I didn’t even know the forex market existed until late 2008, then I thought, “Wow! Here’s my chance to escape the rat race!”
Easier said than done, and a month later the dream vanished when I finally gave up trying to understand the myriad of confusing numbers and flashing colors on my screen. There’s a lot to learn, but what makes it 1000x worse is the endless horde of scammers or wannabes who say a lot but don’t know anything. Add to that the plethora of crappy/dishonest brokers.
For the average person with little to no investing experience, it seems absolutely impossible to even gain a basic understanding of forex without a mentor guiding you every step of the way. Too bad mentors cost thousands of dollars. Maybe there are no real mentors. Maybe the ones I’ve seen are just another brand of scammer.
So how did you guys learn forex? Is there anyone on this site who actually became a profitable trader by reading stuff on the internet? I’m interested to learn ways that a blue collar redneck could go from hanging drywall to sitting at home on his computer for a few hours per day.
I’ve read the school section of this website and a thousand websites like it, but the problem is that there is no real plan. The information is just dumped on you with no practical application, so that by the time you hit Grade 5 you’ve got all these formulas but they don’t fit anywhere. Experience is the best teacher.
When I read the complaints of technical traders who understand how to use indicators(I don’t) but are still losing, I get the impression that they are simply failing to read between the lines and pick up on little signs that you learn to spot after years of trial and error.
So basically, I’m asking:
How did you learn to trade?
What is different about your lifestyle that makes you suitable for forex?
Did you have a mentor?
Is it REALLY possible for some average dope who didn’t go to college to earn a living with this, provided he is willing to work hard?
Edit: I am not advocating moving to another site. I only responded due to the nature of parallel situations. The above individual applies all of the sound basic priciples taught here at BP. And i am in no way advocating paying money to an individual for something that you can learn for free here at BP.
A guy I worked with for ran a club and I joined it. And it was pretty bad!! I had no idea what forex was about, but followed his plan, didn’t realise the problems with it as I had no idea about forex and so blew a pile of money.
Then I found a system from this site (NickB’s) and it has been going really well. I only work a few hours on the weekdays (main work is on weekends) so I can spend pretty much all day close to my computer.
The main thing in my case is to be consistent. Occasionally I get a little loose with the rules of his system which will end up with a slightly annoying trade being locked in for a while (until I decide to cut it or it luckily gets taken out).
What is different about your lifestyle that makes you suitable for forex?
Did you have a mentor?
Is it REALLY possible for some average dope who didn’t go to college to earn a living with this, provided he is willing to work hard?
Where do I start?
hi,
there are many tools, strategies and systems on the market, and you can take the good part of it- you should find the ones that feet you best.
dont look for the right lifstyle, choos the tools that will enable you to build a strategy that you can trade with your current life. there are so many possibilities there is no chance you will not find something that feets.
as long as you do not trade good enaugh to make a living, you cannot allow yourself to base on it, and since it means you need to trade asside another main job, you actually have no choice but to take this limitation as your starting point and build your strategy around it.