I would be thankful if some one provide me his/her personal experience about forex trading, particularly in Range trading.

Answer
Earning a living with Forex is dependent on three factors. First, your starting account balance. Second, your actual performance level. And third, your living requirements.

If you are opening an account with $500...the answer is no...you will not be able to make a living at Forex. Even $1000, $5000, $10,000 or $25,000 would not be enough of an initial account size to make a comfortable living in the Forex market.

The next area of importance is your skill as a Forex trader or the effectiveness of the strategy that you follow. If you are a 50/50 trader and win on half of your trades and lose the other half you cannot make a living at Forex. If you have the time, the patience, the discipline and the knowledge to make at least 20 pips in 4 out of 5 days of daily trading you may have a good shot at making a living from the Forex market.

I also personally know quite a few conservative Forex hedge traders that consistently make over 8% return per month.

Here is where things get interesting. Let's say that you have an account of $100,000. If you were to earn over 8% per month and only draw off 4% ($4000) per month you may be able to live quite comfortably with that income level. And your account balance would continue to grow, more than doubling every 18 months.

So I guess a good goal would be accumulate an investment amount of $100,000 before deciding to simply live off of your Forex investment. It is amazing to me how many people are working very hard while they have well over $100,000 sitting in CDs, money market accounts and mutual funds earning only 3% to 10% per YEAR.

The final point to keep in mind is to decide if you want to spend the bulk of your time sitting in front of the computer day trading, or you want to go through the stress of hoping that you guess the news releases correctly as a fundamentals trader. Or would you prefer to be a conservative Forex hedge trader spending about 30 minutes a week to manage an account of any size.

I wish you well and I hope that you can soon realize your goal of generating a comfortable living through Forex trading.

paul

What to buy: Forex or Stock indexes?

I think the Stock indexes are perfect choice. Even Warren Buffet once said that: "in stocks you can easily predict the price, but its not like that when it comes to Forex".
I am not a trader professional, but within the past several months when I use simulators, I found it almost impossible to earn good money with forex. But how about Stock indexes (Like Dos Jones and Nasdaq 100 ,QQQQ...)? Well only for the last night according to the simulator I have won several thousends pips (by trading nasdaq 100, spi 200 and dow jones). You can now judge which one is better :)... whether forex or stock indexes.

Thaks

Answer
Man, you are right about the forex market, so hard to predict. Simulators are not handy forex tools for novices because the trader still has to know much of what he is doing. There is one major difference that separates the forex and stock indexes, a couple trillion dollars. Though, the waters are too deep for many, the forex market is definitely the way to go. I have been trading the forex successfully for the past seven months, the returns have been phenomenal. It doesn't get any better than earning daily interest on four hundred times my money. I would love to mentor and share more about what I have learned trading in the forex market. Drop me an email!

Best Regards

Chris