the forex exchange and the stock markets , or is it only tales that we hear about people making money out of this ?! i am not actualy after making a fortune, i just want to make a living out of it, is that possible? please advise.
2006-09-04 20:00:18 · 7 answers · asked by Й†ćĶ 2 in Business & Finance ➔ Investing
I just now answered a similar question, and will copy parts of it here.
I've traded the stock index futures and options for about 15 years, but it has become so volitile and technologically driven, that I no longer know what's going on. The constant whipsaws drive me nuts, and there's rarely a trend.
I switched over to Forex several months ago, and am doing well. Last month my account was up 41%, and the month before it was up 40%. What I'm doing is fairly consistent, but I work long hours and rarely do I get a full night's sleep. I get up at 2:00 am to trade the London open, and sometimes, like this morning, it is all for nothing. But I must be back up and at 'em at 7:00 am for the US and Canadian open.
The other question asked whether it is better to be a trader or an investor. My answer to that question follows:
What's "better" depends on the person and many factors. Some people can't handle the stress of trading, equivalent to that of an air-traffic controller.
Being a trader requires a firm committment to continuous study and learning and implementing new ideas. It is not a job that you work at for money; you will tire easily, lose interest and money, and quit. It requires a passion for the process of trading. It also requires a large monetary investment into high-tech hardware and software trading platforms and intraday data services.
As an investor, you can look at your investments after your day job, end-of-day, or end-of-week on the weekend. This is not a big committment in time or money or equipment, and leaves lots of time left over for study and analysis and your family. This is the "better" solution for most people.
Every successful trader I've ever known or read about, they trade because they couldn't possibly do anything else. They are drawn to it, driven by it, live it, sleep with it, and eat their meals in front of it. A full-time trader is a special breed, cut out for this purpose. Like a musician or a painter, we are not better than anyone else, just different. Personally, what I lack in intelligence, I make up for with hard work and long hours.
Without passion for the work and the process, it is nearly impossible to master. The 80% or 90% of the people that blow out of trading, were probably never meant to be traders. They were attracted to it by the money, and since they were successful at other things, they presumed success at trading also. Doctors and lawyers are the worst traders out there, because they are used to being in control. Nobody controls the markets, no matter how hard they mistakenly try. There are many psychological hurdles to overcome in trading. The books say that trading is about 50% psychological; I think it is more. You will have to check your ego at the door, wrestle with fear, and harness and strangle hope and worry.
There is a lot to be learned from trading by investors. Many of these same methods and processes can be applied to longer-term investing, especially the psycholoical factors and risk strategies and money management and entry strategies. But before you go risking your life's savings, try to determine first if you're really cut out for short-term trading.
2006-09-04 20:12:50 · answer #1 · answered by dredude52 6 · 1⤊ 0⤋
perhaps you can try forex. which is also excellent way for you to invest.
The FOREX or Foreign Exchange market is the largest financial market in the world, with an volume of more than $1.5 trillion daily, dealing in currencies. Unlike other financial markets, the Forex market has no physical location, no central exchange. It operates through an electronic network of banks, corporations and individuals trading one currency for another.
try forex from here:
http://www.bernanke.cn/easy-forex/
Good Luck && Wish you make a fortune!
2006-09-05 23:54:56 · answer #2 · answered by stock_trade_expert 3 · 0⤊ 0⤋
Yep i make a certain amount doing forex and sharetrading. It isn't mere due to luck as many people put it, more hard work and trial and error is needed to help you learn the flow of the forex market. Here are some websites that may help you if you want to learn more about forex trading.
2006-09-05 04:48:29 · answer #3 · answered by Dreamer 3 · 0⤊ 0⤋
Yes you can certainly make a living by day trading..
if you lookin at makin a decent money like $7-$12k, then its feasible... but if you looking to make like 100k a month.. then too an extent I would say its a hoax...
btw am a professional day trader..
and I mentor new traders in my free time to make some extra bucks... especially in off seasons like this... when the earning season have gone...
Let me know if you would be interested in learning day trading...
Have a nice day
kgirishraman@yahoo.com
http://us.geocities.com/kgirishraman/index.html
2006-09-05 07:04:51 · answer #4 · answered by kgirishraman 3 · 0⤊ 0⤋
Learn about forex trading at -
http://the-forex-trading.blogspot.com
2006-09-06 20:03:38 · answer #5 · answered by rahul 3 · 0⤊ 0⤋
I do make my living from my investments, not trading. It is my only source of income and has been from about 10 years.
2006-09-05 05:05:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I have a friend who is a prostitute. She does quite well.
2006-09-05 03:04:10 · answer #7 · answered by eugjoh 2 · 0⤊ 2⤋