My Plan, Need Encouragement/Opinions!

[JulianFX]

This is my first post here. I’m totally new to forex trading although it’s been my dream for a long time to eventually become a full time trader. I’d like to explain the plan for my future and gather honest opinions and hopefully some encouragement as I begin my long journey into trading.

I’m 25 years old and for many years it’s been my long term dream to become a currency trader. I have some advantages and disadvantages compared to other people.

[B]Disadvantages:[/B]

• I’m not very diligent when it comes to studies; I don’t enjoy reading or studying.
• I’m easily distracted and find it difficult to spend hours working on something I’m not very interested in.
• I’m unstructured and disorganized.
• I don’t know any traders well in real life.

[B]Advantages:[/B]

• I currently have a wealth of approx. $1.1 million GBP.
• I can support myself indefinately while learning full time due to the above.
• I’m naturally telented with mathematics and statistics and I have a masters degree in physics. I’m also good at programming. I do well academically.
• I’ve ran a business for years and I know that I can handle huge losses without breaking my smile. Money doesn’t stress me and I believe that I’ll be good at remaining emotionally separate from money, much more than most.

So for the next 5 years £1M is tied up for an “investors visa” that I need to stay in the UK where I live. I’ll be earning interest from that plus have ~£100k to support myself with for 5 years. My plan is to spend the next 5 years training myself to currency trade and then hopefully begin trading with around £100k (<10% of my wealth). I’m hoping that after 5 years training full time I’ll have the ability to earn at least a living at first, and eventually I’ll aim for about 40-70% yearly profit starting on the £100k (which will eventually become linear when I run into liquidity/leverage issues).

What attracts me to currency trading is the image of a life where I won’t be tied to a 9 to 5 structure, and the big advantage I have with my starting capital. I also aim for a life where I’ll be able to take breaks from work freely (unlike how it is now being tied to a stressful business), spend lots time with my future family, work online and travel etc.

At the moment I’m studying the babypips school material and I’ve done some reading over the years. Eventually I’ll get some books and I’ll keep lurking forums and websites. I guess my plan to learn is to gather knowledge and spend time practicing and testing systems with a demo account, and eventually risk £1k and then £10k to get experience with real money that I’m comfortable losing.

Am I being unrealistic with my expectation that I can make 40%+/year on £100k after training for 5 years? Are my listed disadvantages too serious? Am I taking too big of a risk dedicating 5 years of my life to this plan?

Also, how important is a mentor? I currently have nobody that I could go to for mentoring.

Anyway thank you for taking the time to read my lengthy post. This seems to be a very useful site and active forum and while I might not post for a while (I’m too new, I should lurk more!) I hope to get to know some of you fine people better in the future. Any starting advice is greatly appreciated.

[forexpastor]

This is my first post here. I’m totally new to forex trading although it’s been my dream for a long time to eventually become a full time trader. I’d like to explain the plan for my future and gather honest opinions and hopefully some encouragement as I begin my long journey into trading.

I’m 25 years old and for many years it’s been my long term dream to become a currency trader. I have some advantages and disadvantages compared to other people.

[B]Disadvantages:[/B]

• I’m not very diligent when it comes to studies; I don’t enjoy reading or studying.
• I’m easily distracted and find it difficult to spend hours working on something I’m not very interested in.
• I’m unstructured and disorganized.
• I don’t know any traders well in real life.

[B]Advantages:[/B]

• I currenctly have a wealth of approx. $1.1 million GBP.
• I can support myself indefinately while learning full time due to the above.
• I’m naturally telented with mathematics and statistics and I have a masters degree in physics. I’m also good at programming. I do well academically.
• I’ve ran a business for years and I know that I can handle huge losses without breaking my smile. Money doesn’t stress me and I believe that I’ll be good at remaining emotionally separate from money, much more than most.

So for the next 5 years £1M is tied up for an “investors visa” that I need to stay in the UK where I live. I’ll be earning interest from that plus have ~£100k to support myself with for 5 years. My plan is to spend the next 5 years training myself to currency trade and then hopefully begin trading with around £100k (<10% of my wealth). I’m hoping that after 5 years training full time I’ll have the ability to earn at least a living at first, and eventually I’ll aim for about 40-70% yearly profit starting on the £100k (which will eventually become linear when I run into liquidity/leverage issues).

What attracts me to currency trading is the image of a life where I won’t be tied to a 9 to 5 structure, and the big advantage I have with my starting capital. I also aim for a life where I’ll be able to take breaks from work freely (unlike how it is now being tied to a stressful business), spend lots time with my future family, work online and travel etc.

