Hi everyone, I’m Ronaldo. I’m not naive enough to think I can become “rich” with forex, I just want to make a little extra money to help me pursue my passion (which is photography, in case you’re wondering).
Lovely - just keep practicing. Develop a strategy first of all and practice on demo. Don’t go face first, start small and don’t risk more than you can afford to lose and you’ll be fine.
Hi and welcome,
You will certainly learn some skills on this forum if only by just reading other people’s experiences. It’s a great start that you realize there may be a lot of work ahead to earn a little extra money. This is the very best attitude you can have. I often say “don’t give up the day job just yet”.
Forex is one of many pursuits you could spend your time (a different type of money) on learning to have a potential second, third or more streams of income.
You have actually described your strategy (whether you realize it or not) and that is rare as an opening introduction. A strategy is a What, and a Why.
You said you wanted to make a little extra money (the What) and the Why is to pursue your passion of photography.
I suggest an options analysis like “is Forex the only way I can make a little extra money, or is the total cost of ownership of that success going to be much harder than any other option I may not have considered?”
I am not trying to put you off, but if it turns out that you find another alternative plan to achieve your short term objectives that costs you less or earns you more per hour, it may well be that you decide that something else is easier for a second source of income, but Forex may be a potential third source of income for which you could accumulate funds from the second source to have a respectable bank from which to continue with Forex at a level that could eventually be life changing.
I say this because I chose over 10 years ago to NOT account for the time I spent learning this art, and the time I spent participating in trades because the financial level at which I practice this interest is quite high compared with many who start out.
A quick example. If I had wanted more short term money, I would have chosen an avenue not as complicated as Forex via which to achieve that. If I had chosen to include the time I spend each year on pursuit of profits from trading investments I would have needed to justify that at an equivalent rate per hour, and the end result would have been an embarrassingly large loss, for sure.
So your plan (that analyzes the who, when, how and where) you achieve your strategy should quantify the What statement in your strategy.
Example: I wish to add $3,000 per year to my gross income so that I build a “bank” from which I can earn 15% trading profits per year. This is a reasonable challenge to achieve given that over 90% of starters lose money. Options are: Open a trading account with $500 and see how long it takes to get $3,000. Those guys on the internet say they can do that in a month.
I can tell you having been on this forum for over 2 years (and another 2 years over a decade ago) that such statements are entirely unrealistic.
Now - options.
Option 1. I could work in a coffee shop for $12 an hour = 250 hours / year or 20 hrs per month or 5 hours per week. Low risk, low incidental cost, boring as hell
Option 2 - do weddings on the weekend. $1,000 per wedding. After incidental costs and taxes, four weddings may allow me to save a $3,000 per year as a starting bank for Forex
Option 3 - start with the most basic Forex trading education by clicking the link to Education at the top of this page, then progress from there to determine how you can start a business storing your digital photos on a blockchain, turning them into NFTs instead of photographs, and find out how you could guarantee your intellectual property of your photographs could be protected for the rest of your life by committing them to the blockchain (the Metaverse). Don’t have a clue what this means? Neither do 99.99% of the rest of the the world.
Welcome to Babypips where you are only limited by your imagination.
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FX trading is a profit and loss source, not an income source because you will lose money.
its a fine reply from all , got some fine lines , thanks for your nice post again
Welcome Ronaldo! I hope you get to achieve your goals. It will take time but remember to be patient, motivated and determined in this journey! Good luck!
Look into other ways of making money online for your photography then to be brutally honest. Many people will never make money trading and it is the pursuit of trying to that drives people. If your passions lie elsewhere then focus on those.
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As per the poster above if you have other skillsets invest in those too have other passive income streams open as this game can be tough to crack