Hi everyone and thank you for taking time to read this post.
My name is Liam, I’m 21 (soon to be 22) and live in England. I was recently directed to Babypips from a good friend who has made a considerable amount of money in Forex trading. His passion and enthusiasm for this has rubbed off on me and I wanna know and do more. Now that I’m here, I’m interested in knowing you guys and becoming a part of this community.
I have taken a few baby steps and started learning via the BabyPips school, but I also think it would be beneficial to get advice from my Forex elders.
A little about me:
In addition to what I said above, I’m a final year Computer Science student at a British University with intentions of entering the world of programming when I leave. I also dedicate a lot of my time to volunteering at my Church Food Storehouse, helping the homeless and generally helping people in my community. However, like most students who have been hit with a £9,000 a year student fee, I’m also concerned about my money. As you can probably tell, that is why I’m here. Making millions is not my goal (but that would be nice), instead I just want additional income and eventually live a comfortable life.
So, how about you? How did you get here? Have you had any cool experiences that you would like to share? Did you read/watch/listen to something that has benefited you in the world of Forex?
Hello liammck,
I can understand your situation but it’s not easy to have a significant additional income from forex trading when you are new in the game. I don’t want to disappoint you, but I would advise you to start trading with a demo account at the very beginning.
Then, if you feel that you learned enough to move into a live account, have in mind that you are trading just for a hobby and not for the money. If you are in need of money; it will be easier for you to make mistakes in trading.
Again, I don’t want to disappoint you. You may be the next guru of the markets and become a billionaire, or you just manage to win enough pocket money to make your life more comfortable (which is very possible) but until you get to know the market, don’t trade with money you cannot afford to lose and don’t get disappointed after a position you opened reach your stop loss. Remember, that you will always have losing positions. [B]Success is to total more winning positions that lost.
[/B]I wish you best luck!
Hi Liam - I hope your forex learnign and trading does go well.
As you ask, here’s how I came to forex. (other routes are available…)
I had always regarded forex as the riskiest trading. So I traded shares for a while, but that was quite risky as its a long-only approach.
So then I spreadbetted stocks but that turned out to be quite risky (for me) as I didn’t really have a consistent method.
Then I spreadbetted indices, but that didn’t turn out too well…
So I was pretty much at the bottom of the list with just forex left. I immediately found it to be low risk as long as you have a rational methodology plus the discipline to follow it, and started making money. As I ran short of opportunities amongst the forex majors in late '16 I went back into spreadbetting stocks, and what do you know, I’m making money there too.