Hi guys my names George and I have decided I would like to become eventually a full time Forex trader. I need to be financially stable for my young family and disabled wife. Any tips and info would be greatly appreciated and I hope to be doing this full time for a very long time. How have you fellow members found this website and their courses for you? I hope this community is somewhere we can feel safe and comfortable to trust each other and give each other advice and information. I look forward to finally starting this chapter for me and making money not something to always be worrying about. TIA
Hi J34n!
I used to do freelance work writing articles that advised beginner traders. Your goals are definitely reachable, as long as you put in the effort to truly learn what to do. A lot of people see forex as a get rich quick scheme, then they give up once they realize that it takes more work than that. Just make sure you hang in there and don’t give up - if you start to lose money, take a moment and figure out what’s going wrong rather than quitting.
Great Day! I’m on the same mission. I work full-time but plan to trade full-time eventually to provide for my wife and children as well. Make sure to practice on demo only! Analyze the market before putting in a trade. Also pay attention to your emotions…and your leveraged.
Do you mean you want to derive all your income from trading, or you want to trade full time?
The two are not the same, and from personal experience full time trading does not always equate to profitable trading.
I don’t think the best traders are sat at a computer full time, they are more likely sailing their yachts, working other businesses or playing tennis
It’s a misconception of the highest order you have to put in full time hours in trading to be a professional
Okay thank you. I will keep your advice in mind.
I hope you get to where you want in life. Yes I will be doing demos for a couple months? I’ve been hearing a lot about keeping your emotions out of it, in what sense?
I would like to have most of my income from currency trading, and then move onto something else alongside that. Yes I have heard that you don’t have to be sat in front of a PC all day.
dude , just learn everything that is related to trading forex and then start making plans for yourself , and trust me you don’t want to follow professionals blindly , just do what makes sense and you are comfortable with. if day trading is your thing then do it! if not simply don’t force it and think about something else
Okay I’ll take that in mind. Thank you
NEVER put money in a LIVE account until you achieve 3-5% each month for 3-6 months in demo (minimum).
3-5% profit? Doesn’t matter how much I’m buying or selling for? Thank you, sounds like good advice
In general, it means not straying from your trading plan. Markets do what they are going to do regardless of what you, the trader, is expecting them to do - which means “mistakes” happen and result in losses.
Emotional trading means things like resenting a loss and doubling up on the next trade out of frustration or anger that things went wrong. Or it could be fear after a string of losses and waiting too long before having the courage to enter and then most of the move has already happened. Or hanging on to a losing trade because you are reluctant to take the loss and prefer just to hope that it will come back at some point. Or it means taking a profit prematurely, just because you are scared the market might turn and you might lose the profit.
It also means learning and exercising patience and discipline. The best expression for this is: "plan you trades and trade your plan"
It is not always easy for a human to become mechanical in their thinking and actions, nor is it always easy to act against one’s gut feelings. But trading is about having a clear, concrete plan on key issues like:
- when to enter a trade
- where to take a profit
- where to set a stoploss
- how much risk to take per trade and across all open trades
- how much capital to risk per trade and across all open trades
- what wins:losses ratio to expect from the strategy over time
- what profit:loss ratio to expect from each trade
- what timeframe to use
- what instruments to trade
These are some issues that should be considered and have a clear ready answer. Then the emotional aspect is to trade according to the rules/plan and not throw it out the window at the first sign of trouble and do something else entirely, shall we call it, intuitively!
Wow thank you for your detailed answer. It was very informative thank you. Okay I will come up with a plan that suits me and use it with no emotion. That’s helped a lot thank you again.
You are allowed at least a little smile of satisfaction whenever you win (so long as you don’t overdo it of course!).
Shouldn’t we all. Thank you again
We all have been beginners once. We obtained experience only after we started to trade in the live market. And trust me, it was not what I had read. Learning clears your forex basics but when it is about trading in reality, the market’s behaviour is completely opposite. You learn more when you risk your money.