Hello,
My name is Candace. I’m here to learn how to trade in the forex market and quit my full-time job THIS YEAR!!! I’m looking forward to meeting and working with everyone.
Well if you have a 100k account to trade with you could succeed if you get lucky. Otherwise prepare yourself for years of learning.There is no short cut. That’s the reality.
Thanks for your response. I’ve been studying forex for awhile now so I definitely understand the dedication and consistency it takes. I will always be a student first. I’m not sure I agree with your 100k investment statement but I won’t debate that. We all have different experiences in this industry.
In which case you need a plan. Here is a link. TIPS On How To Create The PERFECT Forex Trading Plan - YouTube
The rationale of trading a small or large account is RISK and MONEY management. Money makes money. With a small account, realistically you won’t make enough to quit your job unless you gamble and get real lucky. On a $1,000 account a daily 5% exposure risk is $50.
With a large account a daily 5% maximum exposure risk on a $100k is $5k and with a strategy that consistently pulls in c.60% you should meet your goal this year.
Also understand that trading live accounts is a whole new ballgame that depends on how well you manage emotional control while you’re watching your trade winning or losing on a chart, and knowing when to cut a losing trade instead of nursing it in the hope it would move in your favour. And, instead of letting a winning trade run, taking a quick profit for fear of missing out (FOMO). Humans will try and avoid pain at all costs.
I hope that helps a little. Best of luck.