How hard is it to make $100k-$200k in forex?

[BradK]

Hi,

I am interested in beginning to have a think about trading FOREX.

Is it mainly charts? Or, fundamentals - for example, the AUS is likely to go up on interest rate rise news, and the US dollar is likely to fall on inflation fears???

Where would be a good place to start? Any advice?

Thanks
Brad

 

[tko]

It depends on how much you have to play with to begin with. You could make that in 1 trade if you trade conservatively on a 1mill account.

 

[>Apocalypto<]

It depends on how much you have to play with to begin with. You could make that in 1 trade if you trade conservatively on a 1mill account.

Great post.....

 

[>Apocalypto<]

Hi,

I am interested in beginning to have a think about trading FOREX.

Is it mainly charts? Or, fundamentals - for example, the AUS is likely to go up on interest rate rise news, and the US dollar is likely to fall on inflation fears???

Where would be a good place to start? Any advice?

Thanks
Brad

Hi Brad,

baby pips school is a starting point to go over the basics.

Then i would suggest you buy a book called, Fx Trading: An Australian Guide to Trading Foreign Exchange by Douglas great book I have read it many times.

from there you will need to work out the way you plan to tackle it... no shorts cuts sorry to say just hard work and practice.

good luck on the Journey

 

[Liar's Poker]

I thought I’d try and answer the OP's question, very simplistically. Please note that I have a very little understanding of the Foreign Exchange market, so at worst… this should be interesting.

Firstly, I thought I would try and understand your question a little more before answering it. After much dilemma, I concluded "hard" was being used as an adjective and not an adverb (I had to question the context of the word make). I went onto dictionary.com and looked up the definition of "hard". As an adjective, it had 41 definitions (Can't post link due to post count - accessed 17/01/2010).

I believe five of these definitions can be applied to you question (hard), these are:

3. difficult to do or accomplish; fatiguing; troublesome: a hard task.
4. difficult or troublesome with respect to an action, situation, person, etc.: hard to please; a hard time.
5. difficult to deal with, manage, control, overcome, or understand: a hard problem.
6. involving a great deal of effort, energy, or persistence: hard labor; hard study.
7. performing or carrying on work with great effort, energy, or persistence: a hard worker.

Ironically, these five above definitions are probably the answer to your question. This should come as no surprise, as I think you knew it, you just needed confirmation. Otherwise you would have asked “how easy is it to make $100k-$200k in forex?”

 

[Globalex]

Im not really much of a forex trader. But i can give you my experience in learning the markets and trading profitably.

I don't make 100k a year, yet, but i have a small capital base.

You probably shouldnt be looking at it in terms of how much time will i need to give each week to make the money, but the appropriate question is;

How much time will it take me to become profitable enough to trade full time? Thats the hard question. For me its taken 3 years. And its not easy work. years without making money, just sort of moving sideways, and losing bits here and there. I still work full time as well, i dont trade fulltime. Its a side income for me, because i still dont make enough to live off it.

Once you have mastered your strategies and techniques, then you will not have to trade 24 hours a day 5 days a week to make that sort of money.

I spend maybe 2 or 3 hours a day trading. 30 mins setting up my trades and 2hours a day looking for emereging set ups. But thats trading stocks, not forex.

Just like to ask your opinion on Aufxpro as you mentioned it in one of your reply. I am thinking of getting into FX trading. Do you reckon Aufxpro is a good place to start?

 

[Captain_Chaza]

Wrong Question!
How many traders have made >$100,000 - $200,000 that are not insiders and are not in Gaol ATM is a better question IMHO

 

[investtrader]

Well I made close to 10millionUSD in 2 years paper trading using Trading View paper trading account. How? Huge leverage that I would never use in real life. I don't trade currency , just mucked around for interest. I only made about 30 trades - haven't really checked.

 

[investtrader]

Forgot to mention, the account that you get has a 100k USD starting balance. I only traded 2 pairs.
Good way to start if you are interested in trading FX.

 

[wayneL]

Trading returns in any instrument is a function of capital employed, an edge (positive expectancy), and risk control.

...and mental discipline.

Therefore 100-200k is even easily achievable if you have enough capital, an edge, good risk control especially risk of ruin and mental discipline.

Additionally, currency markets are subject to government intervention, as we have seen recently. When governments or Central Banks step in, you can get mercilessly head stomped.

Put another way don't make a prison of your own creation and find yourself bending over to pick up the soap in the shower block.

 

[willoneau]

Well I made close to 10millionUSD in 2 years paper trading using Trading View paper trading account. How? Huge leverage that I would never use in real life. I don't trade currency , just mucked around for interest. I only made about 30 trades - haven't really checked.

I noticed little slippage and practically no spread when paper trading. Wait until you trade live that is an eye opener.

 

[investtrader]

I noticed little slippage and practically no spread when paper trading. Wait until you trade live that is an eye opener.

Actually I have no intention of trading forex, especially with the leverage I used on the trial account. Very easy to wipe out your whole account and a lot more with a left field move.

 

[willoneau]

Yes position sizing is very important

 

[weicaihong28]

You can make that from futures margin trading. Highly volatile and risky but regardless which way the markets go there’s ways to gain good % returns. Although it rarely happens, I made $520k from the LUNA crash in may 2022. Just fortunate about being informed at the right time. Klaus Cassius gave me the signal at die minute after the subsequent irregularities from Terra Network.