If anyone can share their journey. How long has it been since you first started trading? How is it doing now?
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The question should be, how long does it take to become consistently profitable? And that would be different for every trader. Rule of thumb, at least one year of serious full-time hard work.
FX trading is simple but never, ever easy, and there’s no guarantee you’ll make any money. that’s the reality.
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I have been trading foreign exchange for many years, ever since my college days
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That’s right. Every investment has a risk. The key is how do you manage that risk
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Like 10 years? Do you also trade other instruments?
I’ve been trading Forex for almost a year now!
It has the potential to make you a good profit if you research and set daily goals. It is advantageous for me, although I do not bargain large sums every day. Because I am still learning, I prefer to begin small.
I admire in a good way people who have been in the market for a long time - people who are not afraid of anything and have nerves of steel - to me they are real businessmen.
I have been live trading for a couple of months. Before that, I practiced for 8 months on demo trading. I have started marking some profits. Working on the consistency now.
Demo still, on and off for like 10 months.
Indeed, that’s the number one point to remember when starting with forex trading. Unrealistic plans make you a bad trader. Forex is like any other profession. It makes you a better trader when you practice and learn from your mistakes.
Hmm I admire in a good way people who have been in the forex for a long time
thank you for the information
I am glad to be part of this forum, it is a gathering of investors who take this business seriously, and I am glad that I can always get new knowledge and advice here.
This is important to me, good luck to all of you.
I traded for 6 months before moving to live trading. The duration is different for every trader. Some demo trades for a year. I recommend you switch to live trading once you have consistency in your trades.
Hi! I have been trading forex for a year now. I would say if you want to be a better trader after every trade, then start learning from your trades. Your knowledge will define how much profit you will make.
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I started my journey in trading since mid-2017.
6m demo, about 20m real trading. A few yrs of stocks and shares prior to that. Almost quit cos lost so much money (about £14K over a few weeks). I stayed in tho, trying harder to be careful non-impulsive … Finally learned that you can’t change/modify your psychology (at least I can’t), so through trial and error designed my own manual trading system which fits my own particular mind-set. Now I’ve recouped all my losses (about £15K) and made about £28K on top. For the past 16m I have been consistently profitable and make a monthly rate of return of about 8% month in - month out.
The best advice i can give is to try to learn the important stuff about technical analysis (like learning the Highway Code) then try to unlearn it once you know it, and think outside the box. I also totally ignore analysts and only pay little attention to financial news.
Also, don’t read too many books by trading gurus (e.g Naked Trader). They can give some good pointers and are fun to read, but ultimately their trading style might not suit you. I also take their self-proclaimed success with a large pinch of salt as they are trying to make money from book-sales / seminars, which shouldn’t be necessary if they make so much money trading. No? Unless they do it for other reasons (i guess it’s not all just about money.)
Or foolish lol
Good to hear you pulled it around, I think you made some good points.It s interesting you say you pay little attention to financial news ,do you day trade?
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Yup, day trading. I guess that’s why I rely on technicals. If there’s a big news story about to break i’ll mostly stay out as there’s people with the inside edge who know what’s going to happen much better than me.