Am I dreaming or is it really possible to earn 5,000 dollars a month online?
By bulastika
@bulastika (5966)
Philippines
January 27, 2013 7:08pm CST
Right now I'm doing forex trading and I do earn 50 to 100 dollars a month. I know its a small amount. But since I see my earnings growing on average every month. I just feel that after few years I can actually earn about 5,000 dollars a month. But of course I need to have big capital also.
Same time right now I just want to put my feet on the ground. I don't know if I'm just dreaming or if I can really achieve my 5,000 dollars a month goal profit in forex trading.
2 people like this
20 responses
@JARRMAN (103)
• Germany
28 Jan 13
Hi there!
What do you need to know about forex trading? If you want to learn the basics then I have a very good suggestion for you: everestforex.com
They have a very good learning course with a simulator where you can get $100 starting funds if completed. You won't need too much time to learn the basics...I learned it within an hours. I am not a good learner and I wasn't really confident to enter a trade so I would recommend you to try out a demo account with a broker first just to get the gist of trading.
I would love to be your mentor but I am still a freshman :P so I would suggest you to go to these sites for learning strategies, analytics, expert advisors and indicators: babypips.com and dailyfx.com
There are tons of other sites to learn forex trading and to get current analytics and tips for the various markets you just need to search for them. And if you want to join a broker you need to know which broker operates in india or is open for your country to join and if the broker has a so called "no deposit bonus" so you don't have to use your own money as starting funds. The thing with those sites is that mostly you won't be able to withdraw those bonuses but you will be able to take any profit you earn with your trades.
I hope this helps a bit...
Happy learning and happy trading!
Best regards
JARR
@rajendraingale (289)
• Estado De Mexico, Mexico
28 Jan 13
HELLO THERE,
I was reading all the comments on this discussion and i stopped by yours as to know how do you really feel you can reach that target.Well as you do forex trading,can you explain me something about it,as i am not that aware of forex trading. As I have some knowledge of mutual funds and have already invested in it.
I would really appreciate if you could help me understand forex trading.I am from india and presently in Bahrain for my job purpose.
Hope to read soon from you .
Take care
Raj
@rajendraingale (289)
• Estado De Mexico, Mexico
28 Jan 13
hello friend,
Thanks for such an important suggestion,I would love to go ahead and learn this but as a matter of fact as per the reserve bank of india guideline and act forex trading in illegal in india but i've seen many guys doing it.It really puts me into confusion how can they do it when its illegal.there are some traders and brokers too who do it in india.
As of now i am in bahrain,I was wondering if I can start it from here. I would really go to the website suggested by you to learn it.
AS you are from germany,it must be legal for trading on foreign curriencies,but here in india its not and still its under regular practice,wonder how..?
please suggest me something more
regards
raj
@de_toya (2429)
• Indonesia
25 Feb 13
@Jlyn : you can check whether Forex site legit or not at CFTC, NFA or FSA.
Here is the link:
CFTC: http://www.cftc.gov/MarketReports/FinancialDataforFCMs/fcmdata0112
NFA : http://www.nfa.futures.org/basicnet/
FSA : http://www.fsa.gov.uk/fsaregister
If the Forex site regulated, your money will be save even if the broker bankrupt.
@Archie0 (5652)
•
28 Jan 13
Forex can be challenging If you are really very good in market predictions i think you will always do well in it. But if you are a beginner it is better to start at low and slow. My friend does Forex and he has been asking me to do it as well. Recently he earned $900 and he was very happy. But he has claimed in his initial stage he had suffered a $300 loss as well. So it also depends on luck and experience. I am soon going to try my luck on it.
@rajendraingale (289)
• Estado De Mexico, Mexico
28 Jan 13
hello Archie,
I have been reading about Forex trading whole day long,just to understand what's exactly the concept behind it. Later I came to know that it's illegal in India,But still its under regular practices under traders and brokers.
Is it possible for us to do Forex trading when you are out of India.? How well do you know about Forex trading practices.?
Advice me with some tips to start with.
take care
Raj
@jaiho2009 (39141)
• Philippines
28 Jan 13
I saw this forex trading and open their site.
I received calls from their customer care and they send me emails but still I can't get out the feelings of doubt.
How long since you joined this site?
Have you ever encountered other members from this site and what are their feedbacks?
How much guarantee is there to hold on that this site won't turn into scam one day?
@de_toya (2429)
• Indonesia
25 Feb 13
Beware of this kind of site. Good Forex site won't never calls their prospective customers actively. They may a scam site. If you want to trade (I prefer use the term "trade" instead of "investment") Forex online, you have to check out if the site is regulated by CFTC and NFA for Forex in USA and FSA for UK. If they are registered in CFTC, NFA or FSA, the they won't be scam. Your money will be save.
Before trade in real money, you can learn Forex online and practise it using virtual money. Every Forex site provide demo account facility for free training. Nothing different live trading and demo trading except for the money. In addition, execution in live trading little bit slower than demo account because real market involved in live trading.
@jaiho2009 (39141)
• Philippines
28 Jan 13
I am also having doubts upon talking one of their agent.
I ask if they have an office here in our country since this company (forex) is based somewhere in the US (I forgot)
What made me back out is when I came to know that they need my Visa card/credit card info- I stopped filling up the form and close the site.
@jagjit273 (1754)
• India
28 Jan 13
Forex trading is a risky buisness. Thats what i think. You did the right thing joe. Its better to have less than to risk for big.
@Admin1993 (628)
• India
28 Jan 13
Nothing is impossibe.It's possible to reach your goal as per your expectations if you work hard.
Good to hear that,you're earning 50-100$/month but i wonder what is forex trading,is it like selling goods and such.
