Do full-time forex traders exist or is it just make believe?

Quote from SimpleTrades:

20%/mnth is only easy because the $1000 I am risking is only a fraction of the money I have available. I am not risking everythin I have got.

Contra, is it really in one's best interest to put everything they've got into forex? We are discussing the option of using forex as your primary income source, right? Forex is therefore your job.

So, what you effectively are saying is that one should work their job exclusively and never set aside a portion of their income in savings, right? Looked at in a different way, it is like having 100% of your savings in shares of the company you work for.

I am suggesting that one is better off if they are "invested" in a variety of diferent things including forex. Depending on your age, you may be better off if you select only a percentage of your savings for a high risk strategy.

Here I am now with a wife and baby. Now, let's assume just for the sake of argument that I am quite good at this trading game. There is still a high risk I will lose everything. So, if I lose everything, not only have I harmed myself, but I have harmed too other people as well.

If over a period of the next 10 years, I manage to accumulate savings totaling $300,000 which I believe is easilly doable, I am not willing to risk all of that money for one high risk strategy.
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No I did not say that. I wasn't going into personal savings suggestions. I was speaking about a retail trader, yes.
 
Quote from contra:

No I did not say that. I wasn't going into personal savings suggestions. I was speaking about a retail trader, yes.
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Well in this case, how much money you deposit is purely a function of how much money you have and how much risk you're willing to take. There is nothing to be gained by depositing more than what you're willing to risk. Why deposit 100% if you're only utilizing 5%?
 
Quote from SimpleTrades:

Well in this case, how much money you deposit is purely a function of how much money you have and how much risk you're willing to take. There is nothing to be gained by depositing more than what you're willing to risk. Why deposit 100% if you're only utilizing 5%?
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more money basically
 
Quote from SimpleTrades:

I really don't find it that hard to pull $200 per month out of $1000. So, do the math. What do you need to live comfortably?

Given my current expenses of about $3000/month, I need $15,000. If I make the rule that I am not willing to trade with more than 5% of my total savings, I need $15,000/.05 = $300,000.
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If you find this not hard at $200, why can't you scale it up? What changes for you?
 
Quote from OccupyThis:

If you find this not hard at $200, why can't you scale it up? What changes for you?
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Nothing changes. Its the same risk; I may lose it. So, why deposit everything I've got. Why not simply deposit what I'm willing to lose? I am choosing to make my deposits a function of risk tolerance and overall savings. Therefore, as my savings increase, my deposits will increase. For the time being, those deposits actually come from employment income. In 2013, my Questrade account has had only one deposit and 18 round trades netting about 70%. I'm also choosing not to compound within the trading account. Profits are quickly transferred out into savings. For now were talking dollars and cents, but this should add up quickly over a few years.
 
It's best practice to sweep profits and trading fixed lots if you're risking more than you're earning. Not ridiculing anybody here, but everyone on this thread is running a risk/reward >1. I include myself in that calc as my preferred trades are in DNT exotics.
 
Quote from contra:

aud/usd and eur/aud look ripe for some cash tonight.
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Cash rate announcement tonight. With all the less than awesome news there's a chance it might be lowered.

Either way, expect a snap.
 
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