I found myself pondering these two questions very oftenly at early days of my forex trading career; is forex trading profitable and is trading forex for a living really possible? I am sure that most of the forex traders begin trading forex with a dream of earning their living by trading currencies on their computer at home. No obligation to wake up early in the morning to go work, no managers, no deadlines.
Every forex trader has the fantasy of financial freedom and flexibility for living wherever they wish and believe me this market has this potential. There are plently of forex traders out there who are living the dream. Though it takes a lot of experience and pain to reach that level of success. Let me please represent you again the fact that %90 of the forex traders are losing all their investment in less than 6 months. So it is not impossible but it is going to take a lot of time and patience.
Forex Trading For A Living
As I pointed out in this and this article, it is really simple to open a forex account and begin trading. But it is the being a profitable trader part that is the difficult part. It requires a lot of time and effort to excel at forex trading just like any other endeavor that you would get involved.
Would you become a successful engineer or banker if you are not willing put the necessary effort to work hard and necessary time to train and improve yourself? No. Very same logic goes with forex trading as well.
It would be a grave mistake to think that you are going to be a profitable trader by day one. Well, you could make profit at day one but it would be by chance and you would probably blow your account following days. Forex trading is a serious profession like others. Thus you will have to invest combination of these four to become a consistently profitable forex trader; time, money, effort and patience. Unfortunately, there is no shortcut.