Need someone to tell me the hard truth. Iām 2-3 yrs from retirement. Have been a firefighter for 28yrs and I really donāt want to wear a blue vest after retirement (Iām not disrespecting those that do, itās just not for me). I have absolutly no trading experience. Iāve been researching web sites and schools for the past few months an seem to get more confussed with the more I learn. They all tell me that no experience is good. No bad habits to break etcā¦, but the cost for these courses is very High. Iām afraid of spending thousands and then finding out I was ripped-off.
I know that the best courses in the world have to be learned. 99 successful students and 1 student that canāt pick it up, doesnāt make it a bad course. I donāt mind spending money on a course of study that has a good reputation, I would just like to be able to wade through the sales pitches and find one thatās right for me. Some of the sites Iāve been to include, Traders International, ETF trend trading (his name is Big A) and E-Mini Academy. E-Mini Acacemy seems to be the most honest. Told me that I would have to trade paper for months and turn in trade sheets for review before they wanted me to trade any money, but they are also pretty expensive. Traders International webinars make it look easy. Almost too easy. Just canāt seem to pull the trigger on them.
Anyway, found this forum on T2W and thought Iād check it out. Already read several pages of the forex babypips school to see if this might be for me. I know Iām going to need some real training, I would just like to be pointed in the right direction. I know Iām going to need capital. Iāll be honest, I am not going to have the $10,000 that babypips says Iāll need for forex trading. So, Iām asking for your thoughts and suggestions. Anybody that reads this is already way ahead of me in the learning curve. Any help is greatly appreciated. Just want to find out if I really need to be here.
Well, my 2 pips, it doesnāt need to book a seminar imho for everybody to become [U]consistently[/U] profitable. It depends on your learning style what you are comfortable with. The bp school is a good investment and itās free.
The same what goes with trading goes with education: If you donāt know yet what to do, better do nothing related to paying money.
Regarding 10k of trading, that is just a āline in the sandā.Though, you will as novice trader probably not make much money in the upcoming 2 years with smaller amounts or even that 10k anyways. For learning a smaller account has the advantage that you canāt lose so much. If you focus on learning and not losing much, then a smaller account with micro or nano lots would be fine.
I started with $50. You are about to retire? Do NOT put your life savings in a forex acct. Donāt spend thousands on a course. Do the whole baby pips school. Open a demo account for practice and expect it to take 2 or 3 years to start getting good at it. Expect to loose the contents of your first two accounts as part of the learning process.
whatever you do donāt throw your life savings into anything yet. First thing you should do is go through the school of pipsology. From there you will have a better understanding of what you need to do.
Your next move will be to find a broker and open a demo account. ibfx has a free unlimited demo. Iām sure there are others. I personally use hotforex but its up to you.
After that you will either have to decide to create your own trading system or follow another one. The benefits of following a trading method is others can help guide you and there will be existing information for you to pour over.
Take it slow and donāt info overload and have fun with it.
Before you commit your time and effort to forex, you could do well to investigate all other avenues of investment, including stocks, commodities, and forex, too. That way you will at least have some basic understanding of the differences between those investment vehicles, and will then know WHY the vehicle you have chosen is right for you. Then, you could more confidently invest your time and effort into whichever financial vehicle you eventually choose.
To succeed, you need to treat this like a business.
This is not a retirement scheme plan. You do not put in money, expecting minimal returns.
Itās definitely not hard to succeed. But you need to treat it seriously (without the intention of āfast moneyā) but view all things in probability and percentages to help you get a good grip with reality.
Treat everything you do in forex like a business. Even in DEMO. If one canāt treat demo seriously, it makes it less likely that he/she can handle real money seriously when emotions (greed/fear/impatience etc) are pitted against that individual.
Best of luck, there are a lot of materials out there for you to learn without spending a single buck. Research is definitely one of the most important tool to succeed in any industry.
Hey man, I totally hear you with your story. I would recommend that you check out binary options, I use it with my Forex knowlegeā¦I think itās great to be able to trade different assets groups.
Find your edge, make your system, and stay consistent. Doesnāt matter what that edge is but you need something to tip the odds in your favor. Learn the trading platform on demo but do not start trading live without a clear cut written down plan. The consistent part is the hardest.
Start by going throw babypips school ā¦ then keep reading books about basics in forex ā¦ then ā¦Demo account ā¦ Demo account ā¦ if you lose ā¦ just forget your last strategy ā¦ open again a demo account ā¦ try new strategy ā¦ if you lose ā¦ again ā¦ again ā¦ until you find your way to heaven :32:
I would say demo account first - until you find some that you think will work then small live next. It it continues to work then look at moving it across to your main live account. Demo accounts can only take you so far. You have to trade live to start bringing in the psychological aspects of trading.
Need someone to tell me the hard truth. Iām 2-3 yrs from retirement. Have been a firefighter for 28yrs and I really donāt want to wear a blue vest after retirement (Iām not disrespecting those that do, itās just not for me). I have absolutly no trading experience. Iāve been researching web sites and schools for the past few months an seem to get more confussed with the more I learn. They all tell me that no experience is good. No bad habits to break etcā¦, but the cost for these courses is very High. Iām afraid of spending thousands and then finding out I was ripped-off.
