Getting back to the question of time spend reading, etc. my advice is to get going with a demo account right away. Practice what you are reading about so you can really learn the lessons. It's like anything else. You can spend all the time you want reading or watching videos or talking to people, but until you start doing you aren't really going get it.
Actually, I would go so far as to open a very small account as soon as you're comfortable with all the basics (order entry, understanding your P&L, etc.) so you can get a good feel for what live trading is like, because it's different than working with play money.
I've also decided to read for three months or so on TA (Candlesticks) and FA (when to trade, economy indicators,...) and after that I'll open a demo account. I'll start with $5.000 and just try the stuff I have learned. Simultaneously I will also try to develop my trading plan.
It took me 3 years of daily work to develop my investing plan, money management and some other rules for my stock investing. I am finally totally comfortable with it and I don't plan to change it - ever!
I've been reading/studying for almost 6 months. I agree that they're just so much to learn and know. But the thing is you've got to have the ability to filter through all those information and pick up what do you think is gonna work for you. Otherwise you're setting up yourself for failure if you think you can make it by using all the tools that you can get your hands on.
It will take a while before you can actually get a grasp of what S&R or price action is. With practice and substantial amount of learning you'll get to a stage where you can be sure of yourself that you can put those into practice. Thats when you'll get started with a demo account. And yes it took me 6 months to get started with demo and I think I know what I'm doing.
I've been studying for last 10-12 months and I finally started to understand how this whole forex thing works. I am currently testing a few trading strategies I developed. My plan is to continue learning but I will open a small account in next few months, so I can actually feel how is it to lose/win real money. I think this could help me trade better.
How long did you study before you went for it? I have been reading up for awhile now, and I am not sure I will ever be ready. I just started reading the school here, and it is pretty informative. There is just so much to learn!
"I did the same.Now that I have a demo account, I feel like it would have been better if i had just used my knowledge on charts as well.Not to enter a trade but just get the feel of it and see how it all goes about in the real trading platform. I'm constantly going back to the chapters , reading again as I feel it sheds more light now that I,m demo trading. I have been at it for 8 months."
I'd say ib may have given up - it was over six years ago after all.
That's the thing about trading - you must decide from the outset that you are never going to give up, discouragement will come, but remember those 3 words ....never give up.
I first read about head and shoulders just over 18 years ago - I am still learning. A forum can be two things, either a distraction or a means of learning, use it for the latter, only leave it when it becomes the former.
I first heard gotten to know bits about forex about 5 years ago in few days I found myself trying to place a trade on a demo account. Didnt know what I was doing. Logged onto youtube looked up videos tried to understand a bit. Didn't work. I felt like I was in a foreign land. So I quit. Went back to college. Got a job. Been working for 4 years now full time. And recently a year ago somehow I stumbled upon forex again. It must have been fate so I started reading again this time I took it seriously not casually as I was before back 5 years ago.
I bought a book /which didnt help much by the way theres so many infos out there on the internet for free/ watched tons of youtube videos lurked in forums for months and then I went ahead and opened up my second I think or third demo account and started trading. Well doing it is really different than just reading it. Though studying has given me a good understanding of theories by going on demo Ive gotten a clue here and there as to how I should apply those theories in practice. It was hard at first I must admit. I began with S&R really didn't know where should even begin with. Had no clue given that I studied for a year. Practice makes perfect. Cam't agree more with that! it really does. So after a few months. I just could tell where S&R level was just by looking at the chart. And from there on I moved onto live. For some people it might be too early but for me it was the best decision that I've ever made. I opened the smallest account. That was exactly about 3 months ago. Well unlike some people I havent doubled my demo nor have I blown up my small account yet. But I have been making a huge progress. There were a lot of things that I just knew in theory but didn't know how to apply or how crucial it was until I started trading live. For now I'm almost there to refine my system. And for now that is my goal. I didn't open up this small account to be millionaire overnight I knew it was impossible. I only wanted to learn. And so far I havent blown up my account and I feel like my learning is pretty much there as opposed to my goal of course. From thereon there;ll be so much learning. Anyways enough the rant. My point is get out there get your feet wet with a small account. I can almost guarantee that you'll learn so much more. Don't waste your time with demo. Get yourself familiarize with technical aspects of the PLATFORM and get yourself out there.
First of, it is nice to hear that there are a few full time traders here, not to mention that they are doing well too. It is my goal to be a full time trader as well and I am now six months into my journey.
I have to say it has been a good journey, frustrating at times, painful at times, but very insightful overall. I find that learning and mastering forex, is really having to deals with my own mind and emotions. Lots of stuff arises and it gives me the opportunity to deal with them head on. All I can say is that I am growing as a person and I like that.
I started my Demo account with FXCM and have really enjoyed the platform. From Feb till April of 2014, my trading was all in the minuses. However, from May till present, I am breaking even, somewhat. There has been a dramatic shift.
There were a few elements which helped accelerate my development:
1) I found a live coach/mentor and paid him for 6 weeks worth of 1 to 1 lessons. That was invaluable. Why? Because you have a proper system to follow that someone has already been using and is making money from. Leaning from books and forums (though invaluable) is rather piecemeal. Having a coach you trust means you get to learn his system first and then apply your own style after, but it is a system that is taught logically from top to bottom. So if you can find a coach, I highly recommend doing so. After all, people spend thousands and years in university with little to show for after, why not invest in a good coach/mentor for a lot less and be your own institution of employment with unlimited potential.
2) I read the book, and still continue to, Trading in the Zone by Mark Douglas. It is an essential text book of trading psychology for me. If you can't handle your mind and emotions, you will loose money. The mind is a powerful tool, manage it well and it will work for you. There is a school of thought where it is said that trading psychology is all fluff, but think about it, dead men don't trade. Psychology is probably 80-90% of good trading, techniques are straight forward, application is harder.
3) At some point in my journey, I really decided that this was what I wanted to do, it was not a "let me try" situation. I committed myself to this vocation. How this helped me is when tough situations arises, I took a short break, but I came back and carried on. I would not do so if I had not committed to Forex.
So these are the few things that have helped me a long and I hope it could help you too. Happy Trading!
Better is we can go for Demo Account with the small investment money because study will never end If we started to study we continuously read but won't try for practical. So rather you could try with Practical Knowledge.