What do your family think about your forex trading?
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  1. #1
    Join Date
    Jun 2012
    Posts
    287

    Default What do your family think about your forex trading?

    Do they know you do it, are they comfatable with it? I'm 22 and still live at home, im looking at hopefully in 2013 to become self employed trading from home however i do not have the support which i would like from my family. My father is neither one way or the other and doesnt really have much of an opinion on it, where as my mother is dead against it, she has never liked investing or anything which involves any risk and is not in support of me trading. So for me i kind of have to motivate myself which is of course the money side of things which keeps me wanting to trade!, to hope that one day i can trade for a living and make thousands of pounds a week doing so.

    So how does your family affect your trading? are they good with it? do they support you?

  2. #2
    IdeFX Guest
    As long as you act like you are going to follow the standard lifepath, they all will see it as a hobby. Until you hit your target. Just don't talk about it.

    My family didn't understand it and couldn't believe that it is possible. But because I said it they didn't call me grazy, appaerently I impressed them in the past. I don't talk about it with them. They are hardly capable to have an opinion about it and they are grown up with the standard paradigm: "Investing is evil!". Now things changed and they ask about it often and they brag on my behalf to their friends...

    Be the wise one, let the people who want to know about it, know about it. Let the rest sleep until it is time to wake them up...

    And keeping to yourself may be better as well, as that saves you to be ashamed when you were not able to become a full time trader. So best of both worlds -> Sssshhhttt....
    Last edited by IdeFX; 11-30-2012 at 12:03 PM.

  3. #3
    Join Date
    Nov 2012
    Posts
    6
    When I have said to my parents about Forex trading they have told me not to trade in Forex. But a little while when I said them about the advantages and disadvantages of Forex they become agree with me to trade in Forex.

  4. #4
    Join Date
    Sep 2010
    Location
    Trades are like buses, there is always another one around the corner
    Posts
    2,285
    Hey ForexNewbie1,

    It turns out that I’m in a similar position to you, although my mind has already been made. I’m 24 now, and started learning at around the age of 19. Even though I’m at university now I know that trading is what “floats my boat” and I feel comfortable taking the risk as a career choice. To try and make the best of a bad situation you must remember that we, you and I, are young. We have time to recover, and time to move on if trading does not work out to plan. Time is the most important element to trading, and also for that of building a career. So you’re in the right place at the right time for now. Don’t let that put you off.

    My family, or rather mum and brother as my dad past away when I was younger never really knew about my interest in trading. They knew I was reading into it and that was about it. It was not until two years down the line did they see my constant interest in the area. I would go out of my way to attend seminars (which at the time I thought were amazing – although now I can see straight through them as a sales pitch). I also used to spend a lot of time at the PC learning how to develop charting skills. I personally think it was at this point which I did not even have to tell my family “trading is what I want to do” – they could already see it for themselves. You could also benefit from showing your family your determination and motivation in this area, I’m sure at the end of the day they are just looking out for you, natural behaviour for any parents.

    But, you will need to make the choice yourself, and you will have to stick to your guns so to speak. Trading requires a clear head and an even clearer mind-set. If you’re going to try and take on one of the toughest career choices possible you cannot be thinking about what your mum or dad are thinking back home. Life is life, and people will always have their own opinion of what should and shouldn’t be done. But your choice is your own.

    Recently I came out of a long term relationship; one of her reasons was that she thought I had no direction career wise. Just because I wasn’t taking the common route of working for a known company, or applying for work experience it was seen as perhaps not being proactive. But, as I said above, I made my choice and I’m sticking with it. People will always frown over trading as it’s getting more and more publicity as an analogy of a Casino – with reckless random speculation. What parent wants their children entering that career path? (although, if the truth be told, they probably don’t understand trading enough to make a quantified judgment)…

    The choice is yours, you can’t please everyone, and sacrifices need to be made in any career choice. The most important factor to consider though is your age. You have time to recover from mistakes that could have been made – you have no family of your own….It could be a lot worse!

    Jezz

    I can accept failure, but I cant accept the regret of not trying
    Last edited by RISKonFX; 11-30-2012 at 01:29 PM.

  5. #5
    Join Date
    Jul 2012
    Location
    Inverness, Scotland - UK
    Posts
    638
    People fear what they don't understand & I think that it's safe to say that most people don't understand Forex. So unfortunately negative attitudes (& bewildered facial expressions) come with the territory.

    If you're giving your parents the impression that you're going to be rolling in mon£y in the next couple of years then they're right to have their doubts & not be as supportive as you'd like them to be. Same goes if you're expecting them to finance any of your trading.

    However if you are being realistic with your expectations & can be seen to be putting in the hours (trading & leaning) then I would say that you DO deserve the support.

    I'm new to this & although my wife isn't interested in the slightest, she's happy for me to experiment. I'm sensible with our mon£y, my expectations are reasonable & I spend my days off trading & almost every night after work reading stuff online to further my learning. She knows that we're talking years before getting proper results so she just keeps out of it & I'll just plod along, doing my thing & when I deem myself "successful", boy will she know about it then!!!

    You've got to believe that you'll make it as a trader & you've just got to persevere. Even when you fail, change things & try again. "The reason that we fall down is so that we learn how to pick ourselves back up again".

    Good luck with it all.
    Last edited by baz1982; 11-30-2012 at 06:28 PM.

  6. #6
    Join Date
    Jun 2011
    Posts
    182
    My other half hates it, she's always moaning that i don't know how to make money, "I'm not the type" (70% up in 9 months!)
    and that I spend a lot of time on my PC after work, "that's just lazy!!!!"
    when I do tell her I made some cash, she just want's to spend it, I try to explain compounding but she calls me selfish!!!!
    and shouts a lot..... Happy days,

    However, as that's a brick wall of support, I tell my mum how it's going.
    she's encouraging but thinks its a bit immoral selling short!!!!

  7. #7
    Join Date
    Jun 2012
    Posts
    287
    Thanks for the replies guys, some insightful comments

  8. #8
    Join Date
    Apr 2012
    Posts
    383
    22 years old? HERRRA young! (like me) I hope you are enrolled in college or just finished college because I believe everyone needs a fall back.
    My family wasn't so supportive of it. They think of it as gambling in some way. However, my brothers, on their spare time, invest in the stock market so my mother and father have been acceptable about investing (just as long as we are profiting!). If you do believe this is your calling, I say fail, fail, fail, fail at it over and over again. You'll collect so much information. That is why you paper trade! Practice makes perfect and succeed from your failures!

  9. #9
    Join Date
    Oct 2011
    Posts
    1,183
    Frankly, my whole family thought I was nuts and that was way before I started making any $$ in this market. Remember why you got into trading and ask yourself, if you are committed to it. And if it is a resounding yes, then go ahead with it.
    It would be great if everyone was in your corner or at least understands what you do..but forex trading is a specialized market and yes, it is risky at best. So don't try to convince everyone but just retrospect on what you are doing and that's it.

  10. #10
    Join Date
    Mar 2011
    Location
    Laguna Beach & Washington DC
    Posts
    104
    What worthwhile thing is not risky? Risky argument is moot and pointless really. Do what you feel passionate about. Life is mostly miserable enough so at least find couple of things you want to do and do it.

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