My name is Nicole, located in California (Bay Area) I came across Forex a few days ago, never heard of it prior. I have a lot of free time on my hands right now while I pursue my degree (mostly online studies). I worked for a large corporation and then resigned last year when I got married, however not bringing in money stresses me out and I feel guilty. I’m realistic and don’t expect to make bank immediately, but anything is better than nothing right now. I have a decent savings since I’ve been working since I was 17 (35 now) so I want to use the free time I have now and use some of the money in my savings to hopefully bring in some extra money.
For the seasoned traders out there, what are some of the top traits you’d say someone needs to possess in order to be successful and make some money (not talking about getting rich rich right now)? Any other women traders?
If you’ve just heard of forex just recently I highly recommend the free online babypips course. It’s really simplified and is a great entry into forex. Can click here to access it.
I’m no woman nor am I a seasoned veteran. But I have worked in a large corporation for most of my adult life and find that the structure and discipline required to get around the corporate environment can be very helpful in the trading world as well. Routine building, quantifying decisions and daily planning are huge strengths in building that discipline required to accelerate my learning curve and assessing my performance. And this began before I became active in the forum, with the research into relevant books/authors and some unconventional tools that’d help productivity.
In my opinion, discipline and perseverance, are the two biggest traits I think are needed for traders. The discipline to stick to the boring routine (some elements of which you may not enjoy doing but are still necessary), your trading plan and cutting trades that don’t work in your favor. And the perseverance to continue learning, improving and sticking to your trading plan even when trades work against you.
For me trading in forex is just a start. I hope to use these skills and knowledge to trade other asset classes in the future.
There are plenty of ladies in the forum. Most of the mods/admins are women too.@HeavenRobinson I believe is a stay at home mom and is super friendly. You can also read more about female traders that were interviewed by Babypips the past few years here.
Hi Nicole. First and foremost start learning, and let the rewards take care of itself. There is no short cut to experience as you probably know. And that you’ll need to become successful.
Take FX seriously as though it’s a new business venture you’re managing, and that will put you in the right mindset. Because if you don’t, you WILL LOSE money.
Helloooo Nicole. Woman trader here! Haha. I’m always excited to also have more women in this community. I think you’re off to a good start. At least you have realistic expectations, because it will really take a while before you’re ready to put in real money and actually become profitable. I think that before anything else, you should really have a solid grasp on the basics of forex. And also being emotionally and mentally tough! Haha. (I had to learn that the hard way. ) But anyway, I think you’d learn about these things once you start with the school. If there’s anything that’s confusing for you, you can always post it hereee. I’ll be cheering for you!
Thank you, Steve. That’s a great way to look at it - a business venture. I don’t want to be one of those people who looks for the quickest way to get rich, I truly want to learn and understand. I will start with the tools on this site and go from there. Thanks again!
Hi Nicole! I stay home as well to look after my 3 kids (ages 4 and under) and also trade in my free time. It’s really helped us a lot as my husband makes pretty decent money but I’m bringing in enough to pay our bills so that we have a lot more free money for groceries and fun things. Definitely think forex trading is worth it and it’s so much better than having to go out and work. My best advice would be to practice on a demo account before making an investment. As for traits that traders need, I’d say patience, determination, and the ability to control your emotions so that you don’t make mistakes if you do lose money. Wishing you the best of luck!
@HeavenRobinson this is exactly what I’m looking for! My husband also makes decent money, but having worked most of my life and being independent, its hard not bringing in anything right now, which is why I don’t care about getting RICH, but to be able to bring in something to cover the fun things like you said, or simply put into our savings. We’re also trying for a baby so I know at some point I won’t be able to work. How long have you been trading Forex? How long did it take you to make a profit (even if it was small)?
Not yet to be honest and I don’t think my knowledge base is much higher than yours either. I’ve read a few books and am putting in the work though.
There are a lot of relationships between the various markets that deal in stocks, bonds, commodities, bonds, futures, etc though and have shortlisted a book on intermarket analysis for a future read. At present I’m more focused on getting a good trading system off the ground and learning macroeconomics that immediately benefit forex.
Hii Nicole, I’m glad you’re interested in Forex trading! This is a great way to earn additional money and even stay at home. Start with a little research online and learn about the fundamentals. There are loads of information that will tell you how to start and give a brief explanation.
The good news is that you appear to be coming into forex from a stable position without NEEDING the money. This will undoubtedly help you to focus on process and objectivity that is required to get anywhere in this business.
I’m studying Economics For Dummies because I have no Econ background whatsoever (not even one high school class).
Thought that was the logical thing to do before reading The Economics of Money, Banking and Financial Markets. This is an old edition (2013). There are newer editions that have atleast one or two reviews saying what an easy read it is. Maybe you won’t need to the dummies book like I do.
I have a few books on commodities and futures I want to read much, much later so I have a feeling anything around macroeconomics will help digest that information faster.
Edit: Found another book specific to macroeconomics and foreign exchange: Macroeconomic Policy: Demystifying Monetary and Fiscal Policy which is a recommended book for MBA students. This may be way too advanced for me atm, but might be good for you if you have a background in Econ.
Woman trader here! 
At least you have realistic expectations, because it will really take a while before you’re ready to put in real money and actually become profitable. 
I think that before anything else, you should really have a solid grasp on the basics of forex. And also being emotionally and mentally tough! 
) But anyway, I think you’d learn about these things once you start with the school.