I'm new and have a question

I’ve been reading up and learning about forex trading for the last week or so and I have a good understanding of the path that faces me if I want to commit to eventually trading in real money.

Ok what i’m wondering is… is it worth it? I’ve read a lot of posts on this forum, and a lot of people say that most people fail at currency trading (90% if i read correctly).

I’m a software developer by trade, so doing research and reading and scanning charts won’t be a problem for me, but I’m hesitant to commit to something that won’t be worth my while in the end. I do realise that to succeed will take a lot of work, reading, research and perseverance… and I’m cool with that.

So can anyone enlighten me about whether it’s worth committing to currency trading? There are many ways to make money and I’d really like some idea if this is something that’s worth spending the time to learn the craft.

There are a lot of passive investment choices out there that could possibly earn around 10% interest per year, so the time and effort to dedicate to this must be much higher than that otherwise it wouldn’t be worth the effort.

So… i’d love some feedback from this community to give me some idea about its potential.

Me too, software developer, in a word, YES.

Forex trading can be very lucrative, you’ve come this far, you just got to give a shot, my mantra - keep it simple.

For me, I’ve approached this with the mindset that, for now, it’s my hobby.

I find it relaxing, and by keeping the timeframes of the charts you look at high, you can avoid getting stressed as the information becomes overloaded.

Don’t go too high though, or you’ll find the reverse happening and boredom forcing your hand!

Finding the balance is a personal thing and no-one can tell you how you will trade best, that’s something you need to find for yourself.

Just don’t go into it with a desire to gain everything all at once. Small steps, understanding of everything and a shed load of patience are key!

Its like any other money making venture, its only worth it if your good at it and the only way to find out if your good at it is to give it a try, just dont risk more than you can comfortably afford to lose.

There are a lot of people here in the same boat as you…so …[B]yes[/B]!! :slight_smile: :smiley: :wink:

Hi purple, I’ve been reading about your system over the last few days and I was thinking that might be a good place for me to start trying some things out.

Hi Tymen, I spent several hours a few days ago trying to get my head around your cat and mouse strategy. Obviously it’s way to early for me to hope to get an idea, but I tried to follow along to in some ways get a handle on the mindset that traders need to have. It’s been a very interesting read and thanks for taking the time to give this kind of info.

I’ll flag it though to come back to in 6 months or so where I’ll hopefully get even more out of it.

cordite, yeah I think that seems like a good approach, treat it a bit like a hobby for now, especially in the early stages and see how it goes from there. I guess at this stage I don’t lose anything and I’ll definitely learn some things on the way.

SDC, well here’s hoping that it’s something I’m good at… i guess I probably won’t know the answer to that question for at least 12 months.

I thought that was purplepatchforex’s strategy.

oops yeah you’re right… Tymen’s post was about perfect trending.