I decided to come to this site 'cause it seems like one of the few, VERY FEW, legitimate forex sites out there!
Right now I’m 18 years old, and am in University in Toronto. By the age of 25 My goal and dream is to be well off financially and finished school (among many other things:)). While school will always remain my top priority, relative to the forex market, I know fees will hound me for years to come. Also, my family has many debts as a result of divorce, etc.
I come here hoping to hear from SUCCESSFUL traders, advising me on the correct path to being successful. Also, A blunt answer would be greatly appreciated to this question: Is it even fesable to be in school full time and do this as well? or is full attention MANDATORY to embark on the forex market?
well you just need to loose money and gain experience to become “successful”, one thing I can tell u is that NEVER GIVE UP, always analyse on your trades and keep a trading journal, revise your trades like homework and then over time(after loosing lots of money…) you will get the drill and start making money. GL I’m under 18 btw ahahha but seriously that is what you need really. no tech or fundemental work is gona help you much.
btw after you won some moeny dont just go in trades and do ermm do “charity trades?” thats what I always do… because I just cbf after a long time of thinking and work. so ye take a week off if you need it… lol
To answer your full time vs. part time question - I think you can get started even on a part time basis - the sooner you start learning the better - just be very careful to manage your risk.
Well I am a complete newbie also. For me is to learn as much as you can. Most FX brokers offer Demo accounts and I would certainly make good use of them.
Research any broker site you are interested in and make sure to ask questions, you will learn how good their support is as well.
I am currently going through the Babypip school and I also have an unlimited Demo that I can play trade with!
First day I was in profit Selling base USD\JPY
In my opinion before you start using real cash you really need to understand all the pros and cons and I hope the help of others on this forum will go a long way to help us newbies out also!
As for your question regarding wether to do this part time or not well I can’t answer that question as for me I will treat this as a hobby until I understand what I need to do to be sucessful.
You can do it… I got involved when I was 19, started trading full time when I was 20, i’m 21 now and I graduate in May. I trade the S&P500 futures and 8 fx pairs right now…
I love it, it IS possible, and it CAN be done. Commit to it now because it will take time and dedication to hone your skills over the next year. Don’t think this is some overnight thing, it isn’t.
I lost 9k my first year (out of my 10k initial) before I had to stop and reevaluate my weaknesses. That being said, 6 months later I just took 237.00/contract out of the S&P contract this morning, and i’m sitting short in the eurjpy right now with 50 pips locked in.
The sooner you start the better. Plus, if you major in investments (i did) the upper level classes are A JOKE. And you’ll know more than the professors, guaranteed. And if you can get on your feet by then you’ll be making more than your professors too!