Hey wassup everyone!
I’m new to the whole trading thing but see forex as the most attractive way to make money. I recently decided to a stab a being my own boss and would like to learn how to make consistent gains from moving 20-30 pips per trade. I want to learn how to make small gains within hours to minutes.
Hi and welcome,
I hope you have enough savings to survive at least a year without needing to earn money from Forex. I have been at it for years and still don’t make money from it. But I didn’t give up the day job, and I have 2 other income sources.
It should be logical really, but there are too many people out there on the internet quick to say it is an easy way to make money, when it is like any other profession really. To become a well respected participant in any profession (and in Forex profession that means being able to make a profit consistently over the days, weeks, months, years) I think it takes just as many hours as it does another professional. I did about 6,000 hours of formal education to become a qualified engineer, then about another 20,000 hours to get good at it, and another 40,000 hours to become a reasonable consultant. I would expect nothing less difficult in becoming a really top trader. The odds are stacked against being a successful Forex trader. I think only about 1% of those who try end up making a decent living out of it.
Always have a plan b.
Best to ignore attractive social media marketing hype, which is mostly fantasy land. You won’t learn to make consistent gains until you become experienced and are able to manage your emotions.
That’s why most newbies fail, because there’s no short cut.
Yes. Most traders become failures because of that.
Best of luck for your future in this market.
You need to make a solid plan to make money from this market.