Hey everyone! New kid on the block & anxious to learn. My name is Anthony & I am a 20 year old Computer Science & Information Systems double major whose also working full time. My family has been struggling with money for as long as I can remember, but I’d like to think that I’ve taken some good financial steps so far.
One of my friends has been demoing on and off for the past year, but up until now, I haven’t had the capitol to pay it any attention. But what really sparked my interest is finding out that another friend took the firsts advice and looked into it. Friend #2 threw 3k into the mix and made $700 in just 1 week! He pulled all of it out in order to buy a bike (stupid), but the idea stuck with me. If he can, and he’s an idiot, why can’t I? In about 2 months I will have saved up 1.5k-2k & plan to dive into live trading. I’d like to spend only a few hours per day at this, but hope to make $500 per week (which of course would be re-invested). Does this sound feasible?
I’m totally out of my element here, so please feel free to give me all and any advice. I’ve been fighting the urge to throw $300 that I wouldn’t miss into an account (haven’t looked up any yet, so feel free to give your input), but don’t know if that would be wise.
Hello Anthony, welcome to our forex community! I do recommend that you start learning the basics of forex trading first before risking real money. This ain’t a get rich quick scheme, after all. I suggest you visit our School of Pipsology to learn the ropes so that you don’t wind up wiping out your account: School of Pipsology | Learn Forex Trading
Not to burst your bubble or anything, your enthusiasm is great and you seem very intelligent, but it takes a good 2 to 3 years to do this well and, operative word here, consistently. Like everyone has said, if you can spend six months to a year on demo and be consistent, then open a small account and try real money. Its a whole different ball game.
Also, if you are doing it for a “just” cause, like bringing yourself and family out of tight financial times, then that cause can easily work against you when you start to loose money. There is the added psychological pressure of doing it for others, great if you make money, intense if you loose.
However, being young, energetic and open, if you can commit to a few years of practice and study then the world is your oyster. You can trade where ever you are, gradually give yourself pay increases and not have to work for anyone unless you want to. Good luck!