Is Forex trading a viable source of income for a new trader?

I I am a rookie in forex trading. I just started learning the skill seriously. I have a lot of interest in forex trading, but i am not sure if it can be a good source of income. I have heard that it is only exceptional traders that make consistent profits from forex trading. Is it possible for an average trader to establish forex trading as a good source of income?

Trading is the easiest way to make hardest money, You will need a lot of discipline and practice with a good Strategy and Money management to make consistent profit in the long run. Start with a demo account or little money you can afford and don't risk more than 5% of your capital, so yes it is very possible to trade and main source of income. Goodluck.

Thank you so much. I appreciate your reply

I think it will take time to get there. What is your idea of an acceptable income? If you're looking to make a smaller amount, then it may not take as long to get there versus looking to make a few grand a month.

RasakiOnikoyi posted:
Trading is the easiest way to make hardest money, You will need a lot of discipline and practice with a good Strategy and Money management to make consistent profit in the long run. Start with a demo account or little money you can afford and don't risk more than 5% of your capital, so yes it is very possible to trade and main source of income. Goodluck.

the perfect money management is really expensive and found to be rare.

Rocfella posted:
I I am a rookie in forex trading. I just started learning the skill seriously. I have a lot of interest in forex trading, but i am not sure if it can be a good source of income. I have heard that it is only exceptional traders that make consistent profits from forex trading. Is it possible for an average trader to establish forex trading as a good source of income?

Logically, new traders need to focus on only their learning process; because money making is not an easy option here! If new traders try to make money here. then surely he/she will face a huge amount of damage of his/her trading balance!

It sure is, only if new traders create a good system after analysing the market and maintain doc-line towards their plan, nothing can stop them from making profit but it takes time. It can’t happen overnight which is why realistic expectations must be set. Start small, learn and then expand, that is when you will start earning. Be patient and wait for good rewards to pour in.

I won’t say so because I have not met a single trader in my life who started making money from the very beginning of his career. It takes time to make money to develop a market instinct. If you can’t keep patience, you can’t reach what you want to.

I think that forex trading is not a viable source of income for newcomers for several reasons.
Forex trading requires a significant amount of time and effort to be successful and newcomers are unlikely to have the time or patience to put in the work required.
Truth is forex trading is a very competitive field and newcomers are unlikely to be able to compete with experienced traders.

Its possible, as long as you believe in yourself.

Rocfella posted:
I I am a rookie in forex trading. I just started learning the skill seriously. I have a lot of interest in forex trading, but i am not sure if it can be a good source of income. I have heard that it is only exceptional traders that make consistent profits from forex trading. Is it possible for an average trader to establish forex trading as a good source of income? https://forexstore.com/wallstreet-2

Every trader can make money in different ways. And, of course, you can make money on it, of course, you can live on it! Probably, if you are asking if you can earn, you have already read about trading. If you don't understand anything about it, then I advise you to go and learn about trading. I think it is a great option to make more money. Just keep in mind that you will have to invest a decent amount of capital in this business. If you don't have much experience, the link above will help you figure it out. I hope this information has been helpful to you.