I’m new to currency trading. While traveling I definitely realized the potential to make money with varying exchange rates, but I never thought that any real money could be made without some [B]serious[/B] capital.
Flash forward: I have a really easy job that allows me enough spare time to work on my laptop and do homework. I work overnight (11-7 CMT). I read about things to increase my efficiency in life, and came across currency trading in an article about investing. The school of pipsology was amusing and educational, but not too dry and daunting to be accessible.
I’m a hustler in spirit. I take things and I make them profitable. Guitar -> Guitar lessons. Cards -> card counting. Music -> music performance. Generally: Time -> money. I try to spend the least amount of time possible to make a decent living so I can enjoy the things I want, when I want.
After quite a bit of reading I opened a demo account and started scalping for small gains and stupendous losses.
After I lost some [I]real[/I] money I took a step back and realized I was trading too often, entering the market without any intelligent purpose for the hope of a few pips.
I’m currently devoting my time to studying macroeconomics and still going through the school of pipsology.
I make trades on my demo account ($200 with 50:1 leverage - I trade it like it’s real) and focus on risk management. I set stop losses/take profits mathematically, so I won’t trade emotionally. It’s hard to justify trading with real money when (for example) I [I]just[/I] learned what the Libor is. It seems like I learn something new about the global economy every day, and being aware of my own ignorance has made me cautious.
My goal is to consistently gain more than I lose, and eventually supplement my income with the profits.