At the moment I’m studying the babypips school material and I’ve done some reading over the years. Eventually I’ll get some books and I’ll keep lurking forums and websites. I guess my plan to learn is to gather knowledge and spend time practicing and testing systems with a demo account, and eventually risk £1k and then £10k to get experience with real money that I’m comfortable losing.

Am I being unrealistic with my expectation that I can make 40%+/year on £100k after training for 5 years? Are my listed disadvantages too serious? Am I taking too big of a risk dedicating 5 years of my life to this plan?

Also, how important is a mentor? I currently have nobody that I could go to for mentoring.

Anyway thank you for taking the time to read my lengthy post. This seems to be a very useful site and active forum and while I might not post for a while (I’m too new, I should lurk more!) I hope to get to know some of you fine people better in the future. Any starting advice is greatly appreciated.

Sounds like you’re off to a good start. Good luck with everything.

[JulianFX]

@forexpastor

Thanks

[spidypips]

what is ur job my buddy. Seems u had lot of money -____-

We will see for bright future on FX business

[pipcompounder]

Whatever you do, don’t blow your whole million…it would be ridiculously easy to do.
It takes more time than you think to learn this thing, after you understand basics, which the pipschool here should give you, you need a lot of screentime, watching the market behave, and demo trading. You have to take trades to get it.
You will also learn a lot about yourself. When you place a trade there is no one to blame but yourself for the outcome, and the market does not lie. When a string of losses happens, it can be mind altering, potentially. You must be very strong-minded, cool headed.

good luck.

[JulianFX]

what is ur job my buddy. Seems u had lot of money -____-

We will see for bright future on FX business

I made some of it running a small company that I started during university and recently inherited most of it, but I’d like to get out of business soon. Running a business gives me very little freedom and it isn’t something I’d want to do my whole life.

Whatever you do, don’t blow your whole million…it would be ridiculously easy to do.
It takes more time than you think to learn this thing, after you understand basics, which the pipschool here should give you, you need a lot of screentime, watching the market behave, and demo trading. You have to take trades to get it.
You will also learn a lot about yourself. When you place a trade there is no one to blame but yourself for the outcome, and the market does not lie. When a string of losses happens, it can be mind altering, potentially. You must be very strong-minded, cool headed.

good luck.

Thank you for the advice. I don’t think I’ll ever blow the million - I only ever plan to trade with £100k, and that’s after 5 years of practice with smaller amounts. Most of it would be invested elsewhere and I wouldn’t ever use more than 10% of my capital for trading.

I know it’ll be a very long road and it won’t be easy. The way I see it is that the years of hard work will be worth it in the end and I’ll eventually be able to live a free and comfortable life. My main goal is freedom… being able to take time off freely, travel freely, work when and where I choose. I hope that it isn’t a misconception of mine that this will be possible in the long run (but if it is then tell me!).

[jonnyrich007]

Blowing a million is ridiculously easy to do? Really? That is advice?

[slipp3ryWhippit]

Sounds like you certainly have your head screwed on straight.

For the encouragement side you could check the following accounts listed in this thread.

berezhnoi System | Myfxbook
Aggressive System | Myfxbook
Kondakov System | Myfxbook
Asset management System | Myfxbook
FastScalp System | Myfxbook
Driver Tr System | Myfxbook

Read more: 301 Moved Permanently

and it seems like 40-50% after five years effort would be easily achievable for someone with a physics degree, I do however have to qualify that by saying that I can’t speak from experience yet but when I get there I’ll let you know.

[mrchilled]

This is my first post here. I’m totally new to forex trading although it’s been my dream for a long time to eventually become a full time trader. I’d like to explain the plan for my future and gather honest opinions and hopefully some encouragement as I begin my long journey into trading.

I’m 25 years old and for many years it’s been my long term dream to become a currency trader. I have some advantages and disadvantages compared to other people.

[B]Disadvantages:[/B]

• I’m not very diligent when it comes to studies; I don’t enjoy reading or studying.
• I’m easily distracted and find it difficult to spend hours working on something I’m not very interested in.
• I’m unstructured and disorganized.
• I don’t know any traders well in real life.

[B]Advantages:[/B]

• I currently have a wealth of approx. $1.1 million GBP.
• I can support myself indefinately while learning full time due to the above.
• I’m naturally telented with mathematics and statistics and I have a masters degree in physics. I’m also good at programming. I do well academically.
• I’ve ran a business for years and I know that I can handle huge losses without breaking my smile. Money doesn’t stress me and I believe that I’ll be good at remaining emotionally separate from money, much more than most.

