Time for a change

Hi everyone from here in the UK

I am right at the start of my forex journey, but looking to make it my new career at the ripe old age of 50! (You’re never too old, right?).

I currently teach maths up to the age of 18, so this must help.

I love learning and can’t wait to absorb what I can from everyone hear and maybe eventually offer some good ideas of my own.

Let’s go…

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Hello Mr B!
One very positive, but also very negative, feature of forex trading is that it knows no barriers, there is no discrimination, anyone can try their hand here, and certainly age is no issue whatsoever! In fact, I would say that forex is one industry where “life” experience is a definite asset! :smiley:

Trading is a paradox. Your expertise in maths is a positive and, I suspect, will prove to be a negative, too!

One of the most important aspects is managing your exposure risk and protecting your equity. For that your maths is a benefit.

But I suspect that your interest in maths also means that you have a logical, analytical focus on what you are doing. And that can be a burden in trading, where price movements are often apparently totally illogical. But one needs to remember that many parties are entering the market for many different reasons and that throws the price in directions that often contradicts one’s own expectations.

Keep an open mind and study well. All you need to succeed is ensure the gains are bigger than the losses. You will encounter both, but controlled losses are not a negative, they are inevitable in a business based on trading probabilities (and that, in the final analysis, is all we are doing!) - but you already understand that better than most!

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Thanks and sound advice.

It certainly won’t be boring!

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Welcome in from here in the UK !

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Excellent post !

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Agreed!

Trading is more of an art than a science. Therefore there is no wrong answer, just an answer that is profitable enough.

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Welcome. Very good responses already. I could add that managing psychological emotions when trading live is a major key to eventual success. Properly managing risk, also, so as to learn NOT TO LOSE MONEY.

And, with your mathematical hat on, try focusing on probabilities based on technical analysis when you’re selecting a trade. A 50%+ at the very minimum.

It’s most important to regard each and every potential come actual trade as being a ‘good’ one when you follow your strategy process to the letter with discipline and patience, whether it brings in a loss or a gain.

Best of luck with your forex journey.

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I would also suggest that, with your background, you open a demo account with a broker at an early stage in your learning. I guess you would agree that learning by doing is a lot more effective than just reading the theory. With a demo account you can practice what you are learning without worrying about losing any real money.

In addition to the school here on BP there are a number of threads here recommending various good books on the subject. Working your way through those will also help open up the horizons on what kind of industry you are getting yourself into!! :slight_smile:

At the same time as you learn you will need to start to consider what kind of trading you want to do and what suits your circumstances. E.g. Intraday, 2-4 days, long term, what currency pairs, indices, commodities, etc.

Also whether you are more interested in fundamental analysis of markets, or technical analysis or a hybrid combination of both; whether you prefer a mechanical systematic trading approach or a discretionary approach where you have the last say whether to go with a set-up signal or not.

The scope is vast and the opportunities almost endless. But don’t lose sight of the unfortunate fact that the vast majority of newcomers to trading lose their money. Tread carefully! :slight_smile:

Making consistent profit by forex trading is not an easy job. Very few people can do that. Most people get temporary success in trading. To become successful in trading one must require necessary skills and knowledge. Otherwise it’s difficult to be profitable.

Just opena demo account with a regulated broker you will learn and earn great things from there

Forex trading is full of opportunities for every trader who is ready to take risks and face challenges. The market can come up with different market situations in which you will have to come up with a strategy that helps you make profits. The more knowledge you have, the better your strategy will be.

Age indeed doesn’t matter in forex and that’s the great part of it. Your mathematical knowledge will definitely be a plus. But I’d still suggest you to get familiar with all the basic knowledge like the best and most liquid currency pairs, which brokers and platforms to choose from, what leverage is the best for you, so on and so forth.