My name is Bobby; I’m here with the hopes of someday generating a second stream of income, both for retirement savings and as a fallback if my job situation changes. That being said, I do recognize my complete and total ignorance in areas of finance beyond spending wisely and avoiding unnecessary debt. As I progress through the educational courses I’ll eventually find out whether or not I’m suited for Forex trading but, either way, I know I’ll gain some valuable knowledge. Maintaining that mindset will be key as I’ve never found finances even remotely interesting, possibly because I know the amount of knowledge required to adequately understand something like Forex is vast. I’ve partnered with a couple of other newcomers and our intention is to hold each other accountable to going through this process.
Hi Bobby,
Trading, as I understand it, is a completely separate discipline from the likes of Finance, or even Economics. Having said knowledge in those areas can give you a leg up but isn’t necessary to have. I believe the same can be said for folks who have backgrounds in programming, statistics, psychology. Helpful but not necessary to have. You don’t even need to know Foreign Exchange operations in depth to be able to trade in FX.
Try the online course at Babypips, which is probably the best resource available to start your journey. Having a group of people to talk and discuss is a huge bonus I believe.
Good luck and all the best!
kind regards, Dims
Make sure you and your group understand that FX trading is highly speculative and high risk. It is a profit and loss venture, not an income stream as such, because you will lose money on some trades as does every trader on the planet. Focus solely on education and process, NOT money, while learning how to become a competent trader.
Best of luck