Hello, all!
I’m completely new to this. I’ve read a few things, seen a few people on the socials living ‘the life’ only to see that account disappear within weeks, people posing in front of Lamborghini’s in an exotic location and I want in. I then realise that the real traders are probably at home, sipping coffee with their heads lodged in market analysis.
I want to earn an income to help me break free of making someone else rich at my expense!
Anyway. Hello! Hope you’re all staying safe.
This is not a good starting attitude, I’m afraid. Maybe at some stage in the future you may find yourself in a position to evaluate whether full-time trading might be a possible career.
But the fact is that the vast majority of starters lose their money. Another claim from many viable sources is that you will need considerable capital in order to trade for a living without excessive risk-taking (which would trip you up at some stage).
A better approach at this stage is to set out to do some hard work studying the business, its mechanisms, its personal and psychological requirements, its understanding and application of risk and capital management. And that is for starters.
Start humble, stay focused, build slowly, be content with “small”, build your knowledge, build your confidence, broaden your experience, respect the markets and preserve your capital. And maybe before long you might find yourself where you would like to be.
Trading is not just about betting on a currency hoping to take a big profit 5 mins later. The trader scrap heap is full of those who tried.
If you find yourself still fascinated and motivated even during the routine work and the learning, if you can be disciplined and patient whilst waiting for the market setups to form, then you are probably quite likely to get somewhere
A large proportion of the people you see on social media as you say, make their money through marketing and not through trading. As @SovoS says trading is a humbling experience and takes a very long time to be profitable let alone enough to live off of.
Hard to not sound discouraging but it is important you go into it with your eyes open!
It makes you sound like you are just crushing dreams but SO many people come to trading believing what they see on social media. In defence of the OP they have clocked this obvious discrepancy. However the goal should be trying to make ANY money from trading let alone a wage. Few people trade full time so it’s best to look into other side hustles to work on alongside trading would be my advice if one wants to break from the 9-5.
The market is super, super efficient at making sure this happens…over and over again.
There are two sides to every story and every trade. Success often comes in the form of who can stay in the game the longest, meaning, who has the deepest pockets.