Wow Andrew, I’m suprised that you already realize this much of needs and dreams to become a forex trader in this young age.
compare to me and my father who spend 10 years and 30 years of trading experience to understand what we need to do. and since i’m more educated than my father i can finally concept what trading is. whether you trade forex or stocks will give no difference as long you understand how to read human mind through chart.
Let me give you some advice, you can believe it or you can ignore it. but at least you got something in your mind about trading. This is pure from my own opinion. different people will have different opinion.
first thing first, if you can survive trading in forex market. trading with other things will make you feel easier. so basicly forex is the most hardest thing to trade.
For me, i was growing watching my father experience of trading. my father start trading with the simple thing. that is trading cars localy. and he develop into property localy, and now develop into export import.
So from my point of view trading is just simple demand and supply thing. more demand than supply mean higher price. and the other way around.
Why trading cars localy is easier from forex? because trading cars localy is just merely look the demand in big city price and surrounding smaller city price.
But Forex, how you could able to compare demand and supply which is coming from all around the world? that’s why you need to read the chart. chart is describing human mind in it’s own way.
I give you one example. If you read school in babypips you will realize why many people playing things around support and resistance area.
Let me give you the reason: when you buy limited edition toys about $100. and the price is climbed fast to 200 and you decided to sell it since you already made 100% profit. so in what price you willingly to buy again if this limited edition toys price is going down? I do believe many people said that they will buy again around $100. This is what people call support and resistance.
So in my opinion try to read the market mind by using chart. than you will survive and create your own strategy. Analysis is what you need the most.
i take quotes from Tsun Tzu book of war which is one of my favorites quotation:
“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle”
How to know your enemy? analyze!!! how you know yourself? admit your weakness and acknowledge your strenght. Than you will come up with strategy.
Good Luck Bro, wish you become one of a hell fund manager.