In the last 2 years, we have seen some serious changes in our lives. My name is Michael and my personal last 2 year experience has been both great and… well stressful. On the plus side I finished my schooling to become a barber and rented a station at a reputable shop in downtown Sacramento. Also, I have become a father to a beautiful daughter who is my world! Now on the down side, coronavirus has taken a huge impact as my career in barbering has suffered tremendously. With shops shutting down it really slowed down the momentum I had in the beginning. Sooooo…i started looking into other ways to make money. Went back to my old job in construction remodeling homes and started researching stocks and cryptocurrencies. My little knowledge of stocks was to buy when it’s low. Well… thanks to the pandemic we saw a huge fall in prices and as soon as I heard about it I bought in. That’s where it all started, I just kept putting money in and watched it grow; however, I have no knowledge in reading charts, and this brings me to here. I want to become a day trader, my goal is to be able to supplement some or most of my income with being a day trader. I have monetary goals and some really big goals that I’d like to accomplish for my family as most of you out there do. So anyways, if you actually read this it’s a pleasure meeting you and I appreciate the time you took to read it. Have a nice day and let the journey begin!
What percentage you gain is important rather than how much you earn. Trader should have a target like 10% monthly gain.
Trader need to have a realistic expectation in trading. However, most of the new traders come to the market with unrealistic expectation. Then they feel miserable.
Hi Michael and welcome. Wish you luck and remember to not risk what you can`t afford to lose.
Look into compounding profits. Do lots of research and good luck.
Hi👋🏾, I’m Montu, and in the beginning stages of this endeavor.
being a father is the best job in the world! im not a father buy i guess i know how it feels D: and welcome to the world of trading , my advice to ya:
1-learn
2-then learn more
3-and learn more
3-demo account
4-real account and make money D:
To be perfectly honest, I think your mindset is more suited to stocks trading than forex. Forex trading is a whole new speculative ballgame which is not and never will be a regular income flow. At best profits will exceed losses - that’s all you can hope for in this market.
And for that objective to be reached, you will have to put in the hours of learning - 6 months minimum, and treat it like a business from day one, which means success could happen if you learn NOT TO LOSE MONEY.
That is critical and the first lesson to learn on this education site before reading charts is being able to control disciplined and patient Risk and Money Management. which means cutting losing trades quickly. That advice would normally cost a lot of money. Welcome aboard.
BTW - do not open a live account until you have been through the FREE education course - press the green button above. Experiment on a demo account first, as though it was live.
Best of luck.
Appreciate the advice! Thank you
Hey Steve thank you for those details. I appreciate your honesty. I will look further into it and take everything you said into strong consideration.
Yes sir! I will be sure to risk within my means
Hello Montu! Good luck on your journey.
Stay learning! I’m with you on that one!
I’ll be sure to look into that! Thank you
I very much agree to your point here. One can not always make profits in this market. However, cutting losing trades quickly is quite tricky and not everyone has such an understanding. I’ve been learning for quite a few months now. Hope to continue and gain more knowledge as the time goes.
My response to ‘tricky to cut the losing trades’ would be simple.
A. This is a psychological emotion to hold onto to the trade in case it turns and proves you right. I can almost guarantee it’s a losing option in the long term. I hate losing as much as anyone, but I hate losing big more so. Never, ever give money back to the market, if you can control and minimise the loss.
B. A very simple understanding of how trades react when entered:-
- Nosedives into a loss. Cut it quick well before the S/L Repeat this mantra 100 times. Use the savings to fund a better trade. There’s always one waiting.
- Gradually loses as it edges towards the S/L. Cut it short.
- A bit like a Noob, hasn’t really a clue whether to go into a profit or loss - just hangs around looking for inspiration. Cut it out of its misery.
- Like 2, except it slowly moves into profit but never looks like reaching the T/P you’ve put. Just scalp the profit and cut it. The saving will likely balance out the small cutting losses
- Jumps off the page, never looks back, and accelerates towards a can’t lose break even price and upwards to heaven. This trade is a potential gold mine and should be cherished - if fearful of losing a good profit, use a trailing T/P of say 50 points (5 pips) when sweat begins to pour off your skin, to counter closing it short before it’s run its course.
Just buy me a coffee - Americano is good.
.
Hi and welcome I’m new too
For any trader, it is important to set realistic goals in life so that you can plan your strategies in accordance with them. Forex trading is definitely not an easy way of making money. In order to make it work for you, you will be required to work hard in the market. There are no shortcuts. It’s just pure hard work that you require to do.
Hey Michael, the pandemic has indeed taken a toll on the life and career of many individuals. But, the silver lining is that you could make some money out from trading. So, now that you want to become a day trader, just learn and practice a few strategies including the entry and exit points, momentum, scalping, reverse strategy, and the most important which timeframe is the best. All the best for your future in trading.