Hi, I’m new to forex. I’ve been looking for something to make a little extra money on the side (possibly full time later on down the road) and was looking at day trading stocks and realized it takes more money to get into the stocks than what I wanted to put into it. Then I discovered forex and like what I see so far.
I’ve been reading ALOT and watching a lot of youtube videos. (some obviously not very trustworthy).
So I thought I would come here to seek advice and to see how others are making it.
Hello and welcome to our forex community! It’s great that you’re learning from various sources when it comes to trading, but I guess the best teacher might be actual experience. I suggest you also open a demo account to put what you’ve learned to the test. I’m sure the friendly forum folks in here (myself included) would be more than willing to help you out if you’ve got any questions.
There is nothing wrong with your intention to start trading forex and make some extra money. However, I just want to point it out few things for you:
To be able to make money on a consistent level you will need to spend at least two years of trading education. As PipDiddy said, the experience is the best teacher.
The success depends on your personality, discipline, risk management and dedication.
To make money you need to have money.
The most successful traders are making 15-30% profits on yearly level.
I completely agree. It is difficult become a forex whiz overnight, regardless of how much time you are putting into studying. It will take a lot of practice, so you did the right thing by opening a demo account. As Rambo said though, you do need money to make money. In any case, keep it up. Little by little you’ll get the hang of it.
I am also newbie and I want to ask, in demo, I sometimes have right prediction of a pair and take profit but I don’t get the principle or rules for my guess, or am I only lucky?