How hard is Forex?

8

892king

Hi, I know it sounds very stupid.
So, let me elaborate about my question.

I'm a college student from South Korea.
As a biz major student, I've been interested in trading and I heard that trading has many similarities with poker.(I've played poker and had some success.)
After this semester, I have to go back to Korea to do community service for 2 years.
Then, I will come back to complete my degree.

I got interest in Forex since it can be done in everywhere in the world.
If I trade Korean stocks or options, I should study US stocks when I come back.
And if I trade US stocks without many regulations, I should use my US trade account and I have to pay a lot of taxes comparing to taxes in Korea.(Assuming I make profit)

I heard Forex is pretty tough market for individual traders.
However, I thought I can make 20~40% of what you invested every month consistently.
But I read an article here ( http://www.elitetrader.com/vb/showthread.php?s=&threadid=157466 ) and one person says something like

''What does the average profitable forex trader make per month, around 4 or 5% on average at this level? Let's be conservative and say 3%. Compounded that's around 42% per year so he would need closer to 170k capital, if he compounds for a year before he draws out any of his profits. Then there's inflation to take into account''

I know who is trading stocks in Korean stock market and he runs 100Kish and makes 50K consistently.
I know he's a very very good trader, but he says that making 50% return in 10Kish stake is not a phenomenal results.
He used to be a poker player and I know he's not lying.

So I wonder that if making 20% average return is exceptionally hard in forex market, in 10~50K stake.

Sorry about my bad English and please let me know if you need more elaboration.

Thank you
 
yes, it can be done, I know people who can. Question is can you, impossible if you don't spend at least a year in front of your screens at least 12 hours a day, keep a diary and really try to get what's going on and even then you'd have to be not too stupid and be a fast learner. Don't expect to make much during that first year so you better have some income on the side or a nestegg and have real low costs of living.
 
Quote from 892king:


I heard Forex is pretty tough market for individual traders.
However, I thought I can make 20~40% of what you invested every month consistently.
More...

I don't think forex is any tougher than any other market but I'll save you some time, you will never consistently make 20~40% per month, no-one does not even the most experienced trader.

That quote was from one of my posts and I think those figures are about average, 3-5% per month after you've got a few years experience behind you and if you last that long, the majority of new traders don't last 6 months.

Save your money would be my advice, or at least spend it on something better than trading.
 
Quote from cabletrader:


Save your money would be my advice, or at least spend it on something better than trading.
More...

finally blew up did we

yeah you need to understand few mathematical laws first

good luck next time around
 
Quote from cabletrader:

you will never consistently make 20~40% per month, no-one does not even the most experienced trader.
More...
You should get out more.
I know some people who can easily do that with reasonable sums. Problem is they got so rich it's probably not possible anymore for most of them.One of them I know made about 20 million last year. And oh yeah, he's here too on ET. No point though in giving his name away.
And no, I am not at that stage yet, but hoping to get there one day.
 
an individual trader on ET that made 20 mil last year? What was their starting capital, how long did it take for them to be profitable? This isn't paper trading money is it?
 
Quote from cvds16:

You should get out more.
I know some people who can easily do that with reasonable sums. Problem is they got so rich it's probably not possible anymore for most of them.One of them I know made about 20 million last year. And oh yeah, he's here too on ET. No point though in giving his name away.
And no, I am not at that stage yet, but hoping to get there one day.
More...

Why would I need to get out more, would I be more likely to run into one of these consistent 40% per month "it's easy" traders if I go out more? Where would I find them, do they have a special place where they hang out? At the Flying Pig nightclub perhaps?

And what does someone making 20 million have to do with anything, for all we know that might have been his return on 100 million.

Sheeesh, what happened to ET, are they handing out free glue or something!
 
Quote from cabletrader:

Why would I need to get out more, would I be more likely to run into one of these consistent 40% per month "it's easy" traders if I go out more? Where would I find them, do they have a special place where they hang out? At the Flying Pig nightclub perhaps?

And what does someone making 20 million have to do with anything, for all we know that might have been his return on 100 million.

Sheeesh, what happened to ET, are they handing out free glue or something!
More...

hey bud tell us how you blew up

sadly it ain't onada fault, just you lacking understanding

better luck next time
 
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