Just want to know your opinion on how much time and money you need to contribute to become a real trader? I mean the one that can be profitable constantly and make enough for living trading.
I guess that you need approx 3 years to become somewhat like a trader and you got to be ready to pay around 20k or more for your training. I mean to pay for the books, CDs and, what I found the most bucks consuming, to pay for your own mistakes, for your stupidity and being too stubborn.
A newbie like me could well relate the inhibitions posed by you as they are an obvious outcome for anyone on the threshold. I have just spent a month or so playing to know the rules of the games before plunging into live trade.
I believe
Selection of the right tool (indicator) or a set of tools, which suits one’s own individual trading style is the most important step to start with. Its like selecting the best weapon out of the ammunition shop before one goes live.
Books and CDs may or may not work again depends upon the quality of the same.
However after an intense study of the indicators, try to get hands-on experience on a demo account which are offered on many sites. Apply your understandings and observations and study the variation between your understanding and the reality. Addressing the variation on daily basis would help a lot.
One could start with 250$ to start with as some sites do offer. I am not saying you should open an account with the bare minimum but it does make Forex much more accessible to the average individual who doesn’t have a lot of start-up capital. To start with 2k and trade with just 1k (leaving 1k buffer to avoid immediate margin calls) could be a good idea.
These are just my basic observations and understandings of this world of fascination. Would appreciate your thoughts on the same too… I love to remain a student for such things.
Trading is a performance skill. Just like becoming an athlete, doctor, musician, etc., it takes deliberate practice to master and get to a professional level.
That means that there is a significant time cost. Depending on the amount of time and focus you can give to trading per day, it could take years to develop a system or method that works for you, and the discipline and confidence to trade it proficiently.
Fortunately, the education is free all over the internet and demo trading is free as well. So there shouldn’t be too much capital outlay during your learning stages and you can save for a bigger account when you do start live.
Bottom line is trading is simple, but not easy. It requires a lot of work. This means learning all the different tools to use in the constantly changing market conditions, consistent market observation and analysis, disciplined journaling of your endeavors, and controlling your own psychology.
So, I think anyone with the passion for the markets and perseverance can do it, but it’s definitely not easy…but then again, is anything worthwhile ever easy???
Thanks to all of you. I was just evaluating some expenses that I have already carried and was thinking about the ones that I am to carry in future.
Do you think in order to master my technics i need to concentrate on money management mostly or on technical skills (I use technical analysis) in order to cut possible losses?
Money Management requires concrete knowledge. Sure you could adapt it to market conditions, but risk management is a function of position size and and stop loss. You will spend far more time trying to understand the market than you will trying to understand money management. The market is ever changing, whereas money management… not so much.
I would recommend to trade on in demo, but in real account. It is harder at first, but you will learn more like this.
Personally I know one trader who is against demo accounts., and I am using his suggestions and ideas:) The reason for that is, once you are happy with demo and you think you grasp the system, but when you move into real world (real acccount) the real money acts important role and you forget your system:)
It depends on your own comprehension of Forex Trading. If you are familiar with economy models and how different factors affects the economy of a certain country, you can easily grasps the fundamentals of forex trading. Trade with a demo account first before going live.
Im currently in part time work and have a few days a week to trading, however i might have to go to full time. But what i am asking is it realistic to trade while you work full time?
To drain 20k at the beginning? Sorry, but that’s rough. If everyone were to drain such amount of money then on forex right now only 1% of traders would trade there that trade right now.
Many give up after their first fail, meaning after draining their money the first time. But those that continue training and know how to learn from their mistakes have a chance at succeeding on forex.
I think the costs to become a trader vary for everyone. The important part of it is working out what it is worth to you.
How much do you think you can make, what percentage chance do you think you have of making it. From there you can work out the probabilities of it being worth the costs, and as a trader, you should understand probabilities.
In my case, I only paid 299$ yesterday for the Niel Fuller’s Price Action course on discount. And other FX knowledge was from free resources online such as the free PDFs from the demo brokers and Babypip.com.
I finished Pipology course yesterday. So I can tell that was the basic knowledge to be here as a newbie in the forum. And I think Pipsology graduate is just equivalent to be a beginner to discuss with others. Some people may not pay nothing and go straight to the real trading. I saw some Summer Bootcamp for total of 3000€ costing FX Bootcamp options online. I did not take such stuff. But some people would take it and lose some money to start the trading. I just do what people say what they did to become a day trader.
But what I know is that only 2% of the total capital for the trading would make sense to be a real trader. Who would just do the big trade and fail? It happens with the Black Monday time without any premonition or news. But if someone lose 2%, then it was just that. Still 98% is ready. So, somone with 10,000$ as the capital may just using 100 or 200$ for the trading everyday is still called as traders. And look at what Mike Wolski did on his “dear Journal” postings on another forum topic! I have learnd why 200pips could be just enough to believe on a successful trader making. Someone who cannot make any positive pips would go broke. But knowlege helps to be successful in any business including trading.
Success is not possible in short time. If my heart is broken due to loss I should do more practice on trading. I will like to make myself more expert in trading rather than leave it. Mistakes are solved by time if one had passion he can improve trading.