Newbie and cautiously excited

Beginner Questions
1

Hello everyone,

I’m relatively new to FOREX, I’ve actually known about it for a few months now, but I’ve started paying attention unly a few weeks ago. A friend at work introduced me to it, everyone made fun of him, he was always talking about stocks, forex, and other investing opportunities but almost no one took him seriously, I did listen to him and that’s how I started looking into it but not seriously at the time. I have had a history of failing in a few things before such as online opportunities, online marketing so obviously I was skeptic. After reading so much about forex on forums and different things on the web, I’m convinced I want to be good at it, and I plan on completing the school of pipsology, I believe I finally have grasp on basic terms and platform reading. I am now trying to learn about how to read charts and how to follow trends, at this point I find it a bit difficult but I hope that by reading and re-reading I will finally understand it. Like most people I have to work from 7:30 to 4:30, I want to start trying the scalping method maybe for 2 hours after work, do that for a week and then I want to start swing trading to see which one i can adapt better to, obviosuly I will do this on demo accounts. I have a couple of questions, thanks in advance for any responses. What do you guys see in the fuure of FOREX, 5, 10, 20 years down the road? better, worse, or the same? and why? thsi market seems like a golden egg, if taken seriously.
What would be a good profile for a good FOREX trader? calculated risk taker?

Anyways I’m thrilled to be part of ths community and I hope to learn as much as possible from everyone here

Ruben

2

Well as far as where its going, provided that they done invent a world currency that every country adopts to the forex will still be here. And as far as what you see in this market, it does change, sometimes its very directional, sometimes its very predictable, and others its not. Sometimes its in a channel for a long period of time, other time its trending one way or another, and occaionaly it dosnt really go up or down… But in any one of these circumstances chances are diffrent time frames are showing diffrent behavior. So all in all, it just depends on the time frame your trading.

What really messes me up is when there is a very strong and sudden change in direction, however being relativly rare if I keep to my plan it should barley affect me – although I do end up revenge trading every now and again which kills my account 100% of the time…

Good luck and remember, its going to take time, and money. Theres no way to avoid that. Controll your emotions and you will be able to controll your risk.