It’s 2018, not 2008. A lot has changed. If you are new to Forex Trading a lot of the advice in this thread should be ignored.
Flat out, you are wasting your time. Spending months to learn how to trade and trade a system is completely unnecessary. Does this mean trading FX is a terrible idea? No, but you have to go about it in a completely different manner. We are armed with better information, more information, and better technology than 2008. Trader results are actually verified by independent third-parties rather than self-reported “results” and false assurances.
You can demo a way to trade for 2-6 months and then the market changes on you, but you were caught completely unprepared because the sample size that you used was far too small and subjective.
Plus, you are trading just one strategy. What happens when the strategy does not work with the given market environment? What will you do then? You have no contingency plan, you are just someone who thinks that because they are “educated” and had a little bit of success in a demo environment for a few months that you are entitled to profits. Not how it works. In the long-run, you will lose this way.
You only have just so much of an attention span to focus on multiple charts, make a gut trade, and root on your position.
So throw out the trading psychology and look at trading in a new light. Ever been to Stamford, CT? Remember what it was like at the UBS trading desk in 2008… compare it to the way it is now. The UBS trading desk was bustling with people in front of computers, now you have 1/8 of that space being used by people and the rest was vacant space. Why? It’s not because they trimmed down and relocated, it is because they automated their trades. Think these trades are being based on one strategy? They are not.
The barrier to entry for automation is learning how to code and going through the Agile process of building multiple algos. However, it is based in actual results in various market environments along a much longer time frame than any demo, which is a shot in the dark when it comes to verifying whether an approach works or not. Trading requires research and development, not assurances from someone on the Internet that something “works”.
It’s no secret that the brokers that really emphasize automation and diversification have better profitability rates. Until traders, educators, and brokers acknowledge the real issues… it’s just more of the same. Might as well take that $500 to Vegas instead if you want instant gratification, a lack of diversification, and an emotional roller coaster.
Anecdotal evidence is being replaced by a more scientific process. We are in the Era of the Quant Jock, embrace it or ignore it at your own peril.