Newb, surfer dude, wannabe digital nomad

Hi all,
I have been trying to take in knowledge of the vast subject that is Forex, for the last 3 or so months- a LOT to learn! :+1:
I am a surfer first and foremost, I suppose, and my end game is for forex to help keep me on the road travelling and surfing!

Very keen to go through the babypips process, meet and learn from some of you all.
Also keen to hear from any with similar aims or goals to mine- surfers, travellers using Forex as their income provider or top up?

I am in Australia, so anyone in Oz keen to say hi!:wave:

Cheers and best of luck to everyone!
Gaz

Hi GazzaP,
Welcome to the forum, and good luck with your education. I would not bank on Forex being your income provider for a while yet. As you will have read on any broker site “xx% of users lose money” where xx can vary from 70% to 95%. I just want you to be realistic. You will be better off thinking that Forex MAY provide you with a few luxuries in life, whereas bar work or other part time will let you eat and pay rent.

1 Like

Hi there,
Thanks for the reply!
Yes, I have been around long enough to take all the hype with a big pinch of salt :blush:
But my income needs are fairly low-level.
I have other forms of income, so this will be a hobby to begin. Hopefully growing into a side-gig, and who knows down the track.
Cheers

Hi GazzaP,
You are in a perfect situation then to take advantage of your new hobby. Personally, after more than 15 years on and off Forex, I have found my edge recently by focussing on Crypto not Forex. And I am pretty convinced that this is only because it has been (so far for most of 2020) a one way bet no matter how clever or stupid a crypto market participant has been. I am sure my interest will wane fast enough once we get into a proper bear market in crypto, but for the moment - it’s very rewarding, and great to see real world examples of set ups and trades that work like the book says they will

Thanks Mondeoman.
15 years, that’s quite some experience! But you still have more success in Crypto? Interesting to hear…

Hi Gazza,
I should qualify that statement. Until 2020 I had considered “trading” as a completely separate pursuit to that of “investing”. It took me a long time to realise that the two are completely inter-related and it is only the timeframe between entry and exit that makes the difference. What I have done differently in 2020 than what I had done all my life before that is to consider the holistic contribution of all our investments and pursuits as an interconnected pursuit. That led me to consider the Crypto asset class as an investment tool, similar to how I have approached buying gold since 1988 till today. Except on an accelerated scale since I will not live for another 40 years.

Sometimes I “forget” to keep an eye on the overall end game, and in 2020 realised we were overweight in gold. So I was looking for an avenue into which to redirect funds. After six months of “buying” crypto for the medium term, and experiencing about as much volatility in Crypto tokens in a day as can happen in a year in gold or stocks, I became quite focussed on a specific concept. That of the ratio of Alt token price to BTC price, not to USD price.

In addition to a long term “dollar cost average” investment plan for Crypto set to grow at between 1% and 2% per week, I actively look for setups that satisfy my ratio criteria of being able to pump relative to BTC by up to 50% per month. In six out of eight months returns have been “dramatic” to say the least. In the other two months, I have lost 1% and 10% respectively. It is very early days, but I find myself being able to achieve my monthly return goals sometimes with one trade per month, sometimes with two. I seem to identify multiple setups per month. Early days, but if outputs continue along the same trajectory, could be life changing within a year or two.