Hi Everyone,
I am very very new to forex and really only have very little knowledge. However I am willing to put the time in to improve my knowledge and learn the skills needed. But I am wondering if it is worth my time. I want to earn a healthy second income from forex trading part time.
Does anyone do this?
If so how many pips do you average?
Do you have any pointers on what areas of forex to best spend my time learning?
Look forward to hearing from anyone.
Welcome to Babypips. You’re in the right place. The Babypips School can teach you everything you need to know. That’s where to start. After that, hit the strategies and brokers sub-forums and start looking for ones appropriate for you. It is definitely worth the time but understand that it is not easy nor “get rich quick”.
Quite a few people on this board use it as a second income stream or do it solely as their work.
Average pips is irrelevant. You can adjust your position size to make each pip worth a variable amount of money. Just an example- if you’re trading a $1,000 a pip you only need 1 to make the grand. If you’re trading $1 a pip, now you need a 1000 pips to make the grand. So number of pips isn’t really relevant between that and the fact that different time frame strategies focus on different amounts. A scalper who deals in 5 minute trades may only take a few pips at a time whereas long-term trader will aim for hundreds. It’s a completely subjective answer.
Best place to start is the school. You’ll be able to expand your knowledge from there. Beside that, Risk Management. Learn everything you possibly can about it.
I would also suggest that since you’re looking for a second income stream; I’m assuming you probably also work. You will probably want to look at strategies appropriate for longer timeframes so you don’t have to dedicate hours to the computer. An aforementioned scalper has to spend hours watching the charts every day. On the other hand, I trade dailies. I spend about an hour a day after the NY session close analyzing charts and managing my trades.
Now, even though I don’t spend that much time on the charts now- I spent a significant amount of time in the education process and still spend a bit of time reading and watching videos and such.
Thank u stone cold. I will certainly go to the school and I now fully understand your comments on average pips.