Making a living out of trading..
Depends on what your needs are. Would you need $50 or $100 or $500 etc income a day to make a living from?
How much time and dedication can you put in?
No you wont get rich in a few days. It does take time. Build up your capital/portfolio trade by trade and day by day. Trade with the mindset that it is going to take you 2 years to build up enough trading capital.
There is a difference between trading and gambling(taking a chance on a trade). Sometimes this can be a fine line. Crossing that line to taking a punt/taking a chance and you will lose for sure. Keep your cool, analyse then place a trade.
Cut your losses soon enough when you see a trade going against you. Let your winners run until such time to cash in.
Rather lose out on trade not take than lose on a gamble trade.
There are difference between trading and investing. FX markets are trading. I dont think one would make money just by "buy and hold" strategy on FX markets.
I dont trade FX markets. I only trade Indices and only at certain times of the day and only trade certain Indices. They are more predictable and more market/economy related.So you have some gauge which direction the market is heading.
Yes there is money to be made. It takes time, dedication and concentration. eyes on the screen and ears listening to CNBC and/or Bloomberg television.
If you go through a bad patch - stop trading for few days until you are "in sync" with the markets again.
Know that you will blow up your account before you succeed. Almost guaranteed. Refund again then blow it up again. That will be the pattern until you learn from your mistakes or until you are totally broke.
Until you acknowledge what you are doing wrong. What bad trade habits you have. Recognise them. Work on those. Work on them on demo account. Note your own trade pattern, weakness and mistakes you make while on demo account and work on them. Dont use demo account to see how much money you can make. Demo account is like Monopoly money. Overcome them otherwise you will never succeed.
There are hours and hours of training material on the internet. Use it.