Never gambled before and Newbie to Forex

Hi Friends,

I am total newbie to Fx. I can’t understand the whole system. It scares me but yet i’m attracted to it. I have been working for 15-20yrs in the healthcare industry. Why change, well, The Pandemic has TAUGHT US ALL A LESSON. I want my freedom to be my own boss and accountable to myself only. I

My hope is that i would like to get my independence to spend a bit of time with my family. This is the big deal, and I’m NEVER chasing a luxury lifestyle or laptop lifestyle nor globe trotting.

I live and work in London and i hope to partner with a mentor/guru, who will hold my hand and guide me through this rough terrain of the unknown.

I wish myself and all newbies, best of all LUCK.

Apollo

Good luck Apollo.

I’m sure we haven’t yet imagined the changes in attitudes and behaviours that the pandemic will mean for so many societies round the world. The young have mostly been spared the physical impact but its hard to see how this experience will affect the way they run their lives for the rest of this century.

Take your trading project seriously, take it slowly and keep it simple.

You can practice on a demo account to learn man y new things about forex. A demo account eill help you to learn all the basics of ofrex perefctly and properly.

I would be very careful about this ambition.

It is perfectly ok to explore the world of forex trading and it could well end up giving you a reasonable reward for your efforts. But giving up a solid career and relying on forex instead as your main source of income is a very different proposition. The risks are huge and the pressure is tremendous if you are going to depend on this to cover your costs and extras on a monthly basis.

To start with, the odds of succeeding are very much against you. Even though the principle behind trading is to gain an edge that puts your trade probabilities on the plus side, it is a known and proven fact that 75-95% of retail traders actually lose their money. There are many reason for this.

You are certainly on the right road if you can find a genuine mentor, but there are many, many sad stories of scams and ripoffs in this business and there are no industry standards or qualifications that guarantee a mentor. So be very careful and only take (or buy) advice. NEVER give your money to a “mentor” to trade for you or give them access to your broker account.

One difficulty you will face is the decision whether to trade short term or long term. Day trading is exceptionally challenging and demanding and few can trade consistently profitably from it. Longer term trading, ranging from a few days to weeks, is more reliable. However, the difficulty is how to trade longer term but still earn and draw sufficiently regularly to provide a monthly income.

Another big question is how much capital you will need to put into your trading account to be able to finance sufficiently large positions to provide you with sufficient income as well as to tie you over the inevitable periods of drawdown that all traders suffer from time to time.

Personally, I would recommend you stick with your career, continue building your pension rights and trade as a paying hobby, or capital building, alongside. In this way you safeguard your future as well as removing the stress from the need to perform on a regular basis to pay the bills.

This is actually a big issue and there are many factors to consider.

Hello and welcome, for basic learning you can start with babypips. They have good resources. Learn Forex Trading at School of Pipsology - BabyPips.com . Also be careful about mentor. You might get scammed.