How much in USD , at the most and at least can one make from FOREX business in a week?
Dee asked:
I want to know how lucrative FOREX business is: AT LEAST, how much can one expect to make in a week through FOREX business if he works say 6 hours per day for seven days? How much AT MOST can he make in one week, working for same number of hours and days?
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I want to know how lucrative FOREX business is: AT LEAST, how much can one expect to make in a week through FOREX business if he works say 6 hours per day for seven days? How much AT MOST can he make in one week, working for same number of hours and days?
April 16th, 2009 at 4:03 am
Speaking as someone who dabbled in forex markets, the potential profit is unlimited but in most probability you will make nothing, that is how forex brokers make there money.
Forex with anything less than $2000 will more than likely rely heavily on leverage and this will almost certainly destroy and profitability.
This doesn’t not take into account that even with no leverage it is next to impossible to predict the ebbs and tides of the currency markets there are far too many factors involved.
All these factors lead to the prospect of using forex as a business highly unlikely to be successful, despite what those hired by the brokers will tell you on their sites.
If you must try, bare in mind that leverage is what will destroy any profit, so avoid it like the plagueand above all resist the urge to treat it like gambling, or it will become just that.
April 16th, 2009 at 6:40 am
The possible income and the potential losses are directly related to the amount of money you are trading with.
If you trade with a million dollars and use a 1:100 leverage. Then you could make $10 million in a week. But you could also loose this much, depending on how your trading goes.
And if you loose $10 million. Then you will end up $9 million in debt. Because you’ve started only with $1 million of your own money. And the rest was borrowed money.
April 19th, 2009 at 1:58 pm
I’ve seen statistics that say that 9 out of 10 people lose all their money.
April 20th, 2009 at 7:40 am
Well here is my take on what is possible and what is probable in trading the forex market. I have been trading for 5 years now, and make a very nice living. You first need to be educated, and that can take up to a couple years depending on where you go, but once you know what you are doing, it is not unheard of to see consistently profitable months around 10% or higher, just going from experience, so It does matter what you are starting with, “You have to have money to make money”
If you do not practice very good money management then you can lose as much or more, But the forex market will not generally let you lose more than you have in an account, so the “nine million in debt” comment above is not true. The forex market allows you to be in control of exactly what you are willing to risk in every trade, because of the phenomenal liquidity of the market itself.
Your question is difficult to give a straight answer to because there are a lot of variables, but I do have many students that consistently see returns above 10% per month.
Good luck,
Jared Passey