Hi, I’m Charlie and getting into trading a little late, wish I started 20 years ago. I want to change change career and work for myself.
You are in the wrong place. This is not a career change as you put it. Look for an online job.
Hi and welcome,
Please don’t be put off by members advising this is not a walk in the park. They are right - it is not, nor is it a good choice of career for anyone who knows nothing about trading. Imagine letting a butcher do brain surgery on you? Highly unlikely. Now think about how many hours that brain surgeon needed to spend to become competent. 15,000? 30,000?
Be prepared to spend a lot of time learning and practicing if you want to be a successful Forex trader. And don’t expect it to be something that can replace a career either. I have been trading since 1988 and I still aspire to it potentially becoming up to 20% of my future income. I also “work for myself”, choosing to be a contractor 25 years ago instead of an “employee”. You definitely need a different mindset to work for yourself and not have others take care of your income tax, national insurance, pension, health, etc. And you don’t get paid for doing all that other stuff besides your new “career” either. And you are competing with millions of other wanabee traders, 90% to 98% of who lose money at least for the short term.
My advice is this. Just do a mind game with yourself and write down what your strategy is. A strategy is What you are going to do and why - that’s all.
What - I am going to drop my current career and become a Forex trader.
Why - Because people told me it is an easy way to make money.
So now you know the Why to be fake news. Now look at what your options are:
Option 1 - Continue with becoming a Forex trader. I have six months savings to spend on determining if this works
Option 2 - Do nothing. Don’t quit the day job just yet. I can start to learn about Forex in my spare time, at no cost and continue to fund my current lifestyle.
Option 3 - If the idea of Forex now looks like it has a 98% chance of failure, what other options do I have? What are my transferable skills, and would another type of self-employment that brings in income from the start allow me to continue to learn Forex without jeopardising the lifestyle of my family and me?
Now I bet you are glad you came to Babypips instead of spending 2 grand on one of those Internet Forex courses.
New traders should practice on a demo account before making any investment.