Time is of the essence, for if you have time and money you can make more money in trading forex. I am a newbie trader and I have the time but lacks the money to open a live account. With this in my mindset I use my time demo trading. You can have money but less time, hence having money does not guarantee success in forex trading. But a combination of both time and money tends to bring tranquility as sugar is to milk.
Excellent use of your time if you are in fact learning something as you go. You don’t necessarily need to be profitable from the start. I think what the markets and specifically currency pairs, and how they react through the year and during certain market event releases, you build experience just being there. Keep it up. In time you will figure out a way to make more money to potentially go live with. Good luck.
I always tell new people to trade concurrent to a demo account with a simple little $100 account, and test ideas with $1 trades.
Starts you getting used to having real money on the line.
Your trading psychology is the most important step to being profitable.
Well done for recognising you don’t have to rush it and risk more than you can afford. End of the day time is important but too many seek to rush trading and then they have no money as they blow it.
You already posses the proper mindset , realistic expectations associated with learning to trade.
Well done that’s half the battle
While time and money are obviously the starting point, in order to be successful in trading you have to have the right skill set. No amount of time or money will help you if you don’t know what you’re doing. Be patient in your search for the right trading system, and don’t give up until you find one.
It’s a great thing that can help you a lot if understood properly. It doesn’t matter how many trades you execute per day. But it does matter how much you take home per day. This is why you need trading plans that can help you decide when to trade and how much to put at risk.
I think you can still make up for it if you lack money and start small. But time is very much needed for learning and understanding forex. We need to spend enough time in order to become better traders with experience. Money is also important but time is the most important.
Any change in your financial situation to get that live account up and running?
Yes thank you, Am currently managing a very small Live account of 38.92 USD. Am on the defensive side since I have to pay close attention to margin and protect what I have. That’s my goal. And my aim is to close the day with more than I started with on my trading day. Am trading one currency and am learning daily how it moves. Understanding it’s pattern formation. I intend to be an expert on this currency. The greatest challenge I experience is keeping my emotions in check. This is the hardest challenge I have tackled so far.
I have seen very few people like you who post discussions like these. You seem to be very patient and understanding regarding trading, which is excellent in itself. Time does guarantee success, and that is what you have chosen to do - to practice and learn with the time you have. And money does not guarantee success for sure. That is true as well. No matter how much amount of money one spends, at the end of the day, what you are left with is what matters.
Early on a goal should be capital preservation. Keep the account alive to come back another day. Not losing is just as good as winning. Good work so far!
The first thing you have to invest in forex trading is your time. You have to spend time learning and understanding the forex market and trading concepts. Demo trading is the perfect place to practise and develop your skills as a new trader. We should risk our money only after gaining knowledge and confidence to go live.
Yes, time and money are important. Time makes value when you consistently practice and money makes value when you know how to do proper money management, without experiencing many losses.
Yes exactly! Time is the most important factor in trading.
Time and money are truly the essentials for trading. A successful forex trader is always the one who knows how to manage their time and money well. The next important thing is managing the risk and making the best out of every situation. That is why trading is called a skill that has to be developed through learning and practice.
You must have a firm grasp of time management if you want to succeed in forex trading. This will enable you to choose when to initiate trades, when to stop losing money, and when to close out trading positions at their peak.
In order to be successful, a trader needs to have a good understanding of both time and money management and also know how to use them efficiently. They need to know when to trade and when to stay out of the market, as well as how to manage their money so that they can make the most profit possible. With a good understanding of both time management and money management, a trader can be very successful.
I think nowadays, people either lack time or don’t bother to use their time for learning. They just enter the market with little knowledge and start trading without any plan. They want to make huge profits by only putting their money at risk. But trading also requires knowledge and skills to manage the risk well. Only then, you will be able to make profits as a forex trader. So, my advice to new traders is to take your time to learn and practice on a demo account before you go live.
Yes, time and money are the true essences of trade. Time is required to understand the entire process, and money is required to begin trading, and it must be used wisely.