i think if the entire currency market collapsed, thered be far greater things to worry about than money. if any financial market collapsed, really. better have some guns and fishing poles for insurance too lol.
My story is about the same as yours, but Iām 2 years younger than you. I live at home with my parents and commute to college, just finished my second year. Depending how this summer goes with my trading I may take this on full time. I started trading equities late January of 2016. Now Iāve moved to Forex, Futures, and the stock market. Taking a break from Futures though because it can come with larger loss than the other two. At first when I started they were somewhat against it and somewhat neither one way or the other. But as the months went by theyāre now for it because I have been profiting very well. At first their favorite line was, āyou can lose so much money.ā But now the main line is, āare you doing/have you done any trading today?ā
I have became profitable quite quickly. Partly due to the fact I spend nearly 24/7 of my time learning, reading, and trading. Some nights I donāt even sleep (partly because Iām still new to this and want to be as successful as possible). Has been worth it though.
EDIT: main thing to remember, think about losses more than winnings. When you make a loss, donāt make stupid trades and over trade (especially with larger trades). Be smart. Say you begin with $1000, Winning $10-$40 in a day seems like $10-$40 isnāt a whole lot of money (yet thatās making 1%-4% of your total portfolio in a day). So in trading terms, that is rather impressive. So starting with a small account accumulate your wealth. Say, your account gets to $10,000ā¦ that 1%-4% is now $100-$400ā¦ Just steadily grow youāre account and then the income will come your way.
My family had some fears that I would waste my amount in forex trading . Now they are satisfied that i can manage this amount according to my skill. Although I am not a high profit taker even then too I can make good earning from trading . Now it is a part of my daily life.
To be honest, Forex trading business is not much popular in my country! In addition, my parents did not know what is Forex trading! So, I faced unfortunate bindings from my parents (actually in my learning sessions) in 1st year of my trading. But when I start to earn money from Forex then they start to support me! So I believe our trading performance is the best reply against any kind of bindings!
My family donāt understand forex trading so Iāve just told them its a market where I do my business to get some extra money besides my real time business.
First my family thought I was just fooling around on the computer, but when I show them my profit, they believed me.
Well for me itās kind of different. My father checks stocks and forex in the news but I think thatās about it. But when I mentioned I wanted to learn and dabble into forex I got confused looks or they told me I wasnāt going to make it because Iām not good at math. Iām decent at it but forex doesnāt include math just add and subtract pips. Thatās why I fell in love with forex anybody could do it. I wiped out an account thinking it would be the same as live account but boy I was so wrong. So after almost two years Iām back at a demo account. Any my sister swears itās so easy just because she works at managing her bosses money who makes millions. I told her itās not the same as in forex. The money can be gone in a second even before you blink. But sheās hell bent on thinking she knows more than I do about it. I told her knowing and trading are two different things. She says in order to learn I have to open live accounts and teach myself to not be emotionless. I told her itās eaiser said than done. Thatās why we have demo accounts for that. Iām the baby of the family so I get this stuff a lot from them. They try to drag me down a lot and think they know more than me type of thing like if Iām stupid or something. I did the mistake and showed them some profits off of my demo account I was so proud because Iām sticking to my strategy and sheās like oh yea if I were in there Iād make so much money I know how to be emotionless. I work with working with millions of dollars. I just rolled my eyes and told myself if only Forex were that easy then every one who traded would be millionaires. I have friends that have wiped accounts that had thousands of dollars.Not that we canāt make millions itās just we have to get our mind set right. Itās all 90% mindset and 10% strategy. Thatās why I donāt talk about forex with them because theyāll get all over me saying why am I not making money or if I was in forex Iād be making money. So I told them āok well then go do it if your so confidentā and they come up with a BS excuse as too why not. I just donāt know how or what to respond after that. Theyāre just negative at times. They have all their lives figured out except me.
Now they are okay! But initially there were few issues; since they were not familiar with this kind of profession.
Certainly, parents wants the best for their child, so they would always advise you to finish the studies and find an office job with monthly payment. And if you want to do trading, than make a compromise ā find the job in a brokerage or trading company, and make peace with your family
Yes first priority should be the study for children . Their parents will never want to put them in such a business for which they disturb their academic career . After basic education they can learn any specific skill to earn for them self as forex should be their part time first. I am one of those who join forex after 18 as a part time source of earning.
I am quite blessed as my family is quite supportive to me in terms of my business life. My family has trust in me as I am a hard working person and they know I will do something good in my life. Some people are facing family issues in this field but I am not one of them. Thank God!