@lillyw91 I think you have to be prepared for the long haul… especially if you are starting with small figures… i.e. if you start a business with £1000 it has to grow proportionally to that… If you start a business with £1000000 then you would grow in proportion to that. I think the average forex retail trader starts with false hopes of converting £500 to £1 million: faced with the advice of ‘aim for 1% a month’, which would be decent returns when trading larger accounts, the trader puts a lot of work and sees a monetary reward that is laughable (you may as well give that time up for free to volunteer for a charitable organisation)! Then impatience sets in, maybe the trader gets lucky with a big win and thinks: “I just doubled my account in a few minutes!”. . . He/She tries his/her luck again, but this time it is a big loss and he/she has undone his/her previous wins, and some more…
You can see how easy it is to get hooked on winning big when you have small capital and you are not prepared to wait a year for a £100 gain…Most pro traders I heard interviewed had saved up a lot of capital before going solo: these are people who had worked in funds, banks, or prop firms initially. For someone with little capital and who has to learn everything by him/herself, it is a double wall to climb and you have to be realistic…
You could try trader contests for quick results/prizes, but they encourage pure gambling and extreme leverage, so that is not a sustainable attitude for trading your own money.
Great advice and thank you so much for taking the time to help me. I definitely agree with it being a long haul venture and to be totally honest I don’t know what my long term goal for trading even is. I am in no rush, I own a business and enjoy growing that so I don’t want to stop doing that. I suppose I’ve viewed it the same as when I’ve invested in shares etc it’s an investment for retirement haha. Not sure if this is A bad or good way of looking at it. Xx
I really value all your help and advise thank you so much guys. I really do need it especially when it comes to mindset so any advice you give is greatly appreciated. Xx
Hi Lilly I am new to trading too. I have been using 2 demo accounts, and I am now really confident about my trading. I have been trading for nearly a year. I hope to start trading live very soon. I have joined a few groups, like babypips.
And that has helped me a lot, also I do a lot of reading about the market’s and that has been a big help to me. So you are heading in the right direction keep it up.
Hi! Thanks for messaging! I would definitely love to hear how live trading goes for you. Out of interest what got you into trading in the first place? Xx
When I first started I just wanted to make some extra cash.
But now having been trading for nearly a year, I have decided to become a full time trader. I really enjoy what I do, it’s been a real eye opener. I have met some really great people because of this, I have learnt so much about myself and the money markets. I will definitely keep you up to date with my progress.
Yes and yes, 100%. This needs to be repeated daily in the forums. Making a living trading isnt about being a superstar, its about having a large amount of capital and at the least trying to do better than break even. Given my historical profitability rate, I decided I need about 2 million to go full time, self sustaining. Im not trying to take my current pot and get more risky or be more awesome, i just need to increase the pot and at least keep hitting my same returns.
Welcome @lillyw91, I think you will enjoy the good conversations and threads here on Babypips. If you get a chance, check out some of my threads, both old and new. I mainly discuss using candlestick pattern analysis. Hope to see you around!
Welcome to babypips @lillyw91! I’ve been trying to study trading on and off for a couple of years too. But it’s only now that I’m really doing my best to give it a go continuously. What were your obstacles on why you went on and off? Hope to hear more from you.
@CoinLady Hi, it’s lovely to hear from you. It’s hard to say for certain what the obstacles were. Maybe disheartening results caused me to take breaks here and there. I just didn’t have the passion that I have now. What about yourself what obstacles have you faced? Xx
I see. That’s also what I’ve discussed in another thread. i feel if I lose too much even if it’s just demo trading I might lose interest. The main reason was time and really prioritizing trading over everything going on in my life. It used to be that I would start studying and demo trading then something would come up so I would stop. This time around I’m really pushing myself to go for it.
