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

Is it true that only 5% of the people trading FOREX make money?

Answer
I've heard the same statistics.

However, I've been working with a Practice Account for the last 30+ days. I've used 8 pips = $ 8000.00 as my trading number per trade. For the last 30 days I'm up $ 10,000.

The important rule is to ALWAYS place a stop/ loss order, insuring your don't loose " the farm ". Use the indicators for your decision and stay out when the market does not indicate what direction it is taking.