What matters in forex is your determination and patience. You can grow your account from a very small amount into something big enough to sustain you as a full-time trader, but it takes time. You’ve got to master a trading strategy and be really good at reading the market trends
I think its probably not for most people. But still a fun hobby to have
One piece of advice from a trading newbie to another. go read about some of the best traders in the world and understand they are doing this because of their love for trading not their love of money. The fact you are asking this question tells me you have fallen for the first mistake that the 80% of failing traders make which is you are tired of your day job and you want a quick way out. Whilst there is nothing wrong with that, thinking trading offers this easy way out is a falsehood.
I have been learning to do this for 2 years (i still consider myself a newbie), with 9 months spent having a good look at myself and understand my emotions,feelings and attitudes to money. You have to understand that trading is like another job, it takes time and skill. I would suggest that you try and find more time to understand the charts and get a “feel” for the markets, it is possible, but just takes an incredible amount of work. I hope you find like myself, that once you get into looking at charts and trying to understand the markets, it starts to become fun. There is nothing more challenging, frustrating and ego bashing than trading, there is no bullshit, it’s just you and the market with no accountability but to yourself.
If you ask if its worth it… Totally.
110%, looking back at my journey i would say yes, definitely. in the beginning you struggle a lot, everybody does, but the end results are worth it.
a very useful thread. in my opinion it is worth it.
Starting off with small amount is not a bad idea. In fact you will lose less money and learn faster. The beauty of Forex is that you can trade with small amount and still use risk management and this can be accomplished with nano lots. In Forex, even if you trade with $100 you can still get many of the benefits of trading a larger account.
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Starting off with a small amount is a good thing at this point , considering you are a newbie. I think its necessary that you spend some more time researching and learning trading techniques and strategies before risking more funds into trading. Forex trading is fun if you know the whereabouts properly. Once you get a hang of it completely you can even quit your job and do this full time. But what you must not forget is the uncertainty that forex markets bring with good returns. So, do not rush , go slow and enjoy forex trading.
sometimes we need a smart amount , even though without real knowledge and experience any kind of amount not works , situation demands actually.
It is okay to start with a small account. Treat your small account like it is a big account. Remember the goal with a small account is to refine your strategy and develop an edge as a trader.
The answer really depends on your type of personality. It is very subjective. And I must say that if you hope to get rich easily using forex, then this is unlikely to happen. They don’t write in advertising that people normally begin to earn a stable income after 3-5 years of trading. And this work requires no less effort than any other. Or perhaps you need to put even more impact. In forex, you are your own boss, and any mistake punishes you. But it’s probably worth a try, so you don’t regret it later.
No harm in starting small, rather, one should start with a small account only. If you put in huge funds in the beginning, it can be tough to manage these at times. So start small, be good at risk and money management. You don’t have to think about quitting job until your experience and your size of account convinces you
It is definitely worth it but takes years to learn and perfect. DOn’t be sold by marketers that it is easy
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