Making a Living from Trading

[Intenso]

Hi there,

I was wondering if there is actually anyone on this forum that makes a good living of trading?

I do trade myself (forex) but find it difficult to find time to trade, i know that sounds odd considering that the FX markets are 24 hr 5 days a week. But i like to be in the market when there is liquidity.

What I want to know is who makes a living off trading and what is it you do daily to make sure that this happens?

hope to hear from many of you

many thanks

Intenso

 

[anley]

What I want to know is who makes a living off trading and what is it you do daily to make sure that this happens?

95% will be working 7am-5pm (maybe even later) 5 days a week. Hard work is basically a must.

Yes, you can trade the markets part time, but not intraday, only from daily charts and above. Still, you have to know what you're doing and for most, again 95%, that will have meant years of learning and training. No different from a Doctor of lawyer.

Good luck.

 

[safvan]

95% will be working 7am-5pm (maybe even later) 5 days a week. Hard work is basically a must.

Yes, you can trade the markets part time, but not intraday, only from daily charts and above. Still, you have to know what you're doing and for most, again 95%, that will have meant years of learning and training. No different from a Doctor of lawyer.

Good luck.

That is 100% correct. It just takes time to get good at it. Its a skill which takes time to develop.

The more time you give it the more you learn and the more you practice the better you get over time.

 

[Sidekicker]

Hi there,

I was wondering if there is actually anyone on this forum that makes a good living of trading?

I do trade myself (forex) but find it difficult to find time to trade, i know that sounds odd considering that the FX markets are 24 hr 5 days a week. But i like to be in the market when there is liquidity.

What I want to know is who makes a living off trading and what is it you do daily to make sure that this happens?

hope to hear from many of you

many thanks

Intenso

Realistically to live off it you need a lot of capital, like 50k+.
Of course, you could make it with less but I don't think there are many (read any) out there actually getting anywhere with less capital.
I know of 1 guy trading futures in an arcade/prop and he finds it very difficult just to break even most months due to desk fees and all the rest. If a pro finds it difficult, then what makes you think any bedroom amateur on these forums can do it.
You need at least 2 years+ of experience in trading before you will feel like you are getting anywhere.

 

[new_trader]

what makes you think any bedroom amateur on these forums can do it.

 

[Patricia12]

Making a Living from Trading is possible but it needs much experience and big investment as well. You can lead a good life by full time trading if have good experience but not a luxury life.

 

[NVP]

Yep it is possible but assuming you have the necessary

Trading experience
Decent system
supporting money management , discipline etc etc

..then it depends on you as an individual and your lifestyle choices

If I had to trade full time to support myself I would , but am lucky to have work and other projects I enjoy just as much and like the variety

trading full time day in day out would leave me bored to tears....:whistling

N

 

[Pipsaholic]

of course you can just like you can make a living selling products or services on a website.

 

[Pferd]

It rather depends on what "making a living" means for you. Can you live with low 5 digits sum in a year or do you need high 6 digits amounts??

Also you need to think whether this is a supplement to your actual job or a replacement. If you have already a decent paid job you will quickly find that day trading probably means more working hours, more risk and less reward than your current occupation.

But certainly no airline pilot makes a living out of flying doing it when he "has time". I also don't know any pilot who learn flying a 747 and then work his way down to a little single prop Cessna. Surely both are flying machines, but normally you start from the bottom to get to the top.

Basically the answer is that is possible, but depends on your personal circumstances, your experience trading, your goals and the kind of life you want to live.

What for sure will not happen is work little hours and make tons of money. Normally how it goes is that you work tons of hours and make little money.

If that is OK with you then go ahead. It is possible.

 

[Pat494]

Making a Living from Trading is possible but it needs much experience and big investment as well. You can lead a good life by full time trading if have good experience but not a luxury life.

Don't believe the " big investment" idea.
If you are still losing then use a small account to practice on. Upping the sums risked will lose you more.
Just be patient and gradually work up to bigger stakes as you improve !!

 

[ash2w]

you can do as im starting to!!! you just need a clear trading plan and strong mindset to so you can make sure you keep to your rules.

 

[edwarddevis]

Trading is essential part of living for many of us, and we cant earn anywhere else, it is the sole earning for me, and i cant imagine how it will go without trading.

 

[EricReed]

what makes you think any bedroom amateur on these forums can do it.

this is so true!

 

[EulerFourier]

If you want to make a living trading then your first step is to stop trading forex with a retail broker. There are plenty of people who make decent livings trading and there are many who are rich, but there are none who do it trading retail forex.

 

[jungerns]

Discipline and a lot of time in my opinion.

I have the platform open from 6am to 9pm monday to friday and only after 4 years plus have I stopped making basic mistakes.

I hear money management mentioned often but never a clear definition of what it exactly means. MM to me means not losing the folding stuff !!

There is definatly an "apprenticeship" to be served but yes you can make enough money to live off but I wouldn't want to be in a situation with a wife and two young kids and HAVING to make profits monthly or the shight will hit the fan.
That is a road to ruin.

 

[Cornix]

I make a living by day trading the Euro, but must say it's a serious job as any other profession. Definitely not easy money.

Took a few years and some luck (met the right people in my life) to get a grip on it and stop bleeding.

 

[Cornix]

If you want to make a living trading then your first step is to stop trading forex with a retail broker. There are plenty of people who make decent livings trading and there are many who are rich, but there are none who do it trading retail forex.

Well, it's more about the particular shady brokers than the forex market as a whole. Spot EURUSD is no different from 6E future, they are arbed to the pip.

And there for sure are people who consistently day trade the Euro be it 6E or spot EURUSD.

The longer-term one's trading is the less difference and for position trading spot is probably even better due to no need to roll over the contract.

 

[EulerFourier]

Well, it's more about the particular shady brokers than the forex market as a whole. Spot EURUSD is no different from 6E future, they are arbed to the pip.

And there for sure are people who consistently day trade the Euro be it 6E or spot EURUSD.

The longer-term one's trading is the less difference and for position trading spot is probably even better due to no need to roll over the contract.

I would agree with this to a point. If you have access to the spot markets then fine, but how many of the retail guys on this forum have that? None, most likely. They're all trading against their broker and hence are trading with a bucket shop. If you're doing position trades holding for longer then a couple of days then you probably avoid a bunch of the thievery, but you still pay massive commissions. I would venture to say the only people making a living on retail forex are the retail forex brokers.

 

[brasil2000]

I would agree with this to a point. If you have access to the spot markets then fine, but how many of the retail guys on this forum have that? None, most likely. They're all trading against their broker and hence are trading with a bucket shop. If you're doing position trades holding for longer then a couple of days then you probably avoid a bunch of the thievery, but you still pay massive commissions. I would venture to say the only people making a living on retail forex are the retail forex brokers.

can you give us some examples of these massive commission you have to pay?

 

[VielGeld]

I would agree with this to a point. If you have access to the spot markets then fine, but how many of the retail guys on this forum have that? None, most likely. They're all trading against their broker and hence are trading with a bucket shop. If you're doing position trades holding for longer then a couple of days then you probably avoid a bunch of the thievery, but you still pay massive commissions. I would venture to say the only people making a living on retail forex are the retail forex brokers.

Would you put Oanda in that category?

If so, what would you recommend to the retail trader?