@vandana7 (99983)
• India
28 Jan 13
No...it is like gambling on foreign currency's movement...so if dollar is 53 today ...you can bet it would be 52 in an hour ..and if it goes there, you get a decent sum. It is quite risky...unless you spend hours learning the tricks of the trade...it is more risky than stock markets, but if you learn how to play it right, it is more rewarding as well.
@de_toya (2429)
• Indonesia
25 Feb 13
Forex is legal and it is not gambling. Forex is Foreign Exchange and this is something normally happen in our real live. If we are live in USA, we use US$ but if we go a board, India for example, we have to exchange our US$ into Rupee. Or if we go to London, we have to exchange our US$ into Poundsterling. There is some kind a rate apply. We can't use US$ to buy goods in London because US$ is not currency in England. This is called Foreign exchange or abbreviated Forex. This is Legal in every country, don't you have ever found Money Changer in your country? This is kind of Forex.
Since internet are developed, know we can trade Forex online. We can easily trade Forex even at your home. Many people trade Forex for their living known as trading for living. They trade at home and make $3,000 - $5,000 monthly. It's sufficient money for living.
Forex is not gambling. If you trade Forex like a gambler, you will lose. Even if you have big capital. Forex can be analyzed. We can analyze currencies movement. Technical analysis and Fundamental analysis are two kind of the Forex analysis. Technical analysis use the history of currencies movement in the past to predict the future and Fundamental analysis use news and issues is such country to predict currencies movement.
I hope my comment will be useful for you
@rajendraingale (289)
• Estado De Mexico, Mexico
31 Jan 13
@ vandana7,
hello ,
I was curious to know what exactly is forex trading and how it works.for sure it is not "like" gambling,but it is gambling itself.Also I checked weather it is legal to do trading in India and i came to know that its illegal,Still there are brokers and traders who do it and has also opened a small firm which does it.
There are some forums and blogs which has both the opinions like positive and negative,But wondering if an Indian national can do it online from other country,Like me ,I am in Bahrain and if i want to trade online will that be legal..?
I am not sure weather you have enough knowledge about this,but this is just a question out of curiosity.
Raj
@chiyosan (30184)
• Philippines
28 Jan 13
oh no i think that is really not possible with online earnings... depends though on the time. I think forex is good but if you knew all about trading and stuffs. its rather a very tricky business and you can play with it, but if you invest too much without calculations you can lose a lot as well.
@de_toya (2429)
• Indonesia
25 Feb 13
That's good if you can make $50 - $100 profit every month constantly. Trading in Forex is not easy. It is high risk high return trading. You may make $100 a day and lose your all capital in a day or just in few hours.
Presently, I am learning about forex online. I have just lose $100. I knew, 100 bucks initial margin is not recommended if we trade in mini account. Even though for some broker allow us open mini account less than $100 but the best initial margin for the mini account trading is $250 - $300.
The big mistake I made was never set stop loss. I forget about money management. I don't steady in forex psychology and I don't have good trading system yet. Well, Experiences teach us, I won't give up. I will keep on trading.
About your dream, I think you can make it. As long as you stay with your trading system which always profitable. If you can increase your capital until $10,000 so you can trade using standard lot. You just have to take 25 pips a day to make your $5,000 monthly. However, it's hard to make profit everyday, sometimes you may lose. Or maybe you have good profit loss ratio? 90 : 10 ? or 80 : 20 ? May you share here?
@jenny1015 (13366)
• Philippines
28 Jan 13
Well, maybe that is possible if you invest more and you gain a lot of referrals on that site.
@ap0calyptic (921)
• Slovenia
28 Jan 13
forex is risky and even if you have capital to invest you usually get less than u invest.i think its not worth it.
@kristiane (112)
• Philippines
28 Jan 13
Earning $5,000 is almost a dream but it can it be possible especially for those who can risk high amount and can spend much time online. May I know how much is your investment in forex to earn $50-$100 a month. It quite interesting to know that you're earning good amount from forex.
@skyandgrassplot (1497)
• China
28 Jan 13
If you just earn your online income by working,then achieve you goal will be very hard,but if you do some online business such as ebay and amonzon,then I think it will be easy.
@heaytheblogger (2876)
• Philippines
28 Jan 13
Such investment site is a good way in earning a decent amount through online programs. However, one should also expect that it’s quite hard to reach a high number of earnings though it is possible but it does needs an ample amount of time and most of all investment.
Though such is risky, if I were on such program, I would rather invest a little than regretting pulling of a huge chunk of amount and then have a little money back on your earnings.
@Hence27 (450)
• India
28 Jan 13
I don't know nothing about online forex trading.I also trade,but offline.
Yes,through online jobs,we can also earn that much of amount by making website of our own or blog and a like.But it needs patience.
I too want to learn about this type of online trading.
@creationhub (3066)
• Malaysia
28 Jan 13
I plan to start going into forex trading some time next year. Not too big account but like you, a hundred to five hundred a month would sound cool to me.
There seems to be many forex trading sites around. I think it is not so much the sites but rather how we fare in our trades.
@Lucky12 (767)
• United States
28 Jan 13
Nothing is impossible it will just take a lot of time and determination. I have to say that if you commit to making money online then you can make as much as you want. Most of the money for some come from investing and having their own business which I am about to do, so you know it just takes a lot of time and a lot of determination to make sure that you are on the right track. I wish you the best of luck and I hope that you make what you are wanting to make online. :)
@Jlyn10 (11965)
• Malaysia
28 Jan 13
Maybe you can achieve $5,000 a month in forex trading. But I still think that doing an online business would get you that far.
@AkamaruKei (5219)
• Malaysia
28 Jan 13
Bulastika may i know what forex site you join? Is that Instaforex? I think it is not imposibble you can earn $5000 per month from forex site. I dont know much about forex but from what i know it is a place for currency market which is the market where one currency is traded for another.