So for the next 5 years £1M is tied up for an “investors visa” that I need to stay in the UK where I live. I’ll be earning interest from that plus have ~£100k to support myself with for 5 years. My plan is to spend the next 5 years training myself to currency trade and then hopefully begin trading with around £100k (<10% of my wealth). I’m hoping that after 5 years training full time I’ll have the ability to earn at least a living at first, and eventually I’ll aim for about 40-70% yearly profit starting on the £100k (which will eventually become linear when I run into liquidity/leverage issues).

What attracts me to currency trading is the image of a life where I won’t be tied to a 9 to 5 structure, and the big advantage I have with my starting capital. I also aim for a life where I’ll be able to take breaks from work freely (unlike how it is now being tied to a stressful business), spend lots time with my future family, work online and travel etc.

At the moment I’m studying the babypips school material and I’ve done some reading over the years. Eventually I’ll get some books and I’ll keep lurking forums and websites. I guess my plan to learn is to gather knowledge and spend time practicing and testing systems with a demo account, and eventually risk £1k and then £10k to get experience with real money that I’m comfortable losing.

Am I being unrealistic with my expectation that I can make 40%+/year on £100k after training for 5 years? Are my listed disadvantages too serious? Am I taking too big of a risk dedicating 5 years of my life to this plan?

Also, how important is a mentor? I currently have nobody that I could go to for mentoring.

Anyway thank you for taking the time to read my lengthy post. This seems to be a very useful site and active forum and while I might not post for a while (I’m too new, I should lurk more!) I hope to get to know some of you fine people better in the future. Any starting advice is greatly appreciated.

You sound very sensible and realistic so you should do well on this uphill path. One thing I was confused about was a contradiction on your points that you say you are not diligent when it comes to study but then have a physics masters. Good luck, you’ve come to the right place to learn and share.

[JulianFX]

Sounds like you certainly have your head screwed on straight.

For the encouragement side you could check the following accounts listed in this thread.

berezhnoi System | Myfxbook
Aggressive System | Myfxbook
Kondakov System | Myfxbook
Asset management System | Myfxbook
FastScalp System | Myfxbook
Driver Tr System | Myfxbook

Read more:

and it seems like 40-50% after five years effort would be easily achievable for someone with a physics degree, I do however have to qualify that by saying that I can’t speak from experience yet but when I get there I’ll let you know.

Thanks a lot I’ll definately check that out.

You sound very sensible and realistic so you should do well on this uphill path. One thing I was confused about was a contradiction on your points that you say you are not diligent when it comes to study but then have a physics masters. Good luck, you’ve come to the right place to learn and share.

I guess I was diligent enough to get by but I wasn’t big on study at all. I don’t have many talents but when it comes to science/mathematics/programming/logic I can get by with very little studying involved. Of course forex is very different to those fields (and from what I understand more challenging in many ways) and I’m sure I’ll have to put a lot more study time in.

And thank you for the encouragement guys, I’m glad nobody has called me an unrealistic moron yet :P. This feedback makes me more confident on my choice and I appreciate it.

[MoneyNVRSleeps]

Anything is possible, and in this career, knowledge is power… But in another sense, you probably wont get out of it what you put into it, lol, if that makes sense…

Dont read anything…

Start a demo account, and just sit and watch the charts… TaKE NOTES!!!

From what I can tell, your more of a visual learner, like myself… I didnt take a course, or even go thru the BabyPips school. I didnt try to mimic another trade, or even look for signal services…

Why? Well, its simple… The first thing I learned about forex trading was, 95% fail… So, who can you trust? Who has the best information? WHO IS MAKING THE MONEY?

Whattttttt? But, there are thousands selling systems!!! How are alllll these people losing? So, that basicly made me look into inventing a system or method of my own…

Then, you have the bunch that think its cool to lose, and set stops for 200 pips… I dont like losing, so, thats not for me…

You need to make a style, a pace, that makes you enjoy the new business…

You will see things, then take notes…

Learn about the structure of the candle… That should really be the very first step… Print them out, and leave copies everywhere around your house… LEARN THEM WELL…

Its very simple, but very taxing on the brain…

Protect your gold egg…

Anything is possible…

See, when you start to brew up ideas about opening a business, the first thing you want to know, is, how much can you make, and who is the competition…

[13morris]

start 5 months with demo. read and discover new startegies/parameters and theory. next, you are ready to start with the real fx. i suggest 1% per currency of your bankroll.