I have a long way to go

Forex is not difficult if you give him some time to science and as many of the observations. After the time is getting boring, because when you see some patterns in the market, you fall into monotony. Then just increase the rate gives some excitement, and this is the stage when you begin to ponder about giving up full-time job.:slight_smile:

First we need a definition for living in terms of $$$… 20,30,50,100 thousand a year?

How good a trader you are?? can make grow steadly an account 20,30,50,100 % a year?

Do you have enough capital once you answer the last three questions?

My answer is yes but as you can see is far from easy…

Ha ha, the every week repeated question, lol. Men flew to the moon, so yes a lot is possible. Just, to fly to the moon does not mean every home retail trader can do it as well while buying fireworks, lol.

Viper is right with that business part. Regarding losses, SDC, that’s like the expenses of a business. There is no business without expenses. If somebody doesn’t calculate energy for driving computers/screens as expenses, that’s a flaw of calculation. I do even calculate my expenses for my vps which I use for trading. Plus then as I said the losses of your trading add up to that.

My investment/trading/whatever experience goes back for a couple of years, lol. Would I ever advise to start that trading for a living right out of zero skills and stopping all other income sources? Definitely NO! As in every other business there is no warranty you will succeed. That there are burger flippers out there who gain billions doesn’t mean you can do it as well. For every burger flipper making billions there are hundreds who will go default after a couple of months with a loss at the end. So it is with every business and also with trading. If I look at my experience, I’d say it needs at least 2-5 years of education just in trading, basic financials, mm and so on just to have a good start. And that is just for a start and no living.

I am afraid I dont agree with this statement.

ur deposit should be around USD 500 to USD 1000. If it grows then you know what you are doing.

If you dont, then no matter how big of an account you have and how small of a risk you take, you will end up giving all your money to the market.

Make no mistake about that.

The whole idea of leverage of 1:200 or even 1 : 500 is so that you dont need a big capital to get decent returns.

It beats the purpose if you have to dump 10 grands into your live account. Especially 10 grands that you dont have.

for newbies who are looking for something simple to begin with, I would suggest you look at this thread.

http://forums.babypips.com/newbie-island/39366-new-forex-trading.html

I was thinking of starting a thread of my own but as usual I dont want to lift any more than necessary.

( that was one of the reasons I got into forex ) .

Posting all the charts and doing all the explanation in a new thread again is lifting more than I need to. Further more I post as I trade, so I wont remember half of what I wrote on the older charts.

Trading FX can be as simple as you want it to be, or you can choose to flood your screen with all that is out there and struggle to make a buck.

Which ever it is, as long as you are making pips, then go for it.

As far as growing your account, its not really about % of risk. Its either your trade is profitable or not. Period. ( ofcause u dont take 50% risks.)

Risking 1% per trade on more losses then wins would take you to the cleaners regardless.

Keep it simple.

Happy pipping.

You could but first you need to decide how much capital you have and the amount of pips you wanna make monthly. This way you know how to allocate your lot and the least profit you would entertain that way you dont trade when you shouldn’t. That’s what i do…Like i made my first 100pip for this month today and i trade for 400pips monthly at least. So it takes mastering but its very interesting and less risky.


Some dont claim it dear friend,they actually do this for life :slight_smile: I personally know of one who is a full time trader,it is very possible as you mentioned but it takes patience,good money management as you depend on profits/winning most at times ,much effort and a right attitude to stay focused and educative all the time,I must admit it is not one easy thing to do but All the best and preserve till you get to the height. cheers

Yes there is a long way to go in forex. We not complete our journey in days or months. I feel forex will remain with me as part of life . Every day I am learning new things about forex. I am in this field since many years. I feel many things are remaining to learn .I try to know them as new systems came in market.

Sure!
Sell all your stuff, put money to a live account and enjoy)))))

Just kidding. I think such sort of questions may come out from someone after being a quite long time in this niche. But not after finishing babypips school or any other or open a demo account)))

It will take us some time before we can decide whether we want to do Full time trading in the Forex markets or not and this is also a reason why in the start we should focus more towards the learning aspects :slight_smile:

That’s right.
Decision will come with a process:)

I would like to be a professional trader in future. I point my targets now, understanding that it might take a while before I can call myself so. But, I think, it’s right to see a target from the far.
There are so many good examples of successful traders.
So, yes, I believe that no matter how long way is, it is better to know where to go!

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Do you trade for a living and have no other job?

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For becoming a professional trader, the most important thing after getting good knowledge and experience is the good enough capital that can easily generate income for you to use as your monthly expenses. This is one of the greatest reason that many trader blow up their account if they have low capital.

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And what car is it?:slight_smile:
Do you use software trading or manual trading?

Your knowledge and experience in trading will increase as your more practice in many different conditions of market. Knowing your type of trading won’t give you nice amount of income automatically because you need to prepare good money management and risk management too so you could maximize profit and minimize loss to gain consistent profit in trading.

ECN ??? All online trading platforms are a form of ECN, whether Bucket shop, STP, etc.

The Ever Questioning VIPER