From the few articles of yours I've read your problem is that you are relying on Mechanical systems. Trading, particularly FX is highly psychological. With the attitude you express I am amazed you have lasted so long in the market.
It is as though you enter every trade with apprehension and fear. Contrary to your advice I train people locally to enter every trade with no expectations. Rather than seeking to "shoot the moon" help them to develop simple short term systems that provide consistency. Without an edge of consistency apphension flourishes.
I seriously suggeset you take a break from influencing others so as not to transmit your fears and apprehensions to them. Right now you are essentially endorsing that all traders have to do something else. That reduces their confidence in their own trading, as have you. Overall is that the message you really want to keep instilling in others?

Hi David.

Yes reading it back, my article did come across as being very negative.

I myself do not enter every trade with apprehension and fear. In fact I am always very confident about virtually every trade I enter, whether it's forex or stocks.

However I have seen so many people crash and burn over the years that I think it's important that people do not stake everything on forex trading. I particularly wouldn't recommend that people give up a full-time job to start trying to make a living from forex trading.

If you have more than one income coming in, then fair enough. You can trade the markets impartially and hopefully start making consistent profits. However if you need to make a certain amount of money every week, then you will inevitably start making bad trading decisions.

It was not my intention to put people off forex trading. There are some big profits to be made. I just think you are in a better position to do so if you have some degree of financial security, because you will always be in a more relaxed frame of mind and can make clearer and more rational trading decisions.

l was a victim of forex and l see genuine senses in what james said because when l was making some money from forex, felt on top of the world to the point to resign from my working place but within a week to my resignation l lost everything and l was totally devastated but l encourage myself to have multiple stream of income so if forex folk me up l will have something to fall back on and am now on IM traning

I agree it is a good long term financial strategy to diversify into several earning streams. However the financial markets for me will always be my main source of income. It is what I really enjoy doing. Infact I do not even regard it as work because I find it so enjoyable to do.
You rightly say that the markets change over time. I have never found this a real problem because I can adapt my systems to match any changes. Trading isn't easy or everyone would be doing it! Always remember people have been trading for thousands of years! I beleive there will always be markets to trade for some time to come!

Having multiply income, I see it nothing wrong better have backup than nothing. I'm following this site some times already and his article is not say negative, but he always cautions his reader think twice before really go full time on forex trading.It's maybe can save some Impulse peoples.

It's very interesting and coincidental stumbling across this article "Forex Trading - Why It Should Never Be Your Only Source Of Income." I am a chartered accountant by profession and in the last few years I've been totally bored of my profession and desperate for a career change. I was lucky enough to be made redundant 18 months ago and recently I've decided to learn forex trading. My only concern was whether it was actually possible to make a living out of it. But from recent articles including information on your website, I have discovered that it is indeed possible to make a living form forex and that leaves me very satisfied. Having other sources of income in the long-run is always a good idea but that advice is also applicable to people in permanent jobs because nothing is permanent these days, even permanent jobs!!!

Thanks for the comments guys.

Derek, I've got a degree in Accounting and Finance and could easily have ended up being an accountant. I spent more than two years applying for jobs without any success, so I too had a lucky escape in that respect. Many of my friends that I went to uni with are bored senseless with their jobs, as you describe.

Hi James,

I do agree to have some other business a side of full time forex trading. I tread forex as my main or core business in order for all the effort and focus will be channel into continuous improvement of my forex trading. Forex is just a matter of continuous learning and improving. It is a good idea to kill two birds with one stone but mot probably you are going to miss it.

Happy trading!!!

I don't know if there was something wrong at my end but I've not been able to get onto this website for weeks, I actually thought maybe it had closed down. Unfortunately this topic I'm sure is out-dated and exhausted by now but I was very interested in the comments. I am particularly interested in hearing more from Frank Page and James Woolley who are full-time traders. As a newbie, it's important to speak to people who are already in it.

Where I can find a trader to manage my account?
tried my account many times but I've only lost money, anyone knows a good trader who manege my account please?