Hi all,
I’m new to forex trading. I have a little experience in crypto, (mostly HODLing,) and basic stock trading. I’m self taught through YouTube and the school of hard knocks.
I want to learn about Forex because I want to be more active in trading for a little bit of time each day, but I want to start in a market where I can make real trades with small amounts and relatively low risk. I also think learning about forex will translate well into the much ri$kier crypto market.
My goal is to be making $100/week from my active trades by January 2022.
Hi @Dewsix,
I agree with you that learning in Forex will translate well into the much riskier crypto market. But I am unsure whether INVESTMENT in crypt is more or less risky than TRADING in currency pairs. My interest in Forex is that I hope it will result in a usable plan to mitigate the risk of our crypto investments.
About the goal, I strongly recommend you drop it. I had goals like that fifteen years ago for Forex and none of them materialized. My current Forex goal is “to learn how not to lose money” and once I have got past that milestone, I will set a realistic and achievable goal based on the outcome of my first milestone, as yet unachieved in Forex trading.
This sounds like a great goal but once you find it difficult to achieve, it might just turn you away from trading for good. I recommend setting more realistic goals like: understanding how indicators work or maybe fundamentals if you’re into equities or maybe even just not losing money lol (which is my personal goal haha).
Yes, setting a monetary target is like having a chain around your neck. IMO, all FX traders should only aim to keep risk low and let the money take care of itself.
maintain risk ratio for all time is very much complicated issue because there is nothing 100% in Forex trading , so we should keep practice regular to increase our trading performance very rapidly.
learning is important , there is no way to ignore but in spite of having good knowledge and experience any kind learning can be useless if there is no regular level of practice.
sometimes any kind of learning not works when trading in practical , because there is no one who who can predict the real faction of this market with certainly.