New Query

[sunseeker24]

Hi there,

I am thinking about getting into the Forex game, just have a few questions if anybody can help:

(1.) How many succesful traders (%age wise) are there? Probably hard to figure out, but it would be nice to know

(2.) Is it possible to make a full-time living trading Forex?

(3.) Is Forex riskier than other trading options?

Any advise would be much appreciated.

Thanks and regards,

Dieter J.

 

[NVP]

Hi there,

I am thinking about getting into the Forex game, just have a few questions if anybody can help:

(1.) How many succesful traders (%age wise) are there? Probably hard to figure out, but it would be nice to know - define successful

(2.) Is it possible to make a full-time living trading Forex? - if you have the capital - yes

(3.) Is Forex riskier than other trading options? - depends on the strategy

Forex is a big subject and has many many subset strategies and approaches !

Any advise would be much appreciated.

Thanks and regards,

Dieter J.

no worries - see above

N

 

[sunseeker24]

no worries - see above

N

Hi N,

Thank you for your reply.

(1.) I would consider a sucessful trader to be one that makes consistent profits on a yearly or monthly basis.

(2.) Would you recommend a minimum amount to start with?

(3.) Is any sector more risky than the other: eg trading Forex, gold, oil, futures, options etc?

 

[Liquid validity]

US Forex brokers account profitability comparison | Forex Magnates
Q2 2012: profitability of forex traders keeps dropping, OANDA back on top | Forex Magnates
Starting to detail forex profitability data | The Essentials of Trading
http://www.trade2win.com/boards/for...success-rates-some-real-data.html#post2049720
http://www.trade2win.com/boards/first-steps/166016-95-lose-6.html#post2068914
http://www.trade2win.com/boards/first-steps/166016-95-lose-9.html#post2156384

Its not impossible, but statistically you are more likely to fail.

More day traders buy and sell currencies from home - Jul. 21, 2011
Who is Mrs. Watanabe? | Exchange Rate Moves and Currency News - Forex News

 

[Liquid validity]

Before you consider anything else, read these 2 threads first:
http://www.trade2win.com/boards/trading-faqs/30637-books-should-beginner-read.html
Market wizards and Reminiscences of a Stock Operator are probably the best place to start.

http://www.trade2win.com/boards/gen...on-sizing-compounding-keys-magic-kingdom.html

 

[rsh01]

there shld be a sarcastic recommend button

 

[Liquid validity]

Hi N,

Thank you for your reply.

(1.) I would consider a sucessful trader to be one that makes consistent profits on a yearly or monthly basis.

(2.) Would you recommend a minimum amount to start with?

(3.) Is any sector more risky than the other: eg trading Forex, gold, oil, futures, options etc?

1. Impossible to answer, you don't yet know which (if any) trading styles suit you.
In other words, swing trading, which holds trades for longer than day trading, may be more likely to have a losing month.
On the flipside, the trading costs of day trading (more paid in commission, spread and slippage) potentially mean you may never have a profitable month
without a proven, tested plan.

2. Impossible to answer again, only you can answer this.
In general, for a safe, pressure free shot, 2 years living expenses and $50K trading capital.
That is after you have already done research and testing.
Possible with less, sure, but more risky and more pressure...

3. Any form of trading is risky if you don't have a pretty good idea of what you
are doing and the risks involved.
You need to understand the concepts of psychological pressure, drawdown and
risk per trade as a starting point.

 

[Liquid validity]

there shld be a sarcastic recommend button

Why?

 

[rsh01]

Why?

cos google answers the OPs q's (for better or worse).