters !
Working for myself is something ive done for 32 years and i wouldnt change for anything, but its not everyones cup of tea and that is one of the looks at yourself you have to take, but thats psychological and were talking about trading, so my answer has to be GO GET EM TIGER !!!!!
enjoy and trade well
mp
