Complete beginner, would like to ask some questions

Hi everyone,

I’m a 19 year old from Sri-Lanka and I’m looking to get into Forex trading.

I have 300,000 rupees which is about $2070 that I worked really hard for over the last couple of years. Currently the money is in a 1 year fixed deposit which pays out 6.5% annually.

Previously I had not given much thought to all this but I was speaking to someone a couple of days ago and he told me that he makes ~$120 a day through forex trading (over here that’s quite a lot and in my last job that was pretty close to my monthly salary) and even though I asked him for some details he really didn’t want to tell me his method.

For a person starting out, what is seen as a decent monthly return of investment?

How risky is this sort of trading and how difficult is it to get a good idea on how all this works?

Some help and advice would be very much appreciated and thanks for reading.

It’s my opinion only. You should think about 5-8% per month, no more if you want to safe your money. If you know nothing about trading - open account on eToro and copy trades from pro traders which produced 50-80% yearly with drawdown not more then 25-30%. You should take 4-5 such traders and copy their trades. Don’t trade on real money now. Start studing the theory.
I offer you - keep your money, pass to pro traders in order to get profit and start learning theory. Need more detailes, let me know. I think other traders will have different advices and you will take the most interesting and suitable for you.

Its taken you 2 years to save this money.
How will you feel if you lose it all in a month or less?
If it won’t bother you a bit, then give forex a try.
If it will seriously upset you or cause hardship, then forex is not for you.

Most traders lose their account. Can you afford to lose yours?
Sorry if this isn’t what you want to hear.

My recommendation is open a DEMO account with any broker online and start trading. Buy if you think price will go up and sell if you think price will go down. Always give yourself 3 good reason enter a position. Keep a trade journal and review your trade weekly. After 3 months check your return on investment.

I repeat DEMO account please.

Trading is really a cutthroat business.
Extremely TOUGH. If you start real money account immediately. I believe there is a 99.9% chance your money with be gone. Either you get scam by a shady broker or goes on tilt and lose all your money in one trade.

May the Force be with you…