Best time to trade

I have a full time very demanding job but I want to make some extra money to be able to give my children a good life. Tried various things but without much luck. Got suggested to give forex a shot by an acquaintance who claims it to be an easy way of making money but I would like to validate this claim by other people who are already into it.
Also how effective are account managers in increasing your wealth, is it worth the risk?

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Hi welcome to the trading world. But I would like to tell you its not a easy way to earn money… it demands your time and efforts. account managers are surely an option but without knowledge y will you know what are their results.

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It is really not an easy way to make money.
It takes years to learn and even then 95% of people fail.
DON’T use an account manager, they are all scams.

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We are all at one sentiment here. FX is simple but not easy to make money, because the global network of pro traders and thousands of robots are competing against you. The FX market doesn’t know you, doesn’t care about you, and never gives you a free ride.

The key is to learn how NOT TO LOSE YOUR CAPITAL. Without money you cannot trade. This Education site is a great opportunity to even up the odds.

best of luck.

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Due to the ease of “doing business” (high liquidity of assets you buy or sell) competition is extremely high. Simplicity of trading itself (buying, selling, watching prices) should not be confused with ability to consistently predict price movements and make money from it. However it’s worth to give it a shot because it’s a positive and useful experience you will learn a lot.

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its not easy to make money from forex. it will be even harder to make money with a demanding ft job. i do not recommend forex for you.

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I’m sure whoever told you forex is easy money must have been a successful trader. As for me, I’d say it is simple if you work hard and have a good knowledge about it. But making money in forex is not as easy as it sounds. It takes a lot of learning, skills and tact.

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Is it easy - no, it is not. It takes time, discipline, patience and you need skills for trading

How effective are account managers - if you get one who knows what he is doing you can get few percentage per month.
But, successful traders or account managers do not waste time trading few $100 or few $1 000. They are busy trading in Pro firm where they trade for $100 000 or more and where they get huge returns.

You can give a shot, but have in mind that you will need to learn a lot, how to use tools in trading. If you can get a mentor you can expect to speep up learning process and to avoid beginners mistakes.

If you are in tradinf for quick money you can expect to lose money fast because greed will force you to make wrong moves where you will invest more than you should and consequently lose a lot or everything you have invested.

In Forex you need money to make money. So, you need to invest money in order to trade and to make money.

If you invest more you can trade with larger lot size and so make more on smaller price movements, but also lose more if you predict wrong.

If you do not have time you can use one day in a week, Saturday, and make weekly analysis. That way you can lose less time, and trade longer time frames where you will allow yourself be more disciplined and spent less time in front of computer.

If you have more questions feel free to ask.

Trading Chart Sample
Here is a chart how trading looks like when you use basic analytic tools like support/resistance levels with channels/trendlines.

You goal is to predict where the price will go in time. Will it go Up or DOWN. If you predict correct direction you will make money and if you predict wrong you lose money.

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I don’t know why but that chart ****s with my head lol. Those purple lines look like a 3 dimensional ceiling to me, and it looks like the candles are marching underneath them. I could never use this chart. :laughing:

:slight_smile: I understand you :slight_smile:

The reason could be you are not using same analysis as I do. For me it is helpful because I can see what I need to see to make trading decision.

The purple lines are not there. There are blue lines, red lines, and version of orange.

The blue lines are for channels and trendlines, red are for support/resistance and orange is for area where the price will bounce(dynamic support/resistance area).

If my money is growing won’t that be an indication of positive results?

Even the ones that verified broker firms provide?

I have started with the pipsology school, maybe it’ll help.

Thanks man! And this chart sure looks overwhelming, I know I have a long way to go, but I’m ready to put in the works.
And this idea of trading on weekends, is it as effective as trading like say an hour everyday?

What do you mean by “verified firms”? Account Managers are scams. SImple.

Great place to start.

Trading an hour a day will require more of your attention, but it is fine if you can spare an hour per day.

Trading daily you will get more close to market movements and in time you can sense them by noticing certain patterns that works on specific pair.

I am trading EURUSD only and when I look into H4 time frame each day I can see some patterns repeat and I know how the market will react. By knowing that I can plan much better my trades.

If you compare effectivness on daily trading and weekly trading there is difference in time required. But, if you trade higher time frames you mostly look for larger number of pips. If you look on the H4 time frame then you could look for less number of pips per trade.

At the end you maybe end up with same number of pips, but time required to watch the market takes more on H4 time frame. Offcours, this is not the rule, but it can happen.

See there is no harm in using account managers but it is always better to know where your money is being invested. So try to read about the market, currency pairs, platforms, brokers, account types, etc. This will give you some knowledge and will do you good in the future.

The only thing I can point out is that you shouldn’t just begin with trading without going through a few things. There are different aspects of the market that you must be familiar with if you don’t want to lose your money.

I meant there are these firms that have all the required license (I think), are they scams too?