Can someone support family on trading the forex market? ?
With proper forex education can someone quit their regular job and support their family on trading the forex market?
typically how much time do successful traders give to their trading?
over 2 years ago
Best Answer - Chosen by Voters
What you basically asked is if a person could take their family sky diving every day...I'd say you COULD...but its not recommended.
1. FOREX is amongst the most REWARDING, and yet the MOST RISKIEST form of investment vehicle that I have ever personally encountered. If you are SERIOUS about trying to make this a part of your life and using it to support a family, I would first ask yourself how hard you are going to work. I would not even BEGIN to try and support a family with forex if I had not traded for at least several years (In my case 4, and I currently still do not let Forex support my family as its THAT DANGEROUS) and I know what i'm doing. You gotta be really focused on success. It IS possible but DEFINITELY not recommended...just my own opinion, hope someone else can answer this as well.
2. FOREX IS A BUSINESS. Using this mentality is the ONLY way you can make it into a family supporting type of thing (but once again I STILL do not recommend using it to support family. Even if I make a million dollars in forex, I'm sooooo gonna take that money and put it into a more secure investment vehicle like real estate or some other business as I can guarantee a return 24x7. Worst case scenario in Real Estate for example, I still have a physical house to either live in or rent out, even if the Real Estate market collapses. If I make a few bad calls in forex, I could wipe my whole account out, and if my family is relying on food and water for that, we would all be dead, so STILL not recommended for supporting family)
Bottom Line (Personal Opinion) DONT USE SUCH A RISKY VEHICLE TO SUPPORT A FAMILY! Forex should only be used with maybe 5-10% of your yearly income to try and make some money, even if it is full time. If you're gonna trade forex full time, do it under a company that does this daily with clients money who can pay you a monthly fee for trading THEIR cash (OPM - Other Peoples Money). In an actual firm, you will get paid, learn, and grow and help others make money. Thats the BEST way to support a family, because then you have a guaranteed income. From all the experience, THEN you take about 5-10% of your cash and then invest it into forex, but personally I cannot ever recommend 100% full time for the rest of your life supporting your family with forex.
Even I personally play forex full time, but i've been doing it for the past 4 years and I have an IT Computer business that helps support me while I work on Forex making money to help me go and re-invest that same money into another investment vehicle like real estate.
Hope that helps out a bit...
over 2 years ago
Is it possible? Yes.
But I wouldn't suggest you just quit your job and decide to become a forex trader, unless you can successfully and consistently make profits. Forex trading is difficult and you don't want to jump into something you don't know very well unless you have proven that you can make over time.
As for your second question, some traders spend the whole day reading up on news and watching charts. Just like anything in life, it takes a lot of hard work and dedication. If you don't put in the time, it will be very difficult to make money consistently.
over 2 years ago
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