I have a friend who has done very well with Forex. She has an analyst who tells her the trades to make. I have done a few of her recommendations in a demo account and the returns were phenomenal, so I was intrigued. If I’m going to be trading in Forex, even at the advice of an analyst, I want to have an idea what I’m doing, and the one resource that seemed to come up over and over again is this site. So here I am!
I’m a mechanical engineer by education, with a mason biomedical engineering…and working with civil engineers. I’m married with 2 kids.
Welcome. Sensible approach, as it takes a long time to trade FX properly and proficiently. Without puncturing your bubble, I would suggest phenomenal returns are the result of high risk trading, and that’s the fast track to blowing your account.
But, IMO, EA bots will take over FX retail trading in a few years, which would decimate the market as everyone would be on the same cruise liner.
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I agree, it’s high risk, but high reward as well. I have only a very basic understanding of the “game”, but I want to have a better understanding of the mechanics.
I agree with you though, bots are going to be able to play the “game” well, especially if everyone’s trading strategy is just a bunch of algorithms…
Fellow engineer here (ME Systems) - so I know you’re a smart dude.
Here’s my advice, you’ll never make it long term if you’re relying on anyone but yourself to find trades.
Good luck
Jake
It’s possible to get financial freedom by doing forex trading. But for that you need to study and research a lot. You will not be able to make money if you are not skilled enough.
Don’t watch market during big economic events like NFP, FOMC and Interest Rate. You have to be iron willed. If you can not control your mind you will not be able to make regular profit. You should have the ability to understand by watching charts when the market is settle after news.