I’m relatively new to Forex (traded demo for a few weeks then headed off to live)
So far it’s been a steep learning curve, searching for the knowledge first to learn to be profitable with minimal losses, rather than rushing into trades out of greed or desperation.
I would love to be able to communicate with a mentor to really start my career as a forex trader.
I recently quit my job in IT due to fuel and living costs rising too much without adequate compensation from my employer. I now wish to be fully engaged in forex and provide an income for me and my parents during times of political and financial uncertainty.
There is no easy way to become financially free, but I swore to myself I would prove a point being a shining star of hope in my community
Have a great and peaceful day and thanks for reading.
I wish you all the best. I’m in IT myself, but I eventually want to be able to make this a full-time thing. Sooo much opportunity if you know what you’re doing. My best advice is to just keep learning, and to never give up until you figure out a profitable trading strategy
Thanks for the advice. I hope find your system speedily. I will not give up until I find what I need to be financially free. In my opinion it is utter nonsense that we have to be part of the ~95% of traders that lose money.
We’ve all heard the saying: “If it were easy, everyone would be doing it.”
That statement is true if you don’t have the guts or the vision to do so. But then again that’s also just my persional view.
Darkness is ignorance and knowledge is light. Let’s spread the light!
It also helps to have a support system. I sometimes feel alone in this at times, but if you have a mentor or a group of people around you that are working towards the same goal, then you guys can encourage and motivate each other to keep pushing.
Hi @mrg96 glad to see another South African making use of BabyPips. I wish you all the best, indeed our economic and political times are not the best. But it is up to us to succeed through these doubtful times.
I would love to discuss forex with a fellow South African [Removed due to forum policy violation]
I like your boldness and attitude. What I know about South African is that you have strong energy and more enthusiastic to work on anything. Right? I’d suggest you to go slow with endlessly learning since you don’t have any other income to run your life. Good start and be careful. Peace Gerrit.
I am also a South African, looking to get into forex. Been reading up on strategies for a month now whenever I have free time. It will be nice to discuss with you guys!
And you prefer being with no wage rather than being with a small/any wage?
And you think you easily going to make money in Forex?
Sorry to be harsh but this is a big NO!
You better don’t trade with scared money or money you need for buying food.
IMHO the best is to keep some kind of job/wage while learning the trade. It will take time before you will become profitable if you will ever become it.
It is better to have money to buy foods and pay the bill and some spare one to trade forex.
You would be trading without scared money. You would give yourself enough time to learn. You would start from a strong psychological position. You would have less time to be in the market (very dangerous for newbies).
Please find a new job and trade part-time with spare money until you can show yourself you can be profitable for at least a few months in a raw.
This is a very cruel business, A beginner is like Pinocchio. The brokers are like the Cat and the Fox. They make you believe that if you plant money it will grow trees of money and you wiill get very rich. Sorry, but it is not like that!
Yes you can make money but it is hard and it takes time. For you to earn some money, you need someone to lose it.
Who is going to lose them then? The guy who has been around few years already? The expert who is here forever? The big bank? Me? No sorry I am on the Demo!
mrg96, I agree with Trasimaco. I think you have to think twice about trading live. Trading is not as simple as it seem. I’m trading into my 6th years now. It is obvious that i seem quite good at trading now. But, i don’t even know if i can make it right this time round. I think i can, but only time will tell. Main things is, It took me six long years for me to reach the skill level i possess right now. What makes anyone think they can do it in 2 years? I believe everyone will encounter their own type of problem to overcome in trading. For me, it is the control of Greed and anger issue.
Just because you never figured it out within 6 years doesn’t mean its going to take everyone else the same amount of time. I know so many traders where it took them a little over a year to develop a profitable strategy. It’s all about how much time you spend studying and backtesting
Well, that’s true… But i do not believe it is possible for a beginner to become a profitable trader in 2 years. The mental fortitude cannot be attained in 2 years. That i will never believe. The strategy is the easy part. Overcoming greed and fear is not something that can be overcome that easily, and that is the hardest part to grasp in forex trading.
I also quit my job in IT a while back, not to pursue trading specifically but other ideas too.
In this time I started exploring and studying trading strategies a lot.
With my previous freelance gigs getting quiet at the moment I too dream of one day making a living purely as a speculator.
So maybe we’re in a similar boat.
I do get some satisfaction in knowing that I’m spending less on fuel, e-tolls and the presidential security fund though.
I would however echo Trasimaco’s thoughts here.
In times of political and financial uncertainty this adds even more uncertainty.
I’m currently enjoying reading fooled by randomness by Nassim Taleb.
It adds an interesting perspective that some people have built a career out of hunting other people’s occasional crisis.
It’s hard to be certain how much income, or debt trading might give you.
You want to have some backup to be able to absorb your drawdowns.
Also how much you can make is limited by how much you already have spare to put in.
Adding more qualifications or looking for some side income while you’re at it is probably a good idea.
( If only to have more to add to your trades )
Anyway, wishing you the best of luck.
Hopefully we both make it!
BELIEF is very important. If you truly don’t believe you can accomplish something within a certain period of time, then it won’t happen. You said you will NEVER believe that, and you must change that way of thinking
Hi Gerrit, fellow South African here from KZN.
It is a tough one that you have chosen, I mean really tough bud.
And to make it harder, you might have put yourself against the wall by needing to earn more quickly than is realistically possible…
Where to start, better get reading soon, and more reading, and remember that only about about 10% of retail traders make money, and maybe less consistently.
Use a free demo with a regulated broker and learn by trial.
Send me a message with your email, and maybe an auto bot might be the answer in the meantime whilst you are still learning.
Cheers pipdit
