Ok, so I’ll make this a quick one. I’ve been surfing this forum for a while now and have seen threads like this in pretty much every board almost everyday. To me what makes this one a little different is I’m not asking for a end-all yes or no answer but merely to entice a discussion. The question is about not whether I should start trading (even though that is what I’m trying to find in myself), but rather, if [B]YOU[/B] had to do it again, would you? Knowing what you know now, if you woke up to find yourself a 26yo in a less than challenging job that pays well and looking for a useful skill and had an extra $5000 to work with, would you (living in US btw) sift through all of the brokers trying to figure out which one will screw you less, so you can test your system (that based on reviews from people with real money accounts are seemingly almost always sabotaged by slippage and requotes), so that one day you could throw away your 9-5 job and make a reliable, comfortable (not 1 million a year but something realistic), income? I’m not gonna ask how long does it take to make 5000/mo or what % I can ALWAYS make each week. I understand price action (to a degree that one can). I know that nothing sure and that false signals are of real concern. I love charting even though it doesn’t love me back. I just want to know if the regulations and brokerages in the U.S. make it possible to have a fair shot at FOREX.
I fear I missed my mark on making it really quick, but for those of you that do read it I thank you. I’m coming up to a decision point and value this community the most on this subject matter and I appreciate your input.
I would talk about Forex only to my worst enemies so they could think they could get rich quick and join it and get ruined for life!
Would I start all over again at this point of my Forex career where I am far from being profitable? Yes, because I believe It can be done and I believe this is my way to my freedom.
This is standard for no matter what broker you choose, what type of trader you are, what your bankroll is or your current situation, age or gender. First you have to learn to crawl, then you learn to walk, then you run, then you marathon. Try to make all your decisions based on current facts, current options and then if there is no clear path, pick the least of the evils.
Apply previous to: Method, Mindset and Money Management. Method; Clearly define in writing, what you want to achieve in the short and medium time. Next plan the method as to how you can best achieve it, with proper money management. The only one you have to do by yourself is the writing out of what you want to achieve. You can get help with the plan to get there, mindset and , proper money management, from other traders, forums, utube video’s courses etc. That’s why it’s so important to know what you want to accomplish with trading.
Example if you asked What’s the best way to trade? You’ll get many different opinions. Can I make a full time living trading? Who’s the best broker? What’s better scalping, day trading, swing trading or position trading? What’s the best indicators? Etc. these questions have one thing in common. . .they’re vague so there’s a number of different answers that are all right under certain circumstances. Another reason for writing it out is you can constantly refer to it, if you start to get off track.
First, thank you for the response. Second, I completely get this isn’t a get rich quick scheme. I guess to put it better my real fear is that without 50K there is no use in even trying. I’m not saying I want to make a living trading with a startup account of 5000. I’m just asking if it is even worth a honest shot. I’m not scared of doing the hardwork and researching techniques and learning the market. To be honest, for me that is the fun part. I just want to know if I DO put in the hard work, if it is all for not in the end because I just started to small, with the wrong broker, and the rules stacked against me.
I guess it depends on what you want out forex really. I’m not interested in throwing away my career to make a career of forex. I actually pursue things I like to do as a career. I want to use forex as a supplementary line of income that I can use to build more wealth than a savings account can provide without having to pay financial experts to handle my money for me.
And what’s to stop you from turning your $5000 into $50,000 in your account? You can always keep working and just building on your balance through successful trading or contributions from your day job.
So yeah. I think it is worthwhile and would do it again. Also- as someone who lives in the US- I’ve never had a problem with OANDA and they’ve been around for several years. Even during NFP execution is typically pretty on point if I decide to trade the announcement.
Interesting question. Would I spend all the time i spent on trading again?
Although I’m not sure whether I’m profitable now (I don’t trad live often), I would say yes.
I’m not a person who gives up quickly, so I’ll still spend time in undestanding price action, hoping I will be very profitable earlier or later.
Thanks for the post. Forex is something I’m looking to supplement my income with and as you asked there isn’t anything stopping me from turning into 50K. I like to think I share in your thought process with being accountable for your own savings and doing away with the commissioned experts. I’m glad to hear you say you’d do it again. I think I just got clouded with too much info on both sides. I think you can find anything you [B]want [/B]to hear on the internet lol. I just wanted honest opinions from real people. Thanks again.
No problem. If you find yourself getting flooded with information; I recommend narrowing your approach. The way I did it for myself is once I chose my system, I just started researching specifically about things pertaining to my strategy and risk management in general. I can’t tell you anything about Ichimoku but I could probably write a book about interpreting Candlesticks and S/R with as much as I’ve read on it.
An important thing to remember when you’re wading through all this garbage on the internet is that the truth is often closer to the middle. The people screaming about how it’s a rip off and only fools do it and so on; well what makes those people a good resource at all? The criticism and praise I want to hear is tempered, based in fact, with reasons for their claims. If they don’t have reasons and use the “take my word for it approach” then I automatically discount it. I don’t take anyone’s word for anything whether it be financial advice or my doctor treating me. I always research it in-depth to ensure I’m making educated, informed, factual decisions.
And really that’s what you have to do with forex too. Fact of the matter is- the forex market pushes $4 trillion a day. There are opportunities. We just have to find the best way to seize our piece of the pie.
If I had to do it again yes, BUT I would start paying attention to my own psychology sooner than later. I would of started journaling trades. Dude, don’t just look at Forex as a supplementary income. Look at Forex as a path to riches, people out there that trade 1000.00 per pip risking 1-2% of their account on the trade. People out there making 60k-400k in one trade. Endless possibilities in a 4 trillion dollar market but at the end of the day what you get out of it is what you put in. These people didn’t get there over night but they were persistent in their desire to succeed in Forex and it took them years for some sooner than others but at the end of the day they got there. They make extremely nice living from extracting large amounts in short spans of time. Ask yourself would you want to do that? if so aim for it. Good luck