Sounds like you certainly had your priorities in order, a pint of bitter, then a meal for two, and back home in time for trading! Ā£5.00 for a meal, that wont even cover a 15 minute Train journey home! How prices have changedā¦I still find it hard to believe that back in the āold daysā you could buy a house for Ā£1,000
Lol I know, the thing is I graduated in 1996 and am āonlyā 38, yet some of the prices I could quote from then make me sound like I must remember the war! A āmeat curryā (!) in my local restaurant was Ā£2.40, the veggie curry (my then girlfriend, now wife, was a cheap date lol) was Ā£1.80!! With free tap water. Being a high roller (I must have sensed trading in my future) I used to leave an 80p tip (which to be fair was nearly 20%) and just leave a Ā£5 note. Happy days.
Be sure your trading profits can handle your expenses before you consider making the switch. Where the be sure part is based on atleast a year of consistent profitability
To make Forex your carrier is something that can be done. Many traders around actually trade to earn money and it is possible to do. However, you should know whether YOU are prepare to face it and live on Forex. There are who can do it because they know and understand what the market is all about. So do you think you know Forex completely and can depend on it for living??
My opinion is that nothing in life should be done halfarsed. I canāt imagine that anyone who calls himself a trader can afford to work something completely different from 9 to 5, when he or she should be constantly keeping his eye and mind on the charts and fundamentalsā¦Maybe some people figure gambling can be a hobby and same can apply to Forex too. It can, but I presume nothing will come out of itā¦Give yourself an intensive year of learning and at the same trading and if you see that you can really do it successfully, then thatās it, you donāt have to move onā¦What do you think?!
I think Iād have to disagree with you on that. One of the professional traders that I respect a ton, Ray Barros, said in an interview that he didnāt become profitable for if I remember correctly 4 or 5 years. I agree things shouldnāt be done half assed but I donāt think doing something part time means youāre doing it half assed. Right now I work full time during the day, go to part time classes at university AND still trade with good profitability. I believe you just need to know firstly to manage your time properly and how much work you can do.
Though obviously my goal is to have trading as my sole income but I think people can do both things if they tailor their trading style to how much time they have.
i agree. not a lot of people can afford to go into full time trading immediately.
part time does not immediately equate to āhalf assedā. itās more about productivity and time efficiencyā¦ and how much and how efficiently you absorb along the way
I graduated in '96, just before mobile 'phones, and suddenly it feels like the dark ages lol. But yes, there was one pub that did bitter at 70p a pint every day, usually it was 90p-Ā£1.10 in other places. This was Leeds. Duty etc has made prices shoot up in the past few years - itās Ā£3.20 a pint in my local, now, and thatās Derbyshire not London.
A pint on average around the uni was about Ā£3, on campus at the SU and on student nights elsewhere itād be around Ā£1.60 give or take a few pennies. Back home down south iāll be lucky to see a nugget change from a fiver in a lot of places Only going to go up by the looks of things too.
Whoaa, its a great learning experience reading all the posts and the insights of these sensibly smart people offered hereā¦ by understanding the POVs and weigh each thought shared hereā¦is making me better and betterā¦by the timeā¦
Long shot for anyone - Iām sure you know the stats, 90%+ failā¦
If you are are just starting out, make that closer to 99.99999% chance you will fail. trading takes thousands of hours of screen time along with analysis to gain an edge.
Forex is a good way to start though because it will give you an opportunity to get your feet wet with a relatively small capital outlay. Unfortunately, I trade futures but if I was new to the game, i would start with FX.
Best advice I can give (IMHO) paper trade for a bit and backtest to see if your strategies have potential. If you feel comfortable, go live only with $$ you are ready to loseā¦ think of it as an education and everyone must pay their tuition
No Idea in your country, just google brokers and their reviews. Elite Trader or Trade 2 Win are a couple of good sources of info.
Word for word! And if Newbies donāt know what "paper trading " means , itās just another (older) term for trading on a demo acct.
Btw buddy, why did you switch to futuresā¦Was it to avoid market makers or something elseā¦