New Arrival & Need advice

Hi Everyone,

So I am a Qualified Accountant, working 9 to 5 routine.

I am a beginner with no knowledge or skill but not new as did some trading in past using some signals from subscription but not worked.
I am not planning to be super rich overnight, neither planning to buy a Yacht in a few years, don’t live with these dreams.
I want to generate a second income along with Job which I can do a couple of hours trading when back from work, and eventually a fulltime income in a few years if possible.

I am actually confused about where and how to learn forex trading and tricks? I have found few forex free courses and will do like at BP and Ava trade where I have opened the Demo account, I want to take it easy and will do only demo trading for sometime before any real trading, kindly advice if I should do any training or any relevant course which can help me along with BP and youtube videos.

Will appreciate your help.

This is a pretty refreshing post to read @Chullbulla! You have very realistic expectations and are already doing what you can to learn how to trade. My only recommendation would be to find like minded folks that you can talk trading with. It also helps digest what you’ve learned and allows you to learn new things that may not have been covered yet by what you read and watch. :slight_smile:

Posting what you’ve learned here should help and also starting a trading journal even if you’re just demo trading!

Why would you choose to change your career? Most of the accountants are happy with their 9-5 accounting careers.

Trading is not just meant to be rich. It is a career just like Accounting and Computer Programming.

That’s pretty good. Keep it up dude. You will become successful one day.

Thanks a lot for your comments, in my friends circle I dont have anyone who does trading so it has to be the forum.

Well take this as I want a career change which will be more flexible, if you think I shouldn’t do trading then please suggest why

Thank you, do I need anything else before move to live trading after course from BP and other videos?

As you are already in finance industry, trading will suit you better than anything else. I never said that you don’t do trading.

All the best with career change.

Thank you :slight_smile: in your opinion is it possible to trade like one or two hour a day? I am confused that should I move to live trading after course from BP or should try to find a mentor first

Yup, a successful strategy, tested on a demo account! Those are hard to come by. It will requiring trading and tuning and tweaking, and more trading.

Probably set an expectation that going live will take many many months, depending on how much time you have to learn and demo trade.

Plenty of strategies to read over right here: Free Forex Trading Systems - BabyPips.com Forex Trading Forum

Enjoy!

Thank you for the link, but not sure which posts I should look, the one mentioning strategy? also sorry to be naive what is exactly strategy means when it comes to trading? can it be same for many people or unique for each trader?

I believe course at BP is enough for me? too many courses and I may confuse my self?

Yeah same for me. This is mostly why I hang out here. :sweat_smile:

The BP course is long. You can demo trade while you’re reading it. Stick with one course at a time, jump around if you need too, but there’s so much in the BP course already, you don’t need another right now.

So your trading strategy is one part of your overall plan of action. Your plan answers some of the following, and many more questions.

  1. What trading style will you use?
  2. What currency pairs will you trade?
  3. What time of day will you trade? What session?
  4. How much will you risk per trade?
  5. How big of a position will you take?
  6. What amount of leverage should I be using?

Once you figure out that stuff, I think most people would say your strategy is specific to an actual trade.

  1. How/when will you enter a trade?
  2. How/when will you exit a trade?
  3. What is your stop loss?
  4. What is your take profit level?
  5. Should I add to my position?

So you need to find a strategy. There are many given away here in the forums. They’re not guarantees that you will make money, but they will help you enter and hopefully exit a trade. Some of those strategies will use indicators on your charts, some will not. Some strategies will look for certain prices levels to be hit or look for patterns on a chart. There are sooooo many options, which can get overwhelming and confusing.

I say start the school. That will give you the foundation and help you better understand some of the things I mentioned above.

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the stats point to 4-5 years of losing money before you start making any. Know what you are getting into. I actually advise people who want to get into trading to not to. But if you are crazy enough to do it, education and work is the only way just to survive. There is so much to say but one thing i can advise you as that you make sure you have CATALYST to back up your trade if it be using any TA.

As for your demo trading, its a start just be careful not to get stuck on it because you will never be able to work on what matters most and that is your psychology, and that only gets tested when there is something to lose. At least put some pennies or dimes behind it as soon as you find something that looks decent. There is a saying in this business that “demo doesn’t count” for a reason.

Your background in accounting will serve you well, its all about numbers and tracking, in my experience accountants make excellent traders. Also your mindset of not wanting to get rich quick will also serve you beyond words.

Thank you for your advice, its hard ro belive anyone can sustain 4 to 5 years of losses. Will check your website.