-is there anyone here that knows any master degree that focuses on currency trade -forex- ?
-probably a master in finance yes, but one in particular that focuses more on currency trade above th other subjects?
thanks a lot
hi..i am doing the same..i have a bit of capital and planning to start on my own..looking for a trading partner..anyone interested?
Hi I am also trying the same. As of now I am going through all the chapters in School of pipsology
of this site. Hopefully I will complete all chapters in a months time. After that I will open the free demo account & further test my own knowledge.
Simple answer: NEVER!!! The opportunity cost of becoming a full time trader is WAY TOO HIGH!!! You will spend years till you become good at trading (strating from your very first day of demo trading). I'd say 5-8 years until you become comfortable and confident enough to quit your full time job and become a full time trader.
Now think what you could be doing for the 5-8 years if you were not doing forex. You could be spending your time developing a REAL business plan very thoroughly and start your own business
opportunity cost is too high? sure, but tell that to serious (talented) athletes and musicians, or anyone serious in his or her endeavor. do you think they will quit what they are doing because the opp. cost is too high?
you also forget that trading is a business in and of itself. in fact, it is much much better than any other business, once you get successful in it. no employees, but you HAVE leverage. with or without significant capital, you can succeed.
Other businesses may or may not be better, and surely they are not necessarily 'less risk or more profit' than trading.
regarding making a living.... you also forget that not everyone in the world needs $80k to $150k a year, or even $300k a year, to make a living. cost of living greatly varies from country to country.
And I was just going to walk on by till I saw this reply...
Originally Posted by TrickShady
Simple answer: NEVER!!! The opportunity cost of becoming a full time trader is WAY TOO HIGH!!! You will spend years till you become good at trading (strating from your very first day of demo trading). I'd say 5-8 years until you become comfortable and confident enough to quit your full time job and become a full time trader. And at first you won't even make much money, only enough to support yourself. Getting rich off forex? - impossible! If you are lucky you will make 80000-150000 a year after 10 years of real trading MAYBE! And not to forget the ridiculous psychological stress you will have every single day!
Now think what you could be doing for the 5-8 years if you were not doing forex. You could be spending your time developing a REAL business plan very thoroughly and start your own business, which would be less riskier and bring you much more money. Within the same time you can easily be making 300000+ a year and enjoying life!
I'm wondering what TrickShady is even doing here, since (s)he has such a shabby view of trading. Perhaps (s)he is being "tricky" and trying to discourage people under the illusion that (s)he is going to "save them in the long run."
I have put in a few years to the forex markets, but I have had a life outside of trading, and I do work a full time job as well. What is interesting now, is that my trading activities are gaining my account an almost equivalent to what I earn in my day job salary. I'm not there yet, but I am looking forwards to the time when I will be able to earn way more money trading then I could in the current company for which I work. The irony is that I will be working less hours to make more money. How can that possibly do anything but improve my quality of life? More time to travel, more time with the significant other, and more time with the family when that comes along. As for trading being boring, hell, I argue the opposite, trading makes my day job look boring and something for the dull-witted to toil at for 8/9 hours a day. Trading is not for sheep, mind you, it is a full contact sport.
Yes, the OP is banned, yes the question was asked in 2006 (or whenever), but this is still a valid question and always will be.
I am full time forex trader since 2009, I love this business of trading. Is businees of informations. You need take decision, that for all you success or failer you are 100% responsibility (not your broker or walking cat on keyboard) . I think they are 3 parts of happy trading: discipline, money managment and writing trading plan! you need have algorithm for all stuff for entry, for exit, for holding positions for be flat and don't trade. You got no boss, no employee and freedom. But you need look out for R:R this is key runs your profit and cut your loss. I am making in average about 2000 euro per month sometime more sometimes less, I am trading from 6 a.m. 10 p.m. CET and only one pair. Most time waiting for trading signal patience and btw here on this site babypips you got all info what you need to be superstar forex trader, <3 babypips
poojafx only for your info trade close, if I can give you best advice dont seach for any signal services they are for 99% scam, and try make your own trading system, here on babypips is really great blog, just follow pipsurfer or take a look on youtube on his chanell, he explain very good all details So You've Finished The School Of Pipsology...Now What? | Forex Blog: Pip My System hope that will help, good luck