It is a bit difficult; however some professional traders are having a business that is forex trading and stock trading. Anyone can do this but he must be very smart trader, then he can make some profit.
It is possible but only a very very small percentage can actually do it. You must realize that only 5-10% traders are actually profitable in this market (that might be generous). That being, said those producing returns great enough to live off of is way smaller then that (plus you need a nice chunk for the initial capital). If you can make 30% a year you are doing better then most professional money managers. Realize that you will inevitably get someone to respond here that will claim to make that in a month. Please realize that returns like that are typically not sustainable.
Momentum is what is needed for price to go in the direction in which you entered your trade, with little or no draw down. Can you find when these times occur? Yes. Can you find a trading signal? Yes.
A trading signal that is created at the time that momentum is most likely to carry a trade is one of the best ways to make a living in Forex. If you can master these two simple concepts you can trade daily in short time periods and double your account in as little as 10, 20, 30, or 40 days.
Hey, I personally don’t know anyone who makes a fulltime living from Forex, although I make enough every week to be able to pay for vacations and x-mas presents. As well as a little money left over to go to the bar on Saturday nights and……….
The problem with retail forex is that beginners see it like a Casino. Everybody hopes performing 200% or 300% a year. If you study financial theory, you quickly understand the risk/reward link. If you take too much risk, the probability of a winner decreases. You have less than 1% chance to earn 200%/year. That's a fact.
It is possible but you must take the long road to get there. The long road consists of hard work, discipline, patience, etc. You got to believe that you can do it and stick with it. Don't ever give up. It is not easy.
I'm only few days interested in forex trading, that's why i didn't have live trading experience! How long time period do you advise me to spend on demo trading?
Dear friend fx, good to hear that you are interested in forex trading, actually there's no time duration to practice on demo accounts it totally depends on your caliber and how fast you pick up your trading decisions and learn from it. And one more important thing to keep in mind, after gaining a few successful trades in your pocket, it is a tendency to think that you will no longer fail while trading. The ego builds up and you feel very much invincible. But if you want to have a long career in forex trading you have to leave your ego behind.