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FOREX Trading as a career

 
#1 FOREX Trading as a career
04/12/2012 01:59

UKCONTRACTOR

Hi All,

The more I read about Forex Trading the more I am getting attracted to it. Is it really a long term career option?

Is it possible to make millions of £ doing Forex Trading on full time basis?

Regds

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#2 RE: FOREX Trading as a career
04/12/2012 07:51

Bushy Eyebrow Partner to UKCONTRACTOR (#1)

No, not really. Despite what you read on American websites, there is no easy route to megabucks except through luck.

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#3 RE: FOREX Trading as a career
04/12/2012 09:02

marsday to UKCONTRACTOR (#1)

Possible yes, but likely?

I assume you are considering prop trading on your own collateral - so you'll need a brokerage. Deduct brokerage commission from your trades and you're going to need tens of thousands of your own money to even make a living, assuming you have enough understanding of trading strategy to be able to properly hedge.

My instincts say that if you have to come on to a management consulting career forum to ask advice about forex trading then you dont have enough experience of financial markets to do it well enough to make a living. Prudence might be better than fixating on potential high returns.

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#4 RE: FOREX Trading as a career
04/12/2012 10:09

UKCONTRACTOR to marsday (#3)

Hi Marsday,

I belong to this forum from last 10 years! Have management consulting background (2 of the BIG 4) and have been working in FS and Investment banking from last 6 years.

Does all above not make me a suitable candidate to post this question here? I know there won't be super trader on this forum but what's the harm in getting the point of view of management consultants here on the basis some of you might have encountered super duper forex traders on your invesment banking assignments....

Yes I am a new to Forex trading and absolutely won't be giving up with my contracting career until I am making enough and consistent money out of Forex Trading.

But my contracting career is not going to make me millions but Forex trading might do!!

Any other views?

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#5 RE: FOREX Trading as a career
04/12/2012 11:16

marsday to UKCONTRACTOR (#4)

Hey I didnt mean to offend - rather to point out that this isnt really the most appropriate forum for this question. Somewhere like efinancial would give you more directly relevant insights I expect.

This is a question I've seen asked numerous times, and the answer is usually the same - it can be done, but its exceptional to make significant returns. If you can afford to lose the money why not try it, start small and build up?

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#6 RE: FOREX Trading as a career
04/12/2012 15:33

Bushy Eyebrow Partner to marsday (#5)

Mars is right, once you take away brokerage fees you have to be really lucky and make an exceptional margin just to make any half-decent return. To be viable, you really need to be doing big deals. Frankly I wouldn't bother unless you've got half a million or so to take a punt with.

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#7 RE: FOREX Trading as a career
04/12/2012 16:57

UKCONTRACTOR to Bushy Eyebrow Partner (#6)

half a million to start with!! you kidding!! I hope you didn't mean half a million leverage which effectively require only £5000 to start with??

I heard brokerage fee on forex transactions are negligible....

I will study forex for another couple of months, will practice on demo account for another couple of months and will then start investing.....

will keep you guys posted how I am doing.....

in the meantime feel free to post more views!!

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#8 RE: FOREX Trading as a career
04/12/2012 17:04

marsday to UKCONTRACTOR (#7)

brokerage commissions arent big per transaction I've heard, but you need volume and therein lies the cost.

but absolutely - do keep us posted, it will be interesting

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#9 RE: FOREX Trading as a career
04/12/2012 17:55

Bushy Eyebrow Partner to marsday (#8)

This is the problem with forex/derivatives trading. People see the leverage and think they can make a fortune. "All I need is £50 and I can be gambling with £10,000!!" What they forget is, it works the other way too - you can lose money REALLY fast.

Furthermore, you can't beat the market through "dumb" trading (especially arbitrage when you're paying high brokerage fees). Not unless you're just really lucky or know something other people don't, anyway.

High leverage such as that offered via online trading sites is just a quicker route to the poor house.

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