Being real

K, I’ll be dead honest on why I want to trade forex.

Firs off, I have an impression that might or might not be dispelled here if anybody replies.

I feel as though I can do this (trade forex).

Understandingly, I know there’s risk involved, but there’s risk involved IN LIFE in general. It’s all a gamble to me. So this isn’t anything new.
i might be encouraged or made disenchanted with forex with the my the incoming replies.

So here goes:

I’m a single male, 27 years of age who has been interesting in trading for a long, long time.

I recently made an Ernest attempt to learn more about the trade because I have a defaulted student loan that continues to incur debt. I could have settled for a $9,000 settlement but I refused due to a few responsibilities in my life. I have about 2-3k in my savings i can use recreationally, but i rather use it to work for me-- even if it is a risk.
I would like to trade forex.
I’m hoping to bank on it
However, knowing that I need a broker that services mini accounts and a marginal account account, I wonder whether or not this is a good move?

I wouldn’t risk any money until I knew the ins and outs-- of course. I’d like to earn enough money to pay off my student loan debt and maybe some dollars for living expenses. I totally understand that I won’t be making ANYTHING huge with a $2-3k account, but I was wondering if I’m able to get a mini account with my credit? If so, whT do you guys think would be best for me in terms of mini account – 100 to 1 or 50 to 1?

If you think I shouldn’t do this, be my guest and ease tell me that I’m way over my head. Again, I’m taking this step by step, and I really am desperate to get out of debt with my student loan, ganging desperate. But I look at forex more than just a desperate gamble, and more like a future job. A day trading endeavor that most people look at as dangerous. I’m really on the fence about this and id like people to tell neither experiences, as well as give me advice. I will totally take it into consideration even d you insult me flat out,

Vilongo, Nobody trades forex to lose money. The problem is when you try to trade to pay bills. I would do the following:

  1. Learn
  2. Practice
  3. Open a micro account with someone like Oanda or that is recommended on this site.

It doesn’t matter if your account is $100 or $100,00, if you can earn a steady profit it is steady profit.

  1. Learn and trade forex in your spare time. You can do this after a full time job or jobs and become successful. If you are doing this to not have to work you will lose all your money and be worse off than you started.

I am still in the micro account stage starting to be profitable so do NOT take my words as gospel.
Bill

If you’re in debt, you have to consider that paying off debt = a guaranteed return. So suppose you have debt that’s being charged at 10% per year and you pay off $1000, your return on that $1000 is 10%. The best bit is that it’s risk-free and tax-free.

I would retire my debt first and foremost and try demoing, or at most open a micro account at the bare minimum. As a newbie, the market is going to make you pay for your tuition, so make the tuition fee as cheap as possible, and stick to demo or a micro account.

Hey, when you’re in debt, I really don’t think you should put more money on the line. Forex won’t magically generate money and you WILL LOSE from time to time, so you probably shouldn’t incur more risk at this point. Just my two cents!

Hey, i read your comments and i’m a bit concerned about your motivation, now the reason why is that Psychology is King in this Industry. Van Tharp (an Author / Trader) states that Psychology is 100% vital to the success of your trading. i aggree.

Your in Debt and Wanting to trade to pay it off… Honestly, DON’T DON’T DON’T… Expect trading to be your savior that will help you pay off your debt. trading is not an easy venture. it takes most people a couple years to learn how to be successful… It is not like an job that pays you money just for being there.

If you attempt to trade because you wish to use the profit to pay your expenses i would say that it is certain you will lose all your capital. quickly and not understand why… Your psychology alone will make you wreckless and unprofitable.
getting a broker won’t be an issue, many brokers now have mini accounts. (technically you can fund with a few hundred dollars and trade effectively).

Don’t get the idea that i’m trying to tell you not to learn and trade forex. But drop the need to make immediate profits and pay off your loans another way.
forex needs to be learnt slowly. take your time and start small. trade for longterm not for the quick bucks.

A brokers account isn’t like a Credit card. all you need is to fund the account. Given that, you need make sure your not betting the farm on your trades. Learn about Stoploss orders and Position sizing. keep your risk low. (like 1-2% or less)…

Good luck

Vilong you need to manage your expectations. 3K isn’t enough to pay to cover your expenses. So IMO, you need to
> Get a job ( earn to cover your living expenses)
> Take time to study. Start with the babypips school.
> Demo for at least 6 months and adopt a consistent system.
If you manage this, you will end up wiser.
All the best Vilongo

In addition to the sage advice above, the last thing you need is your trading to [I]add[/I] to your debts. It can so easily happen if you over-leverage and don’t exercise strict risk management.

Dedicate some time to learning - a year perhaps - and use a demo account to trade. Log each and every trade you take and review them a month or so later when they’ve faded from memory. Examining your trades in the cold light of day, looking at the charts with the benefit of hindsight and seeing what happened afterwards will teach you a lot. Record the price you entered, direction, where your stop loss is, where your target is, what your strategy is, how you’ll manage the trade and what your thoughts are going into the trade. Also record the results, and the how and why of your exit.

Read as much as you can on the psychology of trading as well as on technical analysis, and use what you learn to develop your own trading style and strategies. Test them to destruction.

When you feel more confident about what you’re doing, open a live account but fund it modestly and trade micro lots. If you can show steady progress and profits after six months, then grow the account slowly and trade risking 1 or 2% of that account. Don’t put pressure on yourself by needing the income, it’ll screw with your head and you’ll take all the wrong trades.

Good luck. Try not to think of it as a “get rich quick scheme”, rather a “get rich eventually” one. But like all successful businesses, it needs strong foundations, planning, performance analysis, risk management and great staff (you) who you can trust not to f*** it up! :slight_smile:

sometime being real and honest is bad in this business
if you want to invest in silver you should consider spot gold investment

Well, I wouldn’t advice anyone to borrow money and trade forex. Forex is already full of risks. Your trading with your credit posses another risk in itself. So, my suggestion would be for you to start trading with what you can afford and not what your credit can afford. Also, anyone can succeed as a forex trader, you just need the knowledge, skills and mental up-building.

I so appreciate the feedback, guys. I’m considering it all. I’m still a little hesitant. I’m in the process of learning more about charts.

Vilongo i can say that we both are sailing on the same boat expect that my debt amount if $3000 and i already have three years of trading experience. Trust me it is really going to be hard to make money at the starting years of forex trading because of the huge stress which we would impose on ourselves to make more money and being more like a gambler all of which are the reasons for losing money.

Now that you have made some search you have really done a good job. First study the forex markets, try to understand the market sentiment, money and risk management. All of which combined together can help you to make some money by which you may clear the debts installment wise. :slight_smile: Develop a trading system which can provide you consistent profits over a long period of time.

Good thing that both Vilongo and royal blood are learning. The good part: this will eventually pay off.

I suggest paying off your debts first and then trading on demo. Unless you’re planning on holding tiny carry trades for years, you won’t be missing much by not trading live. Volatility will still be there when you’re ready. You’ll also be able to focus on your strategies more when you don’t have to worry about losing money.