So how long until i can rake in cash? I spend on average at least 4-5 hours a day reading about forex.
Have you set objectives for your research? Time is money, and research can absorb time like a sponge takes up water.
You have to learn first then making a demo can improve your knowledge and skills about Forex. After that you can get idea where are you in trading and how much you can earn.
Short, honest, no bull answer bro. Let’s say 7 to 10 years minimum.
No offence but It kinda makes me laugh when I hear that it takes (5, 7, 10 years minimum). Not the first time I hear such a long time frame to master it. I personally know a guy who took him 2 years to 2 year and a half to learn forex trading. About one year of practice (while having a part time job) and another one to get profitable consistently. He makes over 100,000$ a year. The guy uses algorithm that he inputs into excel spreadsheets crying out loud! (he does day trading, he’s using 1:10 to 1:20 leverage). It’s always case by case, I suggest you disregard the answers that people give you about “how much time it takes to… (insert skill here)”.
How about [B]you[/B] answer the question. Not this I know a guy bull…
But I do agree, it’s like asking how long a piece of string is.
Anyone with enough will can make money on Forex. If what you want is to make money, then you will know a profitable strategy:
Choose the financial instrument you prefer on your trading platform and analyze its chart in 1 day time frame. Then apply a 20-period SMA (Simple Moving Average). When the price of that asset closes above the SMA, it opens a purchase order. On the other hand, when the price closes below the moving average, it opens a sell order.
You can backtest this strategy right now and find out that it has been profitable for the past 10 years (albeit narrowly, since Forex has been in range most of the time).
This is a simple and easy strategy to follow. If you take into account long-term volatility, the strategy can be particularly effective if you apply it for a long period of time. Chances are you only have to check your positions once every day to make sure everything is fine.