And so it Begins

Beginner Questions
1

:cool: And so it begins, I have recently completed the BabyPips University and started an account with minimal funding. I Plan on adding funds and using the Demo till I get to 1000 dollars. Then I will trade. I am so excited that I can barely sit still. I feel like I am a hunter looking for game. I am looking forward to financial freedom and not having to punch a clock everyday. My goals are simple

  1. pratice what I have learned till I can see a profit ( demo ) in my acct.

  2. Then incrementally set monetary goals, first I want to make 100 dollars and then $300 an ETC till I can make 500.00 to 1000.00 consistently. ( I make adequate income now at my job, but I need to substitute that with trade income.) or if I can get 10,000 in the market I will then quit my job or

  3. At that point I can cut back on my work hours per week and can slowly transition my income stream from working income to trading income.

I look forward to feed back from my fellow newbies

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2

I am looking forward to financial freedom and not having to punch a clock everyday.

Awesome! Your goals sound well thought out and I’m sure you will achieve them. There may be setbacks and at times you may even feel like packing it in but the only real way to fail is to quit…

You might also consider starting with a micro account, that is what MyTwoPips did and now has graduated to trading a mini account. In retrospect, I probably should have started that way as well but I always jump into things head first & ask questions later :smiley: :smiley:

Keep us informed of your progress.

3

:cool: And so it begins, I have recently completed the BabyPips University and started an account with minimal funding. I Plan on adding funds and using the Demo till I get to 1000 dollars. Then I will trade. I am so excited that I can barely sit still. I feel like I am a hunter looking for game. I am looking forward to financial freedom and not having to punch a clock everyday. My goals are simple

  1. pratice what I have learned till I can see a profit ( demo ) in my acct.

  2. Then incrementally set monetary goals, first I want to make 100 dollars and then $300 an ETC till I can make 500.00 to 1000.00 consistently. ( I make adequate income now at my job, but I need to substitute that with trade income.) or if I can get 10,000 in the market I will then quit my job or

  3. At that point I can cut back on my work hours per week and can slowly transition my income stream from working income to trading income.

I look forward to feed back from my fellow newbies[/QUOTE]

4

Congratulations on your decision to put yourself on the path to trading live! With enough determination, humility and patience - not to mention a ceaseless commitment to education - you’ll succeed in fulfilling the goals you’ve set.

Something important that you (rightly) omitted is timeframe. You’ve set yourself no oppressive deadlines, only general, reasonable milestones by which to gauge your development. That’s good, because as 4xstar said, there will be setbacks - sometimes recurrent setbacks. One things that is helpful to remember as a participant in a market environment: don’t be afraid to take a step back; pushing through a bad trading habit (easier to develop than you think), hangup or losing streak is not always - or even usually - the best way to deal. Get some reflective distance, re-orient yourself and then approach the market again. Don’t forget, you’ve got a great resource in others at this forum!

5

Welcome sspencer555,
You seem to have the right attitude about gradual steps into the market. Even if you didn’t, I wouldn’t argue with you. Your a big dude!:smiley:

That’s an awesome tree in your yard. Is it Oak?

6

Whoa, you look a little bit like Ving Rhames. That’s badass

7

Good luck… I think I’m almost ready to make the move to a live account as well.

Just make sure you trade demo for at least 2-3 months. Even after that time, you think you’ve got everything down to a science, but you will soon realize there is still a lot more that you have to learn.

8

My advice would be to not think so much about the $$, but more about the % returns. If you think about the $$ it can create mental barriers later on when you start trading larger.

Secondly, $10,000 is not enough to quit your job - not by a long shot. The returns you would have to generate from an account that size just to live on are not something realistic over a sustained period of time.